In running a small business, the owner may have to wear several different hats. But accounting tasks can be complex and stressful, preventing you from focusing on the day-to-day needs of your business. So it’s ok to admit that you need a little help! Hiring business accountants can save you money, and leave you more time to focus on other areas of your business.
If you’re still on the fence, here are five obvious signs that your small business needs accounting help:
1. Tax time is causing you stress
The tax system in the U.S. can be complicated. Moreover, if you aren’t familiar with the ins and outs of it, your business can end up losing out on money an expert would have been easily able to save you.
2. Your business is growing or you want/hope to expand
Business rapid growth means more accounting paperwork. If you’re still trying to handle these tasks yourself, you may not have the time or energy to effectively manage more employees and expanded operations.
3. You’re constantly trying to fix problems on QuickBooks
While QuickBooks can be a valuable cloud-based tool for many business owners, experiencing errors and issues can rob you a lot of your rest and family time.
4. You find it difficult to understand and interpret financial statements
It’s not a good idea to base business decisions on how much money you have in the bank. An accountant can look at your financial reports, measure key metrics, and highlight areas where you can create efficiencies or cut costs.
5. You are undergoing unique situations:
You’re being audited - An accountant can handle the ins-and-outs of an audit, from the financial details to communicating with either the IRS or any regulatory agency.
You’re taking out a business loan - An accountant can help you prepare the necessary financial statements and determine the best loan structure, size, and payment structure with your business plans.
You’re in an unexpected circumstance - An accountant can help advise proper actions about taxes, business structures, estimate the business value, or produce financial statements for the company’s sale in case the company is considered a marital asset in the case of a divorce or if a business partner were to leave.
If you can relate to any of the points above, it’s finally time to bring in an accounting team. So what are you waiting for? Contact us today at (615) 823-3480 or book a free consultation here.