The fear of the unknown is the most common reason that many of us don’t do a lot of things and the same goes for business. What if I’ve made the wrong choice? What if this or that happens?
Would it really be so bad if I just carried on doing the same thing…?
Many business owners are afraid to hire an accountant for this very reason. They are afraid because they don’t know exactly what they can do for them. This is understandable, as hiring anyone can be scary but there is so much value in having this particular professional in your corner.
To help you get over this fear and see the bigger and brighter picture of hiring an accountant, here are the 5 most common fears or reasons not to hire (and how to get over them):
Reason 1: “I can’t afford an accountant”
With so many expenses in running a business, it makes sense if your fear for not hiring an accountant is a financial one BUT you have to think about the return on investment. An accountant doesn’t just file your taxes at the end of the year. They save you a lot of time, money, and stress from your accounting to your forecasting and business investments.
Think about how much you would pay for complete peace of mind in your financial decisions and not having to worry about late penalties or audits. Is the price worth it now?
Reason 2: “I don’t want to show them my numbers”
Many business owners don’t feel comfortable talking numbers with a new person or they may feel embarrassed by where their revenues are at or at the state of their business. Whatever your fear when it comes to your books, try not to fret. Accountants are well-versed with working with new businesses from the ground up and they’ve always seen worse!
In fact, they much prefer it if you consult them as early as possible so that they can be your advisor and confidante as you’re building your business.
Reason 3: “I won’t or don’t know how to find the right person”
It’s not going to be quick to find the right person for your business, that’s for sure, but it can be easy. Start by asking other business owners of a similar size to you for their recommendations. You can also do your own Google search for accountants in certain locations or specialities, or for one that offers the services you need.
With this information, you can then establish contact with each professional and make the best choice for you and your business.
Reason 4: “I/we can just do this in-house”
This fear or reason often links to money. “I’m not making enough money in the business to justify an accountant” or “I can save money by doing my accounting myself.” While this may make sense when you’re a very small business and you have this time, it just doesn’t as you grow.
If you want to be successful in business, you’ll need essential processes like your accounting done properly and an accountant will save you so much time doing it right (whilst saving you money in the process).
As we mentioned previously, an accountant does so much more than just filing tax returns. They can help you navigate ever-changing compliance laws, avoid costly mistakes, identify tax-saving opportunities, and plan your business strategy.
Reason 5: “I’m too busy”
Last but not least is putting off finding an accountant because you’re too busy. It’s just like that caveman cartoon where one is offering circular wheels to two cavemen who are trying to push a cart with square ones – an accountant will SAVE you time in your business. Yes, it will take time at first to find and work with one BUT the time you save later can be invested back into the things that matter.
If you feel the fear, do it anyway. If you think you can’t afford an accountant, you don’t have the time to find one or you can manage on your own, think again. The value an accountant brings to your business far outweighs the ‘costs’ of bringing one on board. Making the right financial decisions is crucial to the success of your business, so can you really afford not to have an expert on your side?