One of the keys to business success is having the right team. We talk a lot about teams in our previous blogs and when I speak about The Three Laws of Empowerment. One of the critical members of your team is going to be your accountant. You want to get one early in the process.
The accountant can take an overall view of the finances of your business. They can help you understand the flow of money in and out of your business. They can help you understand your profitability and your projections. They can also work with you on a tax front. A great accountant is going to understand you and your portfolio, other investments you have, and how everything inner plays to make sure that you have the right tax treatment of your business top to bottom.You will want to engage an accountant that has expertise in business, that’s been there before and that understands you and your business. Some accountants split themselves between being financial experts, bookkeeping, record keeping and financial analysis versus tax planning and tax analysis, and you’ll want to understand which type of accountant you’re working with. You want to make sure you get the right fit for your particular need. In some cases, you may want to get two accountants. This is one of the most valuable members of your team and you want to bring them in as early as possible because they may have value added ideas on how to structure things differently.
What’s been your experience? Have you worked with accountants in the past? What value have they added to your team? Join us in the comments below. We’d enjoy hearing your thoughts.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Darren Shaw.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.