Your small business changes every year. In the world of small business ownership, change is the name of the game. Employees come and go. Profits stagnate or grow. As these changes take place, it’s important for small business owners to respond to them. One of the questions business owners often have is when they should outsource an accountant. Today, we’ll share a few signs you should hire a small business accountant.
If your business has grown significantly in the past year or so, you have undoubtedly ended up with more expenses, too. The more costs you have, the more complicated accounting becomes. While you may have handled your own accounting when you first started out, this can become less feasible as expenses increase. Hiring a small business accountant or CPA can help you maximize savings stay on top of your finances.
One trend you’ll notice today is that small businesses will generally need help with accounting as they grow. This is especially true when they grow out of small businesses and into big businesses. If you’re looking to expand into a new state, for instance, then hiring a small business accountant can help you remain compliant with regional regulations.
You’re Being Audited
Last year, the IRS announced its intention to boost audits of small businesses by as much as 50% in 2021. This may come as stressful news to small business owners. If you do end up being audited by the IRS, you will need the help of a CPA to help you through this process. Only a CPA has the qualifications necessary to represent you in the event of an IRS audit. Hiring Bowman & Company will take the stress out of the whole ordeal.
Bookkeeping Tasks are Piling Up
For new small businesses, staying on top of bookkeeping tasks can start out easy. But it will quickly become more challenging as you grow. When you get behind, it can become extremely difficult to get back up to speed. Hiring a small business accountant—ideally in conjunction with a dedicated bookkeeper as well—can help you devote more time and energy to what really matters for your small business.
Contact Bowman & Company Today
Bowman & Company CPA, PC provides all of our individual and small business customers with experienced, accurate, and affordable financial services. Our financial services aim at decreasing your taxes and increasing your net worth through responsible, timely, and accurate record keeping. We offer our services to clients throughout the Washington, D.C. metropolitan area including Maryland and Baltimore County, Columbia, and Howard County. For more information on our offerings, contact us online or call us at (410) 381-8121. You can also find us on Twitter, Linkedin, Facebook, and Youtube.