Running a small business can be tough. After spending months or even years polishing your business idea, you’ve finally brought it to life, and you’re excited to get your product out there. Although you’re probably focused on promoting your product or services and improving your brand recognition, you must ensure you have everything your business needs to survive. That includes having a business accountant on board.
Even though you can handle general number crunching, Accountants can do a lot more for you and your business. They offer expert, valuable financial insights at each stage of your business. Hiring an Accountant to take care of your bookkeeping and accounting can save you time and money, translating into huge savings in the long term.
Here are five signs it’s time to hire an accountant for your business:
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You’ve Just Launched Your Business
Even though you’ve just rolled out your small business, you’ll need to make sure you start on the right financial foot. Be sure to meet with an MKS Accountant before making any financial or structure decisions. They will let you know the best structure to suit your requirements and those of your business venture – and not to forget – all your compliance obligations will be explained. The Accountant can also recommend you organise your Business in a way that best aligns with your goals.
Additionally, the Accountant can look over (or help you create) your business plan, fill in any gaps, and help you develop the proper budget to implement in your Business. An Accountant will take care of all the financial aspects of your business so you can focus on the task that no one else can fulfil: running it!!!
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You Want to Save Time
As a business owner, one of the things you’ll quickly learn is that time is precious. You’ll probably find yourself inundated with tedious but necessary tasks like matching transactions, monitoring expenses, inputting data, or even digitising receipts, leaving you with little to no time for other crucial business functions. If this resonates with you, then hiring a business Accountant will work wonders for you.
An Accountant can free up your time by taking over these tasks while assuming other responsibilities like evaluating your business operations, costs, revenue, and trends. They don’t have to oversee the decision-making; instead, they can just modify or optimise your current processes to make them as efficient as possible.
At the end of the day, time is money – and time is precious. At MKS Group, our Team have worked with many Business owners in the start up phase, or the growing phase, added some value along the way and given back some of this precious time. Don’t delay the decision to invest in an Accountant.
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You Need Comprehensive Financial Planning and Analysis
Another reason to hire an Accountant for your small business is to get an expert on board to take charge of planning and analysis. You can seek their counsel before making an important decision or aiming for a financial goal, whether it’s buying real estate or reducing your operating costs. They can also analyse your profit and loss statements, balance sheets, cash flow statements, and other financial reports for you in a fraction of the time it takes for you to do it.
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You’re Applying for a Grant, Loan, or Other Funding
At some point, you may want to apply for a business loan or other kinds of capital to pursue your initiatives. You’ll have to establish your creditworthiness to increase your chances of getting approved, which is often tricky for new businesses.
Fortunately, an MKS Accountant can turn things in your favour by evaluating the different ways of building business credit. They can also point you toward low-risk opportunities or even narrow your loan options to those that suit your budget best.
Further, applying for government grants that can sometimes be time-consuming or confusing can be done by one of our team members. We are in very challenging times at the moment and having access to various Grants can be very beneficial to the survival of your business. Let the Team at MKS Group help you get all the dollars you are entitled to or eligible for.
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You’re Preparing Taxes
Taxes are a cause of headache for most people. If you’re not careful, you may end up making an expensive mistake that can ultimately cost you your business. Having a second pair of eyes in the form of an Accountant can help you prepare your taxes correctly and keep you updated on the latest tax laws, which are constantly changing. You can even fully outsource your tax duties completely to eliminate any worries about compliance. We often refer to this as having MKS Group help you to eliminate what we call the “Stupid Tax”
Conclusion
For your business to succeed, you’ll need to hire an Accountant as soon as possible to address all your financial flaws and get you started on the right foot. If you experience any of these signs, start looking for a business accountant right away!
For instance, if you’re looking for only the best Xero, Cloud Accountants in Australia, you’ve come to the right place (We are among the TOP 3 Finalists for the Xero Accounting Partner of the Year Award and currently in the winning place for the People’s Choice Award). MKS Group provides end-to-end accounting and bookkeeping services that help scale and grow businesses. All done through the power of cloud accounting, give us a call 9374 8400 to find out more!
