If you are not an accountant, you are likely to be a poor performer when it comes to bookkeeping and accounting (Also see 3 Common Accounting Mistakes that Most Business Owners Make). And there is no problem with that. If only you were good in accounting, you would be a professional accountant and not an escalating entrepreneur. However, we all know that any startup in Singapore lives and dies by a sound accounting.
It is worth noting that doing all accounting activities alone is not the best option particularly when you are supposed to be laying down growth strategies for your startup. Here are the top two most trusted allies you need to have on your side.
A professional accountant
Are you surprised that we are recommending an accountant? Well, using an accounting service does not imply that you should hand over all your business’s financial activities to your accountant. Instead, you need to get actively involved in your business books particularly in the early days.
A professional accountant will help you, especially during tax time by preparing all the necessary accounting records in time and accurately. Also, accountants are usually equipped with indispensable information regarding financial decisions and can advise you on the financial pitfalls to avoid and the opportunities to seize.
Keep in mind that with time your accountant will get a better understanding of your business finances. Therefore, such an accountant can act as a source of valuable information that can help in strategic planning in your business.
Though a lawyer will not come to your business and start recording the daily transactions, she or he will assist with the foundation aspects of your business such as the type of business to select. Note that there are different kinds of businesses including limited liability companies, partnerships, sole proprietorship, and more, and each has its legal requirements. Also, don’t forget the tax implications and this shows that there are accounting implications too.
Thus, a competent lawyer is an indispensable early accounting ally. With that, you need to consult other businesses to get recommendations regarding a good lawyer as there are numerous law firms that could be specializing in startups.
You can’t be an island in today’s competitive business environment and expect to thrive. You need allies, and this article has pointed out the two most important allies for a startup. Contact us today and we will become your accountant, the most important accounting partner.