A Certified Public Accountant, or CPA, is a special type of accountant. Officially, it is the title of a person in the United States who has passed the Uniform Public Accountancy Examination and has met certain additional training and experience requirements to obtain this certification. The exam is comprehensive and requires more than 150 hours of specialized training.
But what does this mean for you as a small business owner? Do you need a certified public accountant or will a regular bookkeeper or even an accountant for your business suffice?
Most people use the terms CPA and accountant synonymously, but there is a big difference. The term CPA has many meanings in the financial world and certainly in the accounting industry.
If you have or are starting a business, you are probably wondering if you should hire an accountant. An accountant helps you organize, plan and achieve your financial goals. Some business owners choose not to hire an accountant and handle their financial tasks themselves. We’ve put together a simple guide to help you understand if it’s worth hiring a Certified Public Accountant in Pensacola for your business.
Do you have time to take care of your finances?
Running a business is hard work. It’s time-consuming, stressful and sometimes exhausting. It’s no wonder many business owners don’t have the time or patience for bookkeeping. If you already struggle to find time in your workday, it’s wise to hire a bookkeeper to help you cope with the workload. When you hire a CPA, you don’t have to worry or hassle with financial tasks. When you outsource this work, you have more time to devote to your business, which means more time to make money.
Are you confident in your financial skills?
Not everyone is born a mathematician, so there are accountants. Maybe numbers aren’t your strong suit, or the stress of running a business may cause you to overlook compromising mistakes in your finances. Ignorance of financial mistakes can be detrimental to your business. It takes years of specialized training and constant development and learning to become a CPA. Managing your own finances may mean you have to work another full-time equivalent job in addition to running your business. With this additional workload, mistakes are inevitable. If you hire an accountant, you’ll ensure that someone is managing your finances properly and you’ll have more time to focus on what you do best.
How soon do you plan to grow and expand your business?
If you are thinking about hiring an accountant, you should ask yourself how quickly you plan to grow your business. If the answer is as soon as possible, then you should hire a chartered accountant as soon as possible. Hiring an accountant will help you grow your business much faster than if you were to handle the finances yourself. Not only will it take away the tedious task of managing your money, but it will also give you financial advice on your business decisions. Having an experienced accountant ensures that your business will grow faster.
If you want to create a fast-growing business with as little stress as possible, we recommend that you hire an accountant. Hiring a competent and experienced accountant will give you the information and confidence you need to move your business forward. Even if you know how to handle money, the added burden of financial tasks presents an opportunity for potential accidents that could damage your business. When you hire a Certified Public Accountant in Pensacola, you’ll no longer have to worry about your money, you’ll know how to finance your business better, and your business will grow much faster.