T-shirts and Calculators: Every Business Starts with a Dream by Ekaterina Angert
Every business starts with a dream- a desire to create something. There are many things to consider when starting up a company- marketing, branding, 5 year plans. There is one component that is not so obvious, but very important to keep everything running smoothly – accounting. Yes, crunching numbers might not be high on your list, but if you let it slip through your fingers it will only be harder in the future. It’s the snowball effect- the further it rolls, the bigger it becomes and the harder it gets to put each snowflake where it belongs.
This is why one of the first steps when opening up a company is finding a way to integrate accounting within the business process; to make them run together like a well oiled machine. If the first step is done properly, you will get the proper results (clean books is what we call it in the accounting world). Learning to interpret these results/numbers is another story. If you are like a lot of entrepreneurs/creatives, you’d like things to be done right the first time. This is why we recommend hiring a professional to help you from day one. We know, money is tight. But trust us, the value you place on getting your financials right from the beginning will pay off immensely.
Once you or your professional accountant reads the results of the company’s operations the next step awaits-forecasting. This process allows the business owner to to look at the business as a whole- which might help shed some light at the areas that are being neglected. When the numbers are correct, you will also be able to analyze the terms with which you buy/sell. This may save you big on discount negotiations or other credit terms review.
This is just a small overview of reasons you may want to consider hiring a professional accountant if you are in the business of business. If you have any questions, don’t hesitate to call us!