When should you hire an Accountant?
There are good reasons for hiring an accountant at different stages of your personal life and your company's growth. From a business plan to company formation, loan applications to tax audits, an accountant can make life easier for you at each step.
That doesn't mean you always need to have an accountant on retainer, paying a monthly fee to have prepaid access to them. Sometimes just a couple of hours of their time will be enough.
Like all individuals and small business owners who are looking to save money, you may think you can’t afford an accountant. But look at how long it would take you to do certain tasks (such as taxes), and ask yourself, is that a good use of your time and are your confident that it's done correctly?
Hire an accountant when you have to deal with the government.
It can be daunting dealing with government paperwork when you run your own business or dealing with new personal income tax laws. This is why most people hire an accountant when the first tax filing is due.
But they can also help you cope with more than just tax returns. They can help your company interact with the government in other ways.
Hire an accountant in case you’re audited
If you don’t already have an accountant at this point, it’s a good time to hire one. They can give you advice on how to work within the auditing process. They can also help ensure you don't violate any tax laws afterwards – because the government will almost certainly be watching.
But it's better to hire an accountant before an audit ever happens, especially if you can find one who will offer audit insurance. Audit insurance covers the fees you would have had to pay if your business needed to respond to an official enquiry, review, investigation or audit by a tax department. An accountant who offers audit insurance means they won't charge any extra for the considerable amount of work they'll have to carry out during the audit process.
For more information contact Accountant Jayson M. Thornton, 314-394-8588 www.ThorntonOffice.com