So you thought like in many other startups, you could look after your finance & accounting functions on your own. Without a hitch! But as your business, revenues and as a result compliance issues grow, you realized you don’t have time to manage every function of your business.

If you are having second thoughts regarding hiring an accountant, look for these signs:

1. If you don’t know the ABC of accounting
Your lack of knowledge in accounting arena can take your business off-track. An experienced accountant can teach you the basics so that you can down the line manage your own finances. But initially, it’s not advisable to risk your business just to save a few bucks.

2. If you are not familiar with taxes
A good accountant is well versed with tax treatments in small business that can help you save considerably from your profit before tax. Moreover, failing to comply with tax regulations can draw huge penalties & fines.

3. Your business is growing
As you expand, you need a bigger team, reach out to additional vendors, leading to more paperwork crunch & chaos. Hire an accountant before all these things get out of your hands.

4. You need professional reports to raise funding
If you are looking for seed funding or angel investment, you need polished, detailed and accurate reports to present to your investors. You need to hire a professional accountant to create those.

5. It is audit time of the year
An accountant can prove to be a boon in times of audit. S/he makes sure that your relevant documents and internal systems are in line with the auditing requirements.

6. You have high revenues but low profit
An accountant can point out areas where you are lacking and advise you on cutting overhead costs & raise the bottom line.

An accountant does more than just preparation of financial statements. For payroll handling, tax assistance, cash flow & budgeting, review of accounting procedures & internal controls and your other miscellaneous F&A services, you will need services of a professional accountant down the line.

For any query, call us at 1300 707 326 or mail at [email protected] and we will be happy to assist you.