Small business owners tend to wear many hats, especially during the initial years of their startup. Obviously, when the capital is low in the beginning, with profitability nowhere to be seen, a tight budget is the biggest constraint to outsource company tasks. Nevertheless, with the right business strategy and determination, your start-up is bound to get its first taste of success soon.
Hence, although managing the accounts singlehandedly appeared to be smooth sailing initially, it might slowly turn cumbersome as your business progresses. Keep a watch for these top 5 signs that determine that it is finally time to hire an accountant to maintain the financial health of you budding venture.
If you’ve been facing any of these signs lately, don’t panic. Know that it’s time to unleash that recruitment process you had been pushing aside for so long.
1. Your Business is Growing Rapidly
When your business is doing great but you’re still worried, chances are that regularly recording the influx of transactions and managing billing is overwhelming you. Naturally, with rapid growth comes increased financial management alongside occasional complications. This eventually leads to more time consumption, decreasing productivity.
Besides, what’s worse is that if not dealt with immediately, the increased financial demands are definite to affect the company’s overall financial health adversely. In this case, hiring an accountant for streamlining and strategically managing the entire cash flow of your business is the best solution!
2. Accounting is Time Consuming
So, you have been handling finances as well as the administrative tasks of your business all this while, and are now guilty when it’s time to hire an account? Don’t be! Managing accounts and bookkeeping can keep you glued to the task for endless hours, leaving little or no time for the more crucial aspects of your business.
Thus, it is advisable to invest in getting help by hiring an accountant to restructure the tedious task while you focus more on creating strategic plans for business growth, ensuring smooth operations, and building stronger customer relations. There is so much flexibility hiring an account can provide you with.
3. Tax Season is Approaching
You surely don’t want your bookkeeping records to be lagging behind when the tax season approaches, do you? Even if you are double-minded about whether or not to hire a full-time accountant for your small business, hiring one at such a crucial time is the wisest move you can make.
Remember, filing your company’s first ever tax-return can be tricky business where the slightest mistake can lead you the biggest penalties. Besides, if you are unaware of how the system works, you’ll easily miss out on opportunities to avail tax deductions.
Hence, to prevent this from happening, hire an accountant to ensure your bookkeeping is up-to-date, notify you about filing deadlines, search for tax deductions, fill forms correctly, and assisting you in understanding your company’s accounting records easily.
4. Accounts Audit is Overdue
Does the thought of someone thoroughly analyzing your financial history for loopholes make you shudder? Well, this is exactly what the IRS does during an audit of your company account!
In order to shove away any doubts about your bookkeeping records, it is best to get them streamlined by an accountant way before the audit is due. Not only will a professional accountant regularly review your records, he will make sure they are all accurate.
Furthermore, accountants also regularly reconcile financial statements, double check for missing data, and process reports that ensure that your data is accurate and up-to-date.
5. Not Your Cup of Tea
For some people, playing with numbers and managing company accounts diligently come as a piece of cake. For others, it is just not their cup of tea and no matter how hard they try, the endless hours they spend slaving Infront of the computer screen just leave them with a spinning head and bookkeeping record that are still far behind.
If you are someone who has been dreading financial management of your business account from day 1, there is no shame in seeking help with the work by hiring someone efficient to takeover. Hiring an accountant can actually save you money by rectifying overspending and underspending behaviors, identifying smart investments, and tax planning. In other words, you can easily focus on the more important areas of your business while the hectic work is being handled by an expert in the field.
Just in case you are witnessing any one or more of these signs, the team of qualified accounting professionals at ALP Peak are all set to pull you out from under the mountain of piled up invoices and bills, unscratched. So, are you ready to book a consultation call?
