If you’re an entrepreneur, spending what limited resources you might have on an accountant, is likely something that you’re not yet ready to embrace. However, while independently managing your finances might be feasible, rarely is this a sound strategy for success and a thriving business.
If you’re not sure whether your small business needs help from an accounting firm in Coral Springs, here’s a brief checklist to help you decide:
Setting up your business
Having expert advice and guidance from an accountant right from the get-go can help you set up a sound financial foundation for your business, register your taxes correctly, and establish accounting systems that will be efficient and time-saving as the business progresses.
You may wish to hire an accountant if:
- You’ve elected to launch your business as a corporation or LLC
- You’re struggling to plan your taxes and stay compliant
- You need advice on which accounting software to purchase
As your business grows
For any business, growth brings a degree of financial complexity, and managing revenue and expenses, as well as payroll, can soon become too much of a challenge for one person. With an accountant to guide you, you can master forecasting, and make sure that the growth your business is experiencing now, is sustainable.
You may wish to hire an accountant if:
- Revenue is growing rapidly
- You’re starting to take on contractors and/or employees
- You’re expanding into new locations or markets
Tax season
If you’re new to running a business, or simply aren’t au fait with taxes and the regulations that go along with them, having an accountant’s support can help ensure that you don’t miss out on any deductions, that you minimize your liabilities, and that your taxes are filed correctly and on time.
You may wish to hire an accountant if:
- Preparing and filing your taxes is overwhelming you
- You want to explore all opportunities for saving on your taxes
- Tax authorities have sent you notice of an audit
Planning and strategizing finances
Although accountants can of course help business owners with compliance, they are also fantastic partners when it comes to planning and strategizing finances. With their help, you can create workable budgets, gain valuable insights from financial statements, and make decisions about the financial health of your business that are well-informed.
You may wish to hire an accountant if:
- You’re planning to expand your business, or make an acquisition
- You may need to secure a loan or seek investors
- You need help setting long-term financial goals
Complicated financial transactions
Some business transactions can be extremely complex, particularly when they involve mergers and acquisitions, or the buying of significant assets. Having the expertise of an accountant can be crucial in making sure that important financial transactions are carried out efficiently, and in a tax-effective manner.
You may wish to hire an accountant if:
- You’re getting involved in an acquisition or merger
- You’re buying or selling an asset of substance
- You’re trying to restructure the businesses ownership or organization
Compliance and regulations
Tax laws and regulations are continually changing, and keeping up with them is challenging without professional accounting in Fort Lauderdale. An accountant will keep you compliant, help you avoid penalties, and guide you through changes to tax legislation.
You may wish to hire an accountant if:
- You’re not familiar with tax compliance and its requirements
- You’re trying to deal with complicated tax issues
- You want to stay up-to-date with changes to tax laws pertinent to your business
By seeing the hiring of an accountant as an investment in the future of your business, rather than just another expense you can’t afford, it’s easier to see their value, and easier to reap the rewards of their advice and guidance.