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Your Accountant - The Most Important Step in Starting Your Business

Yes, I decided to start another.  This time it is regarding starting your own business.  You see when I left E*Trade after it acquired Harrisdirect, I decided to go off on my own rather than look for another corporate job.  It wasn't that I hated corporate America, I just was tired of driving into Jersey City every morning and I wanted to get paid for my experience in marketing instead of being paid for being someone's good soldier.  So off I went into the business world, but didn't know where to begin.  Sure I could have visited some other sites and read up some more, but I spent time with my most important asset, my accountant.

Yes my accountant.  You know why he is important?  Here's why:

  1. He can file your incorporation papers; sure you can too, but they know whether you should be a LLC, 2+ person LLC, or what type of Corporation.
  2. Your accountant will, umm, file your taxes and he'll know what he wants tracked and how to log things into Quickbooks or whatever software you'll use.
  3. Do you know what is deductible?  I don't, but your accountant knows.  Do you record lunches? How about your cell phone?  How do you account for your travel?  Do you write off part of your home if you are a home based business?
  4.  What happens if you own office space and decided to rent it?  You'll need advice and guess what your accountant can help with that.
  5. Do you set up a 401K or a SEPIRA?
  6. What happens if you have a tough time collecting your invoices?  Your accountant can help.
  7. Finally, if you have an experienced accountant, don't you think they've been involved with other small businesses?

For me, the most important first step in starting or running a small business is hiring a good accountant.  Good luck,

Eric

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Comments

accountants are a neccessary evil in business, its a shame that most ppl think they can DIY it themselfs. the money u pay for a pro is worth the worry of the tax man chasing u down.

True, an accountant is a very important asset for your business, since they are the ones who will take care of those your finances without fail. With their expertise, you can be sure that you won't be the one who'll run around your office to find and file the right document.

That's why I only picked the best accountant in town - and a trustworthy one too. I would never leave the accounting job in my business to anyone else. Anything concerning finance is her job, and she knows her responsibility. Luckily, my accountant for many, many years is still very loyal to me.

Every business needs an accountant to keep the payroll and the expenses tracking as accurate as possible. Having accurate numbers will give the business a good idea about the status of growth of the company, if the sales are bigger than the expenses or otherwise. Employing a person who can keep a close eye on the financial aspect of the company can definitely help in optimizing the processes of the company as a whole.

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