The early days of a small business can be very exciting, providing an amazing outlet for your entrepreneurial spirit. Creating a brand identity, marketing your products or services, and establishing a reputation can be part of the fun of a new operation, but you won’t be able to work independently for long. Sooner or later, despite the added expense, it will be necessary to invest in additional resources, like an HR team, lawyers, or a professional accountant.
Accounting is a big part of ongoing operations for any successful company, but the early days of transactions (and the early days of your budget) don’t always allow for the support of an expert in accounting and tax rules and regulations. However, sooner or later, help will become imperative. Here’s when you need to hire an accountant.
When It’s Time for a Business Plan
A business plan is an important asset for virtually any company, but drafting one single-handedly leaves plenty of room for mistakes. An accountant can provide significant assistance here, helping to create financial projections that will go hand in hand with your strategic objectives. Rather than relying on rough numbers that may or may not be right, an experienced accountant can verify the accuracy of your expectations, devise reports and charts, and help you create a plan that’s realistic, and more likely to succeed.
When Your Business Ramps Up
It’s easy to track a few sales and expenses in Excel, but as your business grows, it will be harder to stay properly organized. Over time, especially as you build relationships with vendors and grow your customer base, the sheer volume of transactions you have to work with may exceed your own abilities. An accountant can keep your books balanced, verify invoices and payroll, reconcile revenue and expenses, and keep your business on the right track.
When It’s Tax Time
Small business taxes can be a challenge for those without experience and education in corporate taxation. Tax laws and regulations are frequently changing, and because tax questions don’t just arise at tax time it’s important to have an accountant available to advise all year long. When you want to make sure you can maximize deductions, file all forms properly, meet all deadlines, and save as much money as possible, an experienced accountant can ensure no stone goes unturned.
When You’re Ready to Delegate
In the first few days, months, or even years as an entrepreneur, it’s only natural to want to stay firmly involved in every aspect of your operations, from customer service to back office tasks. However, it’s likely your company will eventually develop to a point where you can’t do it all alone. When you’re comfortable with the growth and development you’ve seen and you’re ready to back off a little, an accountant can keep your records accurate and organized so that you can focus your efforts on other strategic areas of your business.
If you’re seeking accounting resources for your small business, Klein Hall CPAs is prepared to offer the support and services you need. With comprehensive experience in the needs of new companies and developing operations, we can serve as a trusted and skilled advisor to answer your questions, maintain your books, and prepare your taxes properly and professionally. Contact the Klein Hall CPAs team today for pricing, packages, and more!