The time it takes for a new business startup to get up and running is best described as a journey. The end of the trip may not be visible or even feasible at the start-ups beginning, and owners will surely experience difficulties along the way. Fortunately, developing a working relationship with a trusted accountant will supply guidance towards successfully reaching business owners’ goals.
There are countless heartaches experienced by a new business startup early on that can be avoided with the immediate guidance of an accountant. While you focus on a strategy and mission to fit your vision, accountants can handle logistics. Setting up a general ledger, offering tax structure advice, and anticipating legal concerns, are all activities accountants can handle, relieving you of the several stresses of starting a business.
The burdens of financial details are a huge source of stress to owners, making it difficult to enjoy the ride. Take a load off! Accountants can handle all types of compliance and regulatory issues such as preparing financial reports and tax returns for investors and agencies. They also serve as reminders for deadlines for payments and various tax filings.
Networking can really expand a business owner’s reach for opportunities. Accountants are adept in helping a start-up establish important relationships with others who have experience on this “trip”. If an owner desires to make connections with others specific to his or her industry, an accountant can surely put them in contact. Also, filing payroll reports, accounting for new employees, and classifying workers are all activities of which an accountant can facilitate.
Documenting everything is important especially in the beginning. Accountants can help document start-up activity to make projections and highlight potential mistakes. They can also revisit docs in the future with the use of intuitive accounting software and other programs that generate reports of measurable progress.
Although the well-traveled path has a history of working, a new business startup should strive to expand by going where others have not. An accountant or CPA can help expansion by providing advice on purchasing or leasing new equipment, ensuring the business is supported through IRS audits, and ultimately keeping the owners focused. We at Watkins & Company CPAs are excited to both accompany and make sure you enjoy this journey.
Ricky M. Hackler