Starting your own business usually involves you managing your own finances, however, there may be times when you can no longer manage everything on your own and seeking professional help might be vital for your growing business.
But how do you really know that it is about time to bring in a professional? Here are 5 signs you should look out for that indicates you need accounting help.
1. Growing pile of documents
On your daily duty as an owner, you always make time to handle a never-ending pile of accounting documents.
Even though you’ve taken care of it, it wouldn’t stop from growing like a mountain blocking your desk.
Let’s face the fact that we can’t get rid paperwork because it is part of business, but you can put in place steps to reduce it before it consumes your business.
2. Financial records haunt your dreams
Thinking about your figures and finding ways to keep things in order is normal, what is not, is if it still haunts you even in your dreams.
There are lots of business owners who suffer from sleepless nights because of their accounting issues.
Not having the assurance that you have lodged your Business Activity Statement correctly, organized your chart of accounts and whether if you have paid the right amount of tax are just some of the nightmares that owners usually face.
Are you having this kind of nightmares too?
3. You know nothing about accounting that is why it consumes your time
If you are having a hard time understanding the data on your financial statement, getting confused by debits and credits, and can’t even figure out how to keep your account entries organized? Then you absolutely need a help of an expert.
Running a business is not just all about making money. As an owner, one of your tasks is to be on top of your accounting, but how can you do that if you know nothing about it?
And in spite of doing all you can to balance your time managing your business’ operation and finance, your accounting stuff still eats up most of your time.
Worst still, it distracts you from performing well because you are so focused on trying to get your books completed accurately.
4. Taxes are a real pain
Tax season is undeniably one of the most stressful times for a small business owner – aside from the nightmare of being audited.
As the years passed by, the Australian Taxation Office had made plenty of changes to the rules and regulations governing taxation. What you thought were the rules may have changed years ago. Tax experts are obliged to stay up to date with the latest ATO changes and are there to ensure you take advantage of any new rules.
Given the fact that tax mistakes are very costly, double-checking your numbers are necessary to make sure that there are no math errors and you’ve calculated all reports correctly.
If you fail to comply, instead of enjoying all the benefits you can claim for your business tax return, you’ll end up paying more than you should.
5. Sales are up, but profits are down
When your revenue is leaping high but your profits are not, that would be a serious call of alarm that you’re losing control of your costs. If you let that happen all over again, your business will absolutely bleed from that loss and you might not recover from it.
To ensure that you don’t overlook your business expenses you can hire a Bookkeeper to handle your day-to-day accounting transactions and an Accountant for more complex tax issues and advice.
So, why stress yourself if you can focus on running your business and be relieved from the pressure by letting the professionals handle the burden.
If you need assistance in managing your books, our team of experts here at Opulent Accountants are pleased to help you. Give us a call at 03 8838 8726 or schedule a free consultation and let us handle the pressure of keeping your books organized so you can focus on what you do best.