When does it make sense to hire an accountant? Experts weigh
For future business owners, hiring an accountant can be helpful when writing an initial business plan. An accountant can iron out the wrinkles in the plan and help set realistic and achievable financial goals and projections. This will greatly increase the business owner’s chances of being approved for a bank loan and finding investors.
For starters, many small business owners take on the role of accountant themselves in addition to their other responsibilities. However, as the business grows and the accounting work becomes more complex, this is not a sustainable practice. XO Accounting explains that there are many moving parts on the accounting side of business ownership; data entry, business data analysis, creating systems, and bookkeeping are all skills that must be mastered in order to have an accurate and efficient accounting system. Unless the owner or employee taking on these duties is well-versed in bookkeeping, they can get overwhelmed very quickly. When this happens, XO Accounting urges business owners to seek the services of an accountant.
In some cases, it is in a company’s legal interest to hire a chartered accountant in order to avoid problems or fines. Things like tax compliance can be difficult for someone who is not a licensed professional to understand. Errors can be costly to correct and often have disastrous consequences. This also applies to companies being audited. Being flagged for a government audit is serious; an accountant can help a business owner prepare for being audited and prevent future audits.
XO Accounting is a leading provider of accounting services and resident director services in melbourne. Contact them to speak with an experienced accountant today.
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SOURCE XO Accounting