30th March, Australia: Startups are essentially businesses, but their founders, at least in the early years, are not the type of cautious businessmen. They are more like techies, dreamers, who are usually obsessed with new ideas, improving their innovative solutions, or even engaging in a team-building process, but when it comes to checking the balance sheet or the ledger, they are like fish out of water.

Of course, there are exceptions, particularly if the startup is in the financial sector, but in general, startup founders believe that financial management is difficult, unappealing, and can be deferred to a later date. That, however, is a mistake. The Accountants And Tax Agents Riverstone can help you to manage your finances successfully.

Ways an Accountant Can Help Startups

If you are still not convinced that you need an accountant at this stage in your company's development, this list of accounting services will persuade you otherwise.

1. New Business Formation – When you decide to start a business, there is a lot to consider. An accountant can assist you at every step of the way to ensure a successful start.

2. Small Business Accounting – When it comes to running a business, there are a lot of financial responsibilities, and creating a budget in a spreadsheet is not going to be enough to stay in compliance and on top of your finances. Small business issues can be solved with the help of an accountant. This can include things like reconciling bank statements, preparing financial statements, and establishing an accounting system.

3. Payroll – Even if you are not quite ready to hire your first employees yet, you will need to be ready when the time comes. Your accountant can help you figure out how to run payroll in a way that benefits both you and your employees. They can help you review payroll accounting systems and make an informed purchasing decision.

4. Audits and Reviews – When you think of audits, you probably think of taxes. However, a small business can be audited in a variety of ways. The Accountants And Tax Agents can complete the audit for you or at the very least, help you prepare your financial books for the audit. They will be able to identify and resolve any issues by reviewing your books prior to the audit, allowing you to keep your lenders and/or investors happy.

5. Cash Flow Management – Your business will always be better if you have more money coming in than going out. A start-up's cash flow can be crippled by poor cash management, forcing it to rely on loans and credit cards to stay afloat (debt). Your accountant can assist you in establishing systems to effectively manage your cash flow so that you do not have to go into debt as soon as possible in your business.

6. Tax preparation, planning, and resolution – For the average business owner, tax season can be a stressful time. An accountant can assist you in preparing the required documents and reports, locating discounts and write-offs that may reduce your out-of-pocket expenses, and resolving any issues that may have arisen during tax filing.

Managing a successful small business is extremely difficult to work, no matter how passionate you are about your start-up. While you may have the best business idea in a long time, it will struggle to succeed if you don't properly manage your finances.