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8 Signs Your Business is Ready for an Accountant

#1. You own a business. 

The end. 

Well... it’s not quite this simple. We do recommend that every business owner has a trusted accountant to support their business, but here are 7 more signs you are ready to receive the support of an accounting professional.  

#2. Bookkeeping tasks are becoming tedious. 

We understand that it can be very time consuming to manage and record your finances. Accounting errors can cost your business more time, money, and credibility. These tasks may include:

  • Creating a financial statement
  • Preparing documents for year-end
  • Monitoring cash flow
  • Balancing financial statements
  • Prepare and send invoices 
  • Collect on overdue payments
  • Make Payments
  • Complete payroll
  • etc.

If you are finding that you don't have time to complete these tasks or if you don't know how, then it is time to seek the help of a professional to keep your business organized and structured. 

#3. You will be hiring soon. 

Hiring employees or contractors is a very exciting time in business! It means your business is growing and expanding, you are ready to take things to the next level. When you are starting to consider this, it is important to seek professional advice to ensure your business is set up financially to make this move. You need to have the proper structures in place to ensure your business can sustain the new team member.

#4. You are missing important deadlines. 

We understand that things can slip through the cracks. It happens to the best of us. When bill payments, invoices, and contracts are overdue and you are missing the deadlines, this can cause negative consequences on your business and your personal reputation. Use the services of an accountant to help you meet and manage deadlines. 

#5. You are considering Incorporating your Business.

Should you register as a sole-proprietorship or Corporation? An accountant can advise on the ideal business structure. Accountants are also able to assist in the incorporation process to set up your finances correctly. 

#6. You are paying a large amount of taxes at year-end. 

We are trained to help you optimize your records to ensure you aren't paying too much or too little. 

#7. You are getting audited. 

We recently went over how to avoid audits in our last blog post. If you are getting audited it is important to use a professional accountant to guide you through this process. 

#8. You are going over budget, or you don’t have a budget. 

Budgeting is important for both your business and personal finances. A Budget will help you stay on track with your spending. An accountant can help you create and follow your budget.  

If you are feeling overwhelmed by your finances, we want to help you! Business growth can be a very exciting and overwhelming time for business owners. You are exploring new territories but you want to make sure you are on the right path. We will support you through your business changes.

Big or small, Analysis 360° will guide you to make the best decisions for you and your business.  

Start by booking your Free Consultation today! 

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Tuesday, 18 June 2024
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