Business
Whether you want to start your own business, or even start a career as a freelancer, you’re going to need a certain amount of money, and nothing will change that fact. However, contrary to popular belief, working with an accountant before you start your new venture, can help you in a variety of ways.
Check out these 7 reasons to work with an accountant before starting a new business or a career as a freelancer:
1.They will guide you towards the most appropriate legal structure
Knowing whether to set up a limited company or register yourself as a sole trader, isn’t something that comes easily to most, but with the guidance and professional know-how of an accountant, you can make the right decision for you, your tax returns, and your liability.
2.They can help you compile a solid business plan
With their deep understanding of finances, your dedicated accountant will be able to help you create an accurate and concise business plan to attract potential investors, and guide you on your new venture.
3.They can assist you in applying for finance
There may be many financing options available to you, but understanding them all and knowing which one would be best for you and your circumstances, requires a lot of financial knowledge. Not only that, but ensuring that loan and grant providers are given the right information isn’t always easy, and sometimes, only someone as experienced as an accountant can help you convince providers of financing options, that your new venture is worth them investing in, or trusting in.
4.They can also fulfil a bookkeeping role
While you might think your tax return to be something you don’t yet need to worry about, it’s always best to be prepared for tax season in advance, and having someone carry out bookkeeping services on your behalf, reduces the stress and helps you stay one step ahead of the IRS.
5.They can ensure that you’re always compliant and meeting deadlines
The last thing you want to worry about when you’re starting a new career or business trajectory, is whether you’re sticking to all of the many rules, regulations and tax laws in everything that you do. But, it is something you should worry about. Hire an accountant and put this out of your mind altogether – simple!
6.They can help you save money
There is often a lot of money to be saved in the form of expenses, and from plugging up leaks in your new business, but without the appropriate training and experience, spotting these money saving opportunities can be hit and miss. With an accountant on your side, you could make considerable savings that you wouldn’t otherwise have known about.
7.They can assist when you want your business to grow
Some small business owners and freelancers strike it lucky and are given opportunities to expand much quicker than expected. While this is exciting and can of course be profitable, it could all be wasted if you’re not prepared for such growth early on. By hiring an accountant (or outsourcing your requirements to an accounting firm) at the starting phase, you can jump on any and every chance to expand with confidence, knowing that you have all the appropriate paperwork ready, and have made all the necessary financial arrangements to do so.
Thinking about starting a business? Make working with an accountant one of your top priorities, and you just might see success much quicker than you expect!
