When you’re a small business owner, you’re responsible for everything that needs to be done in your organisation. You’re responsible for sales, marketing and everything in between – including bookkeeping. You might be happy doing all of the above, but if you want your business to grow, there will come a time when you will need to admit that you need accounting help. How do you know when you’ve reached this point, and if you have, how can you make sure that you don’t hire unnecessary staff or pay for a service you don’t need? Keep reading to find out how you can tell if your small business needs the bookkeeping services of an accountant:
1. You’re balancing the books on weekends
As a business owner, you’ll naturally take on tasks yourself to save time and money. However, if you find yourself working overtime and on weekends to balance your books, then the process has started to cost you more than you can afford. Remember that every moment you spend not managing your business and leading it comes at a cost.
2. You’re not up to date
Are you frequently playing catch up with your financial records? If asked, could you give a rundown of the activities that took place in the previous week? If you don’t have this facet of your business organised and on hand at a moment’s notice, then you’re falling behind. It might not seem like an issue now, but it can easily snowball until you’re staring down the barrel of tax season with tons of paperwork outstanding.
3. You’re not confident
If you were audited today would you anticipate problems or smooth sailing? Unfortunately, good intentions don’t count when it comes to staying on top of your taxes and accounts. If you’re missing things due to oversight, you’ll still be liable for fines or fees that you haven’t paid yet.
4. Your current bookkeeper only bookkeeps
You might already have external assistance with your bookkeeping, but is this service provider evolving with you? Are they able to help you stay up-to-date on compliance changes and requirements, balance your books and assist you with taxation matters? If they can’t offer you a holistic bookkeeping services, you’re better off with someone that does.
Remember that an important skill for any small business owner to have is being proactive and knowing when to hand over the management of tasks to a professional. Don’t let your business’ performance suffer, and get in touch if you think you need expert bookkeeping help.
FCPA & CA
Shane is a Fellow of the Australian Society of Certified Practicing Accountants and a Chartered Accountant.
Shane’s passion is to consider the clients, the client’s business and taxation affairs with a holistic approach whilst providing business mentoring, business strategies, systems development, taxation advice and taxation planning in order to assist his clients and their business achieve their goals.
