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WAYS IN WHICH AN ACCOUNTANT CAN HELP A SMALL BUSINESS

2017-08-05 17:38:11 | Legal Services

If one is however either bootstrapping, or is however starting a small business which is thus on a limited budget, one would however have probably spent some time trying in order to figure out where one can however cut business costs and also do more on his own however in order to stretch the funds which one has available.

One area which one may however consider for thus doing it himself instead of thus hiring it out is accounting. If one however has an accounting background and also thus a solid understanding of business finances, then this thus however may be a good place in order to cut the costs.

However, if one lacks experience in however managing the books of a business and also thus expect to learn as one goes , one should however think twice. Managing the own accounting system incorrectly can however hurt the business which is thus not only now, but thus also in the long-term.

The purpose of this article thus is to make the reader aware of the ways in which an accountant can help while an entrepreneur starts a new business.

Most of the accountants would however love in order to take on the role of the trusted business adviser. However, the problem is, that many of the small business owners thus generally do not take full advantage of this professional associate, perhaps this is thus because of the disinterest which is however in the entire “financial analysis conversation” or either time constraints.

Here is thus a rundown of the things which an accountant can however do for a small business owner. Reading this list carefully will however make a person realise the reason as to why an accountant may be a good source to add to the small business team if one is unsure.
During the Start-Up Process
When one however starts a business, there are thus a number of actions which one thus needs to take and the systems which one however needs in order to set up in order to create the foundation which is thus of a successful business. Here are thus some of the ways in which an accountant can help:
1. In order to determine the best business structure (i.e, sole proprietorship, LLC, corporation, partnership) for the situation
2. Also however assist with the financial analysis in the business plan
3. To Provide advice thus on the type of accounting software which one may need
4.To Provide advice and also assistance on thus opening a business bank account
5. To Make sure that the accounting procedures however comply with the government regulations and requirements
6. To also Provide advice on how to track the expenses during the daily business activities
7. Also , Explain the importance of thus keeping personal and also business expenses separate
During Your Regular Business Operations
Once the business is thus off the ground, one will thus need in order to maintain the accounting system that the accountant had however helped in order to set up. Here are thus some of the specific actions which the accountant may take in order to assist one on an ongoing basis:
8. Help in order to ensure that the independent contractors are thus classified as such (and not the employees) by the IRS
9. Explain the financial statements so one can thus understand the ins and outs of business
10. Oversee the company payroll and also the payment processes
11. To Provide advice on the estimated tax payments which one should make during the year
12. To Determine when, and to whom, one should however send W2 and 1099 forms
13. To also Close out the books and then create financial reports at the end of the year
14. To also Compile and submit the taxes, financial reports and also all necessary paperwork to the IRS
During the Business Growth Stage
When one is however ready in order to grow the business, one’s accountant can however be an integral resource who thus provides advice and also helps one in order to manage the process. Here are thus some of the examples of what an accountant can thus do:
15. Help one in order to determine the areas for growth by thus providing an insight on the cash flow patterns, inventory management, pricing and also business financing
16. To also Provide advice on the property and equipment leasing and purchase
17. To also Help one in order to prevent getting audited by the IRS
18. To also Prepare one for and also guide one through an audit, if necessary
19. To Create the financial forecasts so one can however make better decisions in business
20. To Work with entrepreneurs in order to create a business budget that will thus support the business goals
21. Provide an advice and also the resources in order to assist with the sale of business

These are thus just some of the ways in which an accountants can however work with the small business owners. One can thus also opt to hire an accountant for thus all of the financial activity, or one can thus also choose a combined approach that thus limits his or her hands-on activity, reducing the expense.

Thus, The most important thing which one can do when it thus comes to the business finances is thus recognize when one needs in order to enlist the help of a professional, and thus then find an accountant who will however help maintain the fiscal health of business.




This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 company registration, Nidhi company registration, IEC registration.


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