As a small business owner trying to protect your bottom line, you may assume you can cut corners on costs by using specialized software instead of hiring an accountant. However, even if you’ve taken time to familiarize yourself with your accounting platform, you might miss out on valuable financial insights that an experienced accountant can provide.
How can you determine when it’s time to hire an accountant – and, perhaps more importantly, how much should you budget to do so? Weighing different variables can help you answer both those questions. This post will break down some benefits of partnering with a small business accountant and what kind of fees you can expect.
Does Your NYC Business Need an Accountant?
First, let’s consider what your small business can gain from working with a professional accounting firm. CPAs can provide a wide range of services, including:
- Setting up bookkeeping and accounting systems
- Maintaining financial records for tax purposes
- Providing sound investment advice
- Preparing financial statements
- Planning your will and estate
- Managing your daily expenses
Though you might feel comfortable handling some of these tasks yourself, there are many reasons to entrust them to an experienced New York City accountant. For example, filing your taxes can be complex and time-consuming, and any errors might make you subject to an IRS audit. Choosing to work with a knowledgeable CPA can give you peace of mind.
Accountants’ expertise goes beyond bookkeeping. They also stay abreast of the markets and can provide reliable tips for helping you grow your business and invest your money wisely. Plus, by outsourcing some of your vital responsibilities to an accountant, you free up more time to spend on guiding your company toward its vision and goals.
How Much Do Accountants Cost?
Many accountants charge an hourly rate for their services, which can vary depending on factors such as your location and the extent of your needs. An experienced business accountant who has worked with entrepreneurs like you for many years will likely charge more than someone who’s recently started their career. CPAs also might charge higher fees because of the additional education they complete to earn their qualifications.
It’s also essential to consider whether you want to keep an NYC accountant on retainer for routine monthly tasks, or if you anticipate only needing occasional help with one-off projects. Furthermore, you should factor in additional costs related to finding and hiring your accountant, including the time it takes to research candidates and organize your records so they can get started. When budgeting for accounting services, remember to include the cost of any specific bookkeeping software you use.
Hands-On NYC Accounting Services Tailored for You
You could benefit from hiring an accountant if the time you spend on accounting-related tasks detracts from your ability to lead your business, or if you suspect you are wasting money on costly investment or tax mistakes. By thinking through the specifics of the accounting services you require and how often you need them, you can determine whether retaining an accounting firm in NYC will be a valuable investment for your growing business.
At Raines & Fischer, we take time to understand your unique goals and accounting needs, so we can deliver personalized service. All our partners are CPAs, and many of our team members have earned advanced degrees in law, taxation and finance. Our team is only an email or phone call away when you’re ready to learn more about working with us.