Advisors For Life: Starting A Business
Every business-owner should have an accountant.
Accountants can be your go-to advisors at just about every stage in your company’s growth, and they can be most helpful in the beginning stages. If you’re thinking about starting a business, you absolutely need an accountant on hand to help guide you in the right directions.
It isn’t just about payroll and tax returns, though. From the initial business plan to the complications of your legal structure, a CPA can help form the way you manage business policies for finances and beyond. That doesn’t mean you need to hire someone full-time or with a retainer. Just a few hours here and there might be all the guidance you need.
So where does there expertise fit in within the lifecycle of a small business?
Setting Up The Books
Getting your books together the right way from the start will go a long way in keeping you organized [and out of trouble]. Operating a business is more than trading goods and services for money and keeping your receipts. You need to have a system for your debts and credit lines. It’s really about being credible for your finances. So your first order of business will be to set up a Chart of Accounts, which includes all your general ledger accounts in a good computer accounting package.
Help You Set Up An Internal Controls System
Between the business-owner and the bookkeeper, a lot can be easily miscommunicated or just unnoticed entirely. A CPA can help you establish an internal control system to protect against intentional and unintentional losses. These systems can:
- Protect cash and other assets
- Promote efficiency in processing transactions
- Ensure reliability of financial records.
It’s all about giving people tasks, as wells checks and balances.
Licensing and Permitting
As you probably already know, the process of knowing where to go for licenses and permits can feel complicated. We can advise you on the proper channels to go through and the steps to take. But here’s an overview of the processes from the Louisiana Small Business Development Center:
[Image from the Louisiana Small Business Development Center website]
You want your company’s journey to start strong. And you’ve got enough on your plate without worrying about the financial details of day-to-day operations. Let your accountant guide you in the process.