If you own or run a small or medium-sized business, you are probably wondering when it’s the best time to hire an accountant. The truth is, there are many reasons to get one at various stages of your business’ growth, but it doesn’t mean that you should employ a full-time accountant from day one.
Of course, there are many instances when having an accountant would make your life so much easier, like when you have to take care of taxes. But aside from that, when is it ideal to have an accountant on board?
In this two-part article, The Ecommerce Accountant, your trusted Gold Coast accountant answers this question for you:
When You Need Advice with a Business Plan
Involving an accountant when writing a business plan can help you with certain things, like getting to use accounting software that can process financial projections and other reports. With the help of an accountant who can lend you their financial expertise, you’ll be able to come up with a realistic plan and one that’s more likely to succeed.
When You Need Help with Your Finances
This should be obvious. You probably realize by now just how complex small business accounting can be without an expert to handle things. If you feel like you’re drowning in numbers and you can’t figure out things like which suppliers you owe money to and which customers owe you, then it’s a telltale sign that you need to hire an accountant.
Even if you’re not really drowning and you simply need to be accurate with things like the ratio of salaries or other key business metrics, having an accountant will make it easier for you to get the right numbers and understand what they mean, too.
When You Have to Deal with the Government
Just thinking about dealing with paperwork that you need to submit to the local government is enough to give you headaches. It’s actually one of the most common reasons why business owners hire an accountant and a reason you should, too.
While tax filing might be the most complicated task, there are others that an accountant can take care of for you, including:
Completing and filing required legal or compliance documents
Keeping your business updated with the latest tax changes
Preparing your annual statements of accounts
Updating your status with the government’s company registry
Organizing share or stock allocation
Handling payroll and ensuring employees’ tax codes are accurate
Preparing tax documents
When You’re Finally Ready to Delegate
As a small business owner, you probably take pride in having control over all the matters concerning your company. However, while this is an awesome feeling, no doubt, it can also be stressful. You might end up becoming overworked and exhausted because you’re taking on too much.
When you’re ready to entrust some critical aspects of your business, that’s one of the best times to get an accountant to aid you. All successful business owners know the importance of delegating tasks to capable people.
These are just some of the best instances when an accountant can surely improve the way you handle your business. In the second part of the article, we’ll share all the other reasons to hire an accountant. Hopefully, you’ll be back to find out if you are indeed in a stage where a trusted small business accountant can make a difference.
If you are in need of a reliable Gold Coast accountant, The Ecommerce Accountant is here for you. Contact our team and find out how we can help you!