No business owner should have to struggle alone.

In the initial stages of a business, owners might be able to get away with not having an accountant. But, as the business grows, there are certain signs to look out for that outside help is needed.

Things like late nights spent on bookkeeping, audits, lost expenses, wasted time, and quick growth could all be indications you need an accountant.

That’s why we’ve outlined the top five signs it’s time you need a professional to work with.

1. Bookkeeping Distractions

One of the most telling signs that it’s time to hire outside help is if bookkeeping issues are taking up a lot of time. This could be things like filing paperwork, submitting documents, collecting and itemizing receipts, etc. Regardless of the task itself, all of these bookkeeping tasks can be distracting to owners who should be making better use of their time as a leader.

2. Rapid Growth

During an expansion phase, accountants are vital assets to have. That’s because they will be prepared and dedicated to meeting the financial demands that quick growth brings. Otherwise, not having someone who is looking after the books during this period can be disastrous. Owners can quickly lose track of purchases and losses. As a result, being unable to accurately predict future growth and business projections.

3. Audits

No matter what you do, an audit is stressful. And if the business is subject to one, there no telling the direction that an auditor will take. Therefore, you better be prepared. This means having accurate records, receipts, and explanations for all of your financial accounts.

That’s where an accountant comes in. An accountant will make sure that all the finances are in order. And, be there to mediate in the event that you are subject to an audit. In turn, saving owners time and energy that could be better spent focusing on growing the company.

4. Professional Reporting

If the business is at a point where they would like to bring in investors or require loans, proper financial records will be needed. In both of these circumstances, the company’s financial history will be a key indicator of how healthy the company is. And, lenders or investors will require this proof before approval.

That’s why you’ll want a professional to overlook the company’s finances. This will ensure that the company’s financial history is in proper order. Plus, the accountant will be able to provide all of the relevant information, double-check that nothing is missed, and report to any investors on the financial status of the company.

5. Struggling to Understand

Another sign it might be time to hire an accountant is if you’re struggling to understand the terms and processes surrounding your financials. Of course, we understand that owners like to be hands-on. However, if owners are struggling to comprehend their finances this can result in wasted time that could have been better spent.

Time wasted on things like reading paperwork, ensuring that protocols have been followed, trying to understand phrases and terms, and submission dates can all be overwhelming. Plus, the amount of time spent on these tasks can be substantial.

So, consider getting the help you need by visiting a professional like us at A.P Accounting and Tax Services. We can be there for you regardless of what stage of growth your company is at; making sure you have all the correct information, documentation, and paperwork to get your financials in order.

If you’d be interested in learning more, or knowing what services would help you, give us a call at 407-328-5001.

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