When Do You Need an Accountant for Your Small Business
An Accountant can be of huge help in several stages during the growth of your small business. These highly qualified individuals can help out in several areas ranging from handling your payroll services, transfer document pricing, and tax returns.
As a small business proprietor, there exist several good reasons why you need the help of an accountant at diverse stages of your business.
From creating an idea business plan to company formation, loan application and tax audit, accountant from any accounting firms in Singapore can make life easy for you and your small business. That doesn’t denote that you’ll often need to hire an accountant full-time or on a retainer basis.
There are certain times you’ll really need the help of an accounting experts; when you find yourself in situations as such, do not hesitate to look for one. In this blog post, we will fill you in on the when you need the help of an accountant for your small business.
When to hire an accountant
Most accountants will inform you that if their small business clients hadn’t hesitated to contact them, they would have saved them so much stress and headache. The summary of the whole matter is that, there are certain significant times when you’ll need the help of an accountant.
Most Accountants are professionals who tend to see things you can’t see. Thus it is not wise to take it upon yourself to do the work of a professional accountant even when you are sure that you aren’t fit to handle such tasks.
Forming your Business
How you organize your business is one of those significant times. An accountant can:
1. Assist you in writing your business plan
If you are not in search of funding, do you even require a business plan? If your plan is to lease an office, manufacturing or retail space, you may have to tender one to your landlord. Also, it is very important that your business has a written down goal and direction instead of playing all of it by ear.
2. Give you advice regarding your business’s entity structure
Though, most business out there began from sole proprietorship, the type of your business or your financial stance might denote that another entity structure would be great. At least you should think of making an LLC as a freelancer to have legal and financial coverage. An accounting firm in Singapore can assist you with this.
3. Help you acquire the necessary licenses
Be it sales tax permit, employment accounts, business licenses… name them! All state, and in some cases, every city, has diverse obligations for various types of business. With the help of an accountant, you can loosen all of the red tape and start your business on the appropriate foot.
4. Help you set up your bookkeeping software
Most small business doesn’t need the services of a bookkeeper on a regular basis. There may come a certain time when you’ll feel the urge to outsource or delegate your small business bookkeeping, but until that period arrives, you can probably take care of your bookkeeping and get the help of a bookkeeper when you need someone to review your work.
5. When you can’t go at things a lot
Can you DIY your accounting? Well, of course you can! But, deep down, do you really want to handle it yourself?
Can you recall that particular statistics which states that 89% of small business achieved success with the help of an accountant? 89% is a very huge figure.
Thus, even if you can handle your small business without the help of an accountant, you should take a look at the massive benefits that you’ll enjoy if you let one handle your financial records.
For more information, feel free to get in touch with us.