The process to get a new business up and running is a journey. From the start-up’s inception, the end destination may not be visible, and business owners may be riddled with uncertainties about how they will find their way. Luckily, accountants can provide the following guidance to help start-up business owners reach their destinations successfully.
Wake Up Early
Getting an early start is key — accountants can help start-ups and their founders by being there from the very beginning. As business owners occupy themselves with strategy and mission, accountants can take care of the logistics. They can advise owners on the ideal tax structure for the business, set up a general ledger, anticipate regulatory concerns, and establish the company with the correct state and local jurisdictions.
Meet the Locals
Accountants can help a business start-up establish relationships with others who can support them along their journey. If a business owner needs a lawyer, then an accountant can help find one. If the owner needs to make connections with others in the industry, then an accountant can facilitate those meetings. Accountants can also help business owners properly account for new employees. They can file payroll reports, determine whether a worker is an employee or an independent contractor, and project how compensating these workers will impact the business’s bottom line.
Start-up business owners should not have to burden themselves with the details. An accountant can help ease their worries so that owners can travel light, allowing them to relax and enjoy the ride. Accountants can handle all sorts of compliance issues — for example, by preparing Federal, state, and local tax returns — and they can prepare financial reports for investors or regulatory agencies. They can be a great backup to check that deadlines are being met and payments are made on time.
Take Lots of Photos
Along the journey, accountants can help start-ups document their progress. They can do this by helping implement accounting software and inventory systems that will generate reliable reports and budgets. Accountants can use these reports to measure progress so that owners know how far they have journeyed on their adventure.
Get Off the Beaten Path
While the well-traveled path will work for a time, business owners who really want to expand will soon need to tread where others have not yet been. Accountants can help during this expansion phase by investigating compliance requirements in new territories, providing advice on whether to purchase or lease new equipment, supporting the owners during an IRS audit, or even preparing exit strategies for the founders. As the business grows and the path changes, accountants can help keep the owners focused and on track.
Find a Travel Partner
A trip will almost always be better if you travel with a partner. If you would like the encouragement of an accountant during your voyage, then we are ready to be your travel partners. CRI advisors can assist with the formation of your business, research software that will work best for your industry, explore different funding options, and support you as your business changes. For more insights to help you get the most from your journey, download our Start-Up Business Guide.