10 Oct Do you need a professional accountant? These five signs say you do
Business start-ups and small businesses are often slow at delegating certain tasks within the business. Accounting is one of the vital roles that many new entrepreneurs seem to take lightly. Some business owners assume that their enterprise is not large enough or ready for professional accountancy. Here are five signs that your business definitely needs an accountant.
1) Bookkeeping is taking a lot of time
For a business owner, bookkeeping is probably not a high priority task and shouldn’t take up a lot of time. Crunching numbers, filling out financial documents, and following up on transactions, shouldn’t keep you from more important tasks. Get an accountant to handle all the financial details while you focus on growing the business.
2) Taking on new ventures
Is your business on track to making significant changes such as taking on investors, making massive purchases, or shifting to new markets? If yes, you need a professional accountant to ensure that all transitions go smoothly – at least financially.
3) Taxes are a mystery
No one will blame you if you don’t understand taxes; they are quite complicated, and the literature is full of incomprehensible jargon. Without a proper understanding of tax laws and requirements, you might end up making costly mistakes while processing tax compliance. Business accountants are well versed in matters of taxation, and will adequately inform your tax compliance processes.
4) Rapid business growth
Increasing cash flow and a growing workforce are key indicators of a thriving business. Your business may be opening up new streams of revenue and incurring more expenses as well. A growing business brings new financial challenges such as an ever-increasing payroll, unexpected costs, and more need for transactions tracking and reporting. Without the help of an accountant, things might get out of hand.
5) Handling finances is a problem
Handling finances is sometimes not as easy as you might think. It usually involves moving funds to pay for bills, licences, insurance, loans and other expenses, not to mention keeping track of multiple incomes. All this work is not only overwhelming but making the slightest mistakes can have dire consequences. If you’re struggling with managing your finances, get a professional to help you.
Accountants do more than crunch numbers and prepare documents; they provide valuable guidance to businesses by analysing finances and making business predictions. Regardless of whether you’re feeling ready or not, hiring an accountant could mean a great deal in securing your financial future.
Contact us today and get the accounting assistance that your business needs.