7 signs it's time to hire an accounting firm

When is it time to stop doing your own finances?

Short answer: when finance starts taking more time than it gives you.

At the start, it often makes perfect sense to handle everything yourself. You have a few customers, the costs are easy to overview, and you roughly know how things are going. But as the company grows, the role of finance changes. It's no longer just admin. It becomes the basis for your most important decisions: when you can afford to hire, which customers are profitable, and how long the money lasts.

What does doing your own finances involve?

It's more than recording receipts. As a rule, you are the one responsible for:

• ongoing bookkeeping and bank reconciliation

• invoices and reminders

• VAT, taxes and tax returns

• payroll, if you have employees

• year end closing and the annual report

• following up results and cash flow

None of these tasks is hard on its own. But together they take time every week, and each one has its own deadline, even in your busiest weeks.

How do you know when you need an accounting firm?

1. Finance takes your evenings. Do receipts, invoices and reconciliations end up on evenings and weekends? Then that's time that doesn't go to sales, customers or rest.

2. You don't know which customers are profitable. Revenue is growing, but it's unclear which customers and projects actually carry the company. When you can see income per customer and costs per supplier, it becomes clear where the margin is, and where it disappears.

3. You don't know what your cash looks like in three months. Today's balance says little about next quarter. A customer who pays late, a large VAT payment and a new hire in the same month can quickly make things tight. A cash flow budget shows it in good time. Read more about how to make a cash flow budget.

4. You have hired, or will soon. Employees bring salaries, employer contributions, holiday pay liability and an employer declaration every month. Mistakes get more expensive, and they affect people who count on their salary being right.

5. VAT and tax come as a surprise. Customers pay you including VAT, so the account looks better than it really is. Then the VAT and tax are due, and the money has already gone to other things.

6. You make big decisions without current numbers. Should you hire, invest or wait? If you base the decision on numbers that are several months old, it easily becomes gut feeling. See also which key figures your board cares about.

7. You put off decisions because the numbers feel unclear. When you don't trust the numbers, it's easy to wait. But waiting is also a decision, and it often gets more expensive the longer it takes.

What does it cost to keep doing everything yourself?

Take a simple example. Say you spend six hours a week on finance, and one hour of your time is worth SEK 1,000 in sales or development. That adds up to about SEK 26,000 a month. Feel free to swap in your own numbers. Often your own time is the biggest cost, not the invoice from the firm.

Accounting firm, in-house accountant or outsourced finance function?

There are three common paths, and they fit different situations:

MinCFO is an outsourced finance function: a digital platform with a real team behind it. We handle accounting, payroll, year-end closing and reporting for a fixed monthly price. In the platform, you see your numbers whenever you want, and AI CFO answers your questions right away. When you need more, your team is just a Slack message or a phone call away.

How do you get started?

Getting started doesn't have to be complicated:

• You can start at any time of the year. If you already have a firm, you don't need to wait for the year end closing to switch.

• We prefer to start on the 1st of a month. That gives the bookkeeping a clear starting point.

• You keep your system. We work in Fortnox, Spiris, Björn Lundén and Business Central, among others.

• You get a dedicated contact person who knows the company, and you reach us every day in your own Slack channel.

Do you have a holding company? Then read more about what accounting for a holding company costs.

Frequently asked questions

When should I hire an accounting firm?

When bookkeeping starts eating into your week, when you're about to hire, or when you need current numbers to make decisions. You can also do it from the start, so you don't have to rebuild later.

Can I switch accounting firm in the middle of the year?

Yes, you don't have to wait for the year end closing. The easiest is to switch on the 1st of a month, so it's clear who is responsible for which period.

What's the difference between outsourcing your finances and hiring an accounting firm?

An accounting firm usually handles bookkeeping, tax returns and year end closing. When you outsource your finances, you also get reporting, forecasts and advice, which is what an in house finance department would do.

Do I have to change accounting system when I hire an accounting firm?

No. We at MinCFO work in the systems you already use, for example Fortnox, Spiris, Björn Lundén and Business Central.

How much does it cost to hire an accounting firm?

It depends on the size of the company and what's included. At MinCFO you get a fixed monthly price based on the company's scope, volumes and systems. For a holding company, the price is SEK 475 a month.

Would you like to know how it would work for your company? Book a call with us.