Running a small business has many challenges that need to be considered but one crucial factor is the handling of accounting duties which can quickly overwhelm any business owner.
If you lack the experience in bookkeeping and anticipate you can learn as you go, you could be in for a nasty surprise. Make mistakes in your own accounting system and you can damage your business long-term as well as the short-term.
Few business owners also give much thought to how they deal with their accountants, not appreciating that a good personal relationship can benefit both themselves and their business.
Here are a few examples of how an accountant can help you:
Provide advice on accounting software and/or set up your accounting system
Help with financial analysis
Ensure you are paying the right taxes in the correct amounts
Offer advice on deductions and how to separate personal and business expenses
Provide audit preparation
Oversee company payroll
Offer advice on specific transactions e.g whether to lease or buy outright
I launched The Best of Richmond in 2005 and am passionate about supporting all things local. In particular, we work hard to showcase the best local businesses who give the borough its character and make...