“It seems like I’ve spent more time doing menial data entry tasks than I have meeting with prospective clients or catching up on industry news.”

“By the time I finish entering accounts receivable and accounts payable, the sun has gone down and everyone’s in bed. I can’t tell you the last time I sat down to have dinner with my family.”

 “Our outdated software makes bookkeeping a real nightmare, but I don’t have the time to learn about using QuickBooks.”

Do any of these statements sound familiar? If so, you could benefit from the services of a CPA or accountant in Bellingham, MA. Ann Irons, a certified public accountant, discusses important considerations for hiring either an inside or third-party professional to manage your company’s finances.

Advantages of Outsourcing Financial Functions

If you have a very limited budget, you might balk at the idea of paying a third-party professional up front, choosing instead to hire a part-time or full-time employee to work inside your company. Although this may seem like a better bargain in the short term, Ann cautions that you will probably pay an employee more in salary and benefits than you would hiring an outside firm.

When you hire a CPA, you receive the full benefit of his or her education, professional experience, and knowledge of current tax and accounting requirements. Could you hire and train a college student with no prior experience? Sure you could, says Ann, but do you really want to entrust your business to someone who is simply going through the motions?  An experienced professional doesn’t just know how to manage finances, but who also understands the why and when.

Advantages of Internal Accounting 

Although most businesses benefit from hiring an outside accounting professional, an inside accountant works almost as well under certain conditions. For example, suppose your small business is more of a side project than a primary source of income. Perhaps you own a lawn care company that only provides its services on weekends. In that case, you could just as easily hire a part-time employee to work an hour or so each week. If needed, you can always enlist our services on a seasonal basis when your workload increases.

Alternately, suppose that you are well-versed in financial accounting and tax preparation, and you decide to include a family member as part owner of your company. In this type of situation, you can work closely with your new co-owner, introducing him or her to your preferred accounting method, current tax status, and financial software. Note that this option only applies if you have current knowledge and total confidence in your ability to handle and train on complex financial matters. If you discover otherwise, we will still be here for you.

About Ann Irons, CPA, LLC: Ann and her team provide accurate, ethical, and expert guidance on matters as diverse as tax preparation, succession planning, real estate taxes, and small business accounting in Bellingham, MA. We serve individuals and companies located in and around Franklin, Mendon, Medway, Woonsocket, and neighboring communities. To inquire about our services, or to schedule a consultation with Ann, contact our office at 508-966-0700.