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DIY or Tax Professional - Complete Controller

Is your business ready to move one step ahead of the game and hire a tax professional in the tax season? Or is the DIY model still working strong for you? These are a couple of questions and other things that you need to ask yourself before making the right choice. Perhaps tips from a seasoned yet successful business owner can help you decide. Check out America's Best Bookkeepers

As an entrepreneur, it is easy to think you can do everything on your own. After all, you may have learned from books that entrepreneurs know everything about their businesses and possess insight knowledge as no other does! When it comes to business’s tax-side, things change and so do opinions of veterans. Launching a company may be relatively easier than managing and maintaining its bookkeeping, taxes, and finances. Thus, administrative work plays a predominant role in the success of any business. Those who manage their managerial yet administrative work well can expect to reduce bookkeeping, tax, and financial errors and witness significant economic gains.

Hiring A Tax Professional Seems Like A Smart Choice! Check out America's Best Bookkeepers

It is essential to understand that not every professional accountant is a tax professional as well. So, you need to identify your business needs and play sensibly to save more money for your business. The point is, filing taxes on your own can be daunting. On the other hand, hiring a professional tax agent comes at a price, which most businesses fear affording. But with the availability of low-cost DIY tools and software, most entrepreneurial companies are still wondering whether hiring a tax professional is healthy for their business. The thought of filling taxes goes two ways around; most business owners lack trust in tax professionals, so they consider DIY tax software quite useful. On the contrary, there are business owners who consider DIY tax software ineffective and prefer hiring tax professionals instead. 

Should A Business Owner be His/her Own Tax Professional?

In the light of saving money, naturally, entrepreneurs prefer to handle their finances and file tax returns themselves instead of working with tax professionals as they are perceived as expensive. They also fear delegating control to third-party vendors, especially in the initial phases of business setup, as the first two years are essential for defining the success patterns of any entrepreneurial venture. Hiring a tax professional is a good option for owners just starting their business. Besides fulfilling your tax-filing needs, a tax professional will save you a lot of money and time.

What’s more? Check out America's Best Bookkeepers

According to a study, on-average entrepreneurial ventures can use accounting or tax software for the first five years. After the first five years, it may be time to change its approach and should consider hiring a tax or accounting professional when bookkeeping, tax, or financial needs grow. Managing everything on your own is both time-consuming and confusing. Hiring a tax professional for catering to accounting and tax needs makes sense, especially when you are expecting to grow your business operations.

“The cost of handling your financials could be higher when you choose to handle these things yourself when you take into consideration penalties, your knowledge gap and the time it takes away from actually making the money you’re desperately trying to track.” Said, Brian Clayon, owner, GreenPal

This difficulty tracking indicates that the businesses should likely go for hiring a tax professional instead of using DIY tax or accounting software. The thing is, spending a little portion of your money on hiring a tax professional always pays off in the long run of your business’s journey. Hiring gives you peace of mind and helps reduce catastrophic financial errors. Also, it enables you to save money by better capturing of financial deductions and depreciation.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

When you think about your professional future and the projects you want to develop, the truth is that they do not mean anything to you.

That feeling of total indifference to your work is the first warning sign. It may mean that the time has come to evaluate your professional career and that, perhaps, it is necessary to make a change of profession.

Do not worry! Surely there have been several reasons that led you to this moment: a career chosen wrong from the start, or a job that can naturally become boring and annoying.

The truth is that your life has taken a new direction and that your current profession does not identify more with your values. Another reason may be the current labor market, which now offers new trends that you want to explore and take advantage of.

Whatever your situation, to change your profession you must be prepared because it is the only way to guarantee a successful professional transition and not need to make another change in a long time.

Are you ready to discover our tips?

  1. Know yourself

Self-knowledge is an essential skill to change your profession. This means that you must understand what your qualities and defects are, and then identify the various opportunities for success that will open up in your new path.

Being able to self-evaluate is fundamental. That way, you can decide which skills you want to use in your day-to-day.

Remember: you do not have to do something just because you’re good at it, you must choose to do something that you really like and motivate you.

  1. Stay tuned for new opportunities

When planning a career change, the path that leads to success is to understand the labor market very well, your professional situation, and the possibilities you have to act in other areas.

If you have a job and want to continue working on it, evaluate what other areas you can contribute to. If you want to change jobs, the safe way is to research and identify what you need to make that change.

  1. Update yourself

New paths require new knowledge, so taking courses and deepening learning in your new area will be decisive for success in your career change.

On the Internet, you can consult various career guides and salaries that show the courses and knowledge necessary to work in the most varied professions.

The lack of experience in new areas can play against you, but that can be compensated by acquiring new skills. At present, the skills related to the development of technological platforms, commercial areas, and businesses are highly valued.

Be insightful and study how the sectors are transformed! This will be a great help to build your new professional profile.

  1. Learn from third-party experiences

An excellent idea is to talk and exchange information with people who once felt frustrated and also decided to change careers, especially if they now work in the area that interests you.

Listening to the experiences of those who have already gone through the same situation is enlightening. It may be the north you were looking for to give you the answer to the doubts that still echo in your head.

An important point: do not let yourself be influenced by the sensations that these people transmit to you. Hear their stories, learn how they overcame their difficulties, and identify the failures they made so that you understand the real process that involves a change of profession.

  1. Has a financial reserve

From the moment you decide to change your profession, you must plan a new financial scenario. Why? When you start in a new area, you will most likely fall back to the level of who is starting in the labor market, so you may receive lower compensation.

Being that way, the idea is that you have a reservation before making that decision. Especially if there are people who depend economically on you, as parents or children. This is not easy, as it is advisable that the reserve serves for 12 or 24 months.

Good money saved at this time is essential to ensure that your career change occurs without worry, and then you are not forced to give up your new career goals.

  1. Be flexible

It may be necessary to take some steps backward to change careers. Opting for less radical changes, for areas in which you already have knowledge or experience may be the best alternative because this way you will not have to start from scratch.

Of course, nothing prevents you from developing your professional skills in a completely new area for you, however, even in the most drastic changes, it is possible to take advantage of your previous knowledge in your professional career.

It is a fact that when a professional knows his skills and talents acquired in previous activities, he feels less intimidated when starting a new profession.

  1. Do networking

There is nothing more effective than a good network of professional contacts. At this moment you can not hide from the market, on the contrary, you must make yourself seen.

Take the opportunity to show your current contacts that you are in a moment of professional transition. They can serve as a bridge for new connections because they know your full potential.

Time to explore markets, make new contacts, meet new people, and expose you arrived.

In this context, help can come from where you least expect it. Do not discard recommendations, tips, and advice on social networks, friends, and family.

Ready!

If after reading this post you continue thinking that changing careers is the best decision you can make, it’s time to plan your exit strategy.

Consider the different paths to follow and how you could explore them. Talking with people in areas that interest you, doing volunteer work, or taking a short course are extraordinary alternatives.


 

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.