Four Signs That It's Time To Hire An Accountant
Being a solopreneur means that you wear a lot of hats. You are everyone - from the CEO to the person that makes coffees. It can truly be a challenge to juggle all of those roles, especially if you have little experience in some of those areas.
This is especially true when we talk about business finances. It is a fact that, if you are not a financial professional, the vital accounting side of your business can often be frustrating or even overwhelming at times. But should you get the help of a professional?
The following are four signs that now is the right time to get the help of an accountant.
1. You find bookkeeping and taxes a headache
We all know that it is essential to keep accurate records of all your business-related transactions. Knowing it is one thing, but organizing yourself in the right way so that you can do it is something else entirely. Getting the help of an accountant will give you total peace of mind knowing that someone is competently handling that pressure on your behalf.
As for filing your tax return, this can be a painstaking process if you decide to go it alone. When you have an accountant in your corner you can say goodbye to any fears or doubts that you have done everything not only correctly but also to your best advantage. Hiring an accountant will save you a lot of time and help you to eliminate errors.
2. Your business is growing
If you have experienced significant growth in your business, congratulations! This expansion of your business signals a very good time to make the step of taking on professional accounting assistance. Doing so will free up your time and allow you to focus on other essential areas of your business.
The additional revenue that accompanies that growth will require careful management and monitoring as you navigate through previously uncharted financial waters. This is the perfect time to ensure that you are benefitting from proper accounting expertise to maximize your profits. Your accountant will make sure that you are kept informed of all the relevant and applicable tax laws.
3. You need advice
It may be that you’ve received correspondence from the CRA or have questions about your past expenses. Your accountant can constructively help you to identify any past red flags or errors and help you to avoid being unduly penalized. When you have any questions or concerns you will always have an expert that you can call on for advice and a clear explanation.
4. You have significant business expenses
You may have been comfortable handling your taxes as a sole proprietor at first, but if you now find that your business has more significant expenses, it is likely a good time to change your approach.
Your accountant can give you the assistance you need to make the transition and manage your cash flow appropriately.
Think for a moment about your own area of expertise. To others what you can do may seem very complicated and stressful. So it is with accounting, what may seem overwhelming is actually just part of the job for a professional accountant.
We will be more than happy to put that experience and expertise to work on your behalf. Our team has helped many small businesses and solopreneurs, so they can focus on what they love doing most. We encourage you to book a call here.
