The idea of letting an outsider have complete control over the financial matters of your business can be intimidating. Many businesses, including growing small companies and startups, don’t have the funds to have people on the payroll, and outsourcing is often the best way to manage accounting and tax-related work. How do you know if it is time to hire a Shreveport accountant? We have enlisted seven circumstances below.
You are launching a business
Starting your company is always an exciting initiative. However, the choice of your business structure can have long-term tax and other implications, and there is also a significant amount of paperwork involved. You need an accountant or CPA to help you through the entire process, where you are assured that compliance and other aspects are taken care of. They will make sure everything is in sync with state and federal laws, minimizing the burden on your shoulders.
You are mixing personal & business finances
One of the biggest pitfalls of doing small business accounting with limited knowledge is mixing up business and personal finances. Many owners and founders assume they can tackle things, only to end up in a situation where they are unable to distinguish the differences. Your business is a separate entity and should be treated that way. If you have made mistakes in the past, there is no better time to correct them – Call a CPA!
You are wasting valuable time
Your business will gain the most from your leadership, vision, and expertise, and unless you are a financial professional or someone with a CPA degree, it is best to leave the work to experts. If you are distracted with all that accounting work or when your team is wasting too much time managing transaction details and bookkeeping, it is a clear indicator that you need help. A professional accounting firm will not only do things more accurately but they also save valuable time.
You are considering bigger decisions
Are you planning to get a new business loan? Are you in the middle of considering an acquisition? Do you need help with expansion? Each time you are on the verge of a bigger decision, you need to check the financial health of your company and find the ideal way to deal with the problem or opportunity at hand. Having a CPA gives you access to experience and industry know-how, and they are aware of how your business is performing and can advise accordingly. In fact, many accounting firms also offer outsourced CFO services, which cost less than what a CFO on the payroll would cost.
Your business is a mess during peak tax season
Filing your taxes on time is critical for all reasons. If you have been experiencing crazy schedules and endless work during peak tax season, you need to consider outsourcing. CPAs and accounting firms can take over the tax-related work, and besides tax preparation, they can also guide you on the strategies, means, and deductions that will help reduce the final taxes. Avoid the usual mistake of seeking help at the last minute – A CPA is in the best position to offer solutions when you start early in the year.
Whether it is about improving cash flow or finding internal fraud, you need a proficient firm that can offer comprehensive and integrated solutions for your small business. Don’t shy away from asking the right questions when you look for an accountant in Shreveport. Look for values like quality, professionalism, and responsiveness, which matter for continuous work. You will need them for months and years to come, and it is best to prioritize collaboration over budget.
