To understand how accountants in Rockdale can better help you, we have compiled a list of signs that can help you determine if you absolutely need an accountant or not. Regardless, knowing how accountants can help you is still a vital piece of information. So, read on and have fun! Here are 5 signs you need an accountant. 

1. You are launching your business. 

Opening a business means you have to anticipate a fluctuation in sales every single day. One day, you might be experiencing a great influx of customers. The next day, you might be facing a great dull in sales. No matter how big or small your business is, it is important to get these transactions documented and monitored by an expert accountant. 

With an accountant by your side, you can also explore more financial options and choose the best one that fits your needs and requirements. Accountants can also inform you about the processes needed to comply with local and federal regulations. Remember that the first few choices you make for your budding company can greatly shape its future.

If you don’t want to find yourself grasping at straws when you start your business, best have an accountant ready. Small business accountants can also help you choose your business structure, follow government regulations, sign up for employer accounts, set up tax accounts, acquire business licenses and permits. 

You already have a lot on your hands during the first few weeks of opening a business. Make sure you can focus on other things by letting a qualified accounting professional handle the books and finance. 

2. Your business is rapidly growing. 

Aside from bracing yourself for the fluctuating sales performance and the challenges of tax management, you also have to prepare for when your business hits success. Perhaps you can go without an accountant with a small business that is relatively doing well locally. But what happens when demand increases on every front? 

While you are busy managing your business, you must not lose sight of the financial burdens that come with expanding. See, even though your business is growing, it also means you have to anticipate greater spending. You are going to need the right help to ensure that your path to growth is without gaps or hindrances. 

Accountants can assist your business in the expansion. They can direct your resources to the right investments and the right opportunities. More importantly, they know how to spend your revenue without the risk of overspending. 

If you dread things like year-end tax planning, then accountants can also take the helm so you don’t have to. You also have to take in mind that expansion requires updated business plans. Business plans should evolve in sync with your business. Fortunately, accountants can put a fresh perspective in an otherwise linear process. 

3. You need a hand in business taxes. 

Taxes can get very overwhelming very fast. The best way to handle them is to research and get acquainted with the process. But not a lot of business owners have the time, do they? Not to mention, they come with potentially damaging consequences even with just one mistake. Perhaps you are already scratching your head, looking for a better way to handle business taxes so you can redirect your efforts to growing your business. 

That’s when tax accountants can come in. They can certainly handle all the tax processes, from the paperwork to document submissions. They can also find an opportunity for you to lower your tax bills through tax deductions and credits. 

If you are feeling lost in all the tax-related tasks that you are handling, tax advisors or accountants can help make sense of them by doing the following: 

• They let you know which tax return form to file for the declaration of your business structure. 

• They notify you of filing deadlines and help you meet those deadlines early on. 

• They can help find tax credits and deductions, thereby decreasing your tax bills. 

• They help you understand your accounting records, should you find anything confusing.

When you are lost in the labyrinth of taxes and other business processes, know that reliable tax accountants in Rockdale can help you find your way back. 

4. You get intimidated with forms.

We understand that not all people, especially business owners have the time to handle all the paperwork. However, getting all the paperwork and filing all the forms are necessary to comply with federal or local tax laws. In Australia alone, you’ll need to file at least two tax forms just to declare how much you paid employees and how much you withheld in taxes. 

No matter how good you are with numbers, you might still miss a detail or two. That would be incredibly time-consuming, not to mention risky. Here at FinKonsel, we suggest sorting out the forms early on to avoid complications in the future. Better yet, make sure that you get accountants in Rockdale who can help you with this responsibility. 

5. You are getting audited. 

There are several reasons why you might get audited. One of them is information gathering as the Australian National Audit Office will need information for stronger statistics and reports. Another reason is that you may be unknowingly doing some behaviours that will raise the eyebrows of ANAO. These behaviours should be explained through an audit. 

There’s nothing to be afraid of, however. As long as you have done everything in your capacity to abide by the rules and regulations, then you should be okay. But to make sure that your accounts are gap-free, best hire the help of accountants in Rockdale. They can help detect discrepancies that might have gone under your radar and provide the necessary fixes. 

Accountants can make sure that your records are clean and accurate. They can do everything from reconciling accounts, checking for missing information, and running reports to keeping your books updated. Internal audit can be a tricky job and you need professionals with an expert eye to ensure its success. 

Need Help? 

If you are experiencing any of these scenarios, then you might need to hire accountants in Rockdale. The sooner you do it, the better the chances you’ll have at ironing out your accounts and records. Make sure you lead your business in the direction it needs to go. 

Get help from one of the top accounting firms in Rockdale today, FinKonsel.