Small Business Accounting and Accountants Myths

As a small business owner, wearing multiple hats comes with the territory. It can be incredibly stressful but with the many myths out there about small business accounting it’s easy to understand why people are reluctant to hand over that role. To make your life easier as a small business owner we’re here to debunk 6 of the most common myths about small business accounting and accountants.

1. Small Business Accounting Services Are A Waste Of Money

People think that they can save money by doing all the bookkeeping themselves. There’s tons of online accounting software out there now too that makes it much easier. However, nothing can replace the skill and experience that a professional accountant has. Hiring a small business accountant will end up saving you money, not wasting it. They will set up financial plans, create budgets, manage the books, and find hidden tax breaks.

2. They Are Only For Large Companies

Professional accounting services are important to any business, large or small. Outsourcing your accounting needs are safe, inexpensive, and easy these days. No matter the size of your business, organized books, effective budgeting, and an understanding of taxes are vital to its growth and stability. Hiring a professional small business accountant will provide all of that and more for your business.

3. An Outsourced Accountant Will Not Understand My Business

A lot of small business owners think that an outsourced accountant won’t understand their individual business. A professional small business accountant works hard to understand the specifics of any business that hires them. They are usually very well rounded and have a strong understanding of multiple industries. If it’s a serious concern for you though consider hiring an accountant that specialized in your specific industry.

4. They Are Too Expensive

A decision usually comes down to money. The number one reason small business owners don’t hire an accountant is because they think they’re too expensive. While an accountant is an upfront cost, they more than make up for it in the long run. They can increase cash flow, have better budgeting, improve bookkeeping, and create higher profit margins. They will make up for their fee and more.

5. Small Business Accounting Services Are Only Needed For Taxes

Finances are most crucial during tax season, but it’s important not to neglect them during other times of the year. A small business accountant will give you an accurate picture of your finances throughout the year. They’ll make sure your books are accurate and that you’ll have everything handy for filing taxes. If you’re hesitant maybe try out an accountant for tax season as a trail run.

6. I Can Handle The Accounting Myself

As a small business owner, you already take on so many roles. You do whatever needs to be done. Unfortunately, this means that you’re busy a lot of the time. Mistakes will get made and things slip through the cracks. Hiring a small business accountant means someone is solely focused on your finances, which is a good thing. It means you’ll have one less thing to worry about.

Bottom Line

Don’t buy into one of the many myths about small business accounting and accountants. Hiring a professional means you’ll spend less time on finances and more time actually running your business.