5 Ways An Accountant Will Light Up Your Small Businesses
1. Gathering the Tinder
The beginning stages of most small businesses are always some of the most fragile. Having an accountant can help advise you on key decisions that will serve as the cornerstone of your company. One of those decisions include which business type your company should file as. Different examples include sole proprietorship, partnership, Limited Liability Company (LLC), or a corporation.
2. The Spark
With limited time and resources small companies only have a couple of chances to get their business up and running. One of the most important aspects of running a small business is dealing with the financials. An accountant will provide financial analysis for your business plan, assist you with opening company bank accounts, and educate you on how to keep your personal and business expenses separate.
3. Beginning of the Fire
Day-to-day business operations can quickly turn into chaos if not managed properly. Your accountant will help with government regulations, payroll, estimate your tax payments, knowing when and to whom to send your tax forms to, closing your books, and creating your financial statements. Also, keep in mind there is such a thing as growing too fast.
4. Maintaining the fire
As your business grows you will have less time to focus on the rules and regulations. An accountant will help keep your business from go up in flames. Your accountant will help prevent you from getting audited. However, if you do get audited this alone can make hiring an accountant worth your time. Filing taxes wrong, even accidentally, can cause your company thousands of pounds in fines or even jail time.
5. Adding more fuel
When small businesses grow they require more and more resources to operate. An accountant will help create financial projections, provide advice on property and equipment rentals and purchases, and create monthly budgets to help reach all of your company goals and don’t burn through all of your money.