“Why do I need an accountant to start my business?”
Has this question ever crossed your mind?
Then this article is for you.
In today’s 2 Minute Accountant, I’m going to explain why investing your money in hiring a professional accountant can be the right step for your business.
I’m about to share with you a personal story and what I learned from it:
I had about 200 tonnes of sandstone in my backyard. My project was: building a massive swim spa. Sounds like a great and easy idea, right? Well, it did to me.
I invited some friends over and thought we’ll go out ourselves and dig out the massive hole with one of those hammer things. We also thought we’d have a fun time hanging out while getting our hands dirty.
I mean, seriously, it’s only sandstone…
How hard can it be?
All we would have to do is get a Kubota excavator and figure out how to work with it, right?
Needless to say, it didn’t happen as we thought it would.
It took us about 3 hours to really understand the dynamics of all the equipment and how to actually use it in order to be effective.
I got bored… we all got bored. Our backs started to hurt.
We didn’t have a professional there …
… so we were basically flying blind.
The truth is, we were having some fun. And we also thought we were moving ahead. But we actually didn’t understand how large the job actually was. We didn’t have a clue.
We’re there with the digger and then the heavens open… rain everywhere. Then all the sandstone turned to slush and all we could see around us was mud.
We couldn’t move things. The equipment wasn’t working. We got stuck.
Long story short:
- What I thought would be a little weekend project turned out to be 140 tonnes of sandstone
- What I thought was going to take me and my mates a couple of days to get through turned out to be a bigger job we weren’t prepared for
- We ended up getting a paid professional.
Was hiring a professional a good choice?
The professional we hired turned up with a digger four times the size of the one we had. It took him five days to get the job done.
What I’m trying to say is:
- We had some tools but we didn’t know how to use them properly.
- We didn’t have the right tools for the job.
- We overestimated what we thought we knew.
- We underestimated the size of the job.
It’s the same with hiring a professional accountant for your business. As a business owner, you might be tempted to handle everything on your own. But does that actually work?
If we’re honest here, this isn’t a great strategy; not if you’re trying to build a successful company that grows steadily.
So when you spend money on an accountant, a business advisor or a lawyer, you are actually investing that money.
You might also be interested in: How To Choose The Right Accountant For Your Business?
We wasted $700 in a day and a lot of precious time. We thought we were able to handle a complex situation by ourselves. It seemed easy at first but it ended up being overwhelming.
Tip: Hire a professional to save money and time in the long term.
[ctt template=”7″ link=”7b43Y” via=”no” ]Tip: Hire a professional to save money and time in the long term.[/ctt]
Here’s what I learned
With the right attitude, the right advice and the right understanding, you can scope your project.
By getting a professional to help you with your business you can become more effective… and make fewer mistakes.
Think about hiring a professional accountant as an investment as opposed to an expense
I hope this piece of advice helped you clear your thoughts.
Starting a business and making the right decisions can be overwhelming. Unfortunately, you cannot do everything by yourself, so hiring a professional from the very beginning can be a life-saver on the long term.
Take some time to set your business’ priorities and make a list of all your questions, I’m here to give you a hand. Let’s get in touch!