When you should hire an accountant | Small Business Guides | Xero

A lot of people put off hiring an accountant because of the perception that they’re too expensive. But hiring an accountant can save you a lot of money in the long term, and provide serious peace of mind. Here are some key moments when hiring an accountant makes good business sense. ♪ When writing a business plan, look for an accountant that has experience in the same sector as your business. Someone who knows your industry inside and out can help you put together realistic financial projections. They can also give you specific advice to get you on the road to profitability much faster. Corporations, LLCs, limited companies, limited partnerships… they’re all different in terms of how they’re taxed, whether or not they protect your personal assets, and how complicated they are to set up and maintain. An accountant can help you figure out which structure will best suit your needs. Hiring employees? Make sure to talk to an accountant about the differences between contractors and employees, so you stay on the right side of employment laws. They can also help you set up your payroll system properly. In fact, the right accountant will be able to recommend software for all your business needs, and ideally these apps should all work well with each other. Hiring an accountant who can set everything up properly from the beginning will save you from the expensive hassle of having to clean up any messes later. An accountant can take a lot of the stress out of filing your taxes; they can also help you get through an audit. But an accountant can also help you keep your business in compliance with all the regulations that apply, such as guiding you through what to do when a partner joins or leaves the company, or what to do when you decide to sell stock. Speaking of which, there are accountants who specialise in helping businesses raise money, and they’ll be able to walk you through the pros and cons of the available options. Your accountant can also help you put together a winning loan application or investor pitch. You may discover other milestones when hiring an accountant makes sense. In the meantime, I hope this video has inspired you to think of them as trusted advisors that can help you grow your business, no matter where you are in that journey. Thanks for watching, and make sure to check out our other small business guides!

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3 thoughts on “When you should hire an accountant | Small Business Guides | Xero

  1. Thanks for the video, I am an accountant and looking for opportunity to work in " Xero Corporate Company " . Can you please advice me what to do.

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