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How to Know If I Need an Accountant

Today there are more tools available than ever before to help you stay on top of your finances and file your taxes. From smart phone apps that you can access with just one tap to sophisticated computer software that will sync with your bank accounts, there are numerous financial tools designed for the “do-it-yourself”. However, being your own accountant isn’t always as simple and stress-free as it may seem. It’s easy to become overwhelmed with never-ending bookkeeping, numbers and complicated tax rules. The decision to hire an accountant to do this job for you could not only save you time, but also could end up saving your money as well. But how do you know if you actually need an accountant? Here are a few examples of situations where an accountant may prove invaluable to you:

  1. Your Taxes are Complicated

Accountants such as Wilks CPA are incredibly skilled in dealing with complex and intricate financial matters such as tax strategies. Their expertise will ensure that your taxes are done properly so you get the maximum refund or pay only as much as you need to. This also helps minimize chances of being audited, which can provide peace of mind to anyone making over $200,000 annually. Accountants make it their business to keep current on ever-changing tax rules, regulations, and laws so they can provide timely advice to their clients.

  1. You’re Saving for Kids

A lot of parents start saving for things like their children’s college education when they are young, but often don’t realize that they’re not investing in the wisest manner. Accountants can be a great resource to point you to the best savings plan based on the amount of time that is left before your children go off to college.

  1. You Own Your Own Business

Owning your own business is complicated enough without having to be an expert bookkeeper, tax strategist and financial analyst on top of it all! An accountant will not only help you in each of these areas but they will also work hard to get you any write-offs you deserve as a self-employed business professional.

  1. You Spend Hours on Your Books

Performing the daily bookkeeping task scan be extremely time consuming if that is not your specific area of expertise. By hiring an accountant, you’ll be able to save yourself a considerable amount of time. They will take care of most of the work for you so you can focus on other aspects of your business or your life.

  1. You’re Trying to Save Money

Many people don’t want to hire outside help because their service is an added expense. But when you consider the fact that accountants can actually save you money, isn’t it worth it? Their experience, expertise and knowledge can help you save a considerable amount of money every year. This money isn’t only saved through taxes, but also through better investment strategies, tax strategies, cost reducing and money-saving ideas.

  1. You’re Opening a New Business

There are a lot of details that have to be addressed when opening a business, especially when it comes to filing the proper tax forms. Your accountant will make sure every paper is not only filled out right but also filed at the proper times. This can help you avoid fines and fees while confirming that you are paying the correct amount due for your taxes.

  1. You’re Wealthy

Did you know the chances of being audited grow as your income level grows? If you’re making over $200,000 annually, then you need an accountant to confirm that all of your expenses, deductions, etc. are being correctly calculated and reported. This can significantly reduce your chances of being audited. If by chance you are audited, it is good to have a professional right there to help you through the process.

  1. You’re Bringing in Investors

When bringing investors in to help you expand and grow your business, they’re going to need financial reports that show your track record and how your business is currently doing. Your accountant can help you with every aspect of this process so you’re prepared with a comprehensive business plan that is thorough, professional and polished.

Working with an Accountant

When you work with a top-notch accountant such as Wilks CPA, you will enjoy peace of mind knowing that your taxes and financial matters are in good hands. They will not only keep you on top of things financially, but will also partner with you as you take your business and your life to the next level. Call today and see how Wilks CPA can help you!

Call Andy Wilks CPA at (405) 670-3150!