Welcome back to the fifth part of our six-part series about how to write a business plan. In the previous four posts we’ve touched on what’s involved in starting a business, creating a sales and marketing platform, understanding your business finances, and choosing the right legal structure for your new business.
In this post, we’ll discuss some of the professionals that you might need support from as you plan, launch, establish and grow your new business!
Building a Good Support Team
While we’re going to outline individual professional service providers, it’s important to think of the professionals that you hire to help you start your business as a team. As you’ll read below, some of them will offer overlapping services, but from a different perspective. This doesn’t mean that you have to take the advice of one while ignoring the advice of the others, but it means that you should consider their opinions and reasoning and make the best decision for you and your specific situation.
Find a Good Business Lawyer
A lawyer can help you manage the legal requirements for setting up a business, mostly of which stem from deciding whether or not you should incorporate. If you do decide to incorporate, your lawyer can help draft up the minute book, corporate by-laws, shareholders agreements and other legal documents. Even if you’re the only person in your business you still should have all of these documents in place as part of incorporating.
If incorporating isn’t the best option for your new business then you’ll still need the help of a lawyer to make sure that, as the owner of the business, you’re protected as much as possible from exposure and liability of your company.
Hiring a Bookkeeper
You’ll want to find and hire a bookkeeper quite early in the process because a bookkeeper can help you through the planning, launch and on-going operation of your new business.
When you’re planning to start a business, a bookkeeper can help you plan the finances of your new venture. This is a critical part of your planning process that is too often overlooked by entrepreneurs in their haste to get started. If you don’t consider the different costs that your business will incur during normal operations, or if you don’t set reasonable sales goals, you might find out when it’s too late that your business idea isn’t viable. An experienced bookkeeper can help map out what your revenues and expenses might look like. Also, a bookkeeper will help forecast your new business finances without bias – by their nature entrepreneurs are an optimistic bunch but you should tame your optimism when setting sales targets for your new business.
Once you launch your business, your bookkeeper will continue to support you by managing the day-to-day finances of your company so you can focus on find customers or running other parts of the business. Your bookkeeper can take care of all of your business finances, including invoicing your customers and making sure you get paid, paying your suppliers, managing payroll and reconciling your business finances to make sure they’re up-to-date and accurate.
Choose a Reputable Accountant
One question we’re asked a lot is whether a small business should hire both an accountant and a bookkeeper, and the answer is an emphatic yes!
An accountant and a bookkeeper play different roles in your business, and while there might be some overlap in the services they offer there’s enough differences that you should work with both. An accountant provides high-level financial guidance and helps make sure your business runs in compliance with CRA. Your accountant won’t want to deal with the day-to-day finances – this is what your bookkeeper should be doing. It should raise a red flag if you accountant does want to manage your invoicing, payroll and reconciliations because they charge a lot more for their services than a bookkeeper so using an accountant for this type of work could get very expensive.
Your accountant oversees your year-end tax submission, which is something that your bookkeeper cannot do. Your bookkeeper and accountant will work closely together on your year-end – your bookkeeper gets everything entered and organized and then hands it over to the accountant to be finalized and filed.
Why You Should Work with Simply Bookkeeping
We can provide exactly what new business owners need while they’re planning, launching, establishing and growing their new businesses.
Having worked with hundreds of clients of all different sizes and shapes, we bring a lot of real world experience that will provide huge value during your new business planning phase. We can take care of all of your day-to-day business finances so you can focus your time and energy on more important things like generating sales and running other parts of the business.
But beyond the knowledge and experience we bring while providing bookkeeping services, we also bring a network of awesome professionals that can play vital roles in the success of your business. We know fantastic accountants, lawyers and other professionals that are great to work with and can help your business succeed. Access to our proven professional network could save you a lot of time, money and stress.
When you’re planning to start a new business, you should look for professional help from at least a lawyer, bookkeeper and accountant. While there might be some overlap between their services, they each offer different services and very important perspectives that you’ll need to consider when starting a new business.
Check back for the sixth and final installment of this focus on how you can take all of your planning and actually get out there and start your new business.
Simply Bookkeeping1 provides professional bookkeeping services for freelancers, solopreneurs and owners of unincorporated and incorporated businesses. We customize our services based on your needs – we only see some of our clients a few hours a month but others we see on a more regular basis. Our services are reasonably priced and we tightly track the amount of time we spend working for you so you only pay for the services you get.
To learn more about us, please visit our website at www.simplybookkeeping1.com or contact Michele Hyde by phone at (647) 668 – 9363 or by email at email@example.com.
Have Your Say
Are you looking to find the right professionals to help you start a new business? If so, we’d love to hear from you! Tell us what things are most important to you as you look for help from these professionals. Also, please share this article using the social media share buttons – other people also writing a business plan might benefit from your thought process!