If you are bootstrapping or starting a small business on a limited budget, you have probably spent some time trying to figure out where you can cut business costs and do more on your own in order to stretch the funds you have available.
One area you may consider doing it yourself instead of hiring it out is accounting. If you have an accounting background and a solid understanding of business finances, then this may be a good place to cut costs. However, if you lack experience in managing the books of a business and expect to learn as you go, you should think twice. Managing your own accounting system incorrectly can hurt your business not only now, but also in the long-term.
Here is a rundown of the things an accountant can do for a small business owner. Review the list carefully, especially if you’re still unsure why an accountant may be a good resource to add to your small business team.
When you start a business, there are a number of actions you need to take and systems you need to set up in order to create the foundation for a successful business. Here are some ways an accountant can help:
Once your business is off the ground, you will need to maintain the accounting system that your accountant helped you set up. Here are some specific actions your accountant may take to assist you on an ongoing basis:
When you are ready to grow your business, your accountant can be an integral resource who provides advice and helps you manage the process. Here are some examples of what an accountant can do:
The most important thing you can do when it comes to your business finances is recognize when you need to enlist the help of a professional, and then find an accountant who will help maintain the fiscal health of your business