If you have recently started your very own small business, the time will come when you need to bring in the services of a trained accountant to ensure that you accounts are in order and that your finances are being managed properly.

It may seem as though handling your own accounts is a good way to save yourself some money, but the cost of making an error when submitting your accounts, making investment plans for the future, or when filing a tax return Scotland, far exceeds any savings that can be made.

Furthermore, you may well be missing out on growth opportunities as a result of your reluctance to consult with someone who has dedicated with whole career to maximising their clients return on investment.

If you are truly ambitious about the future of your business, an accountant will be needed at some point, but how exactly are you meant to judge when that moment comes?

Well, lets look at 4 of the clearest indications that the time has come.

You are starting a business for the very first time

Yep, even if you haven’t even started a business yet, it may be worth getting an accountant. Starting any new business is tough, but trying to navigate the complex world of business planning, tax obligations, and filing paperwork for the first time whilst also staying profitable is nigh on impossible.

There are big decisions to be made, including deciding if you want to set up a limited company or be a sole trader and an accountant’s advice can be invaluable in ensuring that you make the right choice.

You aren’t sure what your tax obligations are

Failing to submit a tax return, or submitting an inaccurate tax return is one of the quickest and most fatal mistakes that a new business can make.

With an accountant in your team, you won’t need to worry about this any longer as they will guide you through the entire process.

Don’t worry about not understanding the technicalities of the tax system, there are many highly successful business owners who don’t have a clue about such things. This is what an accountant is there for after all.

You are spending too much time on your accounts

You need all your focus to build a successful business and simply can’t afford to spend all your time worrying about paperwork and accounts.

Sure, it may cost you some funds to hire an accountant, but the time it will free up to invest in other areas of your business means it is almost always the correct financial decision at the end of the day.

You are unsure how to achieve your business goals

You know where you want your business to be, but your aren’t quite sure how to get there, or if your current strategy will help you do so.

Accountants have all the tools to make accurate cash flow projections that give you all these answers and more, making business planning easier than ever before.