xero accountants

Hiring an accountant has become somewhat of a grudge purchase, but trust us when we say that an awesome accountant on your team can be worth their weight in gold.


As a small-business owner, up until this point, you may have managed your money successfully. Up to a point it is even OK for you to manage your affairs in Excel with little to no financial knowledge or experience.

However, as your business — and revenue — grow, managing your financials may become a task you don’t have the time or knowledge to manage. Specifically, when it comes to avoiding legal and compliance issues, accountants can be worth their weight in gold.

If you’re not sure if you need to hire an accountant, look for these eight signs:

You Aren’t Familiar With Accounting

If financial statements confuse you, you have a hard time creating reports, or you are lost when it comes to accounting terms, you likely need to hire an accountant — at least initially — to coach you in all things financial. An accountant can talk to you in straight terms, weed through terminology, and teach you how to manage your own finances. In addition, you don’t want to miss key information or make mistakes early that could cost you down the road. An accountant can start you and your business off on the right track.

You Don’t Know Enough About Taxes

The South African tax law can be complicated at times. Regardless, if you fail to pay the right taxes for your business type and industry, you will likely be hit with penalties and fines. An accountant can advise you early on so that you can comply with all tax regulations. More importantly, an accountant can inform you of tax credits and deductions you can make use of, and predict the taxes you’ll owe so that you don’t come up short when SARS comes knocking. Finally, an accountant will make tax season less daunting because he or she can file your taxes for you.

Bookkeeping Takes You Away From More Important Tasks

Perhaps you have some working knowledge of accounting, but managing your books is preventing you from accomplishing tasks that could directly grow your business (for example, acquiring new clients or moving into new markets) or managing your business effectively (such as dealing with performance issues or troubleshooting service problems). Hire an accountant so you can focus on winning more business, innovating, building your team, and other development activities.

You Have Experienced Rapid Growth

Making more money is a great thing. However, as you expand, you will also serve more customers, hire more employees, take on additional suppliers, and more. All these things require more paperwork and number crunching, and it could rapidly become impossible for you to manage.

Revenue Is Increasing but Profit Isn’t

If you are selling more than ever, but you aren’t seeing a higher profit, an accountant can take an objective look at your overhead costs and point out areas where you can cut costs or make other adjustments to increase your profit margins.

Your Investors Expect Professional Financial Reports

Accountants can create detailed, accurate reports that keep your investors happy and allow you to focus on tasks like growing the business. Additionally, if you are looking for a loan or funding from an investor or bank, you will need to present a polished business plan. An accountant can help you flesh out the financial portion of your plan, ensuring that you’ve thought of everything.

You’re Planning to Buy or Sell Property — or Sell Your Business

If you want to grow through an acquisition, sell off parts of the business, or sell the entire business, an accountant can walk you through the process and determine how to structure the transaction so that you aren’t hit with overwhelming taxes.

You’re Facing an Audit

An accountant will guide you through this messy process by preparing you to manage the audit or by working with SARS on your behalf. An accountant can save you precious time and money, and offer guidance during a particularly stressful time.

Pandemic Preparedness Tips for Your Business
The COVID-19 pandemic has caught most of us off guard. Who would’ve thought that the world would spend the year battling a virus? This unprecedented global crisis is a reminder that these business threats are very real and acts as a wake-up call for business leaders. Even if the scenario may seem far-fetched, it pays […]
A Guide to Business Recovery in the pandemic world
As you well know, the COVID-19 pandemic is not just a public health issue, it’s also caused lockdowns and resulting financial worries on a global scale. Business recovery and building continuity should be the top priority for all small business owners alike. Small businesses are not strangers to the impacts of the pandemic. In a […]
How Small Businesses are Boosting Sales During COVID-19
We started 2020 with optimism and hope that this year’s going to be better than the last– but then, COVID-19 happened and brought sudden massive changes worldwide. It has disrupted the way we interact, shop, work, and transact. Businesses of all sizes have been plunged into darkness, with some even having to shut completely Meanwhile, […]

Become a Thriver. It will only take a minute.

No responses yet

Leave a Reply

Your email address will not be published. Required fields are marked *