10 Reasons You Need Accounting and Bookkeeping to Launch Your California Start-up

Starting a new business is no “one size fits all” proposition. Even the most rudimentary start-up requires a broad range of support services, but that never stopped movers and shakers from venturing forth to start a new business based on hope, unique ideas, and enough energy to power a Herculean effort. Having an accounting and bookkeeping service is essential – even for modest start-ups. Here’s why:

1. You can’t do it all (even if you think you can)

According to attorney Matthew Podolsky, “When you own a small business, the money matters never end.” Truer words were never written. Think payroll, business valuation, projections, payables, receivables, taxes and more. For an entrepreneur without knowledge of financial matters, the right financial team can be a lifesaver.

2. Accounting errors are costly

When trying to control everything while starting a new business entrepreneurs can fall into the habit of taking shortcuts, choosing the cheapest option, not properly tracking receipts and handling expenses without a working knowledge of tax codes and deduction parameters. A professional trained in the art and science of business valuation could be the key to whether your start-up survives its earliest days.

3. The right accounting and bookkeeping service can be invaluable

An adroit team can weigh in on forecasting, financial planning, business valuation, asset allocation and keep tabs on state and federal regulations related to specific industries. The best resources are usually made up of accountants and bookkeepers, thus start-ups searching for small business accounting Carmel CA help are well served by a variety of professionals at a firm like Savage Accountancy, APC.

4. No office space for financial staff required when starting a new business

Tight quarters are a given for start-ups, thus the accounting and bookkeeping service you have your eye on is likely to have the wherewithal to take care of your business from a variety of locations. Whether in house or at a satellite location, today’s communication tools offer immediate access to accounting and bookkeeping service providers thanks to Zoom, e-mail and social media platforms.

5. Your new business is more likely to succeed with a financial expert onboard…

…writes John E. DiScala for Inc. magazine. His history included loses, missed tax credits, and wasted time, all reasons he advises start-ups to base their decision to hire an accounting and bookkeeping service on his recommendation. DiScala’s financial team taught him time and growth management skills and were responsible for business loans thanks to business valuation practices contributed by his accountancy experts.

6. You need help understanding the meaning of profitability

Entrepreneurs who measure success by increased sales revenue are frequently in for a shock when they discover that healthy sales don’t necessarily translate into profits. By having a financial service on speed dial when starting a new business, owners can avoid failing early on thanks to professionals who are in the business of putting the brakes on when inexperienced business owners ignore best practices in asset generation, business valuation, inventory costs and profit margins.

7. An accountancy team gives your new enterprise credibility

New business owners must generate trust after starting a new business. When a financial firm stands behind a start-up, the new company is more likely to be seen as credible, trustworthy, competent, principled, consistent, genuine, and accountable, according to a preponderance of financial experts.

8. You’ll save time, energy and perhaps your sanity

Hiring the right accounting and bookkeeping service takes stressful financial tasks off the shoulders of entrepreneurs so they can allocate more time to what they do best: engineer, dream and innovate. This means leaving tedious tasks for which many new business owners have no expertise nor understanding of financial matters to people whose education and expertise are ideally suited for this aspect of business.

9. You’ll avoid audit pitfalls associated with starting a new business

Launching a new business without the backing of a financial team is more than just a slippery slope, notes Business Journal writer Amy Vetter. “Unfortunately, most people think of an accountant as someone who can fix issues after they’ve occurred,” she notes. By retaining an accounting and bookkeeping service at the earliest stages of a start-up, entrepreneurs avoid errors on tax returns, steer clear of invalid deductions and don’t venture into business valuation processes they don’t understand.

10. Once you realize the value of having an accountant, you’ll be sold

According to Maryville University’s School of Business, engaging an accounting and bookkeeping service is likely to deliver benefits outside the realm of finance for people launching new businesses. Inciteful accountants help clients with matters that new business owners don’t think about, like long-term financial planning, license acquisition, rethinking software and hardware systems and other practical matters.

According to the Maryville University website, “It’s possible for entrepreneurs to form a financial plan for their companies independently, but these plans may lack the extensive analysis, detail, and forecasting that a trained accountant familiar with entrepreneurs can provide. That’s why they need you,” a compelling statement for students eager to break into this field once they graduate.

When a fledgling business takes off, proximity can be invaluable, reason enough for California entrepreneurs seeking the services of small business accounting Carmel CA professionals will want to contact the highly-credentialed team at Savage Accountancy, APC. Decades of expertise in all aspects of business accounting services are available at https://savageaccountancyandvaluation.com/business-accounting-services/.

Specializing in new business start-ups, seasoned, highly credentialed financial experts stand ready to assist entrepreneurs at all phases of their company’s evolution, offering myriad ways to contact principles who stand ready to guide entrepreneurs from their headquarters at 100 Clock Tower Pl., Ste. #230, Carmel-by-the-Sea, CA 93923. Call 831-298-5175 Monday through Friday between the hours of 8:00 A.M. to 5:00 P.M. PST or direct your questions to info@SavageAccountancyandValuation.com. It could be the most important contact you make on your road to entrepreneurial success.