To make good business decisions and ensure a healthy cash flow your financial data must be current and accurate. The process of keeping your information correct and up to date is complex and time-consuming. A professional accountant can help. But accurate data is not all an accountant offers. Your accountant can assist your business with:
The Start-up Process:
Your accountant can help create a strong foundation for your business by:
- recommending the business structure that will best suit your business objectives, finances, and circumstances (sole proprietorship, corporation, partnership or other).
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helping develop a business plan.
- providing advice regarding accounting software.
- assisting in the opening of a business bank account.
- offering ideas regarding market opportunities.
- providing advice for keeping personal and business expenses separate.
- offering information regarding raising finances through loans, crowdfunding, investors or other types of financial opportunities.
Daily Business operations:
Once your business is up and running, your accountant can help by:
- providing reports that monitor your financial progress, so you can make adjustments where necessary.
- overseeing payroll.
- helping set up accounting software.
- providing advice regarding debt management.
- helping you deal with unpaid invoices.
- preparing and filing business taxes.
- assisting with writing loan applications.
- producing an accurate budget.
- helping you take advantage of business deductions.
- recommending strategies for inventory management.
- preparing for and guiding you through an audit.
Business growth:
When you’re ready to grow your business, an accountant is an invaluable resource. Your accountant can:
- provide insight on cash flow patterns, inventory management, pricing, and business financing.
- present information on property and equipment leasing and purchase.
- help you come up with strategies to manage cash flow.
- create financial forecasts to assist in decision making.
- help in creating a business budget that will support your goals.
- assist with goal setting and give you tools to measure your progress.
An accountant is an invaluable resource for your business. They will provide you with advice and information to help you establish, operate and grow your company. Enlist the help of a professional accountant to help maintain the fiscal health of your business.
Need help with start-up, daily operations or business growth? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help your business. Contact us for a complimentary consultation.
References:
- https://www.thebalancesmb.com/accountant-help-small-business-2951868
- https://www.businessnewsdaily.com/15-accountant-bookkeeper-differences.html
- https://www.businessinsider.com/personal-finance/how-accountant-can-help-small-business
- https://articles.bplans.com/how-to-choose-an-accountant-for-your-business/
- https://docs.google.com/document/d/1v6ETibDjw_r3ylrOFsAX-VbuMYDrkktUrC_sUZ2bw-A/edit#
