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27 Nov
2017
 

When setting up a company, you will have growth in mind, and focus on research, marketing, and the actual products you are developing. These are all crucial steps to success, and all of them are very important at the very beginning.

However, there is another vitally important aspect to running a business, and that is keeping track of the money itself.

This is often where difficulties arise – it’s easy to choose wrongly and slip up, which can cost you a lot in the long run, and significantly impact your bottom line.

If you hire the right accountant early on, you will be able to save yourself a lot of trouble later on. They can help you foresee potential pitfalls, and help you sleep more easily, knowing that someone else is taking care of the finances.

Here is what to bear in mind when hiring an accountant:

The importance of the right advice

When you are just starting out, you will be working with a limited budget. That means that even a small mistake can cost you a lot. If you work with an accountant who has years of experience behind them, they can provide advice that can save you from making a bad investment, and provide advice about future investments as well. However, make sure your accountant offers strategic business planning, as it is not a service every accountant is well versed in.

The importance of juggling

As CEO, you will at times want to do everything yourself. While you are the mastermind behind the project, you will need to let go of some aspects of the business. You can’t juggle every ball, no matter how hard you try.

If you give some of the load to someone else, i.e. an accountant, you will be making yourself more productive, as you will always know you are not alone in the game, and that someone with more experience is there to mind the cash flow.

The importance of experience

While you may only be thinking about taxes when you hire an accountant, they can do so much more. Undoubtedly, filling out the right tax form properly is of crucial importance, your accountant can also help you with payroll, with contracts, the legalities involved with forming your company, and anything else you can think of, as long as you ask them what their experience in the subject matter is.

The importance of growth

Finally, the right accountant will also be able to help you grow your company. With their sound advice, and years of experience, they can help you overcome some of the obstacles you are bound to run into, but which you have not even foreseen yourself. The world of business keeps changing every day, and it can be hard to plan for growth and make sure there are plenty of funds available to achieve it. This is where a trusted accountant can jump in and save the day.

Don’t ever consider investing in accounting services as a bad investment. With the right person by your side, you will be able to focus on the more important aspects of running your business, instead of spending night upon night trying to make sense of an invoice.

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