Do You Have a Dream Team for Your Business?

Pennsylvania is a great place for small businesses. However, the survival rate of startups in the United States is low; more than 20% don’t survive the first year, and only 50% are still in operation after five years. For your small business to be among the 34% that thrive in the long term, you need a team of experts and an accountant or CPA should be at the top of the list. If you’re an entrepreneur with a dream, you need a dream team to help you plan your success.

Some entrepreneurs and small business owners try to cut corners by handling their own bookkeeping or by using bookkeeping software. Unless you are very comfortable with financial reports and tax requirements, we encourage you to seek the help of an accountant. A bookkeeper and bookkeeping software are very helpful for tracking income and expenses, but there are so many other aspects of your finances that only an accountant or CPA can help you with.

While an accountant can handle your bookkeeping, the accountant’s expertise shines in many other areas as well, such as:

• Determining the best business structure: sole proprietor, LLC, partnership, corporation
• Developing a business plan: clearly defining goals; determining business steps and purchases necessary to attain those goals; differentiating yourself from competition; building a client base
• Developing a financial strategy: short-term and long-term financial goals; maintaining liquidity; seeking loans or investors; risk management; overhead and expense management; creation of financial reports for ongoing business planning and strategy
• Advising around start-up costs: purchasing vs. leasing of building or equipment; proper tracking and reporting of pre-opening and start-up expenses; proper reporting of fees, licensing, and certification expenses
• Providing tax advisory services and tax preparation: advising on the tax implications of major purchases and other business decisions; preparing quarterly and yearly tax filings; avoiding audits by tracking and submitting appropriate documentation and advising against business decisions that may look suspicious to the IRS
• Keeping your company compliant with regulatory requirements: adhering to cybersecurity and privacy regulations, financial regulations, and industry regulations 

Clearly, an accountant or CPA will provide you and your business with a wide range of support that will dramatically increase your chance of success. By reaching out to an accounting expert, you will save a great deal of money in the long run, get expert advice to help you set up your business right from the beginning, make the most advantageous decisions around loans and financing, and avoid trouble with the IRS.  

Depending on your particular needs and your budget, some experts may be employees and others consultants. Additional experts to consider include:

• Small business advisor
• Business attorney
• Market research consultant
• Certified credit consultant
• Business coach
• Strategic consultant
•  Financial analyst
• Marketing expert
• Website designer / IT expert
• Project manager/administrator
• Sales coach
• Human Resources / Hiring advisor 

Don’t be startled by the long list; you probably only need a few. But the goal of the “dream team” is for these experts to work together as a team with you, coordinating their efforts to help develop those aspects of your company that are critical for your success. Often the accountant, business coach, or attorney may act as head of the team, guiding the discussion and coordinating efforts. 

Whatever stage your company is in, you need an accountant or CPA. Reach out to one of our many PSTAP accountants to begin building your dream team for your future success.