Talking Cents

When do you need an accountant for your small business?

This article presents three contexts for small business owners in Sydney to know when they need to hire an accountant.

1. When you write a business plan:

One of the most important aspects of a business plan is the financials and with an accountant, she/he is able to generate financial projections, demand forecasting reports, breakeven analysis etc., for you. That makes your business report as realistic as possible. It is more time and cost saving to hire a professional from the start than halfway through. Must use of their small business knowledge and expertise.

2. When you need advice about legal structure:

There are a number of legal structures such as limited liability partnership, sole proprietorship etc and their characteristics vary from one to another. For example, “limited liability” means that the liability of the business is limited to the assets owned by the business, but nothing personally owned by the owner. The word “legal” already suggest that it is something really important, therefore you need to decide one that suits you wisely. But how? Use an accountant, he or she will explain the differences and recommend the best one for you.

3. When you need help with complex financials:

Financials can be one of the most complex parts in every business. If you are losing track for payments or cashflows, it is time to hire an accountant to get you back on track. An accountant is able to help you understand how your business is currently doing by generating visuals such as graphs or charts as well as reports. Your small business accountant, MAS Accountants, is always ready to serve any small business owners with our professional skills, knowledge and experiences in making your business a successful one.