You end up taking on so many hats when you become a small business owners — besides being the actual owner, you often have to be the customer service, HR, creative, operations manager, finance manager, and more. And while doing the DIY thing can be great for a while, eventually you’ll need to bring in the pros. If you’ve been wondering whether or not one of those pros should be an accountant, here are five signs it’s time to hire one.
You’ve got a tax problem
If tax time sends you into a spiral of despair every year, then you should definitely find an accountant to take the pressure off. It’s much easier on you, and the accountant will likely be able to find benefits that you would otherwise miss out on. And you should definitely hire an accountant if you get an unexpected tax bill — they can help you figure out how to take care of it.
You’re getting your first brick and mortar premises
Getting your first premises is exciting, but it also comes along with lots of expenses, so it’s important to have an accountant to keep an eye on them.
The same goes for any time you’re getting major business assets, by the way — if you’re getting a lot of new equipment in, you’ll need an accountant to keep track of your expenses and the depreciation of the assets.
As soon as your business starts to gain traction and expand, it’s a good idea to bring in an accountant, even if you start by only seeing one at tax time. If you’re expanding your business in a bigger way, especially one that requires you to get financing or a change of legal jurisdiction (like working in another country), then you definitely need to bring in an accountant.
You’re hiring an employee
Hiring an employee brings a new level of financial complexity to your business, so it’s best to bring an accountant in to make sure that everything is OK. Many accountants also offer payroll services, which will take a lot of paperwork off your hands.
You’re seeking investment or financing
An accountant can help you make sure that your business’s finances are sorted before you have to go around showing them to investors or a bank, and they can also give you advice on your business plan, which is an important part of your financing proposal.
Wondering whether it’s time for you to hire an accountant? Talk to us about it in the comments below!