Starting your business

Get your accountant involved from the beginning. Your accountant can advise you on the thousands of small details that every new business needs to attend to, from registering for sales tax to setting up your bookkeeping system, to planning owner remuneration. This initial meeting can save you an incredible amount of time and money. 

The Role of the Accountant

Your accountant can do many things for your business. The most common services accountants offer are the following:

• Bookkeeping support

• Setting up your financial transaction processing systems

• Assessing and refining your internal controls

• Compiling, reviewing, or auditing your financial statements

• Preparing your corporate income tax returns

• Helping you develop your growth and taxation strategies

How do you know what you want your accountant to do for you? When most businesses start up, the owners make the common mistake of thinking they can do everything themselves, because they feel they will lose control over what's happening if they don't. They are also trying to save a buck.

However, when it comes to hiring professional advisors ­ including accountants - scrimping will only hurt you in the long run. A regular half-hour meeting with your accountant can save you thousands of dollars and a lot of heartache and sleepless nights.

How often should you see your accountant? That varies for each business, but there are some critical junctures at which your accountant should be consulted.