Entrepreneurs are a little different compared to a normal businessman who runs an already established business. Startups pose a vastly different business modal when you compare it to a traditional business. With that, we all know that startups need something a little different to make sure everything works out right.
According to a recent survey, it is seen that startup business owners are more likely to enlist in the help of mentors or coaches when compared to their established business counterparts. Established business owners on the other hand would have enlisted in the help of working professionals like lawyers, accountants and even corporate secretaries.
There is another statistic that dictates that most startups usually fail within the first year of business. And some people have looked at it and they believe that it’s because they did not enlist the help of proper professionals like accountants. We need to ensure that startup owners look at hiring them as investments rather than an expense that will break the bank.
Hiring Accountants for Your Business!
Accountants are expensive and they are hard to come by when you are so focused on working on a million other aspects of the company but trust us when we say that investing in a good accountant in the start will really turn your business around for the better or just set it up for ultimate success from the start.
There is also this misunderstanding about just how much accountants do on a daily basis for the company. Most people just hire accountants during tax season and let them go during the rest of the year but it should be known that it will make a big difference to have that accountant alongside you at all times. They will be able to provide sound advice that will be hard to get from anywhere else.
Here are 3 reasons why we believe entrepreneurs should hire an accountant –
Reason 1 : It Will Allow You To Focus On Your Business
When you have a professional take over super important things like your finances, you would not have to worry about that aspect of your business. Of course you would need to check in often but knowing that all the finance work is being taken care by someone else, does allow you to relax a little. Especially if you have investors, they would like to see and check up on the finances of your company every once in a while. So rather than having to worry about that being done yourself, having a professional take care of that for you will allow for you to relax a little.
You are then allowed to use that extra time to focus on other aspects of the business that you are great at. Maybe like business development or getting more funding from investors. Being a startup owner is not easy and there are just so many things to do on a daily basis to make sure everything runs smoothly. Having a professional take some of that burden away is great for you.
Picture Credits : SmallBizTrend
Reason 2 : Allows For Better Reputation of the Business
When you have a professional accountant backing and representing your company, everyone around you will be that much more reassured that you mean business. You can show potential investors that you are taking that part of your business seriously. Serious enough to hire a respectable professional to be part of your payroll so that you can make sure that no mistakes are being made. Accountants study a lot and have a lot of experience, they will know exactly what to do when needed.
Being able to show your stakeholders and investors that you have brought in someone with that kind of professionalism and experience, will definitely heighten their confidence in your skillset and the way you run your business.
Reason 3 : Analysis and A New Perspective
Accountants are trained to be able to collect data, tabulate the data and present the data in a easily understandable way. This kind of analysis is not easy to come by because in the world of data, it is easy to just be bombarded by so much data that you do not know what to do with. Having an accountant who will do this for you will give you access to analytical power that you might not have had before.
With the data, they are also supposed to give you advice and help you to make certain decisions that require the data that they have given to you. When your accountant dives into the data, they will be able to give you statistics and information that will help in the rest of your day to day work. For example, they can pin point exactly which campaign is doing the best for you and you can then expand and evolve on that campaign to make more money in the future.
An accountant is vital to your startup’s organisation. When you are hiring them, please also make sure that they are MBRS certified. To get yourself or your teammates certified, head on over to this link to get registered!