If you are just starting a new business, there is a chance you might be wondering at what point you need to hire an accountant to keep all of your financials straight. After all, the accounting side of doing business is a huge undertaking. Accounting is the language of business and extremely helpful for small business owners. To answer the question, “how big should my business be before I need to hire an accountant?” The answer is now. While you might not need an accountant to handle every single aspect of your business in the beginning, an accountant can be extremely helpful in financial consulting, financial statements and preparing your taxes. Propel Your Accounting is here to talk about a few signs that mean it’s time to hire an accountant for your small business.
When to Hire an Accountant for Your Small Business
As a small business owner or a new business, it is tempting to handle the accounting side of the business on your own. However, you should watch for these signs that indicate you might need the help of an accounting professional instead.
– Lots of Growth: It isn’t uncommon for small businesses to reach a point where their sales simply explode in what seems like overnight. An accountant can help you with business forecasting and tax planning to make sure your business continues to grow and the new funds are wisely invested.
– Complicated Forms: Not everyone knows and understands all the forms that are required to file their taxes for their small business. If you are overwhelmed and confused by the complicated forms that need to be filled out for your small business, an accountant can help you get it all squared away.
– Ins & Outs of Business Taxes: There is a lot more to filing taxes for your business than your personal taxes. You might be missing out on deductions and credits that could help lower your tax bill. No one wants to leave money on the table that is rightfully theirs.
– You’re Audited: Just saying the word audit is enough to elicit fear into any small business owner. The IRS takes a deep dive into your business financials when you are audited. Every move you have made will be under a microscope to find any discrepancies. An accountant can help make sure all the paperwork and records are accurate to help you avoid any issues with the IRS when this happens.
Bookkeeping, Accounting, Business Consulting & HR / Admin Services in the United States of America
If you have a small business and are wanting to further your growth and find as much success as possible, you need to have the accountants at Propel Your Accounting working for you. We will take care of your bookkeeping needs, tax preparation concerns and more. It is our goal to help your business thrive. We will help make it happen. Call us today!
