It is never too early to hire an accountant for the job. Whether you’re in Oakville or any other part of the world, balancing the business on one hand while juggling the paper works in the other is inefficient, to say the least. The extra pressure will come back to bite you in the rear once the business takes off.
There are different stages in a business all requiring different degrees of skill to be managed efficiently. The evolution of a business can be divided into roughly four stages, the launch, growth, shake-out and finally maturity. This article focuses upon how an accountant can help you out through these four stages.
This is where the first batch of products or services provided by your company is launched. The revenue is low, compared to the high startup costs. The focus is on marketing and this period is quite hectic.
Not only do you have to oversee the sales and marketing but also keep an eye on the cash flow since it crucial in the early days of the business.
Having an accountant in this time of need will be quite the help. You will it help you concentrate on more important matters. The comprehensive financial report provided by the accountant will surely benefit you in the days to come.
In this stage the sales pick up and the whole system will experience a sudden pressure. More sales means more statements which indicates even more paperwork. Ledgers have to maintained along with income statements.
By this stage it is advised you get a full-time accountant to help out with these tasks. Managing all those sales reports while running your business at the same time would be quite the difficult task.
The sales usually slow down a bit, by a rather negligible degree. It may be due to the introduction of new competitors or some other factor. At this point of your venture, an accountant is a must have individual in your industry. The reports you will be gathering from these growing stages will be considered while calculating the income tax.
You may also be required to undergo an audit in the future, a situation where paper works and sales statements, third-party contracts and customer feedback are taken in high regard.
As the name suggests, this is the sage of your business when it has finally gained a solid footing in the market and is generating revenue on a consistent level.
Some of the accountant services include that is a must have at this stage are annual audits, financial management, sales management, and income tax statements.