| The financials of your business, whether you are a | | | | aspects of running your business. |
| start-up or Fortune 100 company are critical. Even if | | | | 2. You're a solopreneur. If you are a freelancer, |
| you don't make a lot of money, understanding and | | | | solopreneur or someone running a home based |
| mastering your financials will help you to maximize | | | | business, it's important to keep expenses low. Hiring an |
| what you do earn. Financials give you information | | | | accountant on a monthly basis may not make sense. |
| about your current position as well as equip you with | | | | A bookkeeper can help you with ideas to improve |
| information to make future business decisions. | | | | your profits and provide advice on payroll and staffing |
| A good financial system is a critical success factor. | | | | costs. |
| According to a Small Business Administration study, | | | | If you fall into one of these categories, your team of |
| "Financial Difficulties of Small Businesses and Reasons | | | | Financial professionals should include an accountant: |
| for their Failure," over 28% of businesses that declared | | | | |
| bankruptcy cited problems with the financial structure | | | | 1. Your business is growing! When you begin to build a |
| of the company as the main cause of failure! Clearly, | | | | staff and are on your way to building an empire, an |
| Financials play an important part of any business, no | | | | accountant can be a valued member of your financial |
| matter what size. | | | | team. The can assist with taxes, help you anticipate |
| If you are a small and growing business, you probably | | | | and mitigate problems, and can help you to grow in a |
| know that you need some kind of help to create and | | | | way that makes sense. |
| maintain strong financials, but it can be hard to know | | | | 2. Your business is seeking outside financing. When |
| exactly what type of financial help you need. Do you | | | | your business pursues outside capital such as a bank |
| hire a Bookkeeper, or an Accountant? You may need | | | | loan, through selling stock, or from private investors, it's |
| each type of professional at some stage of your | | | | wise to use the services of an auditor. An Accountant |
| business, but how do you know which type of | | | | can put your financial statements in order which will |
| professional you need? | | | | facilitate the funding process. |
| Here are some guidelines to help you build your team | | | | 3. You're changing your business structure. If you have |
| of financial professionals to make sure that the | | | | made the decision to change your company's |
| Financial building blocks of your company are strong, | | | | ownership structure, you will need an Accountant. An |
| ultimately improving the possibility of a successful | | | | Accountant can help you to avoid any financial or tax |
| business. | | | | pitfalls that may result from changing from a sole |
| If you fall into one of these categories, your team of | | | | proprietorship to a partnership, corporation or limited |
| Financial professionals should include a bookkeeper: | | | | liability corporation. |
| | | | 4. You have complex billing. Running out of money can |
| 1. You're a new company. As a brand new company, | | | | be a risk, and it's an even greater risk if your billing |
| a bookkeeper will be able to handle your needs. For | | | | cycles don't necessarily bring in money on a regular or |
| many people the mere thought of profit and loss | | | | predictable basis. If your business has a complex billing |
| statements, balance sheets and cash flow planning | | | | cycle, an Accountant has the expertise you need. An |
| can send them straight to the medicine cabinet. You | | | | Accountant can help you manage the cash and billing |
| will need help with setting up a good financial record | | | | to keep your company on good financial ground. |
| keeping system, managing financial transactions, and | | | | Your team of financial professionals - which might |
| producing financial statements. A bookkeeper can take | | | | include a bookkeeper and/or an accountant - is an |
| the headache out of your financial management and | | | | investment into a sound business that is built firmly on a |
| help you to gain a better understanding of the financial | | | | foundation of strong building blocks. |