When Is the Right Time to Hire an Accountant For Your Small Business?

Running and managing a small business isn’t always as easy as it seems. Business owners need to stay on top of their game at all times, ensuring that they’re keeping track of their finances and accounting needs.

Wondering if you should hire an accountant for your business? Here are three scenarios in which you definitely need professional accounting services by your side. 

You’re Applying for a Loan

Here’s the thing: banks and other lending institutes want the assurance that they’ll get back the money they lend to small businesses. This is one of the reasons why getting a loan approval is so difficult for small business owners as they often don’t have the knowledge, experience, or the financial record to back them up.

This is where an accountant can help you. They’ll present the relevant facts and figures to authenticate and support your loan application, showing lenders that you’re financially responsible. Moreover, they’ll also guide you on what loan package to opt for and help you determine your eligibility for different loan types.

You’re Filing Taxes

Filing taxes is a complicated task that not all business owners can handle on their own. This is why it’s recommended that you hire an accountant when it’s time to file taxes as they manage the entire process and take care of all major and minor details.

Professional accountants help small business owners with their business tax returns. They know which forms to fill out and what steps to take during the tax season, allowing business owners to take a sigh of relief during this hectic time.

Your Company Is Growing

Small businesses start out with a handful of employees. Slowly and gradually as profits go up and the business gets more clients, the company begins to grow and expand its operations, staff, and/or services.

If your company is progressing, you really don’t want to be tasked with the additional responsibility of managing your finances at a time when you need to focus on running your business. This is yet another occasion where hiring an accountant comes handy as they can help you concentrate on your business operations while taking care of the accounting details. For instance, if you’ve recently hired more employees, a professional accountant will manage the payroll and employee tax management while your team continues to focus on other aspects of business.  

At Duggal Professional Corporation, we offer bookeeping and tax services to help small business owners make the most of their financial situation. Get in touch with our team today for more details about our tax filing and accounting consultancy in Edmonton.