When you start setting up your company, the first things you will be thinking about are your business and growth plan, a proper market research, and the actual development of your products or services. These are the crucial steps that lead to success, and all of them are equally important at the very beginning. However, they tend to cast a shadow over something equally as important – keeping track of your incomes and expenses.
This is often where many startups and small companies face some difficulty – it’s easy to make a wrong decision if you don’t have all the facts or if you lack the experience, and all of this can have a significant impact on your bottom line.
If you hire an accountant early on, you can save yourself a lot of trouble later on. In fact, an accountant can help you make all the right decisions in time, and take a huge load off your mind, alongside keeping track of the cash flow, and alerting you about anything and everything that goes on with the company’s finances. Here is how an accountant can be of huge help to your startup.
Provide valuable advice
As a startup, you will be facing a limited budget to be used for development. The spending of this budget, and the way you choose to invest it, can be the difference between success and failure. An accountant who has year of experience under their belt will better understand the numbers, and can predict the outcomes of the investments you have already made, and advise you about future investments as well. They can point out an opportunity that has never even occurred to you. More importantly, they can help you stay clear of any dubious investments.
You need to keep in mind that accountants are more than just mere bookkeepers. They are financial experts as well, and can offer you a myriad of choices and advice. This will include providing advice about your pre-existing business plan, and your future growth model. You will never be able to foresee all the issues and practical challenges that may arise, but with the right accountant by your side, like the ones from Gilmour & Co, you will be able to avoid the major pitfalls, and work your way to the top.
Help you juggle
As the owner of a startup, you will be tempted to do everything yourself. You are the driving force behind the project, and most of the reins will be in your hands. This means that most of the business decisions will be left up to you. If you are your only employee, you had best learn how to juggle very fast.
However tempting it may seem to have only a single employee, you should hire the right people as soon as you can, and avoid tasking yourself with too much. The right accountant will have reign over all the financial matters, and you will not have to worry about that at all – meaning you will both be less stressed, and will have more time on your hands to focus on the product and the best way to market it. They will also be able to help with the payroll.
Not just there for the tax returns
While you may realize that you will definitely need an accountant to take care of your taxes, to save you time and the peril of errors, there is so much more they will be able to do for you. However, you will definitely need to leave the taxes over to them. One mistake on your tax return can cause you years of issues, which can easily be avoided, by trusting an experienced accountant with the task.
An accountant can also help with your payroll, once you have one, as well as with all the legalities that come with forming a company, which you may know nothing about at present. While some of the administrative hassle may seem straightforward, by allowing your accountant to take care of things for you, you will once again have saved yourself time and stress, which can be better spent elsewhere.
Ultimately, an accountant is your financial advisor and financial safety net all rolled into one. They can help you with making every important financial decision. Your product or service may be top notch, and if you have someone who will help you keep track of the revenues, you can invest all the more in future growth. Keeping an eye on the bottom line is never easy, but with the right person by your side, it can be a lot less costly.
Bear in mind that your finances are what will keep you going, or have you stuck in one place for months. You can’t just trust your gut instinct and go with the first decision you think prudent. You can’t just invest in the first opportunity that comes along. You need someone to hold your hand, so to say, and help you manage all the red tape and all the possible pitfalls.
Even though hiring an accountant at the very start of your business’ life may seem like a waste of resources, it will most likely turn out to be the best decision you have made. If your finances are kept in good order from day one, you will never need to hire someone to figure out where all the money is going. And by knowing exactly what kind of funds you are working with at all times, you will be able to make the right decision more easily, and an informed decision is always better than a shot in the dark. Invest in the right accounting services today, and you will be able to enjoy the benefits of well-kept books and sound financial advice even when the business has tripled in size.