Are you starting a small business?
Have you thought about hiring an accountant?
Probably not, since you are likely focusing your time and energy on the growth of your business – but accountants are trained to do a lot more than payroll and taxes.
A professional accountant can help you develop your small business from writing a business plan to the official formation of your company.
While you don’t need to hire a full-time accountant to help you out, a couple of hours can make the difference in getting your small business off the ground.
Creating the Business Plan
An accountant will be able to help you write a business plan based on realistic information. You don’t want to risk a failed business plan based on optimistic assumptions and not current market conditions.
While optimism and risk tolerance can be beneficial to starting a business, an accountant can help you to balance the plan.
Experienced and expert accountants can use their knowledge to ensure your business plan is financially cohesive and realistic.
Forecasting Your Costs
When you create a business plan, you will be expected to forecast the various costs involved in starting and building your business. For first time business owners, this can be both daunting and confusing.
Accountants, however, can help you understand these costs by walking you through the numbers to create an accurate forecast for your business.
Determining Your Business Structure
When you start a small business, you can choose to incorporate it or run it as a sole proprietor. Both business structures have their own pros and cons, and are better suited to specific situations.
If you’re not sure about which way to go with your small business, an accountant can help you make the right choice by laying out the legal and tax advantages of incorporating your business – as well as the risks and pitfalls.
It’s a very important decision no small business owner would make lightly.
Registering Your Business
Do you know which programs you need to register with when starting a small business?
An accountant can help you out by making sure that your business is registered properly. For example, you may be required to register for GST/HST, payroll and your province’s WorkSafe entity.
Some business structures are not required to register for as many programs as others. Talk to an accountant about which programs are necessary for your small business.
Hiring an Accountant After Starting a Business
If you missed out on hiring an accountant to help you set up your small business, it’s not too late to benefit from their help!
In addition to the ways an accountant can help you get your small business off the ground, they can also help with many other aspects of your small business including:
- Government Audits
So, even if your business is up and running, an accountant is a valuable asset when it comes to guiding and growing your business – as well as giving you back your time.
Ready to Get Started?
Our professional accountants at Liu & Associates are ready to help you get your small business started!
Contact us today to find out how we can help you write your business plan as well as guide you on the path to growing your small business into a huge success.
You can learn more about our business accounting services here.