It’s often those small businesses who plan their moves in a smart, strategical way, that find themselves destined for success. While drive and passion can help fuel a business, only smart planning can ever prevent it from failing. And, with almost a quarter of all new businesses reportedly failing within their first three years, making sure your start-up doesn’t bomb out and leave you as nothing more than a statistic, is increasingly important.
Fortunately, when you hire an experienced CPA in Surrey, you can give your new business its strongest chance of survival. Not convinced? Here are some compelling reasons to hire a CPA right off the bat when setting up as an entrepreneur:
They will help you plan your business properly
A sound business idea is necessary, of course, but it takes more than that alone to create a successful business that doesn’t flop in its first few years. A CPA will create plans and well-thought out strategies that will help you achieve your business goals through an analytical approach. Understanding what it takes to be profitable, they also assess risks and help business owners avoid them, which can prove crucial, especially in the early stages of a business’s creation.
They will set up tax and accounting systems
Doing your own tax filing and bookkeeping might seem like a good idea when you’re trying to save money and cut costs as a new business owner, but rarely does it prove beneficial, particularly when you factor in the cost of penalties for late tax filings, or missing out on deductions you simply weren’t aware of. Instead, reach out to a CPA as soon as your business is registered (if not before), and they will set you up with the best accounting systems to better track your profits and losses. A CPA can also help set you up with cloud accounting, which eliminates manual data entry, and could save you both time and money.
They will help you file corporate returns
Filing corporate returns is something all businesses that have been incorporated need to do, but sometimes the requirements are specific to a certain industry, or even municipality-specific, and without the expert knowledge of a CPA to guide you, you could make some costly mistakes.
They’ll keep you abreast of new industry information
CPAs are required by law to meet certain requirements related to their professional development, and as such, they are continually learning, continually updating their skillset, and continually striving to be the best that they can be at their role. When you work with a local CPA firm, you can benefit from all of this, and be guaranteed to stay abreast of all information related to your specific industry.
Working with a CPA before you even start functioning as a business can set you up for success, and while you may be tempted to skip doing this so that you can save money, it’s important to remember that the expertise and guidance of a CPA might actually be the difference between you making it, or breaking it as a business.