At first, the idea of hiring an accountant to assist with the starting of your company might seem like an odd decision. I have to spend so much money already, you might think, so why would I want to spend more money to hire a person just to tell me how to spend my money?
However, the truth is far more complex than that. An accountant can do so much more for your business than simply “helping you spend money”. In particular, they can assist you with the seemingly endless number of forms and applications required to get your business off the ground. With their professional knowledge and a keen, detailed eye, your company will simply fly through the difficult registration process!
Here are just four of the many things an accountant can do for your start-up:
Your Business Plan
Hiring a professional accountant will grant you access to the knowledge of someone who has worked with many businesses before. They will be able to use this expertise to help you craft a business plan which outlines your company’s future.
Your business accountant will point out areas where funds should be allocated, recommending investments in software, domain registration, and effective marketing strategies. They will also help you save as much of your start-up fund as possible by eliminating unnecessary costs and making savvy investments.
Ultimately, a well-written business plan will help you attract the attention of everyone from interested investors to qualified employees. From this foundation, you will be able to experience rapid growth.
Choose Correct Corporate Structure
One of the most difficult questions facing a brand-new business is this: when I incorporate my business, which identity should I choose? Is it in your best interest to be cautious and assume sole proprietorship, “go big” and become a standard corporation, or split the difference as a limited liability corporation (LLC)?
An accountant will be able to answer these questions based on both professional knowledge and prior experience. They will assess the current size and available financial resources of your business, and make the correct company registration decision based on the information at hand. Their assistance in making this key decision will eliminate the risk of choosing incorrectly and suffering a costly and progress-inhibiting mistake.
Guide Registration Process
Starting a business is not always glamorous. For every successful sale and inspiration-filled brainstorming session, there are at least ten times as much paperwork. To make things worse, a single error in said paperwork can set the registration process for your business back significantly.
Once again, that’s where an accountant comes in! Instead of shouldering the entire burden of paperwork and filling out forms yourself, you can delegate these tasks to your accountant in order to ensure that they are filed correctly, efficiently and without a single mistake. An accountant can also teach you about all of the legal and financial steps necessary to start a business, from filing taxes to leasing office space to any number of elements which you may not have previously considered.
Establish a Lasting Foundation
Working with an accountant is a great way to get your business off the ground in record time – but it’s also a solid investment in the future of your company. Even if you choose to hire an accountant on a temporary basis (such as employing a contractor or freelancer, rather than hiring a permanent team member) they can set up a detailed but easy-to-use bookkeeping system which can be maintained by you and your team after their work has finished.
Business tools which an accountant can help you establish include: keeping track of both remote and in-house employee hours, creating a payroll system which requires a minimum of fuss and paperwork, and teaching you how to file taxes as a business and maintain separate company and personal bank accounts. While it is strongly recommended that you do employ an accountant as a permanent member of your company, starting from a professional foundation can allow you to train existing team members in bookkeeping or taxation-related tasks if you cannot initially afford the serves of a full-time CPA.
The work of an accountant is a vital but oft-overlooked part of the start-up process, and keeping your books and finances in order can help you traverse the path towards growth and financial success. Don’t wait any longer – find the perfect accountant for your start-up enterprise today!