Running out of cash is the main reason young businesses don’t succeed. That’s why it pays to start thinking about the money side of things from the very beginning. Or bring in an accountant pre-launch, who really ‘gets’ your business and can work alongside you from the outset. Here are some tips on artful accounting and how to find a made-for-you accountant…
There’s more to hiring an accountant than just paying someone to do the ‘boring bits’. Your relationship should be more of a partnership: a good accountant will be like an extension of your business.
An accountant should probably be your first hire because so many other aspects of running your business will flow on from there. But don’t rush into choosing someone – talk to your friends and business contacts to find the match that’s right for you.
Finding the right fit for your business
Start looking for an accountant pre-launch as they can help you think ahead and avoid rookie errors. Before you meet up, get your business plan down on paper (even if it’s just on a single A4 sheet or the back of a napkin). This will provide the stimulus for your first conversation and it’s a good way of gauging your compatibility to work together.
A sign that you’ve found the right accountant is that they’ll be as enthused about your business vision as you are (not standoffish or indifferent). During your first chat, they may point out some aspects you hadn’t thought of such as important admin or tech details.