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Sage recently released results from a survey that focused on the success and challenges of new and established entrepreneurs. Two of the findings struck a chord with me, as they pertain to working with accountants, something I am very passionate about. The top business challenges identified during start-up were marketing and taxes, and top personal challenges were work/life balance and money management. When it comes to asking for help, start-ups said they turn to family and friends, different from more established businesses, who turn to accountants, lawyers, and bankers.
When you think about the number of start-ups that fail in the first year of business, and when you consider all the challenges entrepreneurs face, it becomes clear to me that we must change the mindset of start-up businesses to realize the importance of working with an accountant. Does an accountant cost money? Yes, of course, which is probably one of the deterrents entrepreneurs see when considering utilizing a professional accountant. However, I prefer to look at it as an investment, not an expense. Entrepreneurs often don’t have the knowledge of the scope of work an accountant can perform.
Think of an outside accountant the same way you would a longtime friend, as a trusted source of information and advice, but when it comes to your business finances they likely have a lot more expertise and experience. An accountant’s scope of work does not end with tax preparation; they can and should be a year-round business partner that can lend expertise and perspective in your industry to help your business grow and navigate through an uncertain economy.
Here are several reasons why all entrepreneurs should work with an accountant.
Can your start-up survive without the assistance of an outside accountant? Possibly, but the extra insight, guidance, and expertise an accountant offers can be the catalyst that makes your business thrive.
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