Do you have financial decisions that require an expert opinion? Are there burning questions about your taxes or investments that need answers?
In these cases, it’s best to seek help from a financial professional – especially when time is of the essence.
But what circumstances should prompt an immediate call to your accountant? What indicates that you can’t wait until after tax season to get advice and assistance from an experienced financial/accounting specialist?
For many of us, the thought of meeting with an accountant isn’t particularly exciting – But if you own a small business or are otherwise managing your finances for yourself and others, it can prove to be essential.
When to Have an Urgent Meeting with Your Accountant
As a business owner, it’s important to understand the role that your accountant plays in helping you manage your finances.
Here are some circumstances that should prompt an immediate meeting with your accountant.
- Filing Taxes- Getting close to tax season? Contact your accountant! They can help make sure that you’re taking advantage of all the deductions available to you as well as make sure you’re filing your taxes correctly.The more time they have to help you prepare, the more likely everything will go smoothly when filing taxes for yourself or your business.
- Starting or Purchasing a Business-If you’re considering starting a business or purchasing one that already exists, it’s essential to speak with an accountant first before making any decisions. They can provide invaluable advice on forming the right type of business entity (i.e. SCorp, LLC), filing taxes correctly, setting up payroll systems and more—all of which are essential steps in launching your business successfully without any potential legal entanglements later down the road.
- Considering a Large Purchase- Looking to make a large purchase for the business, such as new equipment or property, consult with your accountant beforehand. They can help you determine if the purchase is a good investment, how it will impact your bottom line and when you should actually purchase it.
- Making Complex Financial Decisions- Anytime you’re faced with a complex financial decision, such as whether or not to invest in a new piece of equipment or how to restructure your debt, it’s always best to seek professional advice from an accountant to help you weigh the pros and cons of each option to help make the best decision for your business.
- Considering Moving Large Sums of Money or Selling Large Assets- If you’re thinking about moving large sums of money around or selling off any large assets, speak with your accountant first! These types of transactions can have significant tax implications and your accountant will be able to advise you on the best course of action.
As you can see, there are many different circumstances when it’s important to schedule an appointment with your financial professional.
While it may seem like an unnecessary expense at times, our expertise can save you money in the long run and help ensure that your business remains compliant with all applicable tax laws.
Questions? Concerns? Don’t hesitate to give us a call. Our team is here to answer all of your questions.