Do You Need An Accountant?
Most businesses fail not for lack of good ideas or good
will, but rather for lack of financial expertise and planning. Look for an
accountant as you would an attorney.
Get referrals from trusted friends, business associations, or professional
organizations. Discuss fees in advance and draw up a written agreement
about how you will work together. Your accountant (along with your lawyer)
can advise about initial business decisions, such as the form of the
business. Your accountant will help set up your books, draw up and analyze
profit and loss statements, advise on financial decisions (e.g., buying a
computer), and give advice on cash requirements for your start-up phase.
He or she can make budget forecasts, help prepare financial information
for a loan application, and handle tax matters.
Accounting firms offer a variety of services. If this is
not an easy area for you, the fees you pay will be will worth it. Most
firms will maintain books of original entry, prepare bank reconciliation
statements and post the general ledger, prepare balance sheets and income
statements on a quarterly or semiannual basis, and design and implement
various accounting and record-keeping systems.
They will also get your federal and state withholding
numbers for you, give instructions on where and when to file tax returns,
prepare tax returns, and do general tax planning for the small business
person.
Your accountant is your key financial adviser. He or she
should alert you to potential danger areas and advise you on how to handle
growth spurts, how to best plan for slow times, and how to financially
nurture and protect your business future.
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