When does your business need assistance from an accounting firm?

accounting firm

Your company can benefit from hiring an accountant at different stages of its growth. Whether you need help with a business plan, company formation, loan application, or tax audit, an accountant can help.

How else might an accounting firm help you during a typical small business life? Let’s find out!

When you write a business plan

Involving an accountant when writing your business plan will allow them to add financial projections and other reports based on accounting software. As a result, you would be able to create a business plan that is realistic, professional, and more likely to succeed. Getting financial advice and knowledge at this early stage will save you time and money in the long run. 

When losing control over your money

Performing small business accounting on your own can quickly become complicated. A professional accountant can assist you in getting back on track if you feel you are losing control over the money owed to you. Also, measure key business metrics like the salaries and employee payments to revenue ratio. An accountant can help you track this ratio over time by managing your payroll and making graphs.

When you’re ready to delegate

The best part about owning a small business is that it has control. It’s possible to determine your working hours, craft a business strategy, control your workload (to an extent) and manage your finances. Feeling in control of all these things is liberating and wonderful. However, it can sometimes prevent you from delegating to the appropriate resource. Business owners can often feel overworked, partly due to their reluctance to allow others to help. However, accountants can assist you in delegation at that point.

When dealing with the government

When you run your own business, dealing with government paperwork can be pretty daunting. Consequently, many small businesses hire accountants when tax filing season rolls around. Their services go beyond tax returns, however. You can use them in other ways to interact with the government. An accountant will;

  • Ensure your business is compliant with all legal and compliance requirements
  • Ensure your company stays up-to-date on tax laws
  • Ensure that annual financial statements are prepared
  • Ensure director and administrative personnel records are maintained

When applying for a business loan or overdraft

Banks like to know if it will be repaid when they loan out money. Most countries have seen a drop in lending to small businesses since the credit crunch. Therefore, when you apply for a small business loan or overdraft, you should have a solid business case.

Accountants can help you improve your chances. Having an accountant might sway the bank in your favor since it implies that your business is serious. Good accounting software lets your accountant present facts and figures to support your funding application. You can also ask them about revenue projections and expenses if your bank has any questions.

Accounting firms can assist you at every stage of your business

Throughout your company’s life cycle, accountants can provide you with valuable assistance. The right professional accounting firm can assist small businesses across Canada with tax-related issues. 

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