Have you ever wondered if it’s time to change your accountant? You are not alone. That happens a lot to small businesses when they start to grow. Sometimes you can start with a small accounting firm, and with time they will find it challenging to handle your books as your business becomes more complex. Here are five signs you have outgrown your accounting firm.
They No-Longer Add Value to Your Business
When you are just establishing your business, your needs will be straightforward. As you are still figuring things out, you probably need someone to prepare and lodge your tax return and do a little bit of bookkeeping. However, as your business starts growing and becoming more complex, you will need way more than that. It would help if you had an accountant like The Books Consulting, who can prepare your tax returns and help your business grow. Hiring an accountant who fully understands your business is the best move you can make. They will be in the perfect position to help you identify opportunities for improvement and cost savings.
You owe the Government a Lot of Money Each Year.
An accountant is supposed to ensure that all your taxes are taken care of so that you don’t end up owing the government money. If you are surprised by how much money you owe the government at the end of the year, it might be time to change your accountant to someone more competent. An accountant should ensure that you pay less and on time. These payments must guarantee that you won’t owe SARS thousands of rands each year in taxes. In addition, a qualified and competent accountant will help you determine your quarterly tax payments so you’re not hit with a huge tax bill every year.
You’re Worried That You’re Missing Big Deductions
Yes, we understand that hiring an accountant costs money. However, a competent accountant will be able to prepare your annual income tax returns and ensure that you don’t miss out on all the necessary deductions for your household or your business. Missing deductions might cost you a lot of money each year in taxes.
Your Current Accountant takes Days to Complete Your Taxes.
The process of filing taxes is not straightforward. However, it’s not necessarily a tough chore for someone who knows what they are doing. If you find that your accountant takes way longer than usual to file your taxes, perhaps it’s time to change to someone with better resources and skills.
They Don’t Understand Your Business Anymore.
As businesses grow, they become more complex. Therefore, you need an accountant by your side who can keep up with all your advancements and implement the right kind of technology to make your business run smoothly. If your current accountant is failing to keep up with the pace you are moving at, it might be time to switch to someone more capable.
Are you Ready for Quality and Timeous Bookkeeping and Financial Reporting
It can be frustrating to monitor your accountant and live in fear that something is not being done right. Therefore, when it comes to bookkeeping and accounting, you need a partner you can fully trust. So, skip searching accountant near me or an accountant in Gauteng. The Books Consulting is your dedicated partner for all your accounting, tax, auditing, advisory, and bookkeeping needs. Contact us today to find out how we can help your business grow!