5 Signs It’s Time to Hire a Small Business Accountant
Maximizing productivity and profitability are important goals for any small business owner, no matter what stage of growth your company may be in. But if you’re just beginning your entrepreneurial journey, time and money are likely two resources you find yourself especially in short supply of. Hiring an accounting professional can help on both of these fronts and will be well worth the investment in the long run.
If you’re on the fence about hiring an accountant or just unsure of when exactly is the right time to bring outside help on board, then today’s blog post is for you. Here are five signs that it’s time to hire a small business accountant:
- Numbers Aren’t Your Forte: As an entrepreneur you likely pride yourself on your DYI approach. But even the best of intentions don’t make you a financial expert. If you find financial reports confusing or aren’t familiar with basic accounting terms then it’s probably best to leave the work to a professional. A good accountant will help keep your financial house in order and reduce the possibility of costly errors from occurring in the first place – especially when it comes to tax time.
- You’re Hiring Your First Employees: While I’d still urge any sole proprietor to consult with an accountant (that’s just good business practice, after all), things are decidedly simpler when you only have to worry about yourself. Add employees to the mix and there’s a whole other layer of complexity to worry about when it comes to managing cash flow and ensuring you stay compliant to payroll regulations. If your small business is hiring employees it’s probably a good time to consider hiring an accountant as well.
- You’re Being Audited: Audits can be both a messy and stressful situation for a small business owner to navigate on their own. When the Canadian Revenue Agency comes knocking on your door, an accountant is an invaluable asset to have on your side. They can help you review your financial records, reconcile accounts, fill in gaps or correct errors, and most importantly, help ensure your company remains compliant to both the taxman and other business stakeholders.
- You Find Yourself Distracted or Overworked: Finding the right balance between work and having a life is something all business owners struggle with. An accountant can help take the burden of bookkeeping, tax prep, and financial stewardship off your plate so you can free up your schedule for more important things. Because at the end of the day, you should be focused on running your business and perfecting your craft, not pushing numbers around a spreadsheet.
- You Plan On Selling Your Business: There are many little details involved in selling or transferring your business to a new owner. An accountant will walk you through the process and help you determine the best course of action to take to ensure the transition is done in the most tax efficient and profitable manner as possible.
Having a reliable accounting and financial professional on your team can benefit your business in many ways. If you’re facing any of the issues discussed above, or looking to talk to someone about what your accounting options are as a small business owner, give us a call and we’d be happy to help: 289-466-5210
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