When you started your small business, you probably took on much of the administrative work, including the accounting, yourself. As your business grows, your role should change dramatically. Instead of handling these administrative tasks, you will move into a planning and strategy role. However, it can be difficult to know when to let go of these tasks. Therefore, these are signs that you should hire an accountant.

You Are Ready to Delegate

At some point, the administrative tasks you have been doing will become overwhelming and cumbersome. You may become burned out because you are doing too much. As your revenues grow, you should see opportunities to hire new employees and delegate these tasks.

It can be challenging to place your finances in another person’s hands, but you can still keep track of them. First, take your time and choose the right professional for your company. Set clear expectations and write a strong job description. Then, set up meetings with your accountant and discuss their process as well as your expectations.

You Need a Business Plan

Most entrepreneurs write their business plans before they open their doors. These plans outline your purpose and future vision. However, they also cover things like marketing, accounting, vendors, and other strategies. An accountant can guide you on the type of business you should open based on the tax implications.

If you don’t have a business plan before you open your doors, you should build one soon after. Because financial projections and expenditures are a major part of your plan, especially if you hope to get financing from a bank or investors, you may consider working with an accountant. Even if you don’t hire a professional full-time, you can contact one to create the financials in your plan. As your business grows and your business plan and financial projections need to be updated, you can add this to your accountant’s job duties.

Tax Season

Any time you have to deal with the government, you should have professionals who understand the process of your payroll. An experienced accountant can ensure that your documents are compliant with the government’s requirements. They also remain current on new tax laws and can prepare your annual financial documents for your state and investors. Payroll also has strict legal standards, and your accountant should be well-versed in these regulations.

If you are audited, you need a skilled accountant. These individuals can explain your financial statements and taxes more thoroughly than you can if you don’t have advanced training in this area.

These are only a few signs you need a professional accountant. Consider these and other signs as you review your accounting needs.