Once you are making enough money, and honestly even before you are, you need to hire a CPA. CPAs save money in the long run by helping you keep your costs down, lower your tax liability, and ensure you are compliant with all the rules, regulations, and laws that exist. This can also help you avoid fines and other problems.
Fear of Loss of Control
It seems like such a good deal, but many small business owners resist the idea of hiring a CPA. They think it’s going to be too expensive. People also get stressed out about finding or even needing the help of a CPA because of the potential loss of control over their own business they fear will happen, as well as fear of the cost.
Justifying the Cost
You may wonder if you really make enough to justify the use of a CPA yet or not. But the truth is, no matter what stage your business is in, you need to hire a CPA. It doesn’t cost near as much as you think, and you can shop around. There are even entire CPA companies that work with online businesses at a distance today.
Typical Costs of Hiring a CPA
First, understand that the typical cost of hiring a CPA to start your business is not as high as you might think. According to a poll of small business owners, they are paying between $1000 and $5000 a year to their CPA firms.
Keeping Costs Down
You can keep the costs down by using the CPA only quarterly and for tax purposes while utilizing a bookkeeper or even a virtual assistant for booking income and expenses. If the CPA and a bookkeeper set up your chart of accounts, then train you or your VA to complete the entries, do closing entries, and print off forms for the CPA. That can save a lot of money. Some CPA firms will assign a bookkeeper to you for this very purpose.
Remember Why You’re Hiring a CPA
You must keep in mind why you are hiring a CPA in the first place. You are making enough money that the taxes and the work is too complicated for you to do unless you plan to spend many hours learning and applying what you learn. This is not the point of your business and will get in the way of your money-earning capabilities
The Benefits of Hiring a CPA
Because a CPA is an expert, they will save you time, keep costs down, manage complex accounting issues, keep your taxes lower, and they can offer a lot of small business advice for you to consider that you may have not ever thought about. This is especially true if you make it a point to hire a CPA who has experience with online businesses like yours.
The truth is, most small businesses that engage the assistance of a CPA tend to stay in business longer, pay fewer taxes, and it tends to balance out with the cost by lowering the stress of tax time while also staying compliant with the many rules, regulations, and laws that exist for small online business owners.
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