5 Signs Your Business Needs an Accountant Now
If you’ve been handling the accounting for your business for a while, you may feel you’re pretty good at what you’re doing. The scary fact is most entrepreneurs who think they can simply pick up a piece of software to handle minor and major accounting tasks wind up losing money or even leaving themselves open to tax audits. Here are a few of the major signs that you should be using an experienced accounting firm to handle your business’ needs:
- Bookkeeping tasks are being complicated and time-consuming. Especially as your business grows, trying to juggle increasingly complicated accounting tasks can end up cutting into time that could be spent servicing clients or developing your product, your marketing plan or your distribution channels. Hiring an accountant who’s focused on your growth and profitability frees up time so you can focus on the tasks that are most important to your business and its future.
- Your business is required to follow stringent government tax or reporting regulations. Tax regulations change every year – sometimes significantly. If you aren’t up to speed, you can wind up with a huge tax bill and substantial penalties – or worse, an audit. Hiring an accountant who understands the tax requirements of your industry can provide you with significant savings as well as peace of mind.
- Your business is growing or you want/hope to expand. More employees and expanded operations mean more accounting paperwork. If you’re still trying to handle these tasks yourself, you may not have the time or energy to effectively manage growth.
- You find it difficult to understand and interpret financial statements. Financial statements play a critical role in your business’ ability to remain competitive and grow over time. An accountant knows how to analyze data to identify important trends and ratios that can make or break your company.
- You’re hoping to attract investors. Investors require hard data, not “feel good” predictions based on hopes and dreams. That means you’ll need a detailed financial report to demonstrate your company’s potential for growth and profit. Having an accountant handle your company’s finances means they’re able to prepare financial reports with the details you need to acquire the financing you need.
Hogg, Shain & Scheck is dedicated to serving the needs of small and medium-sized businesses at every stage of growth and development. If you’re ready to bring on an accounting team, contact us today at 416-499-3100.