5 Signs It's Time to Hire an Accountant For Your Small Business
Running a small business can be tough. After spending months or even years polishing your business idea, you’ve finally brought it to life, and you’re excited to get your product out there. Although you’re probably focused on promoting your product or services and improving your brand recognition, you must ensure you have everything your business needs to survive. That includes having a business accountant on board.
Even though you can handle general number crunching, accountants do far more than making calculations. They offer expert, valuable financial insights at each stage of your business. Hiring an accountant to take care of your bookkeeping and accounting can save you time and money, translating into huge savings in the long term.
Here are five signs it’s time to hire an accountant for your business:
1. You’ve Just Launched Your Business
Even though you’ve just rolled out your small business, you’ll need to make sure you start on the right financial foot. Be sure to meet with a Gold Coast accountant before making any transaction, as they’ll let you know your accounting and tax filing requirements, which are vital to fulfil. The accountant can also recommend you organise your company in a way that best aligns with your goals, such as a limited liability company or LLC to furnish you with the most tax advantages possible.
Additionally, the accountant can look over your business plan, fill in any gaps, and help you develop the proper budget to implement it. An accountant will take care of all the financial aspects of your business so you can focus on the task that no one else can fulfil: running it.
2. You Want to Save Time
As a business owner, one of the things you’ll quickly learn is that time is precious. You’ll probably find yourself inundated with tedious but necessary tasks like matching transactions, monitoring expenses, inputting data, or even digitising receipts, leaving you with little to no time for other crucial business functions. If this resonates with you, then hiring a business accountant will work wonders for you.
An accountant can free up your time by taking over these tasks while assuming other responsibilities like evaluating your business operations, costs, revenue, and trends. They don’t have to oversee the decision-making; instead, they can just modify or optimise your current processes to make them as efficient as possible.
3. You Need Comprehensive Financial Planning and Analysis
Another reason to hire an accountant for your small business is to get an expert on board to take charge of planning and analysis. You can seek their counsel before making an important decision or aiming for a financial goal, whether it’s buying real estate or reducing your operating costs. They can also analyse your profit and loss statements, balance sheets, cash flow statements, and other financial reports for you in a fraction of the time it takes for you to do it.
4. You’re Applying for a Grant, Loan, or Other Funding
At some point, you may want to apply for a business loan or other kinds of capital to pursue your initiatives. Sometimes, this can be challenging, even for entrepreneurs with a history of thriving ventures. You’ll have to establish your creditworthiness to increase your chances of getting approved, which is often tricky for new businesses.
Fortunately, a Gold Coast accountant can turn things in your favour by evaluating the different ways of building business credit. They can also point you toward low-risk opportunities or even narrow your loan options to those that suit your budget best.
5. You’re Preparing Taxes
Taxes are a source of headache for most people, especially entrepreneurs. If you’re not careful, you may end up making an expensive mistake that can ultimately cost you your business. Having a second pair of eyes in the form of an accountant can help you prepare your taxes correctly and keep you updated on the latest tax laws, which are constantly changing. You can even fully outsource your tax duties completely to eliminate any worries about compliance.
For your business to succeed, you’ll need to hire an accountant as soon as possible to address all your financial flaws and get you started on the right foot. If you experience any of these signs, start looking for a business accountant right away!
For instance, if you’re looking for only the best accountants on the Gold Coast, you’ve come to the right place. New Wave Accounting provides end-to-end accounting and bookkeeping services that help scale and grow businesses. Contact us today to get started!