Let’s skip the fun part, shall we? You know, the part where you’ve been working as an underpaid, under-appreciated employee for years and you finally decide it’s time to strike out on your own. Or maybe you finally hit upon The Great Idea and you, plus perhaps a partner or two, believe that it has tremendous profit potential. However you’ve reached that Mickey Rooney/Judy Garland moment of, “I know! Let’s start a business!” the dye has been cast. You’ve started!
Naturally you have done your due diligence. You have consulted with an attorney to find the appropriate business entity, filed the necessary paperwork, and decided on your company branding. With the ink barely dry on your business cards you think you are already in business. But are you? There are at least a couple more steps you need to do.
Step 1 – Get Clients
There could be innumerable reasons that you wanted to own a business. You have a passion that you want to spend your time doing and sharing with others. You want to leave a lasting legacy to your family. Or you may even want to change the world. Regardless of your aspirations and goals, without sales, clients, customers or patients that generate revenue, you don’t have a business. You have a hobby. So the very first thing you want to do in your business is get business.
Step 2 – Get an Accountant
No, you don’t need a tax preparer just yet. What you do need is a professional who can help you set up systems and best practices that will make handing over your books to the tax accountant a painless experience for everyone involved.
There are many ways that an accountant can help you. He or she can set up and train you in QuickBooks so that daily recording and tracking is an effortless task. While QuickBooks is the standard in accounting software, there are also industry-specific options that may be a better fit for your business, and an accountant can help you choose the right software for your business. Then there is recurring payroll, bank and credit card reconciliations, accounts receivable and payables to track, and operating expenses to monitor.
You may decide to apply for a bank loan or grant, plus there are specific compliance rules in certain industries. These daunting issues call for a professional who can quickly and efficiently create the necessary documentation.
Most importantly, you always need to monitor your books to track sales and costs, and especially profits, to be able to determine how financially successful you are.
While operating on a shoestring you may want to do these tasks yourself, or hire your cousin who took a couple of bookkeeping courses in high school. But there will come a point when you will realize that your time would be much better spent acquiring and servicing clients. There is neither the need nor the budget for hiring a full time CFO for a business of your size just starting out, so what are your options?
Step 3 – When the Books Aren’t Your Deal – Call Neil!
Neil Miller Consultants is an outsourced accounting firm that can provide you with just the right amount of services you and your business require. Whether you need high level, expert talent for just a few hours or a few days each month, Neil is there when you need him, for as long as you need him. This is the most affordable solution available to small businesses who would like to experience growth while keeping a close watch on the all-important financials.
Want to learn more? Call Neil at 917.974.6651 or email email@example.com.