Informal advice and input are helpful, but when it comes to important legal and financial issues, professional advice is crucial. And sometimes we do not realize this truth until we have been in our businesses for a while and see problems which could have been prevented.
Last week, we discussed the importance of obtaining legal advice. The next professional which should be on your “initial advisory team” is an accountant. Although this is an area which you might think you can manage on your own, it is crucial you obtain professional accounting advice as you begin your business.
Entrepreneurs are closely attached to their business: whether research and development, creativity, planning, marketing, or analyzing metrics. The other things close to entrepreneurs are their emotional attachment and investment. You started with an idea, you thought about it and nourished it. You woke up at night thinking about it. You have spent a lot of time making lists of what to do and how to do it. You have spoken to others about it. This business is close to your heart. As you come to a difficult decision, it is difficult to take out the emotion. That is why it is important to have input from objective advisors and that includes an accountant!
These are some of the ways an accountant can assist you in the start-up of your business. However, they will continue to be a resource for anything financial you will have questions about as your business grows.
Have a wonderful week!
Bonny, Christian Women at Work