Talking Cents

Accounting On Your Own Vs Hiring A Business Accountant

Not everyone needs to hire a business accountant for their business, especially if you’re a small business owner. Some small business owners do not require a business accountant because they can monitor transactions coming in and out. But for other small businesses, they will hire an accountant to seek financial advice as well as to take some weight off their shoulders. There’s no right or wrong answer but if you’re someone who is on the fence about it, here are a few things you should consider to determine whether you should do your accounting or hire a business accountant:

Aligning Your Needs
If you know what your business needs, it will help you decide whether you need to hire a business accountant or not. For example, if you’re a start-up and only have one-three other employees, it is easier to manage their payments than if you had fifty employees to track.

What You Know And What You Need To Know
Sometimes, just having the basic accounting skills is enough but if there are things that you don’t know how to do then it may be a good idea to seek a professional financial expert to help you.

Your Financial Position
As a small business, you might find that when you’re just establishing, it is very difficult to gain profit. But over time, if you notice that your business is suffering a constant loss, hire a business accountant. They would be able to assess your performance and provide financial recommendations on what you should be focussing on to get out of the pit.

Have A Deep Understanding Of Your Finances
You should know the in and outs of your business’ finances, where your money is being spent, and how you are generating your revenue. Understanding your finances can help you better help create a financial goal that is realistic and will generate profit for your business if it is met. A business accountant will be able to focus on this and make sure you are heading in the right direction to achieving your goals.

Get Someone Who Knows The Ropes
Ultimately, a good business accountant is not the steerer of the ship but more so a navigator. As a business accountant, their role is to help your business from making financial mistakes that would weaken the business’ performance. To do this, they need to know the ropes of your business - know what your business entails and the vision you have. If you’re a small business and feel like having accountants is unnecessary because it’s usually for bigger firms, you should think again. Small businesses are just as important, that’s there are accounting firms like M.A.S Partners who provide accounting services for small businesses. So if you are looking for a small business accountant in Sydney, turn to Australia’s original accounting firm for small businesses, M.A.S Partners. To speak with our team about the services we offer and what we can do for you, call us on (02) 9211 5000.