When Should You Contact An Accountant?

Here are some guidelines for when it may be helpful to seek advice from a small business accountant, whether or not you already have one for your small business. Getting help before making a business decision, no matter how small, can lead to savings on taxes, costs, and opportunities for profit. Consider reaching out to an accountant in the following situations:

• Before starting, buying, or selling a business
• Before planning for the year ahead
• Before collecting documents for annual tax purposes
• If you receive communication about taxes from the government
• If you have concerns about debtors, creditors, expenses, or stocks
• If you are facing an audit
• When you want to explore new ways to save money
• When you are seeking to attract new business
• When you have questions regarding your financial reports
• Before acquiring new equipment or property
• Before purchasing vehicles for your business
• Before reducing income to decrease tax liability
• If you are planning future expansion
• If you are unsure whether to lease or purchase equipment
• If there are discrepancies in your accounting software
• When you are considering providing employee benefits
• If you have questions about your personal tax responsibilities
• When you have questions about depreciation
• Before creating a budget
• Before creating and filling a new position
• Before renewing vendors for another year
• If you are experiencing cash flow difficulties
• If you have inquiries about tax law changes
• If you require clarification on the difference between maintenance and repairs
• When you need to secure additional funding
• If you fall behind on your accounting records
• Whenever you have a financial concern that may impact your business

In conclusion, reaching out to your accountant for advice can be beneficial for your small business in many ways. It can help you save money, identify opportunities for growth, and avoid costly mistakes. Your accountant can provide you with guidance on financial decisions, assist you with tax planning, and help you stay compliant with regulations. By maintaining a good working relationship with your accountant, you can stay on top of your finances and make informed decisions that will benefit your business in the long run. Remember, when in doubt, consult your accountant.