Does my Business need an Accountant in Perth

Every business owner at some stage asks themselves if they need an accountant or when would be the right time to speak to or hire one.

As every business is different, there’s not one answer that is right for all businesses so today we are looking at when do businesses need an accountant.

What is your business trying to achieve?

We often ask our clients this question because if a business is just trying to solve a number of routine bookkeeping tasks, there’s a number of tools out there that would allow you to either do it yourself or have someone in the business do it. These tools could greatly benefit your business and allow you to automate a number of processes. That way you would only need to see an accountant once a year during tax time.

That said, the question business owners need to ask themselves is, would this be the best strategy for a business.

Here are a number of reasons businesses would work with an accountant:

Is your business trying to grow?

If you are trying to scale your business, efficiency is crucial. To become more efficient you must have systems and processes in place. This includes technology.

Typically, the more technology you have in your business, the better the business is. Having the right accounting technology in your business or working with an accountant who can implement the technology for you is a crucial step to ensure growth.

Succession planning

When building a business, thinking of the end result is just as important as starting the business. We often come across clients who thought their kids would take over the company one day and when they don’t, the business is in a situation where the owner is trying to get it ready for sale in a short period of time.

If a business is lacking systems, technology and processes, it is going to make the sales process a lot longer and even worse, a business will be worth less. A good accountant will build the right technology stack around a business and will work with the business owner to make it better.

The time factor

One of the biggest challenges businesses face is time shortage. Naturally, in the early days of a business, cutting costs is crucial and trying to save money is a priority. The issue with that is, in some cases the money saved on a service in lost in time. So the question business owners always need to ask themselves is what is and what isn’t worth their time. In other words, what can a business outsource that will save them money in the long run?

Furthermore, when it comes to accounting, if a business owner is taken away from the actual business while trying to work an accounting system, that is a good indication it may be worth outsourcing that particular task and using an account for your business.

What is your competition doing?

Over the past five years, there’s been a large number of products and services introduced that allow businesses to be more efficient, organised and productive. If your business is not using the right systems you may very well be falling behind the competition.

At Eventum Consulting we always recommend that if a business is working well without an accountant, there’s no need to change anything, but if a business is looking to scale, become more efficient and have the most modern technology and systems in place it is probably worth consulting with an accountant to achieve those results.

For any further information regarding accounting for businesses feel free to contact us at Eventum Consulting and we would be glad to help.