Do You Really Need An Accountant?
If you’re like the majority of people I know then you probably don’t want anything to with math and number crunching. If you’re like this then you are definitely someone who should hire a CPA (Certified Public Accountant) for either your business (if you own one) and/or your taxes. Doing your own taxes definitely has its fair share of advantages, but hiring a CPA can give you access to other resources that you otherwise wouldn’t be able to.
CPAs, as far as I know, have a very good reputation. They’re personable, sociable, but ultimately they want the best for you and your financial situation. But this is all part of being a CPA; they’re paid to do this. As an accountant, you’re expected to know your way around financial situations, be able to consult, and give advice to your client. Many businesses hire accountants as most business owners have other things to worry about other than crunching numbers, record keeping, and staying up to do date with “boring stuff” like that. From my experience, you can only really gain from hiring an accountant. I’ve heard stories of many business owners who think they have the time and smarts to create budget plans, analyze revenue, expenses, profit margins, etc. They were wrong as they got their numbers wrong and ended up having to pay lots of money. Even though hiring an outsider may not sound like a cheap investment, you will understand that it is when you figure ways that your business can save money.
The same works for taxes. Doing your taxes yourself can save you money as you won’t have to hire anybody, but you run the risk of getting your numbers wrong; not to mention the time it takes to sit down and go through everything. Now, there are some people that do their own taxes and they wouldn’t change it for anything. These people get a strong understanding of the tax code, save money, and actually save time (as long as the taxes are simplified). However, hiring a CPA gives you access to expert advice, ways to save money, and (if your taxes are more complex) can save you a lot of time. It really all depends on what type of person you are. If you don’t trust anyone touching/seeing your financial situation, then you would be better doing it yourself. However, if you’re all about getting the most experienced eyes looking at your taxes, then you should definitely hire a CPA.