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Accounting set-up

Numbers are an important part of the job.
In order to understand your own accounting, book-keeping and finances, you have to hire an accountant, a bookkeeper or an inspector or manager of finances or accounting.
Each of them can be useful at a certain stage of development.
Your business finances on each level require a managing tool that will help you make the right decisions in order to maximize profits, manage money, have performance indicators and compare them.
The world of finance and accounting can be very complex and confusing.
It is often much easier to put aside the numbers and take up the much more “entertaining” aspect of this job.
Real entrepreneurs are familiar with the strong influence a financial system has on business and company success.
Over 28% of entrepreneurs go bankrupt because of financial problems.
There are no strict rules on when to hire which expert, but the following advice might make things easier:

When to hire a bookkeeper:

  • In the start-up phase: Bookkeeping agencies make sense in the starting phase, when there is no plan for developing a business empire. Bookkeeping for small entrepreneurs will help in the beginning with a good bookkeeping system to manage transactions and build foundations for financial reports.
  • Lack of understanding of numbers: If information about income and expenditure and balance makes your head spin, you need help. Bookkeeping services will help you get a basic understanding of the financial and accounting aspects of running a business.
  • Entrepreneurship in one person: Businesses based on house and/or family business should always make sure to keep their costs low. Monthly accounting costs will be too high for this type of business. It is better for you to prepare the business records yourselves, or hire a bookkeeper, and use accountant’s services for tax planning at the end of the year.

When to hire an accountant:

  • When you are increasing the number of your employees: When you get to this stage of development and start to create your staff, it is time to hire an accountant, who will help you with all financial business, paychecks, staff costs, ideas on how to improve profit – gain achieved through doing business.
  • Change of business or ownership type: Accountant’s services will come useful with changes in the ownership (transfer from one to more owners, merger, division, share sale, and so on) or changes in the type of entrepreneurship. Your accountant will guide you through financial and tax regulations.
  • Using external financing sources: If you are looking for an external financing source, e.g. bank loan, you will need to consult an auditor. The bookkeeper will organize your financial reports so that they will help you in the procedure of applying for a loan.
  • Complex process of doing business or invoicing: All jobs with a complex process of invoicing and management require an experienced accountant, alongside a bookkeeper and owner. Your professional accountant will help the collection and invoicing managers to make sure your company is firmly on its feet.

When to hire a controller:

  • Anytime: With a developed and organized business, the reliable team of managers may want to focus on higher strategic goals and hire an inspector who will manage the budget as well as accounting and financial operations.
  • Change of financial software: There comes a time when our old software and accounting organization no longer suit us because they do not follow development. Your accounting team may hire an investigator – not only to manage and organize your finances, but also to help establish the adequate PRS.
  • Bringing the control in house: As the owner of the business, you may choose to depend less on the accountant and to focus on hiring an inspector to have a comprehensive management at all times, in order to daily run the operational activities of collecting and finances.

When to hire a head of finances:

  • Company expansion: If your company is developing at such a speed, or you are planning a fast growth, so as to make it worth your while to add to your team a head of accounting or finances who will be able to offer you strategic advice and have multiple productivity as well as to deal with financial, managerial and other complex issues.
  • Advanced financing: Using a line of credit is not a reason for hiring a head of finances. However, if you are planning to develop and to deal in more complicated financial tactics, then a head of finances will be a valuable member of your managerial team.
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