Employing the services of a qualified accountant is a wise decision for most businesses, but not all. So, when should you hire an accountant?
1.Tax situation
You should hire an accountant if you have a complex tax situation with many different incomes and expenses. Although you can do your taxes, accounting software can only do so much. A qualified accountant may be able to sort out tax benefits you’re unaware of or alert you to tax laws that may affect your financial life.
An accountant can be the difference between running into tax trouble and avoiding it. They can also be beneficial when dealing with tax audits.
If you anticipate your income will increase by a certain amount in the coming year, an accountant will help you file taxes to ensure that your tax burden is not too heavy.
2. Complex investment
If you are a business owner, or a person with complex investments and financial situations, an accountant is a wise choice for helping you file taxes and do your taxes every year. Hiring an accountant will ensure that your tax filing is accurate and up to date.
3. No changes in profit
If you suspect that your business is not breaking even or making any profit, it’s time to hire an external professional. An experienced accountant will be able to provide you with advice on how to reorganise your business to make it profitable.
4. Financial planning
An experienced accountant can help put together a financial plan for your business, investment portfolio, or finances. They can advise how to handle your money best to maximise profit.
If you have more questions about when to hire an accountant, Shoebox Books is here to help. Our professional accountants and bookkeepers offer accounting, tax and bookkeeping services. Visit our website or contact us for more information.