Here’s how to know when you need to bring an accountant onboard
As a business owner, there comes a time when you may need to seek professional financial help. Knowing when that time is can be crucial for your bottom line. While managing your own books and finances can work for a while, and you think you’re saving money, there are clear signs that it might be time to bring in an accountant.
Here are five points in your business where you can bring in an accountant.
1. Bookkeeping is taking up too much time and getting messy
One of the most unignorable signs that you need an accountant is when bookkeeping starts to take up too much of your time, and things begin to slip through the cracks. If you’re missing deadlines, overlooking payments, or not accounting for all your expenses, this can lead to serious problems.
As your business grows, managing your finances and records efficiently becomes more difficult. An accountant can help you streamline the process, ensuring nothing is overlooked and that your financial records stay organised and up-to-date.
2. You dread tax time
Tax time is demanding for many business owners, and a staggering 31% of Australians find it particularly stressful. If you find yourself dreading tax season and spending extra time and resources trying to get everything in order, but it never seems to make the process easier, it may be time to engage professionals like Piteo Accounting & Advisory.
An accountant can not only ensure you stay compliant with tax laws but also help you make tax-saving decisions year-round, reducing your overall tax burden and streamlining the process when tax time rolls around.
3. You want to make significant changes to your business
Whether you’re planning to downsize and streamline your operations or you’ve reached a period of growth and are ready to expand, changes to your business often come with new financial challenges and rigamaroles.
An accountant can help you assess the financial impact of these changes and provide guidance on managing growth or restructuring. A decent accounting firm, like Piteo Accounting & Advisory, can assist with forecasting, budgeting, and ensuring your business remains financially healthy through transitions with their years of expertise.
4. You’ve just entered the business world
Starting a new business can be overwhelming, and this is a great time to bring in an accountant to ensure everything is set up correctly from the start. Only 76.5% of Australian businesses survive past their first year of trading. Getting your financial systems in place early can save you time, money, and stress down the road.
An accountant can help with setting up bookkeeping systems, understanding your tax obligations, and offering advice on business structure and compliance requirements. This early intervention will give you a strong foundation to build on and help you avoid costly mistakes later.
Things like keeping records for five years and knowing which records are required are accountants’ fundamental areas of knowledge that they can advise you on. And that’s just the beginning.
5. Your business is struggling
During 2024, there was a 36.2% increase in failed businesses in Australia compared to 2023. The business landscape is not easy for anyone.
If you’re working yourself to the bone, have plenty of clients or customers, but are still struggling to make ends meet or achieve the results you expect, it may be time to consult an accountant. They can review your financials, identify inefficiencies, and help you find ways to maximise your revenue and minimise unnecessary costs. An accountant can also offer strategic advice on how to improve cash flow and profitability, which is crucial for any business facing financial challenges.
Recognising when your business needs professional financial help can be a game-changer. If any of these points above apply to you, it’s time to consider bringing in an accountant who can help guide your business towards long-term success. One that actually cares about your business and you and your family’s future.
Let’s chat about your business needs today.
Disclaimer: It is important to seek the advice of a qualified professional before making any financial or accounting decisions. Each individual’s financial situation is unique, and not all information provided may be relevant to your specific circumstances.
