Are you unsure whether your company is ready to take on an accountant? The truth is, a company should have an accountant on retainer before they even launch. An accountant is able to help you through the process of setting up a business and even launching a successful business. Unfortunately, most companies ignore the concept of hiring an accountant from the beginning because of cost. However, if you are worried about costs, this is the perfect time to bring an accountant on board.
By bringing an accountant on board, you can determine where you can cut costs associated with operations and equipment. If you do not have enough experience in managing the books for an up and coming business, you could do serious financial harm before you even open the doors.
How an Accountant Can Help During Start-Up
When a business is just starting, there are a lot of things that need to be done. You need to make multiple purchases, and purchase a number of systems in order to build your basic foundation for success.
There are a lot of different things that an accountant can help with as a business is developing, and they can build upon the structure they have helped design as the business operates. Here are just a few ways you can benefit from a Hervey Bay accountant.
Building Your Business
An accountant can help you to determine the best structure for your business. Will you be a sole proprietor? Maybe an LLC? Perhaps a corporation? Your accountant can advise you on which structure is appropriate for your type of business.
Your accountant can assist with analysing your business financial in relation to your business plan. They can recommend the appropriate type of software for use in tracking your business finances. Ideally, this software should be compatible with what your accountant currently uses.
They are also great for helping you determine what type of bank account would work best for your business and provide you with the best interest rate. They can teach you how to track expenses, track your overhead, and track your financial gain. They can also help you understand why it is so important to keep your business finances and your personal finances completely separate.
After your business is up and running, you will need to maintain the accounting method that was recommended by your accountant. Even though you are keeping track of your own money in and money out, you should still refer back to your accountant, which is a great reason to have him on retainer.
Your accountant can help you to ensure that independent contractors are hired in a way that the government classifies them as such. They can help explain your financial statements, allowing you to develop a clearer picture of the amount of money you are making, versus the money you are putting out and the money that is located in overhead.
Having help in the payroll department never hurts when you are just starting out. Knowing what taxes to take out, and other government criteria are extremely helpful and can keep you out of trouble with governing bodies. They can also help you determine how much money you should put back for taxes by estimating the amount that you will owe.
At the end of the year, it is nice to have someone help you close out the financial books for the year, compile all of the data in an easy to navigate format, and help you file your taxes. When you are ready for the best accountant Hervey Bay has to offer, ensure you look at CLM.