How to Know When You Need to Hire an Accountant

A really great accountant can help your business no matter what stage you’re at. Whether you’re just starting out on your journey, or are an established company looking to grow, an accountant could make all the difference as they can handle much more than just the basics that spring to mind when we think of accountants (like bookkeeping and payroll). But, how can you know when is the right time to work with an accountant for your business?

Any Time Can Be the Right Time

The right time to begin working with an accountant depends on each business individually. There are arguments for appointing an accountant right from the start; while others say you should only work with an accountant once you’ve reached a certain stage, level of turnover or amount of profit. The answer here really is, hire an accountant at a stage that’s right for you. It’s also important to remember that you don’t need to work with an accountant full time, or work with one on a retainer basis. There are lots of excellent accounting firms out there (like ours!) who understand that business isn’t always simple and traditional accounting packages simply don’t suit everyone. We tailor packages to suit each client individually and if that means you simply need us to handle one aspect of your business, or every aspect of your business finances, we’ll be more than happy to bring our expertise to help.

Advice with Business Plans, Company Structure and Finances

If you’re still not sure when is the right time to begin working with an accountant, then let’s look at some of the many things accountants can assist with. If you need to create a business plan, an accountant can use specific accounting software to create financial projections and other related reports that can be added to it. This information is crucial to creating a successful business plan, especially if you’ll be showing it to potential investors or partners.

Accountants can also help give advice when it comes to the structure of your company, because there are many different ways to structure a company and all depend on a number of factors. An accountant will be able to explain the legal business structures that are available to you and help you to choose the one that’s best and most suited to your business.

And, it might sound obvious, but an accountant can help you keep track of all the finances and numbers once your business starts to grow and you find yourself struggling to keep on top of things. This can make you feel like you’re losing control of who owes you money, who you owe money to and everything else. An accountant can easily keep you on track and leave you to focus on the parts of your business you really care about.

If you’re ready to take the plunge and begin working with an accountant, call David Shores & Co now and a member of our team will be delighted to help.