In 2015, the US tax code exceeded 10 million words in length. That’s the equivalent of more than 150 novels.
With such a complex system, trying to keep on top of your accounts is tough. And it’s even tougher when you’re trying to run a small business at the same time.
When you first started out, you may have decided to do your own accounts to save money. But there comes a time when this isn’t going to cut it anymore.
So read on as we take a look at five tell-tale signs that you need a small business accountant.
1. You’re Spending Too Long on Your Accounts
Running a small business is hard work.
And you can’t do it justice if you’re devoting too much of your time to dealing with your accounts. The trouble is that doing your accounts properly takes time. It’s not something that you can rush through or take shortcuts with.
But every hour you spend doing your accounts is an hour that you could be devoting to growing your business. So let someone else take the strain.
2. Your Business Is Growing
When you started your business, you probably found your accounts were a lot easier to do.
In the early days, you will have had fewer sales to record, less payroll to manage and fewer receipts to sort through. But as your business grows, so too does your accounting workload.
Once your business reaches a certain size, it’s time to hire a professional accountant who can do the tasks you need, such as this service.
3. You’ve Made a Mistake
A mistake in your accounts can be very costly.
If you submit your accounts in error you may be liable for a serious fine. So if you’ve spotted a mistake when doing your books, this is a sure sign that you need to call in professional help.
An accountant will be up to speed with all the latest tax regulations to ensure you’re always compliant.
4. You’re Looking for a Business Loan
If you’re looking for a loan to take your business to the next level, then the lenders will want to know you can afford to repay it.
You’ll need your accounts in order so that they can see that you’re making enough money. They’ll also want to know how you intend to spend the loan. This is all something that a professional accountant will be able to prepare for you.
5. You’re Being Audited
If you’re being audited, then you need to be confident that your accounts are in good shape.
A professional small business accountant will have experience with audits. They will know exactly what needs to be done in preparation for the auditors’ arrival. You can leave everything in their safe hands and get on with running your business.
Is It Time You Got a Small Business Accountant?
If you recognize any of these signs then it’s probably time you hired a small business accountant.
Your accountant will not only be able to do your accounts but will also be able to offer great financial advice. And if it’s financial advice your after, then you’re in the right place. We have a ton of great finance articles that can help you and your business.