If you have decided to run a business, no matter how small that business is, it proves that you have decided to deal with people and to work with people.
Many of these people could just be ordinary customers while others could be highly trained and reputable professionals.
Foremost among these professionals are accountants and or financial planners.
Every business needs the services of accountants to keep the business out of financial trouble.
Of course, we all know that financial trouble is the biggest killer of many start-up small businesses.
That is why entrepreneurs greatly need accountants in the course of their chosen businesses.
Specifically, entrepreneurs need accountants for the following reasons.
01.
Accountants are the ones who can help you to decide which legal form is best for your type of business.
They can help you to decide on sole-proprietorship, a legal enterprise or corporation.
That is how you arrive at the name for your business.
It is after this decision that lawyers will be expected to perfect the documentation to legalize the business.
02.
Accountants work with you to prepare your final accounts and tax returns.
That is how they serve your business to help you pay the minimum tax allowable and to keep you within the law.
Tax codes anywhere in the world are always very complex and difficult to understand by the untrained.
It is accountants who know the language of taxation and how to run a business without running foul of tax laws.
03.
They help to assess the integrity of your business as a going-concern from time to time.
It is accountants who can detect what is making money for the business and what is costing the business money.
They are the ones who raise the red flag when your business is in danger of financial liquidity particularly in the face of mounting debts and problematic accounts.
04.
They recommend the type of banking services your business needs and the insurance cover that is most beneficial to your business.
When you need to take a loan from a bank, it is the accountants who will prepare the papers in the form the bankers require thereby greatly increasing your chances of obtaining the loan.
05.
They help to manage your payroll and overhead accounts to keep your business afloat.
06.
They represent your business before the Internal Revenue Service, IRS.
That representation helps to lessen the odds that the IRS will reject your final accounts or even re-audit such accounts themselves.
Running a business is a highly demanding and complicated venture.
The use of professionals particularly accountants greatly helps a business to navigate the complex financial maze that usually confronts any business.
Granted you may be required to pay fees to accountants for their services.
That is alright.
These fees pale into insignificance when you take into consideration the amount of money good accountants are capable of making for you and or saving for you.
That is why it is inevitable, that as an entrepreneur, you must learn to use the services of professional accountants if you want your business to survive and to make money.