Do startups need an accountant?
In short, yes! The newer you are in business, the more you need an
accountant. It would be best if you had an accountant who is more
than just a person who calculates 'sales' minus 'expenses'. You need
someone who points out your financial and reporting obligations, who
explains business expenses, deductibility, and so forth in relation
to your specific company.
As a starter, you will have an external
or freelance accountant (as opposed to an in-house, employee
accountant). You need a person on which you can rely. He will give
you feedback on planned investments and their depreciation and big
expenses.
A good accountant is like having an external CFO. He
can guide you on matters like buying versus renting versus leasing.
What would be a suitable time to invest and maybe warn you about the
consequences of significant expenses.
I recommend you to find a
"starter-friendly" accountant with whom you can build a
personal contact and have his number on speed-dial.
If you were to consider a big accounting firm, inquire if you will have a dedicated accountant. The last thing you want is another person every time you have a question.
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Top 10 about the author; Erik Victor
1. is a serial
entrepreneur and started his career in Engineering
2. currently a
majority shareholder in corporations in the fields of Industrial Real
Estate, Wealth Management & Investment funds, and International
Tax Planning
3. has a passion for the dynamics of young
businesses and actively endorses several start-ups
4. is an
engaged member of several think-tanks and an international conference
speaker
5. has a business footprint in six countries
6. speaks
five languages
7. personal life - resides in Europe
8. Erik
(48) is known as a discrete and private person, a family man
9.
loves to spend his limited holidays in the mountains or at sea on his
yacht
10. Erik has no social media accounts
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