10 Tips From an Accountant to Start a Business From Scratch

The advice of a financier and accountant at the beginning of a business is important, because it is like a reliable foundation for the house on which the walls are built. The lack or shortage of money for starting a business is not a reason not to start a business at all.

The experience gained at the beginning will be useful in the future, the main thing is to constantly learn and introduce new things. Financiers and accountants, even in the largest business, help solve the problems of lack of financial resources, advising top management and anticipating possible risks.

The accountant and financial advice for others that are valuable for those businessmen to are much more skilled.

  1. Think about your own practices, and why you need professionals accountants or outsourcing. Outsourcing reduces the need to hire full-time workers. And experts would share their experiences in topics with no personal experience, information and ideas that were not intended;
  2. Correctly define the tax system – an mistake in this respect will cause irreversible financial losses. In that sense a tax accountant will help, and “like everyone else” option is not always correct;
  3. Seek to avoid problems for as many vendors as necessary. It is not simple, but a source of work capital for short periods;
  4. Think about how and on what you can make money in the very early stages of the project. Even a partially covered deficit in working capital helps a lo
  5. Do not rush to rent an office if you can do without it;
    Don’t buy anything you can rent expensive. Leasing reduces working capital, which could be more important at the outset of a market than minimizing tax costs. If the general method of taxes (payment of sales tax or special income tax) is properly applied;
  6. Looking for alternative solutions – resource sharing. For example, sharing an office or warehouse, the Internet, providing services to a larger company in return for their services. You can buy equipment at auctions for the sale of property of closed enterprises or banks;
  7. Divide your own funds from the company project budget, only for the salary of your own project – the manager itself – at the beginning. After the first profit is paid, the corporation spends it again and leaves personal income at the same level;
  8. Don’t go into cycles, only material goals, but the place should also be for a sort of mission. The most important thing, after all, is not to overestimate the role of the mission.
  9. Be sure to have a business plan, rough projections of expenses, points of break-even. Considering the actuality and potential costs of projected income can help avoid making the wrong judgment. Or vice versa, don’t lose the chance in the future to earn the dividends.
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