Look, there is no “right time” to reach out to an accountant, but the earlier you do so, the better.
It really comes down to due diligence.
If you reach out at the start of your small business journey an accountant can actually help you write your business plan. Not only that, they can run financial projections to see if your model is viable – and help you tweak it if it needs work.
I like to think of it like this; if you don’t engage an accountant in the initial planning stages you’re essentially firing an arrow in the dark and hoping it sticks. When you do hire one, not only is the room suddenly lit, you also have a runway with an accountant directing light sticks at the target.
What’s more they can remove, or automate, time-consuming business tasks to improve the efficiency of your workplace.
“You shouldn’t have to spend the next several months trying to wrap your head around accounting software”
Accountants can also provide advice about legal structure; whether you should be listed as a proprietor, sole trader, company and so forth. Getting this right from the start is essential, as it can save you thousands, potentially more, on tax.
That brings me to the next aspect – tax time. The majority of businesses that enlist an accountant’s help due so at the start of the financial year to help them prepare their return.
Navigating the waters of offsets, near-constant changing tax rates, and concessions can be tricky business. Indeed, it’s not uncommon for individuals to go it alone and spend months trying to maximise their return. This is an accountant’s bread and butter. It’s our gig to ensure customers get the most back from their return, in a timely manner.
So, putting it bluntly; leave it to the professionals.
At the end of day an accountant can save you time and stress, as well as put more money in your back pocket.
What’s not to love about that?
I’m a cheerleader for women and an accountant bursting with personality.