Hiring can be a difficult decision for small businesses. You’ve experienced some growth, you need to expand your team, but it can also be hard to determine when is the right time to commit to another professional on a full-time basis. One position many companies struggle with hiring is an in-house accountant. Many small businesses use an accounting consultant or third-party firm to help them with their finances. But once you get to a certain point in the evolution of your company, an in-house accountant can make more sense.
Is now the time for you to hire an in-house accountant? In this blog, our Toronto finance and accounting recruiters provide four tips for knowing if the time to hire is now:
1. Fast company growth
Is your company growing quickly? Are your accounting needs changing regularly? Having an in-house accountant you can use as a trusted advisor can make it easier for operations.
2. Accounting complexity
As your company grows, so does the complexity of your accounting needs. How you do business, taxation laws, employees and payroll, investments, loans, and other financial transactions can become complicated. If your company finances are getting too complex, you’ll likely need an in-house accountant.
3. You need accounting help more and more
Do you find yourself speaking with your current accountant regularly? Do you increasingly feel like you need an accountant who can be dedicated to your company at all times? Then consider an in-house accountant who can address your company’s specific accounting needs.
4. Cost of outsourcing is increasing
How much you are paying to outsource your accounting needs will grow as you use them more. You will get to a point where it will make more financial sense to hire someone full time. If you are paying consultants the equivalent of a full-time salary, it may be time to hire an in-house accountant.
Finance and accounting recruiters can help you find the right accountant for your small business. If you are having hiring challenges, need some advice, or want to find the top talent in your industry, give us a call.
Get More Accounting Recruiting Tips From Toronto Finance Recruiters
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