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Micky Gramlin
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Micky Gramlin   My Press Releases

When Do Use An Accountant For Your Estate or Business

Published on 10/23/2018
For additional information  Click Here

 Image result for accountant

 

I will state my usual here, that I am no financial guru, nor am I liscensed in any of these fields. This is a series that I am putting together for my sons and six granddaughters and sharing the information

 

Accountants can help out at various stages during the growth that you may experience. They can handle much more than just your payroll and tax returns.

I will refer often to small business, but if you have an estate and intend for it to be an active one, then it is a small business because you want to increase your assets. Not all will apply to estate planning, but you will also find that most these will apply.

 

So when should you consider hiring an accountant?

 

We discuss a total of 12 key issues on when you may need an accountant, but in this post we only discuss three.

Challenges When Growing

There are good reasons for hiring an accountant at different stages of your company's or estate growth. From a business plan to company formation, loan application to tax audit, an accountant can make life easier for you at each step.

That doesn't mean you always need to employ an accountant full-time or hire one on a retainer basis. Sometimes just a couple of hours of their time will be enough.

Like all small business owners who are looking to save money, you may think you can’t afford an accountant. But look at how long it would take you to do certain tasks (such as taxes), and ask yourself, is that a good use of your time?

If you get an accountant to take care of time-consuming tasks like taxes, it’s quite likely they will cost less per hour than you would pay yourself. You’ll not only have extra time to free you up to generate revenue, but you’ll have peace of mind that an expert is taking care of the details.

So what other moments during the life of a typical small business, might you want to hire an accountant to help you?

You’ll Need Advice When You Write A Business/Estate Plan

If you involve an accountant while you're writing your business plan, they will be able to use accounting software to add financial projections and other reports to it. This will help you create a business plan that's realistic, professional and more likely to succeed.

Hiring a professional at this early stage will mean you get the benefit of their financial knowledge and advice right from the start. That could save you time and money compared with hiring one later.

You’ll need an Accountant to help with the Finances

Small business accounting can quickly become complex if you do it on your own. If you feel you're losing control of who owes you money and how much, an accountant can help you get back on track.

You may also want to measure key business metrics, such as the ratio of salaries and other employee payments to total revenue. An accountant can help here by managing your payroll and producing graphs so you can see how the ratio changes over time.

If your accountant uses cloud-based accounting software, they'll be able to share your business accounts with you quickly and easily. And they can produce tables and charts that will help you understand your company's current financial situation at a glance.

This will help you monitor the pulse of your business and keep track of important things like cash flow. 

Get an accountant’s advice before you buy a business

Some people start their new business from scratch, others prefer to buy one that's already up and running. You should always consult an accountant before buying an existing business. They will be able to look into the company's accounts in detail and find out if anything looks wrong.

For example, they can check whether the company's assets (like equipment), are fully owned or leased or part-paid for, and whether the company has any outstanding debt.

It's a good idea to consult a lawyer too. Working together, your accountant and lawyer should discover all there is to know about the company you intend to buy and run. This will give you peace of mind that you're getting everything you're paying for.

We have covered three good reasons as to when you may need an accountant for your business needs. There are even more issues or reasons when you may need an accountant and we will cover all of those.

A Quick Recap

Accountants can help out at various stages during the growth of your business. They can handle much more than just your payroll and tax returns.

Because of challenges for growing businesses

There are good reasons for hiring an accountant at different stages of your company's growth. From a business plan to company formation, loan application to tax audit, an accountant can make life easier for you at each step.

So when should you consider hiring an accountant for your business? 

We covered three reasons why and when you may need to use an accountant:

 

  • Writing A Business Plan
  • To Help With Finances
  • Before You Buy an Existing Business 

 

Moving on to the next reason when you may consider hiring an accountant:

Get an accountant’s advice before you take on a franchise

Taking on a franchise is a popular method of starting up in business or an investment of one, especially in areas such as auto detailing, cosmetics supply, lawn-mowing, courier delivery operations and fast-food restaurants. With a franchise, you can still be your own boss, yet in return for a share of the revenue or business equity, the franchise company will support you with brand marketing, sales, product supply and other important matters.

This can take some of the risk out of starting a new business. But on the downside you will have less commercial freedom and increased overheads, because some of your income will go to the franchise parent company. Franchise contracts vary, so the amount you pay and keep will also vary.

It can be hard for someone new to running a business to tell whether it's worth taking on a particular franchise. That's where an accountant can help. They can look through the franchise contract to find out the fees and percentages charged, and then help you estimate your likely income after those costs have been deducted.

Only you can decide whether you then want to take on the franchise or not. But armed with detailed knowledge of the finances, you can make that decision with greater confidence

You’ll need advice about your company’s legal structure

Not all businesses have the same legal structure – there are different types that are determined by a number of factors. Some might be called limited companies, limited liability partnerships or corporations; others could be sole traders or proprietors. These vary from one country to another.

You should carefully consider each type before deciding which one best suits you. For example, you may do business as a sole trader or sole proprietor, working on a self-employed basis and invoicing under your own name. If this is the case, you might be able to offset some of your living expenses against tax.

 

Thank you for stopping by!

Micky Gramlin

 Source

EstatePlanning.com

Picture Source

Google

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