(800) 931-6557
(800) 931-6557
ASP
  • Home
  • Accounting
    • FAQ
  • Recruiting
    • Recruiting Team
    • Recruiting Process
    • Recruiting FAQ
  • Openings
  • Oregon
  • Washington
  • Colorado
  • About
    • Clients
    • Testimonials
    • Diversity, Equity and Inclusion
    • Resources
    • Submit Resume
  • Contact
  • Payments
  • Blog
  • Home
  • Accounting
    • FAQ
  • Recruiting
    • Recruiting Team
    • Recruiting Process
    • Recruiting FAQ
  • Openings
  • Oregon
  • Washington
  • Colorado
  • About
    • Clients
    • Testimonials
    • Diversity, Equity and Inclusion
    • Resources
    • Submit Resume
  • Contact
  • Payments
  • Blog

​In Pursuit of Profit

Read our expert article below or sign up to get articles sent to your inbox.​

7/22/2020

Comments

Is it Worth It to Hire an Accountant?

 
IS IT WORTH IT TO HIRE AN ACCOUNTANT
When we talk to prospective clients, we hear this question a lot. Small businesses and transitional companies tend to have more cash flow concerns than their larger, more established counterparts, which makes them more critical of hiring expenditures.

​The steep hiring cost associated with professional roles makes this is a legitimate concern.
When we talk to prospective clients, we hear this question a lot. Small businesses and transitional companies tend to have more cash flow concerns than their larger, more established counterparts, which makes them more critical of hiring expenditures. The steep hiring cost associated with professional roles makes this is a legitimate concern.

On average, the 
cost of hiring an in-house accountant is around $5,500, making it a significant upfront investment, especially for small businesses. This figure does not include the ongoing salary and benefits costs to retain an experienced accountant either, which are typically higher than other professional staff positions. As a result, outsourcing your accounting functions is a cost-effective option over hiring in-house, making it a popular choice for growing businesses.

Whether hired internally, brought in as a part-time consultant, or permanently outsourced, an accountant provides numerous benefits. The advantages that an accountant brings to your organization include revenue-centered benefits like reducing expenses and increasing profitability, in addition to protectionary benefits like reduced fraud risk and audit oversight.
Furthermore, an accountant can manage business finances throughout routine activities like filing taxes and operational compliance, as well as during a major organizational shift.

Reduce Expenses
Business waste is the biggest hindrance to revenue growth. Without an experienced accountant at the helm of your organization’s finances, needless expenses can not only be incurred but allowed to linger on the books unchecked. An accountant will advise on which activities can be undertaken to reduce costs and improve ongoing cash flow. Creating positive cash flow both facilitates growth and protects the company from risk during a business disruption or downturn in the market.

Increase Profitability
On the flip side of cash outflow is the money coming into the organization. An accountant can help here as well by increasing activities that boost sales and profits. They can advise on pricing structures for your business’s existing offerings, price out the cost of expanding into adjacent offerings, and help prioritize top revenue-producing activities. Additionally, accountants can implement procedures to get invoices paid faster and collect on outstanding invoices more reliably.

Reduce Fraud Risk
While bookkeepers and less experienced financial personnel can undertake simple error-reducing tasks like reconciling bank accounts, accountants can implement accounting controls to reduce the possibility of fraudulent activity. This is an especially salient benefit for small businesses and family-owned operations where trust is assumed to be enough to keep activities on the up and up. A financial professional can come in without bias or personal motivations clouding their judgment to make the kinds of hard changes that are needed to protect the business from illegal actions.  

Manage Business Transitions
Whether a business is undertaking an operational transition like changing financial systems or a strategic transition like expanding into new markets, an accountant can manage this shift. Relying on a financial professional is crucial during transitions such as opening new retail locations, launching new product lines, selling internationally, transferring business ownership, entering a merger, or divesting part of the company. Even if nothing about the business is changing operationally or strategically right away, when there is a downturn in the market, an accountant plays a critical role.

Oversee an Audit
When an organization is being audited by the IRS, in conjunction with a business shift, or as part of due diligence for a funding proposal, an accountant can oversee the process to provide required financial statements and reporting accurately and on time.

Ensure Compliance
In addition to instituting industry best practices, an accountant can help to ensure that a business is abiding by state and federal regulations as they relate to payroll and benefits calculations. When these tasks become more complicated during downsizing and other significant organizational adjustments, an accountant is instrumental in keeping up with these changes.

File Taxes
Any financial professional tasked with filing business taxes should assume the role of strategically reducing a company’s tax burden. However, an accountant is uniquely equipped to handle the accounting implications of governmental programs that affect taxes as well. If your business has taken advantage of a PPP loan or a stimulus incentive, you will likely need an accountant to manage the intricacies of complying with their associated requirements.
​
Ready to move from a bookkeeper to an accountant?

Find out how an experienced accountant can benefit every area of your organization in our accounting resource hub.
Comments

    SUBSCRIBE:

    DOWNLOAD:

    The Ultimate New Business Formation Checklist

    DOWNLOAD:

    Accountant Evaluation

    Categories:

    All
    Accountant
    Accounting
    Accounting Systems
    Audit
    Bank Reconciliation
    Benefits
    Bookkeeper
    Bookkeeping
    Brand
    Budgeting
    Business Analysis
    Business Trends
    Cash Flow
    Change Management
    Checklist
    Closing The Books
    Colorado
    Community
    Contracts
    Controller
    Depreciation
    Ecommerce
    Economy
    Finance
    Fraud
    Government
    Hack
    Hiring
    HR
    Infographic
    Internal Controls
    IRS
    Laws
    Leadership
    Legal
    Local Economics
    Manuals
    Market Trends
    News
    Nonprofit
    Online Bookkeeping
    Oregon
    Outsource
    Payroll
    Payroll Taxes
    Planning
    Procedures
    QuickBooks
    Record Keeping
    Recruiting
    Recruiting Market Reports
    Remote Workforce
    Reporting
    Restaurants
    Risk
    Sales Tax
    Scam
    Security
    Small Business
    Social Media
    Software
    Startup
    Statistics
    Strategy
    Taxes
    Technology
    Time Management
    Washington State

    Archives:

    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    June 2015
    February 2013
    October 2012
    November 2011
    May 2011



    RSS Feed

Services

Accounting Services
Recruiting Services

​

Company

About
Oregon Team
​Washington Team
Colorado Team
Clients


Support

Contact
CC
FAQ
​Resources
​Blog
​

ASP

Your resource for accounting & recruiting services. Serving Seattle, Bellevue, Redmond, Kirkland, Portland, Beaverton, Hillsboro, Lake Oswego, Denver, Lakewood, Aurora and more.
Contact us today for a free,
no-obligation consultation:
Toll Free (800) 931-6557
WA (425) 492-1901
OR (503) 473-0122
​CO
(720) 572-8211
info@asp-nw.com
© COPYRIGHT ASP - ALL RIGHTS RESERVED 
 A CFO Selections Company
Privacy Policy