The 2 Most Important Professionals For Any Small Business

A single person can give the beginning to business with great prospects, but one person cannot handle all the business aspects on one's own. Therefore, when forming and running a small business, it is important to collaborate with at least two most important professionals, who are needed in any small business.

One is a skillful accountant and another is a business lawyer. Here are several reasons why specifically these two professionals are important for any small business.

Why is it important to hire an accountant for a small business?

A small business requires a beginning capital, part of which will be invested in an entity's assets or spent on necessary business-related items to begin the operation that will generate income. It is very important to properly track these transactions at the very inception of the business operation. An accounting professional will organize your business records in concise journal entries and create specific reporting tools to generate managerial reports. As a result, you will have well-organized records and will be able to track your business activity, make timely desitions, and drive your business to success.

Another very important aspect is that any business operation should take into account tax regulations that can be quite complex and not understandable to non-tax professionals. Some business owners start the activity without consulting with tax professionals believing that this is not important part of the business and taxes can be handled later on down the road. The price of such a decision can be very high. The business owner may end up paying large penalties or, in a worst-case scenario, give up on their business. It is imperative to consult with a tax professional early on when you are forming your business and use the professional advise when you set a proper business structure and hire tax professionals to prepare your taxes.

We highly recommend that all of the business financial operations, such as accounting and bookkeeping, should be done by a professional accountant to avoid mismanaging the business funds. And especially tax work needs to be delegated to a tax expert, or a Certified Public Accountant (CPA), who will help you stay out of trouble with the IRS.

Why is it important to hire a lawyer for a small business?

From forming a business and establishing your business policies to writing contracts and communicating with third parties, a lawyer is a professional needed to take care of these matters properly. In fact, most small businesses decide to handle legal aspects, such as registering their company and writing contracts, on their own and hire a lawyer when an issue arises, which is too late. Therefore, it is recommended to hire a lawyer early on to prevent lawsuits and ensure compliance with the Federal and State law.

As you can see, an accountant and a lawyer are two vital professionals for any small business, and it is advised to connect with these professionals at the very start of the business. Our company specializes in accounting and bookkeeping services, as well as in tax return preparation services in North Atlanta, GA. Visit our services page for details and contact us for further inquiries via calling at 678-780-8615 or emailing us to iwhitnah@whitnahcpa.com.