Are you ready to start the business of your dreams? Before you schedule your launch party, consider if you should hire a startup accountant.
They can help you with various finance tasks, from daily accounting to annual taxes. That way, you get to focus on other areas of your business.
Read on for more.
- Choose the Right Business Structure
One of the benefits of hiring a startup accountant is that they can help you compare business structures. Some structures, such as sole proprietorships and general partnerships are easy to start.
However, they can cause problems if someone ever sues your business. While you should also talk to a lawyer, a good small business accountant will understand common structures, including LLCs and corporations.
They can help you compare your options and decide which structure is the best fit for you. That way, you’ll be able to run your business successfully from the beginning.
- Focus on Your Strengths
Hiring someone to handle your business finances will free up a lot of your time. You will be able to use that time to focus on things that you’re good at, such as working with clients.
Whether you hire an individual or a company, such as Propel CFO, outsourcing accounting is great. You can meet with your accountant once a month so that you know what your business finances look like.
However, you won’t have to worry about inputting every transaction that occurs in your business. If you make a lot of sales, you can save even more time.
- Prepare for Taxes
If for nothing else, you should hire an accountant to help you with taxes. You may be able to do your daily bookkeeping, but an accountant understands taxes and tax laws.
They can help you find and take as many business deductions as possible to lower your taxes. An accountant can also make sure you file your taxes on time to avoid late fees.
Some accountants will even offer to represent you if the IRS audits you. Of course, the right startup accountant will do what they can to file your taxes accurately so that an audit won’t be scary.
- Help With Getting a Loan
If you work with an accountant, they can regularly look at your business finances. That means they’ll have a good idea of when you may need a loan and how much you’ll need to borrow.
Your accountant can suggest loans you can apply for, such as from the Small Business Administration. Of course, you can do this research alone, but having a professional to help is useful for saving money and getting a good loan.
Then, you won’t have to borrow more than necessary and incur a ton of debt.
Will You Hire a Startup Accountant?
When starting a business, you have a lot to consider. One of the more boring questions to ask is if you should hire a startup accountant now or later.
If you want to give your business the best chance of success, hire an accountant now. That way, they can track your finances from the start to help your business grow.
Starting a business isn’t easy. Head to our entrepreneurship section for more tips and tricks.
