When it comes to investing in financial support, it can be hard to decide which route to take. Should you hire an accountant, a bookkeeper, or a tax preparer? Or should you just DIY it all yourself? It all depends on the level of support you want and which parts of the financial process you want to outsource.
What Does An Accountant Do?
Typically, an accountant acts as your go-to for all things financial management in your business. They can manage your books, file your taxes, run reports, and help you make financial decisions. They’re the person in your business who knows your finances best (besides you, of course!).
That being said, every accountant is different. Reach out to see if a full-service accountant is the right fit for you and your business.
What Does A Bookkeeper Do?
A bookkeeper is in charge of the day-to-day tracking of all your business finances. They track expenses, run reports on income, and help you keep everything organized. That way, when the time comes, you’ll have everything you need to make important financial decisions and to file your taxes.
If you want to learn to be your own bookkeeper, check out my course!
What Does A Tax Preparer Do?
A tax preparer’s job is to help you prepare (and sometimes file) your taxes. Usually, you only meet with them just before tax season. They’ll help you find deductions, get all your paperwork in order, and sometimes even file your taxes for you. It just depends on who you hire!
Do You Need to Hire a Financial Professional?
While many business owners choose to outsource their financial management in some capacity, some DIY it all! If you want to DIY part or all of your finances, invest some time and energy into self-education. You can take courses, read books, and educate yourself on most everything you need to know. (Check out my resources page!)
Which Route Should You Take?
Not sure what kind of financial support you should invest in? Start here!
IF YOU STILL WANT TO DIY MOST OF IT…
… invest in self-education! You might just need a little extra help with certain tasks, like filing your taxes or learning to use Quickbooks. In that case, take a comprehensive course about that topic or join a paid membership for community support. (You can find both here!)
IF SPREADSHEETS MAKE YOUR HEAD SPIN…
… hire a bookkeeper! They’ll help you track expenses, manage your accounts, and even prepare payroll, all on an ongoing basis. They’re basically the Marie Kondo of the financial world. Everything has its place.
IF YOU HAVE NIGHTMARES ABOUT TURBOTAX…
… get yourself a tax preparer! Some CPAs specialize in helping their clients prepare and file their taxes at the end of the year. You’d be in charge of keeping things organized until tax time, and then they’d swoop in and do all the dirty work. Dream come true, right?!
IF YOU DON’T WANT TO MESS WITH ANY OF IT…
… you need an accountant! They’ll be your Swiss Army Knife for all things business finance, including reporting profits and losses, preparing tax documents, and keeping everything organized throughout the year. Trust me, once you hire an accountant, you’ll never want to DIY your finances again.
Want to learn to manage your own business finances with confidence?
If you want to learn to manage your money without stress, navigate Quickbooks like a pro, and get even closer to your business goals, check out my course Quickbooks for Entrepreneurs!
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