Does a Hustling Entrepreneur Really Need Professional Accounting Services?
You learn. You hustle. You sacrifice. And you do it all over again and again.
As a small business owner in the beginning stages of your startup, so many responsibilities scream for your attention, time and money that it’s hard to know how best to allocate your resources. Perhaps one of the most challenging resources to properly control in the beginning is your money. Most small business owners will purpose to do more work in order to save more money.
Some of this time may be a reasonable trade-off when looking at a cost vs benefit analysis – painting your office instead of hiring it out, writing your own business plan, handling the marketing yourself.
Business Professionals on Paying for Accounting Services
But distinct challenges can come when you choose to do for yourself things that will cost you greatly in the future. Business experts agree that professional accounting services shouldn’t be one of the areas where you take the do-it-yourself route. But perhaps you don’t quite see the value that accounting services can bring for your small business startup when you don’t have extensive business bookkeeping to track.
Here are just a few of the ways that professional accounting services can help your startup gain stability even in the beginning years of uncertainty.
Determine Your Entity
Accounting services can help you in the selection and set up of your entity structure. It’s important to choose the entity that will best fit your business’s needs, both for current and future goals. An accounting firm will take your goals, industry and business model into consideration, finding you the entity structure that will provide the best legal protection and greatest tax benefits.
Analyze Your Business Plan
An accounting firm can provide an expert analysis of the financial structure of your business plan, pointing out areas where you may have unrealistic expectations or faulty numbers.
Train You in Accounting Procedures
An accountant can help you determine what accounting software would be the best fit for your business, while also providing advice for how to keep your affairs legal, organized and profitable.
Make Sure You are Compliant with Government Regulations
It’s important that your accounting procedures follow government regulations from the very start. Depending on the type of entity structure, you may need to keep specific records, have shareholder meetings and keep minutes for the meetings. A professional providing your accounting services can advise you on all the proper legal proceedings.
The way you pay your employees and/or subcontractors must also follow guidelines. Not to mention your quarterly estimated tax payments that should be filed in order to prevent penalties and fees.
Don’t Skimp on Professional Accounting Services
While the temptation is to rely on google and your own grit to determine the direction for all of these financial aspects, one small mistake can cost years of headache down the road. The wise entrepreneur will let professionals guide their financial affairs, leaving their time for growing and improving the business.
With proper accounting services, your business can be positioned to move forward strategically, ready for whatever growth and opportunities come your way.
If you’re ready to partner with a professional small business accountant that can guide and advise your business steps, call Perry & Associates today.