Follow Us :

When Should You Hire an Accountant for Your Business?

When Should You Hire an Accountant for Your Business | Lofa Consulting

All small businesses are looking for ways to save money so they can use the extra resources for emergency savings or to use on means to grow their business. Budget is strictly allocated.

Most businesses tend to turn a blind eye on hiring an accountant and would rather do the accounting themselves. They believe that by doing this will save them some money in the wrong run. However, doing tax preparation and planning and other accountant services themselves would take much time and effort and would translate to more losses than just hiring an accountant instead.   

Worried about your limited budget? You can hire an accountant at any stage of your business or for any specific service you might need.

1. When writing your business plan

It can never be too early to hire an accountant. Hiring an accountant this early will help you gain their financial knowledge and acquire their advice right from the start. This could help you save time and money compared with hiring one much later. They can help you in creating a realistic business plan that is likely to succeed and project financial outlooks.

2. When you need help with managing finances

Accounting can be quite complex, even for small businesses. An accountant can keep track of who owes you money and how much. Your accountant can also help you measure vital business metrics, such as the ratio of employees’ salaries to total revenue. Organising and recording share/stock allocation, handling your payroll, and ensuring that all employees’ taxes are recorded correctly can also be delegated to your accountant.

3. When you need help with taxes and other government paperwork

Tax filing is a tedious tax. But other than doing your business’ taxes, an accountant can help you with other government requirements such as: 

  • Accomplishing and filing required legal and compliance documents
  • Keeping your business up-to-date with current tax laws
  • Preparing annual statements of accounts
  • Keeping the status of your business updated in the government register

4.When applying for a business loan

Having an accountant on board can help improve your chances of getting a business loan from banks because it shows them that you are serious about your business. Your accountant can present facts and figures to answer questions your bank might have about revenue projections and expenses. The accountant can also give you sound advice on which loan would be best suited for your business.

5. When your business is growing

An accountant can assist you in managing growth transitions, such as hiring employees, expanding through franchises, getting a new client or a big project. Your accountant will help you analyse your cash flow, inventory management, and pricing. 

Generally, hiring an accountant will free up your time to generate revenue. At the same time, hiring an expert lessens the risks for any accounting-related errors, giving you a peace of mind. Whatever the stage of your business, hiring an accountant can be a cost-effective means for growing your business.  

When Should You Hire an Accountant for Your Business second | Lofa Consulting

Get the Accountant Services You Need From Lofa Consulting

No need to type “good tax accountant near me” or “small business accountant near me” anymore! Lofa Consulting, your go-to business consultant, also offers small business accountant services in Melbourne! Also in need of other business consulting services? We have effective webinars and workshops led by professional trainers for you and your employees. Lofa Consulting can also help in your business web design and development

Make your business succeed! Get in touch with us now!

Table of Contents

Recent Post

Follow Us

Ready to Take Your Business to the Next Level?

Take the first step to achieving your goals as a registered NDIS provider with the help of Lofa Consulting. Get in touch with us today to schedule an initial consultation with our NDIS expert, Gemeh Kromah.

Skip to content