Accounting Pro can assist you during various stages in the growth of your start-up. We can also handle more than just payroll and tax returns. The question is “when” to employ our assistance. There are good reasons for hiring an accountant at an early stage of your company’s growth, since he/she can make your life easier at each step from the planning stage, through company formation, loan applications, and tax audits. Moreover, you don’t have to employ our services full-time or on a retainer basis. Sometimes, just a few hours of our time are enough.
At some point after starting your business, it’s best to hire an accountant when you can afford one. The need for an accountant is usually greater for a start-up, since it is relatively new in the business arena. If you are facing a number of added employees and more than just basic financial issues, you need experienced support. Ideally, you should hire an accountant when your start-up becomes so demanding that you have to monitor your budget and assets while doing business. Another warning sign is when your debts and expenses begin to increase significantly.
An accountant at the early stage of your start-up can help you save money and time. Start-ups that hire accountants in the early stage rarely regret it because managing accounting data is extremely complicated. A benefit of bringing in Accounting Pro in the early days is that our experts can assist you in handling payroll services and accounting software, ensuring that you are using the right tools and services. Wecan also help you create a start-up structure based on previous experience.
As a start-up owner, you may also decide that you need an accountant from day one to measure the metrics of your business, including the ratio of salaries and other employment payments to total revenue. Additional reasons why your start-up could use early support from Accounting Pro include: advice on the legal structure of your start-up, planning the cash flow, minimizing tax bills, and providing accounting systems by using spread sheets and modern software to keep you up to date.
Accounting Pro can provide these time-saving services at a relatively early stage of your business. You can also obtain assistance from our start-up process in the areas of licenses, incorporation filings, tracking expenses, month-end accounting, financial statements, legal contracts, payroll issues, and tax items. Moreover, Accounting Pro uses cloud-based software, so that we can share your accounts with you quickly and easily. We also produce tables and charts to help you understand your financial situation at a glance while monitoring the pulse of your start-up.
Like many start-up owners who want to save money, you may think you can’t afford an accountant. But look how long it takes to perform tasks that distract you from your core responsibilities. In addition, there’s always the risk of mistakes while multi-tasking. But with Accounting Pro, you’ll have more time to generate revenue, as well as peace of mind. Our experts can take care of confusing accounting details and begin updating your records, payroll, and accounts (paid and receivable), while tracking expenses and planning future growth right from the start.
Unfortunately, accounting services like book keeping and payroll functions are not considered core activities. So, it’s often better to outsource your accounting tasks to a professional company like Accounting Pro. Our experienced specialists can provide you with financial forecasting and market reporting. This type of strategic advice is crucial to the growth of your start-up and can help you decide when and where to invest in other activities. This valuable information can also be acted upon without affecting the profit margin of your start-up.
Having an accountant from a reputable firm like AccountingPro while applying for a loan can also help improve your chances of obtaining the requested funds. The fact that you hired an accountant might sway the bank in your favor, since it implies you are serious about your new venture. Our state-of-the-art software can produce facts and figures to back up issues regarding your revenue and expenses. An experienced accounting team will assist you in choosing which loan to apply for, and whether your bank’s terms and interest rates are favorable for you.
However, there’s also a psychological factor in the start-up process that has to be considered. If you own a start-up which you’ve worked hard to put into operation, you may feel it’s exclusively your accomplishment; you don’t want to share it with anyone else. No one knows your business as well as you do, and no one can handle your start-up like you can. Yet that attitude can cause stress and lead to a feeling of being over worked. At some point, you just have to let go and trust other experienced professionals like Accounting Pro to handle the non-core details of your business.
Accounting Pro is a relatively new start-up company; “We know the drill!” We specialize in support to small businesses, independent contractors, and freelancers. If you’re thinking of hiring an accountant for your start-up, give us a call.