The Need of New Business for an Accountant?
The main focus of consulting with an Accountant when getting a new business underway is to help establish, right from the beginning, the company’s tax structure and liability. Ongoing bookkeeping and payroll — along with basic financial recording of revenue and expenses — can be maintained by the business owner. However, an experienced financial expert will get you off to a safe start by informing you about tax laws and helping you set up a financial structure to make sure that your taxes are paid as you go.
The majority of new business owners will need the services of an Accountant or CPA. Many of them are reluctant to spend the money required for professional assistance and consultation. In some instances, however, professional help is nearly mandatory.
Some business establishments are facing closure including civil and criminal charges for neglecting or failure to file their tax on time including the financial reporting requirements by various government agencies. We cannot shield the ignorance of the law on those situations.
New businesses often require some time to become profitable. An experienced Accountant will help you calculate financial time-lines, with potential revenue and expenses, so that you can more accurately project your new company’s need for up-front financial reserves.
You will also need an accountant if you have questions about what kinds of business expenses are deductible. A good accountant will always be on top of the changing laws and regulations and, more importantly, will know what applies to you.
Here are some of the ways in which an Accountant can assist your business:
- Prepare tax returns and assist with tax planning to ensure that you pay the correct types of taxes in the correct amounts.
- Prepare periodic financial statements and annual audit reports.
- Assist you in analyzing your financial statements, looking for problems or opportunities for improvement.
- Determine working capital and cash flow requirements.
- Help you develop a budget and setup system for your monthly review of budget vs actual results.
- Establish tax calendar for you and set up system to help you comply with the myriad filing requirements.
- Help set up your accounting systems, including computer based systems.
- Assist with determining loan or capital requirements.
- Advise you on deductions and how to separate your personal and business expenses.
- Advise and guide you through an audit if you ever have one
- Advise you on specific transactions, such as is whether its better to lease or buy.
- Act as your advisor and sounding board in financial and administrative matters.
- Perform operational reviews and help you find ways to run more efficiently.
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