Accessing Your Small Business Success

About Me

Accessing Your Small Business Success

A couple of years ago, I decided to abandon a long, unsuccessful job search. After many months of desperately looking for the perfect job, I chose to start a home based business. Because I’d never been an entrepreneur before, I was more than a little anxious. I was excited as well. Thankfully, I’ve enjoyed success in my new business venture. At the end of every month and year, I carefully analyze my revenues. Because I have a background in accounting, I know how to calculate various financial statement ratios that help me determine how my business is doing on many different levels. If you’re a struggling small business owner, consider hiring an accountant to help you access the success of your business. On this blog, you will learn the types of consulting services an accountant can offer a small business owner.


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5 Signs You Need To Hire An Accountant

At a certain point in dealing with your personal or business finances, you may find you need to hire an accountant. Many people address these issues later than is wise, though. If you're starting to think you might need an accountant, here are 5 signs you probably do.

Unable to Answer Tax Questions

When you file taxes, you'll mostly enter data that's fundamentally from your accounting. Plenty of folks don't need an accountant to help them answer questions on their taxes. However, you can get to the point where you have so much going on that it's no longer possible to do taxes without also having an accounting system.

An accountant can help you organize your records so you'll have the right numbers and paperwork available at tax time. Likewise, they can assist you with ongoing tax issues, such as filing quarterlies or dealing with contractors.

P&Ls Leave You at a Loss

Tracking profits and losses is critical to nearly any enterprise and even many personal financial endeavors. If you can't speak to what the state of your P&Ls is, though, you're pretty much stuck in the dark.

An account will structure your records so you can enumerate profits and losses in a proper balance sheet. If you need to state them for reporting purposes, insurance reasons, submitting a business plan, or getting a loan, you can pull the balance sheet and give it to the appropriate parties.

Unexplainable Money Issues

Money issues can appear on the positive or negative side of your finances. Either way, any unexplainable money problem should have you worried. In the best scenario, the numbers are just messy and need some attention. In the worst scenario, though, you could be looking at evidence of theft or business fraud. You will want to figure out what's going on, and that's starts with good accounting practices.

Accounting Is Eating Your Time

Bookkeeping is work. Some folks love it, but even they may find it can get in the way of other tasks. Business owners frequently try to handle their books to save money, for example. However, they may find themselves doing so much accounting work it would be more cost-effective to hire a professional.

Major Changes Are Hitting Your Industry

The accounting requirements of many industries change. Sometimes, these changes are so sudden they can catch you off guard. Fortunately, an account can study the applicable rules for your business and help you comply with new regulations and taxes.