If you run a small business, it may be difficult handing over the reigns and letting others take over some of your responsibilities. However, with most business owners, there comes a certain point when you need to realize you are in need of some help. One great asset to any business is having an accountant. Here are some different times when you need to have a professional accountant.
You Are Writing a Business Plan
Believe it or not, an accountant can help with more than just your current income and taxes; they are also very business-savvy. Accountants understand what it takes to start and run a successful business, even beginning with developing a reasonable and realistic business plan. If you are in the process of writing your business plan, it is a good time to seek help from an accountant. They will look at your income streams, credit and potential for a business loan, and marketing budget to help you determine how best to put it.
You Don't Have Time for Proper Bookkeeping
The accountant is going to help you with different financial aspects of your business, including your bookkeeping. If you are having difficulty keeping up with maintaining records for clients, managing invoices, and keeping books to look at your profits and loss balances, consult an accountant. They can work full-time for you if you need it, or they can work part-time as an accountant, tax preparer, and bookkeeper during certain times of the week or month. The accountant can also help communicate with vendors and clients in regards to payments, and help with payroll.
Your Business is Growing
When you first start your business, you might not need much help if your income is on the lower side, you have a handle on your taxes, and you don't have many employees. However, when you start growing and your income growth is considerably more, it is time to get some help. You may hire more employees, require assistance with payroll, have more vendors and clients to keep track of, or have more number crunching to do. An accountant helps with all of this and more.
Taxes Are Becoming Confusing
Business taxes often seem simple when you are first starting out with your small business or you are a sole proprietor with no employees. However, the larger your business grows, the more complex business tax preparation becomes. Unless you are a tax expert, it is best left to a professional accountant. They not only help prepare your taxes, but they know how to identify your deductions to save you more money. If you are ever tax audited, they already have your records to help out.