Hiring an Accountant for Your Business: Costs, Benefits & What to Expect

Do you know that nearly 82% of companies fail because of bad cash flow management? In a U.S. Chamber of Commerce study, one of the top 5 reasons found for small business failure was financial mismanagement. This is why hiring an accountant for your business could be your best economic move.

If you are a business owner, an e-commerce proprietor, or perhaps a small local service provider, you will ultimately reach the stage where managing numbers gets overwhelming. This is when it isn't simply wise to hire an accountant; it is necessary. However, you might wonder how exactly the process looks? And what'll it cost you? Let us break it down in simple terms in this blog.

Why Hire an Accountant?

Before we go into expectations and costs, first ask yourself why an accountant is important for your business.

Your business grows and so do your expenditures, payroll responsibilities, income streams, financial reporting requirements and taxes. So carrying out all this on your own can cause errors, missed deadlines or IRS fines.

An accountant can certainly help :

• Set up or streamline your accounting system.
• Track income & expenses.
• Manage payroll, supplier payments & invoices.
• Prepare and file taxes. 
• Give financial insight to support decision making.

Think about an accountant as your financial guide, who lets you know what is working and what is not and where all your money is going.

When Should You Hire an Accountant?

These are signs you need an accountant:

• You are focusing too much time on finances instead of running your business.
• Tax season stresses you out or produces errors.
• You do not know whether you are making a profit after expenses.
• You want to apply for funding, bring on investors, or expand.
• You want to shift from sole proprietor to LLC or company.

Even when you are just beginning your business, a remote accountant can lay a strong foundation from the beginning.

Types Of Accountants You Can Hire 

Here are the various types of accountants you can hire in the USA:

1. In-House Accountant: You employ them as a worker, full-time or part-time. Ideal for medium to large businesses with ongoing accounting needs.
2. Freelance or Contract Accountant: You pay them projectwise or hourly. Best for small businesses/startups or solopreneurs who do not require full-time support.
3. CPA (Certified Public Accountant): Trained & licensed to handle complicated tax problems, financial reporting and audits. Useful for businesses facing the IRS or preparing for growth.
4. Remote Accountant: A digital age choice, which is on the rise. Remote accountants work from anywhere and provide full accounting services via cloud software. This cuts costs without sacrificing quality.

At The Fino Partners, we have observed more businesses shifting to remote accountants since the pandemic normalized virtual services. It is efficient, inexpensive and scalable.

What to Expect When You Hire an Accountant

This is what hiring an accountant generally involves: 

1. First Consultation

You generally begin with a chat. The accountant will want to find out :

• How your business does.
• Your present financial setup.
• Challenges you are dealing with.
• Growth goals.

This helps them comprehend your requirements and customize their service appropriately.

2. Review of Financial records

They'll review your previous & current records next. It includes bank statements & receipts, employment papers, bank statements and tax filings. If your records are disorganized, most accountants are used to tidying up the mess.

3. Setting Up or Optimizing Systems 

A good accountant will set you up on accounting software like QuickBooks, Xero, or FreshBooks in case you are not currently using one. If you have an existing system they optimize it.

4. Ongoing Support

Based on your arrangement you will get :

• Monthly/quarterly financial statements.
• Tax filing and preparation.
• Advice on strategic issues (budgeting, cutting expenses, preparing for expansion, etc.).

Many remote accountants also provide live dashboards where you can track your cash flow anytime you want.

How Much Will It Cost to Hire an Accountant?

Now for the part everybody really wants to know: how much does hiring an accountant cost?

The answer might depend on factors including :

• Your business size.
• Kind of services you require.
• Whether you hire full time, part time or outsource.
• Location (for in person support)
  

Here’s a general idea of pricing in the US:

Hiring a remote accountant will bring down these expenses by 20-30% while still offering the exact same quality of service. At The Fino Partners, many of our clients begin with a part time remote accountant and grow as their requirements change.

Cost Saving Tip: Do You Really Need a CPA?

A CPA is more costly but required in certain circumstances like:

• IRS audits.
• Filing for complicated deductions.
• SEC reporting.
• Selling your business or going public.

For most small businesses, a standard accountant or a remote accountant will do the job for a fraction of the price.

Helpful Links

• Hire an Accountant For Your Business: Benefits, Eligibility, Process
• How Much to Hire an Accountant? 2025 Cost Guide
• Hire an Accountant in California: What You Must Know

If you have been trying to manage all of your business finances by yourself, you may be wasting money on the table or even worse, making expensive mistakes without knowing it. Hiring an accountant for your small business doesn't mean you give up control. It means you are investing in clarity, strategy and peace of mind.

So, whether you employ a local accountant, a CPA, or a remote accountant from The Fino Partners, the aim remains the same: make better financial decisions that boost your company’s profitability.

The next time you question if it is time to call in the experts, stop wondering. Employing an accountant for your business is the best move you can make this year.