When Should Accountants Be Hired?

When Should Accountants Be Hired?

Most people have narrowed down the services of an accountant(regnskapsfører kristiansand) to book keeping. This is definitely one of the major jobs that accountants do, but they also help with a variety of other things. From the very beginning of your business and through the various stages that it goes through, you will need an accountant. When you are forming the company, applying for a loan, going through a tax audit and more, having one of these valuable professionals on your side can be of great help. Here are just a few times when you should consider hiring a professional accountant:

Accountants and Your Business Plan

This is especially important if you have never been in business before. As you write out your plan, you will need to think through and write down realistic financial projections as well as other reports. With an accounting professional there to help, your projections will be professional, realistic and will have a better chance of being actualized. You will also become a beneficiary to their advice and financial knowledge that could set you on the path of success a lot faster.

Accountants and the Legal Structure of Your Company

There are several factors that determine the legal structure of your company. You may choose to have a sole proprietorship(starte enkeltmannsforetak), a limited liability partnership, or a limited company. By having an accounting professional’s advice, you will be able to know what the obligations are based on the business structure. It is necessary to ensure that the structure you choose is suitable to your needs. Understand the risks associated with each one and what legal action could be taken against you should the business go into debt, default on payments, get sued and lose, among other things.

Accountants and Your Finances

Accounting for small business(starte as) may start off simple, but with time it can become quite complex. Accountants will help you keep track of how much is coming in and going out, as well as how much is owed to you and how much you owe. With a good accounting professional in your team, you will be able to measure the various ratios that are important in a business, such as salary to total revenue and the like. Payroll can also become tricky when you consider statutory deductions. An accountant will be of great help in this area. Depending on the size of your business, wether you have been in business for years or are a starting your own business(starte egen bedrift) you can have an in-house accountant or outsource these services to a professional firm.