You’ve been managing your business’s finances for years, so you think: why should we bother hiring someone else to handle what we seem to be doing just fine ourselves? Well, the truth is, without an accountant you may be costing your company precious time, missing out on crucial savings, and in some cases, risking financial or legal trouble down the road.
Maybe you’re personally a whiz with numbers, or you’ve assigned someone in the office to “handle” it, or maybe you’ve entrusted your financial business to a, shudder, software program. However, accounting isn’t always as straightforward as it seems. A good accountant can offer strategic planning that can help your business grow and save you plenty of headaches. Still not convinced? Here are 6 signs you need an accountant:
- Simple bookkeeping has become time consuming – Many businesses start out handling basic accounting and bookkeeping tasks in-house to cut costs. But when those companies begin to grow, those previously simple tasks can begin to take up considerable time. By using an outsourced accountant you can save that time to focus on growing your business.
- Financial reports are important to you and/or your investors – Creating detailed financial reports can be incredibly useful to understand the successes and shortcomings of your operations. If you have investors, they may require these reports to ensure your finances are in order and important goals/benchmarks are being met.
- Financial statements can be difficult to understand – Even with a working knowledge of accounting, many complex financial statements can be challenging to comprehend. An accountant can help you analyze these statements and act as an advisor for helping you utilize them to create goals to help you drive your business forward.
- Tax season is making you nervous – As your business grows an accountant can make sure that you are meeting all of your tax filing requirements to avoid headaches, potential legal issues and/or penalties and fines. In the event of an audit, an accountant can be a very powerful ally to help you prepare and review your financial history.
- Your business needs to follow government regulations – Depending on your industry, you may need to stay up-to-date on government tax regulations, which can be difficult and time-consuming. An accountant can keep you on top of those regulations and avoid complications.
- Your business and number of employees are growing quickly – When you’re a small business with only a few employees, you may be able to handle your bookkeeping. However, as you grow and add more employees to payroll, you create more paperwork, accounting needs and bookkeeping, which can be overwhelming without an accountant that specializes in handling more complex transactions.
Regardless of the size of your business, an accountant can help ensure that your finances are in order and provide you with the time and peace of mind to focus on your business. Learn more about how one of our accountants can help your business grow.