How an accountant can help a small business owner?
Running a small business can be very difficult when you have no idea to do accounting or bookkeeping. Every small or big enterprise always needs accounting to record everything related to the business. Somehow, you may hire an accountant or a bookkeeper to do this job or you prefer to do it alone. Anyway, it is all your decision, but you may need to know what actually an accountant can do for a small business.
The Start-up Process
An accountant must be part of your organization that you must have first. Well, as you run a new business, you really need an accountant to help you start the business. There are a few things that an accountant can do in the start-up process such as determining business structure like partnership, corporation, LLC, and sole proprietorship, conducting financial analysis for the business strategy and plan, giving assistance and advice to open a bank account for business, assisting you to track the enterprise expense, helping you in setting up Virtual Offices and much more.
Regular Business Operation
Sometimes, you find a difficult moment until it puts your business off the ground. So, you may need to call your accountant to help you repair the system. There are some basic jobs of an accountant to help you deal with regular business operation such as explaining the company financial report so you will understand it well, checking the payment processes and company payroll, giving the advice to deal with tax payment, creating financial reports or closing out the book annually, and doing or submitting taxes, and any important paperwork to the IRS.
Business Growth Stage
An accountant can also help business owners to grow the business by giving some assistance and helps or handle the process. What can an accountant do in this situation? Well, an accountant can assist you to determine the growth area by giving a point of view related to the finance flow, pricing, inventory management, and business financing. An accountant can also give some advice to the owner related to equipment purchase and leasing and make a preparation for an audit. In addition, an accountant may also help you make a business budget for the business support or create a financial forecast to help you make a decision in the business strategy.
In conclusion, those are a few things that an accountant do for a small business which is really influential in order to grow up a startup business. If you are a small business owner, then an accountant is the first employee that you have to hire because she or he can take care of financial strategy as the most important aspect in the business world. Basically, there are so many other jobs that an accountant must do in a company, and most of the jobs are related to finance. As a business owner, you may hire one or two accountants. But, if you can do it alone, accounting is not a big deal for a small enterprise.