YOU HIRE AN
Your business is going full-steam ahead, and you’re thinking about hiring someone to help with the
books. Here’s a guide to help you decide if now is the right time to hire an accountant.
Given my level of expertise and the time it currently takes,
is the bookkeeping workload becoming too much for me to handle?
Why do you need help, anyway?
If you've started a new business and are unsure of any of the
following, it might save you time and headache to hire help.
THE TASK AT HAND
What exactly does an accountant do?
Analyzes the ﬁnancial
big picture and oﬀers
hands-on tasks: handling
new hire paperwork and
payroll, paying bills,
submitting invoices, etc.
Produces key ﬁnancial
documents and can help
ﬁle company taxes.
expenses to ensure
every cost is recorded
correctly for taxes.
Can be outsourced as
a chief ﬁnancial oﬃcer
after tax season, to
advise on ﬁnancial
Beneﬁts of Hiring an Accountant
10 hours later
(More time for you
to dedicate to your
Most small-business owners spend 10 hours a
week balancing their own books. This time
takes away from the actual business, which
doesn’t result in new revenue for the company.
ARE YOU READY TO HIRE?
Before hiring an accountant, consider the following questions:
Do I have the time to
learn and manage the
Is my time best spent
Am I able to keep up-to-date
on new tax laws in order to
avoid legal troubles?
If you answer “no” to any of these questions, it might be time to hire an accountant.
When Should You Stop Doing Your Bookkeeping?
LACK OF TIME
If bookkeeping is done
incorrectly, the costs of late
fees, interest, and penalties
can really add up.
If you’re trying to juggle sales,
marketing, shipping, and
bookkeeping all at once,
something is going to suﬀer.
Eﬀective time management is key
for entrepreneurs—especially when
you’re your only employee. Think
of the time spent bookkeeping as
time you could spend drawing in
additional sales. The eﬃciency of
hiring a bookkeeper could end up
saving money in the long run.
LACK OF KNOWLEDGE
LACK OF INTEREST
Bookkeeping is not for everyone. You
have to love working with numbers.
So, if crunching numbers puts you
asleep, it may be hard to ﬁnd the
motivation to keep up with it.
According to Entrepreneur, most accounting ﬁrms charge
by the hour—ranging from $100 to $275 per hour.
However, some work on a monthly retainer. It’s important
to not base your decision solely on cost, as accountants
who charge more will likely have more experience.
FINDING THE RIGHT FIT
There are diﬀerent options to consider when seeking accounting services for your business.
Should you bring someone into the oﬃce or outsource someone?
WHEN YOU OUTSOURCE:
Set an hourly fee or overall rate
that occurs weekly, biweekly, or
monthly. This will depend on
the size of your business and
with the contractor, who
will electronically deliver
accounting documents and
Save paper. With the
exception of the occasional
need to print reports, you
should be able to review and
edit documents electronically.
HIRE IN-HOUSE IF:
Your revenue reaches the $1
million mark, or you have 30
You call your accountant so
frequently that you wish he or
she was in the oﬃce at all times.
Your part-time bookkeeper
spends 3 full days in the oﬃce
but continues to fall behind