Accounting is often regarded as the “language of business”. It is a track record of a company’s revenues and expenses and assets and liabilities. An affordable accountant may perform daily finance-related tasks that may include collections, cash application, bookkeeping, billing, payroll processing, etc. Well-versed accountants can tell a lot about a company just by looking at its accounting records. They are someone whom business owners can trust for their accounting needs. They can manage the entire accounting department so that business owners are left with more time. To focus on their core competencies i.e., growing the business. Thus, an accountant can be a key support agent in the management of start-ups.
Moreover, many critical decisions that business owners make are based on their financial records and reports. Without having an informed understanding of their current and past financial positions and performance, business owners may struggle to make fruitful decisions for their companies. Business owners can avoid this by having access to reliable financial data of their companies to gain a clearer picture of where they stand and how to shape their futures.
Further, research conducted by Associate Professor John Breen from Victoria University, School of Accounting and Finance, titled, The Role of the External Accountant in Small Firms states: “Firms which constructed a financial plan at start-up were more likely to be high-growth firms.”
In 2022, accounting has evolved from just being a support function to being a core function. Financial reports are now used for strategic business decision-making. Thus, to ensure a start-up’s financial success, business owners should consider hiring a professional accountant who is informed enough to undertake financial planning and controls necessary to achieve financial targets.
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What to consider when hiring an Affordable Accountant for Start-ups:
Since start-ups have a limited budget, business owners should evaluate what services they need in an accountant before hiring one. This can help avoid unnecessary hiring and training costs.
Most business owners would want to know the affordable accountant’s cost. However, this can vary depending on the accountant and the services required by the company. Some accountants do not quote a fee until they have initially consulted with the C-suite management and have reviewed the company’s prior year and current year financial information. In contrast, some offer a fixed fee based on the project to be undertaken.
Like any consultant, a professional accountant would want to know the financial history of the firm and the changes that occurred during the current year, and what the business owners are financially expecting of their firm in the future. Further, it is imperative that business owners hire accountants who specialize in their company’s industry.
To ensure the financial progress of their firm, business owners can ask the following questions before hiring an affordable accountant.
What services do they offer?
When hiring an accountant, it is important that business owners closely assess their accounting needs. This assessment can help business owners choose between the several types of services accountants offer as described by CareerExplorer.
The research titled Small businesses and OH&S advisor conducted by Felicity Lamm states: “Small business employers expect their accountants to provide a range of services, including personnel advice, over and beyond traditional accounting and financial advice.”
For entrepreneurs, asking for referrals can be a good idea. Business owners can also Google for an accountant + industry and they may find websites of accountants who specialize in their industry niche.
Check for License and Experience
Further, it is also advised that business owners check if the affordable accountant they are hiring has any licenses and experience working in the accounting sector and if there have any specializations applicable to the company’s niche.
Consider Staff Augmentation
The progress of a firm depends upon the way its money moves. Poor financial management can inevitably have adverse impacts for all aspects of the business. Every year, many start-ups dissolve due to poor cash management. Thus, it is important that business owners ensure a steady and stable cash flow for their companies. However, not all business owners are skilled enough to handle their business accounting by themselves. Hence, instead of focusing on managing their business accounting or worrying about the hiring an accountant, business owners can rely on Expertise Accelerated’s staff augmentation model to get access to highly-skilled accountants.
Staff augmentation refers to the process by which a company hires contractors, consultants, or third-party service providers whose primary function is to supplement clients’ existing workforce. Business owners usually consider staff augmentation when faced with a lack of manhours or expertise.
Staff Augmentation or Outsourcing?
Staff augmentation brings in extra manhours, expertise, and knowledge to a company, and with a high-quality and reliable staff augmentation partner like Expertise Accelerated, the benefits associated with it far outweigh the costs. Meanwhile, outsourcing relieves the company of the burden of mundane and non-core functions. This, too, is beneficial with a reliable service provider such as Expertise Accelerated.
Expertise Accelerated as Staff Augmentation Partner
Expertise Accelerated (EA) is a Connecticut-based outsourcing and staff augmentation specialist for accounting & finance services that promises 60 per cent quality-assured payroll savings to its US clients.
Led by a US CPA team that boasts decades of US CPG industry experience. EA offers high-quality staff augmentation solutions geared toward. Delivering substantial value and cost savings to client companies.
EA’s staff augmentation doctrine is not based on body shopping but on remote staffing under which seasoned accounting & finance and supply chain professionals from an offshore global talent pool are trained by the US onshore team for client-specific roles so as to turn such professionals into strategic fits for the client companies.
EA’s staff augmentation has proved to have delivered payroll savings, process efficiencies and value-addition to the US SMEs.