In the first part of this article, The Ecommerce Accountant has shared with you some of the best times to hire a small business accountant, including when you need to write a business plan, when you need help with your business’ finances, when you’re ready to delegate, and when you need to deal with the government.
Are you currently in any of those situations? If so, then you should definitely think about getting the help of a professional accountant. If not, here are the other instances that should prompt you to find one as soon as possible:
When You’re Getting Audited
While it’s unlikely that you’ll get audited given the number of small businesses in the country compared to the number of government auditors, if it does happen to you, it can be stressful and quite expensive.
If you still don’t have an accountant, now is the best time to get one. You can get advice and guidance on how the auditing process goes and how you can ensure that you won’t be violating any laws. It’s even better if you can find a firm that offers audit insurance.
When you Need to Apply for a Business Loan
Banks do like the assurance that they’re getting their money back so if you’re planning to apply for a loan, an accountant can help boost your chances of getting approved. The mere fact that you have an accountant might even add a few points to your advantage because it’s an implication that you’re taking your business seriously. Also, an accountant can help you present figures that would backup your application. They’ll also be able to answer tough financial questions about your business.
When Your Company is Growing
While not all companies grow at a steady and consistent rate, getting new clients could mean that your business is growing and so are your needs. An accountant can help you navigate the changes that you’ll have to go through, including getting new employees, perhaps getting a bigger office, as they free up more time for you to handle those personally while they take care of the more tedious tasks like your payroll and taxes, among others.
When You’re Planning to Take on Franchises
Franchising can be exciting because it means you own a business but you also have a “parent” company that’s taking care of marketing, product supply, and other things. That said, even if running a franchise is easier than building one from the ground up, if you’re a beginner, it could still be challenging. You need an accountant to help you get the business running. In fact, from the time that you’re reviewing the contract, it’s a good idea to have a trusted accountant check it to see and provide you with an idea of how much you are likely to earn from the business.
When You’re Planning to Sell Your Business
Perhaps you’re considering selling your business to venture into something else or maybe you’re moving elsewhere. Whatever your reason may be, know that it’s a good idea to get the help of an accountant who can help you sort your finances and make sure that everything is in order so you can present them to potential buyers. An accountant can also help you build a strategy so you can get the most out of selling your business.
Conclusion
As you can see, from the very first days of your business even down to the last days, an accountant can be of help to you. So, whether you’re just starting out, still learning the ropes, currently expanding, or even trying to sell your business, a seasoned small business accountant can help you in many ways. Of course, it is important that you only hire a reputable accountant with a solid reputation.
The Ecommerce Accountant has some of the most trusted Gold Coast accountants who can help you no matter what stage your business is in right now. Contact our team to learn how we can help you!