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“Should I hire an accountant?”
It’s a question many entrepreneurs ask themselves. Since owning and operating a business requires many expenses, it’s understandable that business owners are rather cautious when it comes to making decisions that will have a big financial impact. But this is exactly why you should hire an accountant. An experienced accountant can ensure your money is being spent wisely and offer expert insight on your business’ financial status as your company flourishes. So, when should you consider hiring an accountant for your small business? Reputable and highly experienced accountant Randall Dang offers the following instances:
Writing a Business Plan
A business plan explains and illustrates the vision you have for your business. In order to achieve that vision, you need a business plan that is realistic and likely to succeed. An accountant can assist with the financial analysis in your plan. This includes data for financing your business now, what will be needed for future growth, and an estimation of your operating expenses.
Determining Your Company’s Legal Structure
Businesses have different legal structures, which are determined by a number of factors. An accountant can explain the different legal business structures available and help you choose the one that best fits you.
If you start to feel like you’re having trouble keeping track of finances or you realize your budget is falling short, an accountant can take a look at your finances and help you get back on track. Randall Dang explains that an accountant can also measure key business metrics, such as salary ratio and employee payments to total revenue so you can see how these numbers change over time.
You Have to Deal with the Government
No one likes to deal with the government, especially when you have a business to operate. This is when an accountant can especially be helpful. They can help by interacting with the government and dealing with things such as complete and file the required legal business documents, prepare annual statements of accounts, handle payroll and ensure all employees’ tax codes and payments are recorded correctly, and more.
Applying for a Business Loan or Overdraft
Should you need to take out a business loan or overdraft, an accountant can help you improve your chances of getting one. Having an accountant can demonstrate to banks and lenders that you are serious about your business.
Can you believe that we’re in the middle of September already? This means that the holiday shopping season is just around the corner. In the United States and Canada, many businesses will need a strong shopping season in order to call it a successful year. Unfortunately, there are some things that businesses can’t […]
When Randall Dang is not in the accounting office, he is enjoying pop culture like the rest of us. Did you know that he is a big fan of Woody Allen standup? Each year around this time, Woody Allen provides the public with his latest creation. This year, the movie is called Café Society, […]
This Friday, Alex Rodriguez will play his final game for the New York Yankees. As a huge New York Yankees fan, Randall Dang, an accountant from Vancouver, will certainly miss him. Although Randall Dang lives on the other side of the cost, he does make it a point to attend as many games as he […]
Spend a few minutes with Randall Dang, and you’ll learn very quickly that he likes numbers. Randall Dang went to school for accounting, and he enjoys several professional distinctions. He is a chartered professional accountant, a certified general accountant, and a certified management accountant. Businesses hire Randall Dang as an accountant to perform duties […]
Among all the things that wind up on a small business startup to-do list, there is the necessary task of accounting that hides in plain sight! As complicated or tedious as accounting may seem, it is vital to the growing success of virtually any business and they must be handled efficiently and appropriately. With that […]
The key, as with hiring any professional, is to ask questions and if you are looking for a Chartered Professional Accountant, it should be no different – ask questions. Hiring someone to prepare and examine your businesses’ financial records is not something that should be taken lightly because you need to put all your trust […]