Signs You Need A Business Accountant
Not all businesses, especially small ones, need a business accountant. But how do you know if you need one or not? As Australia's original accounting firm for small businesses, M.A.S Partners is here to tell you the signs of when your business probably needs a business accountant. Of course, whether you hire one or not is completely up to you but, do consider looking for one if these signs point to you.
Especially if you are a start-up business, you may find yourself confused as to which legal structure you should choose. A lot of the time, the decision as to which structure you go for is heavily influenced by your business’ finances. Different legal structures have different requirements that you must adhere to. For example, if you decide to be a sole trader, you would be self-employed which means when it comes to taxes, you will be saving a lot in comparison to a corporation. Determining which is more feasible based on your financial performance can be tough and puts a lot of pressure on you because you don’t want to look back and regret it. That’s where business accountants come in. Business accountants are experts at crunching down the numbers and providing you advice on what they think would be best. They can also look at your present performance and then to an extent, forecast how your business will be in the foreseeable future if you take the route they suggest.
Definitely Look For One If You Don’t Know What Accounting Is
Just because you are now a small business owner doesn’t necessarily mean you need to be knowledgeable in all things involved in your business - especially accounting. Accounting can be quite hard to grasp especially if you need to track all the expenses and the revenue coming in. Let us tell you this now: accounting cannot be done overnight. To track everything in preparation for taxation requires consistency - consistency that might hinder you from running your business. So save yourself the trouble and hire a professional business accountant.
Your Business Is Growing Rapidly
As you find that you are rapidly generating sales revenue, this is a good sign to hire a business accountant. When you’re just starting, cash inflow and outflow can be easy to monitor but if it's quickly going in and out, it’ll become hard to keep up with all the transactions and other financial activities. This when having a business accountant around would be good.
Who said that because you’re a small business you should be handling everything on your own? Definitely not us. Having a business accountant to handle your financial tasks is a wise investment as it means you can focus on running your business to the best of your ability. M.A.S Partners is a specific accounting firm for small businesses in Sydney dedicated to helping you and your business. So if you are a local business and would like to speak with our team about the services we offer and what we can do for you, call us on (02) 9211 5000 or visit our website at https://www.masaccountants.com.au/