Should You Hire an Accountant or a Bookkeeper?

Do you need an accountant or a bookkeeper? Financial management plays a critical role in business and can grow your business from the ground up. Here’s why you should hire an accountant or bookkeeper for your small business needs.

Why Choose an Accountant and Bookkeeper for Your Business?

An accountant and bookkeeper can help you to manage your business activities, saving you time and money. Some companies have trained professionals to handle both of these services, while other times you can train your staff to do it for you. 

A bookkeeper can oversee your books though this is something you, the owner, should be familiar with and engaged in.   They will manage your transactions and ensure that your books are up to date. Bookkeepers mostly focus on income and expenses but their job is essential when it comes to ensuring your staff is paid and your invoices are properly processed at the end of the day. 

An accountant also plays a crucial role in your financial management. They not only handle some of the bookkeeping duties but they can help you to balance your ledger and ensure your tax requirements are met at the end of the tax year. You can prevent your business from being audited and keep your finances in line by hiring an accountant.

How to Find The Right Accountant or Bookkeeper for Your Company

Research! First, you need to find a business that offers either or both of these services. Find out what their responsibilities are and what they can provide for your company. Get multiple estimates/rates! If you cannot afford to hire an accountant or bookkeeper, you may want to consider training your existing staff to handle financial duties. You can do this by attending workshops and finding courses related to bookkeeping, tax, and payroll services. Once your business starts to grow, you should look into hiring professionals to ensure your business expands. 

Finding the right help for your business isn’t easy, especially if you are a start-up or small business. The Women’s Business Center of Northern Virginia has courses and workshops to help you and your team to gain the skills and funding your business needs to ensure your business is a success.

Check out upcoming webinar “Understanding Contractor vs Employee Classification” and our high demand “Quickbooks I Online” web-training at https://cbponline.org/classes-counseling/class/all-classes/ 

This is a complex topic so here are some great resources:

1. IRS Tax Information for Businesses Page
2. Virginia Tax Information for Businesses Page
3. SBA “Manage Your Finances” Page 

If you need business funding or help with your financial management, contact our team today!