There Are Three Professionals Every Business Will Need Early On: A Lawyer, an Accountant, and a Bookkeeper
Don’t wait until it is Too Late to Hire a Lawyer
Most small businesses put off hiring an attorney until they are being served summons by the Sheriff. If you are being sued, it is too late. The best time to hook up with a reputable business attorney is when you start a business. A lawyer will prevent you from being sued by dealing with all legal issues beforehand.
Nobody likes to pay attorney’s fees, especially when starting a business. However, the fee you will be charged by an attorney to keep you out of trouble is only a small percentage of the fee you will be charged to get you out of trouble after it has happened.
• You will need a lawyer who will help you decide on the ideal business form, whether to opt for an LLC or a corporation.
• You need an attorney to prepare standard form contracts you will need with suppliers, clients, and customers. An attorney will also help you to respond to contracts that other people want you to sign.
• A lawyer will help you register your products and services for trademark and copyright protection.
• The attorney will advise you on tax and liability issues.
• If you will have employees, an attorney will help with employment law compliance.
A Staggering 80% of Businesses Fail During the First Two Years
One of the main reasons for that is poor financial management.
Despite the dire consequences of poor financial management, many business owners choose to manage their money without professional assistance. A recent report established that 52% of small business owners don’t use an accountant at all.
An accountant will be a good resource when starting and running a business. An accountant will help by:
• Undertaking financial analysis of your business plan.
• Providing advice on the type of accounting software you need.
• Offering assistance on opening a business bank account.
• Ensuring your accounting procedures comply with government regulations.
• Preventing audits.
• Making real-time financial decisions
• Analysing your financial data and giving a financial forecast
• Creating financial statements
Does your business still need a Bookkeeper if you have an Accountant?
Most people assume that accountants and bookkeepers do the same job. That is not the case. An accountant majorly deals with financial analysis, preparing key financial statements, filing taxes, and financial decision making. Your business still needs a bookkeeper who will deal with the day to day task of overseeing the accuracy of financial data entry.
Many Hands make Light Work
As the saying goes, “Many hands make light work.” Partnering with an accountant, a lawyer, and a bookkeeper will make your work easier. It will help you to avoid distractions and focus on the thing that matters the most: your bottom line. These three professionals will guide you through your entrepreneurial journey. They will set you up for lasting success.