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5 Signs You Should Reconsider Your Company’s Accounting Practices

Accounting isn’t an aspect of your business that you can set and forget. It requires diligent, attentive, ongoing oversight and assessment. Working with a great external accountant is highly rewarding in many circumstances, but if you see any of these signs, it may be especially urgent.

Low Profitability

It’s not uncommon for businesses to fall short of their profitability goals even when sales seem healthy. Despite getting the revenue that you’re aiming for, you may not be seeing an adequate increase in profit. Bringing in an objective business accountant could give you critical insights into your overhead costs, employee productivity, gross and net profit margins, and more. With the right help, you can take home more at the end of the day.

Poor Management of Financial Records

If the management of your financial records is not adequately thorough, consistent, or organized, you won’t maximize the vitality of your business. This is essential for solving tricky fiscal issues or overcoming inevitable accounting challenges. From routine cash flow forecasts to monthly profit and loss statements, accounting paperwork isn’t always easy to stay on top of, and that’s OK. It’s exactly what a skilled external CPA is for.

Your Business Is Growing

Every business owner wants to achieve growth, but what happens when you get there? Expansion means changes in company structure, a larger team of employees, and other factors that add up to an increased and diversified array of accounting paperwork. A significant change in the size of your company is fantastic news, but it’s also the perfect time to bring in a business accountant to help you facilitate this growth as smoothly as possible.

Tax Burden Is Unexpectedly High

If you haven’t sought the right external assistance, tax bills could be draining more of your revenue than they should. You may not be up to speed on new tax rules and regulations affecting your business, there may be credits and deductions that you’re not taking advantage of, or you could even be getting hit with fines and penalties. Whatever the cause, if your tax burden feels to high, an entrepreneurial accountant can help relieve the strain.

Lack of Time or Manpower

Sometimes the business accounting challenges you face are as much a matter of losing time as they are a matter of losing money. Strengthening your company finances can be highly intensive work, and it’s best not to spread yourself or your internal staff too thin. If you really want to employ smart, airtight strategies that will add value to your business, the undivided attention of a dedicated chartered accountant will take the pressure off and get you real results.

What aspects of your company’s financial health need improvement? Whatever they may be, our entrepreneurial accounting team is eager to help you secure the stability and growth that you need. Send us a message to arrange a consultation with our accountants, free of charge!

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