Many entrepreneurs starting small businesses with limited budgets often try to cut the costs as much as possible. Thus is actually a great idea in most of the cases, and you actually can save a lot of money that can later be spent on something else.
Accounting is also a thing that you might try to do by yourself. If you have a proper experience of running all the accounting related tasks, great, otherwise, this decision might hurt your business in the long run.
If you’re unsure about the usefulness of an accountant in your business tasks, then read the below mentioned list carefully to have a basic idea.
The Initial Phase of Your Business
On the initial phase of your business, there are lits of tasks that need to be completed if you actually want to see your business up and running in time.
In this crucial phase, and accountant can help you with things like choosing the best structure for your business (Sole proprietorship, LLC, corporation, partnership), analyzing your business plan and its financial feasibility, selecting the right accounting software for your business, opening a business bank account and many more. You might have no idea of these things until a qualified accountant, or an accounting firm like The ACT Group in Chicago guide you properly.
Daily Business Activities
Once the business starts operating on a daily basis, you’ll need to have a properly managed accounting software to record all the financial activity that happens everyday.
The ongoing things your accountant can help you with include identifying the independent contractors (for tax reasons), analyzing your financial activity, overseeing the payroll process, calculating the tax payments, and creating financial reports at the end of every financial year.
In addition to these things, an accountant can also help your business grow exponentially over time.