Have A Startup? Get An Accountant!

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Michael Lodge

So you have a great idea for a business and you are putting your financing to startup in place, you have put together a business model to follow as you get going.  However, you forgot one thing.  A good accountant to guide you through the process.  Remember, an accountant can help you manage the accounting and tax side while you focus on what you do best – build a business.  But you can’t do it without an accountant.

Within your startup plan make sure you sit down with an accountant and agree that he will help you keep track of your revenue, expenses and cash flow.  As well as other issues that all startup businesses have to deal with.

So, let’s talk about what Startup accountants will do for you:

  1. Business entity formation – filing the correct method you are going to run your business.
  2. Business licenses
  3. Accounting software implementation
  4. Policies and procedures
  5. HR issues
  6. Income and Expense
  7. Budgeting and financial planning

Once the company is up and running the accountant and his team can help you in:

  1. Monthly accounting – bookkeeping – financial statements – cash flow analysis
  2. Contract administration
  3. Payroll, as well as W-2’s and 1099’s
  4. A/R – and collections
  5. A/P – managing and timing your payable’s to vendors
  6. Tax preparation of your business return
  7. Fixed assets and the tracking of your equipment
  8. Product/Service pricing analyses
  9. Budgets and forecasting

At the beginning you may not have the ability to hire a full-time bookkeeping department, but you can outsource on a fixed fee with an accountant to do the work that needs to be done.  In fact it is a vital part of your startup decision-making process.  Get organized at the beginning and not do it later on, you will find it will be costly to get you up to speed later on in the game.

At the beginning of a startup it is important for you to have the right financial data on your new company, to see the outcome of your work in numbers that are correct for you to make decisions on.

Icon Tax Group – Accounting Services Team – 877.778.1770