One of the biggest mistakes small business owners make is avoiding hiring an accountant because they feel like the business can’t afford it. At various stages of a company’s growth, an accountant like Randall Dang can make a significant contribution that can help a business avoid costly mistakes. And any small business owner should also know that you don’t have to hire an accountant on full-time. Sometimes, having an accountant on retainer to be used when needed is all that is necessary. So what are some of those times? Here are a few times when it pays to hire an accountant.
When You’re Writing a Business Plan: An accountant can provide significant knowledge in the beginning stages of a business. A business plan is used to get funding from investors or a bank. You will need to consider your value proposition, financial plan, staffing plan, market fluctuations and more. An accountant can help you accurately assess these things, which can be used now and down the road.
When You Need Help with Finances: A business’s finances can get complicated very quickly, and even if you were handling the books in the beginning, it might be a whole different story now. For example, Randall Dang, an accountant in Canada, could provide you with a clear, easy-to-understand picture of your business’s finances so you can better assess where your business is and make the necessary adjustments.
When You’re Ready to Delegate Responsibilities: In the beginning, it can be very easy to want to do everything yourself. However, you might find later on that this is not the best thing to do as you can spread yourself too thin. If you spend a certain amount of time doing your finances, taxes, etc., is that cost-efficient or does it make more sense to hire an accountant? In many cases, the latter proves to be true.