When to hire a full time accountant

While many of us would like to think that we are experts in a lot of different subjects we are not nearly close enough to be considered experts in everything. When it comes to starting a small business many of us will open a business that we know something about so we can be considered an expert in that field. But we can sometimes run into trouble when starting our business if we try to be experts in fields that we know nothing about. Lucky for us there are consulting services that we can use to get our businesses up and running.

Consulting services are services that are offered by a professional. Consultants in the business profession can include lawyers, certified public accountants, marketing, management, information technology, and regular business consultants. Let's look and see how different types of consulting services can be used to get your small business off the ground.

Certified public accountants can provide you with a variety of information depending upon their specialty. They can advise you on what kind of accounting system you should use, they can keep track of your company's books and they can file your taxes for you. When you are first getting your business of the ground a certified public accountant can help you set up an accounting system to be used in your office so that you can keep track of all your income and expenses. Some certified public accountants can also give you advice on how to obtain loans to start up your small business.

But like with all start up businesses it is great to use a consulting service or an independent accountant when we first start our business but there will soon come a time that we are going to have to hire a full time accountant. The reason for that you are going to need to hire a full time accountant at one point or another is that sooner or later your business is going to grow and it will no longer be cost effective for you to use somebody else to handle your accounting needs. Basically what this means is that it will be better for your company to hire its own employees because it will actually save you money.

Here are some reasons to hire a full time accountant.

Number one:
Another purpose to having a full time accountant is to make sure that your company is using generally accepted accounting principles. One thing that you need to keep in mind when it comes to generally accepted accounting principles is that not all companies have to use them, the only companies that are required to use them are publicly traded companies. But many companies that are not publicly traded tend to use generally accepted accounting principles because of the uniformity to the rules and regulations. Besides the fact if they do decide to go public they are already using the right accounting principles and won't have to switch their accounting practices when they go public.

Number two:
A full time accountant also makes it nice to be sure that your company is on the up and up and nothing is going on that should be going on. What this means is that full time accountants will look at a variety of different reports, balance sheets, departments, processes, etc to see what is going on with the company and to make sure that all of the rules are being followed and that nothing shady is going on. By having full time accountants check the different areas companies can usually find problems rather quickly, such as embezzlement or employee theft of goods.

Number three:
One of the most important reasons for having a full time accountant is to be sure that your company is complying with the rules and regulations that are required. What this means is that the Securities Exchange Commission or SEC, which oversees all publicly traded companies has certain rules and regulations that must be followed. So to be sure that your company is following all of those rules and regulations it helps to have a full time accountant. The reason why is because the full time accountant is always up to date on any new rules or regulations that the SEC is putting into effect.