Does your small internet business need the help of a Certified Public Accountant? While I believe that a CPA can always be a very valuable business partner, especially for a small business, the better question to ask yourself may be when do I need to hire a CPA? When you first start your internet business you will do everything yourself, including your accounting, and maybe your taxes too. In a world of Google answers you can survive doing most business tasks yourself, and sometimes you can get help from a family member or friend.
I get new ideas all the time. A number of years ago I was exploring the idea of investing in commercial real estate. I took a local commercial broker out and bought him lunch so I could ask him some questions and learn more about investing. At the end of our meeting he told me his advice was probably worth what I paid for it. In this case I knew the source. If you don’t know the source free advice might not be very helpful after all.
3 Questions to ask yourself
When to enlist the help of a valuable business partner like a CPA will depend on you and your business. Here are three questions to consider when making this decision:
- Do you hate accounting and working on “the books” ?
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Is your time better spent on your strengths so you can work to grow your business?
- Are your business taxes complex enough that you benefit from professional tax help?
Only you know what you don’t know
Income taxes are complicated and the rules change every year. That alone maybe reason enough to hire a CPA. However, a CPA is not just for taxes. Understanding your business’ financial information is critical to your success. Especially in the early part of your business when you need to make smart decisions with your business. Paying for a professional business partner to help in those decisions could provide a big benefit and be a wise financial investment.
Focus on your strengths
You know your business and your own strengths and weaknesses. Your efforts will be best focused on leveraging your unique strengths in growing your business. A CPA knows how to read and produce financial reports and can help you understand them. You need to constantly evaluate where your time is best spent and identify when the time is right time to leverage professional help and make an investment in a CPA. With the help of a CPA you can focus on your business and leverage their strengths at the same time.
A CPA does more than taxes
Once you are established with your business and it is growing take the time to find a CPA to be your partner in business. Use them for their experience and knowledge to help you succeed and the additional cost will be worth the investment by allowing you to get more from your time . Make sure the CPA has industry knowledge about your internet business too. This will help you maximize your investment in their professional advice.
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