Starting a new business is no walk in the park. Unless that park is riddled with narrow pathways and thorny bushes.
One of the early lessons entrepreneurs learn is how time consuming the other stuff is. By that we’re talking paperwork, forecasting, managing, etc, etc! Just when you think you have a handle on your affairs, something new is bound to rear its ugly head.
One of the most tedious tasks of them all is accounting - forecasting, and paying salaries, suppliers and SARS. You might think you can do it yourself, but you’ll soon realize how complicated accounting for small businesses can be - especially when it’s just you!
But, how do you know whether your business is big enough to outsource to a financial services provider? Is it worth it in those early stages?
If these are questions you have, here are 5 reasons you’ll know you’re ready to hire an Accountant.
1 Your Business Is Growing...Fast
Maybe you can handle doing the accounts and admin at the start of your business venture. You know - when business is slow and it’s easy to keep on top of.
But, you’re no longer a small business. Seemingly overnight, you’ve acquired a number of new clients and a there are leads in the pipeline.
As new clients come in and you expand, you’ll find that accounting is a full time job best left to the professionals. Save yourself the hassle, concentrate on your growth and outsource this area of your business.
2 You’re Burning The Midnight Oil
Entrepreneurs are guilty of working harder and longer than most. This often lends itself to copious cups of coffee and late nights in the office. But, this lifestyle is not sustainable and you will quickly burn out.
If your business and the books are keeping you up until the early hours of the morning, you need to re-think your business strategy.
3 You’re Stressed and Snappy
Managing stress is a constant struggle for business owners.
There will be times when things don’t go according to plan. Clients leave, employees make mistakes and sudden surges in business happen.
Stress makes us retaliate in undesirable ways. If you start taking your frustrations out on employees, you’ll kill your corporate culture. This results in a breakdown in communication between yourself and employees.
Don’t let it get to that. Ask an Accountant to take some of that stress off your shoulders.
4 Your Numbers Are A Mess
Entrepreneurs have hundreds of things to do everyday. Some of those will be exciting and others...well, not so much.
You may find yourself gravitating towards filling your time with the parts of the business that peak your interest. And one of those might not be the books.
But, not prioritising your finances will result in things getting messy very quickly. Receipts aren’t easy to keep so you end up shoving them into your office desk drawer. If your desk mound is getting bigger and causes you to have heart palpitations every time you open it, you know it’s time to acquire the help of an Accountant.
5 The Thought of SARS Scares You
Okay, this one isn’t exclusive to entrepreneurs. Most of us have a love/hate relationship with SARS.
But, as an employee, you often don’t have to sweat it. Your taxes are deducted by your employer. And, if anything, SARS might grace your bank account once a year for keeping your affairs in order.
However, as an entrepreneur you are in charge of paying SARS on behalf of your employees and yourself. Knowing how much to pay and when to pay it, may stress you out.
If you are feeling the heat and have no time to sit down every month to work out those deductions, find an Accountant who can. Not only can a small business Accountant help you with your SARS filing, but they often can help you with the whole payroll section of your business.
Are you feeling the heat? Contact a specialised small business Accountant to find out how they can help lift your burden from your shoulders.