As an online business owner, there are some professionals that you need to have on your team.
These professionals help you run your business more efficiently and even can help you make more money in your business.
Business owners, online or not, have to wear a lot of hats. But there are some hats that you would need to have years and years of education to be able to do the job properly. This is when it is usually more beneficial for you and your business to hire a professional.
What kind of professionals should you hire?
You should definitely be hiring legal and accounting help, for sure, unless you know, you already have education and experience in those 2 fields and know that the work you do with these two fields in your business won’t get you into even more trouble.
I personally have no legal experience, so I won’t be talking about that.
But I will discuss with you hiring accounting help, there’s hiring a bookkeeper, an accountant and even a financial strategist.
Why do you need to hire an accountant?
Unless you are very educated about tax returns and know exactly what you are doing with filing your tax returns, you are going to need an accountant on your team.
An accountant can help you with your tax returns.
An accountant can also help you with any questions you have about whether something is taxable or not, although your bookkeeper should also be able to do that as well.
Your accountant will also help you make sure you are using the most of your deductions and may even be able to find you deductions that you didn’t know were available to you if you had done your tax returns yourself.
When should you hire an accountant?
Ideally, you would hire an accountant when you first start your business.
But I know not everyone does that or even has the funds to hire someone from the beginning.
If you are the kind of person who knows you need an accountant to help you file your tax returns correctly, then you’ll definitely need to hire one.
The biggest piece of advice for hiring an accountant is not to try to find one between February through April of the year. You will find it very hard to find an accountant when you wait until this period because it’s tax season. The majority of your accountants are going to be super busy and won’t have much time for you and your questions, let alone setting up a brand new account in their system.
Do your research and find someone who understands your business.
If you already have your bookkeeping done, your fees for an accountant will be much less than if your accountant also has to do your bookkeeping.
What will an accountant do for you and your business?
The most important thing an accountant will do for you is your tax returns. This could your annual tax returns, sales tax returns, estimated tax payments, and the slew of other tax returns that are out that business owners need to make sure they do or do not need to file.
Your accountant will cover all of your bases for tax purposes.
An accountant may also help you with tax planning and how you can maximize your tax deductions before year-end arrives so that you ultimately end up paying less taxes.
When you are meeting with potential accountants, ask what they can do for you. Ask how they plan to help you in your business.
Do you need to hire an accountant for your business?
I’m always going to say that yes you do need an accountant. But I don’t know your business or you. So ultimately the decision is up to you about whether you need an accountant or not.
An accountant should make sure your tax return is filed correctly and has everything in it that should be in your tax return to help you maximize the deductions that you can take.
Do your research when you are hiring an accountant and find someone who works with you and takes the time to understand your business.