Do You Need An
Accountant?
Most businesses fail not for lack of good ideas or good will, but
rather for lack of financial expertise and planning. Look for an
accountant as you would an attorney. Get referrals from trusted friends,
business associations, or professional organizations. Discuss fees in
advance and draw up a written agreement about how you will work together.
Your accountant (along with your lawyer) can advise about initial business
decisions, such as the form of the business. Your accountant will help set
up your books, draw up and analyze profit and loss statements, advise on
financial decisions (e.g., buying a computer), and give advice on cash
requirements for your start-up phase. He or she can make budget forecasts,
help prepare financial information for a loan application, and handle tax
matters.
Accounting firms offer a variety of services. If this is not an easy
area for you, the fees you pay will be will worth it. Most firms will
maintain books of original entry, prepare bank reconciliation statements
and post the general ledger, prepare balance sheets and income statements
on a quarterly or semiannual basis, and design and implement various
accounting and record-keeping systems.
They will also get your federal and state withholding numbers for you,
give instructions on where and when to file tax returns, prepare tax
returns, and do general tax planning for the small business person.
Your accountant is your key financial adviser. He or she should alert
you to potential danger areas and advise you on how to handle growth
spurts, how to best plan for slow times, and how to financially nurture
and protect your business future.
|
Internet Marketing Tools | Marketing Software
© 1998 -2006
WGSjostrom Co., All Rights Reserved. This page can not be altered in any
way. Webmasters and publishers are invited to cut and paste this
document (as long as you include this resource box at the end of this
document) to your web site or electronic newsletter.
Complying with all applicable copyright laws is the responsibility of
the user of this document. Please do not make any substantial editorial
changes without prior to approval to your publication. Links within the
article and resource box can not be altered, and must be 'clickable' on
a web page, Ezine or in an eBook.
http://www.biznetcenter.com |
|
