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When Do I Need A Business Accountant?

You run your own business. It's a huge success. You're making money, you're happy, but you're unsure of one crucial detail: how exactly do you go about expanding? Well, the answer to that question lies in your business accounting, but if you're not familiar with what to look for, you might have better luck discerning something meaningful from random leaves you've picked up off the ground than you would looking through your accounts without purpose. Fortunately, you can fix that problem by working with a small business accountant – all you need to know is when to call them in.

No Man Is A Mountain

It's easy to feel that you need to maintain your small business entirely on your own, but no one looks at a mega corporation and questions why the work isn't all being done by a single person. At the end of the day, we all have a specific skill set, and sometimes, that means we need to reach out to other people with other skill sets to shore up the gaps in our capabilities.

When you run into serious legal trouble, you're probably not going to defend yourself. When you want to reach an international market, you're probably not going to market yourself. Why would you perform your own accounting once it starts to get any more complicated than entering your daily costs and gains into a spreadsheet?

Know When To Hold Them 

That's not to say that you can't maintain your own accounts, of course. Just as there are times where you need someone else to maintain your records, there are times when doing it yourself might be best. If your business is small and doesn't rely on lots of costs, such as the business of a freelance creative, then you might not need an accountant – just record your income, make a note of your few expenses when they do come in, and then submit it all to the ATO at the end of the financial year. Once things get more complicated than that, though, you might need to consider reaching out for help.

And Know When To Fold Them

Your accounting is an important part of the success of your business, and it needs to be respected as such. Sometimes, that means you can't just hobble it together with a basic understanding of each part, and instead need to rely on the professionals. The rise in complication may be due to an expansion of your business, or it might be thanks to changing government regulations. Whatever the reason may be, luckily, it's something that the M.A.S Partners and our dedicated team of small business accounting professionals can help with. We're able to help any business, big or small, manage their accounting needs in their entirety, making sure they achieve the success they deserve. To speak with our team of small business accountants in Sydney about what we can do for you, call us on (02) 9211 5000.

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