Starting up your first business is no doubt an exciting time, but it’s important to keep in mind that you have to have a reliable team and accountant Vancouver right from the beginning – especially when it comes to your finances.
In the Business Planning Stage
It’s smart to hire an accountant in the early stages when you’re writing your business plan. They can provide you with financial projections and other important reports to help you better suit your business plan to your goals. An accountant will help you keep things realistic, supported by numbers.
When You Are Picking a Legal Structure
When you are picking a legal structure for your company, it can help to hire an accountant to advise you and guide you in the right direction based on your needs. For example, if you are self-employed, you could register as a sole proprietor in which case you can claim your computer, home and other expenses in taxes. As a limited liability business, legalities sit much differently. An accountant Vancouver can help you make the right decision – one that will be of most benefit to you.
When Business Picks Up
As soon as your business begins to gain traction (even if you are not making a profit just yet), if you haven’t yet hired an accountant Vancouver, it’s probably time to do so. Help from a professional accountant can transform how your business operates, help you see your metrics, profits and losses and show you where you’re doing well and where you’re lacking.
Better Sooner, Than Later
It can be easy to get into a routine of doing everything yourself, especially in the beginning, however, it’s important for you as a business owner to be able to focus on pushing your business for growth. You can’t do that while being an accountant in addition to a CEO. Hiring an accountant that is experienced in their trade will eliminate the chances of you making costly mistakes due to a lack of knowledge in accounting software and the general management of finances.
Get in touch with AccNet if you would like to discuss hiring an accountant Vancouver for your startup business.