For many start-ups, Accounting is viewed as a non-value adding expense until the company has grown to a certain level. But for smaller companies, trying to do their own accounts and taxes, the cost may be greater than hiring an Accountant since inception. Granted, newer companies have found ways to limit their expenses and look at different ways to maximize growth while keeping overhead low. However, no matter how well you can manage your companies books, investors prefer Accountants to provide them with detailed growth projections, figures, and hard data to evaluate a pitch.
There are many benefits to having an Accountant on call whilst you are a start-up. The most important benefit is that an Accountant allows you and your team to focus on developing products and relationships and improve sales and marketing campaigns. When your business is initially established, you must learn the different areas of the business, and classify them as “essential” and “non-essential” to maximize growth.
The Accounting Services at R T Accounting & Taxation Services can provide your company with financial information of the highest caliber. These include:
- Month End Reporting
- Payroll Services
- Industry Benchmarking & KPI Analysis
- Working Capital & Cash Flow Management
- Development of Policies and Procedures
- Regular updates on Tax Legislation
Another great advantage to an Accounting Service is having another valued business partner on your side. Since Accountants usually have years of experience assisting start-ups, they can provide a wealth of information for the services listed above. Having insight into the trajectory of your business can be invaluable to your business starting up and help you in developing the most effective business strategies.
Essentially, if you believe that your start-up may need the assistance of an Accountant, then time is of the essence to begin finding one that fits your needs. The earlier you acquire one, the easier it will be to fix any financial difficulties that occur in the future. It is always beneficial to have a firm financial system in place as this will serve as a strong base for your business and support its overall health. Research has shown that start-ups that begin with erratic financial planning often end in demise, making the assistance of an Accountant even more valuable for a new business.
Get in touch with our Accountants in eastern suburbs at R T Accounting & Taxation Services to enquire about our Outsourced CFO Services and Business Tax. Also, Advisory Services to see how having an Accountant can be beneficial to your start-up, and let’s see your business grow during these difficult times.