Wondering when the right time to hire an accountant for your small business is?
Accountants can help with much more than just your bookkeeping and tax returns. So, when exactly should you hire one? Hiring an accountant can make things a lot simpler for you at various stages of your business’s growth. From creating your business plan to applying for loans, hiring an accountant will make it easier for you each step of the way. Having said this, it doesn’t mean that you need to hire an accountant full-time.
Sometimes you may only need to hire one for a couple of hours at a time. Being a small business owner you may think that you couldn’t afford to hire an accountant. But if you consider how long it will take you to do tasks such as your taxes does it seem like a good use of your time? Hiring an accountant to take care of these various tasks will free up your time and allow you to focus on your business. You will also have peace of mind knowing that an expert is taking care of the fine details.
What other factors should influence you in your decision to hire an accountant?
When It Comes To Your Finances
Handling the setting up and running of your business can be complex to say the least. Add in the finances and you may find yourself running around like a headless chicken. If you start to lose track of what money is owed, coming and needs to be paid out it may be time to seriously consider hiring an accountant to help you stay on track!
You may also want to measure key business metrics such as employee payments to total revenue. An accountant will be able to help you by managing your payroll and showing you graphs so you can see how the ratio changes over time.
When You Decide It’s Time To Delegate
As a small business owner, you may like to take the reins on all aspects of your business. But at some stage, you will need let other people in to help you. It’s easy to get yourself into a position where you feel overwhelmed with the workload. You may feel that no one else could possibly know your business as well as you and therefore take on too much work yourself!
This can lead you to a situation where you are overworked and have no room to grow as you just don’t have the time. At some point, you will realize that you will need to delegate and trust other people with certain aspects of your business. Getting help with your business’s financial affairs is a great place to start!
Once you decide to do this you will find yourself with a lot of free time that you can focus on other aspects of your business. If you would like to talk to us about delegating your financial affairs you can book in for a free consultation or get a 100% free quote now!