Unquestionable Signs When to Hire an Accounting Service

When you’re first starting out, it’s entirely possible to do your own accounting in the early stages of your business which is often quite simple and straightforward. But running your business means at some point, you’ll need help to continue your success. As your business grows, you may wonder when it’s time to hire professional accounting services. Whether you’re alone or have 50 employees, having an accountant will provide you with peace of mind and a better understanding of your company’s financial performance. Good accounting takes time, whether it’s the initial setup or ongoing tasks like reviewing financial reports. We put together a few recognition points to help you recognize when to hire professional accounting services.

Feeling Tired?

Do you find yourself exhausted and less productive as you switch from one task to another? As you continue to expand, a time will come when accounting matters distract you from your role as leader. If managing your accounting keeps you busier than building your business, and DIY bookkeeping consumes more time than you can afford, it may be time to hire a virtual accountant. Multitasking is a good sign that you should consider hiring an accounting professional.

Are your books up to date?

When you fall behind on bookkeeping, your books stop reflecting the actual state of your finances. If your accounting data is regularly inaccurate, you’re blind to how much money you’re making. Having inaccurate accounting leads to misleading financial statements, which can cause you to overspend, make poor financial decisions, and cause serious problems for your company. It may be time to consider hiring an accounting professional to help you.

Outdated accounting tools?

Accounting is the center of your business. The right accounting tools help you manage and track your company’s revenue and expenses. Keeping that in mind, your accounting system must be up to date to maximize the value in time spent on accounting tasks. Consider upgrading to a cloud accounting software option. If you don’t have time to manage your accounting tools, it’s probably time to consider hiring an accounting professional. With their expertise and insight, they can help you choose the accounting software solution that best fits your specific business needs.

Security concerns?

Fraud is a significant problem faced by organizations of all types and sizes. Fraud comes in many forms such as asset misappropriation, corruption, and financial statement fraud. Internal controls can help implement and safeguard your company’s assets, ensure the integrity of your accounting records, and deter and detect fraud. Segregation of duties is an important component of internal controls and can reduce the risk of fraud. Hiring professional accounting services who have access to sensitive company information such as bank account numbers, it is crucial to ensure these firms have reputations built on quality service and trustworthiness.

The right accountant partner is key.

A professional, qualified accounting solution should offer you availability, clear easy communication, and high-security standards. When you recognize these points to move from DIY bookkeeping to professional help, hire someone who will truly learn and understand your business. This will produce better financial performance for your business. At Redmond Accounting, we provide multiple accounting services and are experts in cloud-based accounting technology. We can improve your accounting process. Schedule a consultation with one of our team members today to get started.