Questions and Answers
When do I need an accountant for my small business?
When you’ve set up and begun to run your own business, you’ll discover that there are many plates you need to keep spinning in the air.
From maintaining a business plan, raising finance, staffing, service delivery and marketing strategies, the small business owners' to do list can be extensive.
One thing you must never scrimp on is good financial advice, which is vital to help you to run your business effectively and efficiently and to achieve your businesses’ goals.
Many business owners think they can manage all their finances on their own but dealing with the multitude of financial and legal requirements required in business is quite different to managing personal finances. The last thing you want is to make mistakes which could affect the viability of your business.
What can an accountant do for your business?
There are many benefits to hiring an accountant. You may be unfamiliar with what the IRS requires from you, or you may lack the time to do your accounting on a regular basis.
A good accountant will help you to manage your tax preparation, tax planning, bookkeeping, accounting, and payroll responsibilities. They will also help you run your business efficiently and ensure you utilize all the tax savings opportunities you are entitled to.
In addition, an accountant will be able to advise you on the best ways to achieve your long-term and short-term goals, which is a crucial part of growing your business. A good advisor will become a trusted, key member of your team and will keep you up to date and informed on how your business is performing.
When should I hire an accountant?
There are three main considerations in timings to take on an accountant:
- Company formation – If you are forming a Company, it is a good time to establish a good relationship with an accountant. If you don't have the knowledge or the time to manage your finances, then hire someone who can do that for you and set your business up for success right from the start.
- Business growth - If your business is growing fast, or you have ambitious growth plans but don't know how to do it, it's a good idea to hire an accountant. They will be able to help and advise you.
- Tax time - If you want to make sure you're not paying a penny more tax than you should, then make sure you’ve got a good accountant!
Contact TaxAssist Advisors
If you need help or advice with your bookkeeping, accounting, payroll, or taxes, contact us today. TaxAssist offers an expert professional advisory service including cash flow management and business planning. Set your business up for success and book your free, no obligation consultation today.
*Our network of TaxAssist Advisors is made up of independently owned and operated franchised locations. While many are, not all locations are operated by CPA members and some of the services listed here may not be offered by practices which are not operated by a CPA. Inquire online here to book your free, no obligation consultation.
Date published Jul 1, 2022 | Last updated Jul 22, 2022
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.Sign up for our newsletter
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