• New Wave Accountants

Top Signs to Shift from a Bookkeeper to Accountant

When starting a business, people get excited at the product and marketing itself. However, they end up forgetting the nitty-gritty parts like bookkeeping and accounting. Most of the time, these businesses hire professionals to deal with this, which is ideal. Yet, they do not realise that as their business grows, they also have to change these aspects.


In this article, we discuss the signs you should shift from hiring a bookkeeper to something more diverse for your business. Keep reading below to learn more.


1. You Need Strategic Financial Advice


You should hire a bookkeeper when you start your business because it gives you time to focus on your product and marketing. As your business grows and your finances become more complex, you must change your bookkeeping system and hire an accountant. This is because bookkeepers only bring the basic financial transactions to your business, while an accountant helps you make decisions and provides you with strategic financial advice.


They will also give you a good view of your financial health, and the advice can be invaluable. Plus, they can also help you establish your financial milestones and goals.


2. Your Business Needs More Skills to Grow


If you have a big and complex business, your bookkeeping system will only suffice for you if everything is in order. However, if you desire to grow, you will need more skills to manage your finances. Accountants can help you in this regard, as they can make you understand more about your business and also help you make better financial decisions.


3. You Want to Grow Your Business


One of the main reasons why people hire accountants is because they want to grow their businesses. Accountants can help you expand, as they can help you allocate your finances and make the right decisions. For example, they can suggest you revamp your product, expand your production, or do many other things. Accountants can help your business grow, which is one of the main reasons you would hire them.


4. Your Financial Team Needs Additional Support


Financial teams are often understaffed and underpaid. Since they have to deal with complex clients and a large amount of work, they need additional support.


That’s where accountants or small business consultants can help. They not only help with bookkeeping but also with other financial matters. They can help you with your tax returns, complex financial transactions and more.


5. Your Financial Statements and Taxes Are Unorganized


Your financial statements, such as tax records and financial information, are essential for your business and your accountant. If your financial records are unorganised, it will be impossible for your accountant to help you understand your financial health and make good decisions. If you do not have enough files, make your life easier and hire a bookkeeper.


6. You Need to Make Sense of Your Finances


As we mentioned, a bookkeeper can help you with your bookkeeping and basic financial transactions. But this is not enough, as you must also understand your business correctly. Accountants can help you make sense of your finances and help you easily understand your financial statements, taxes, and more.


Conclusion


As your business grows, you have to change your bookkeeping system. Instead of hiring a bookkeeper, hire an accountant who will provide you with more value and detailed insight into your business and help it grow.


If you need an accountant in Gold Coast, you can hire from New Wave Accounting. Our team of experts will be there with you every step of the way as you grow your business. Contact us to learn more about our services.


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