| As outlined beautifully in the book ‘Rich Dad Poor | | | | However, finding a good accountant is not easy. The |
| Dad’, a good businessman needs good advisors. | | | | following will help you - |
| One of them will be a good, professionally certified | | | | • They should be competent in tax and accounting |
| accountant. When someone is starting a business, you | | | | laws. |
| will most likely not need a full time accountant. Also not | | | | • Most accounts work involves repetitive tasks. |
| sure if a good accountant, well versed in the skills and | | | | They should know how to create systems and |
| practices would join a new business. So most likely | | | | processes so that work can happen accurately and |
| you will lean on finding a professional accountant. Most | | | | quickly. |
| of them have an advanced professional degree. | | | | • They should be very detailed oriented. That is |
| A degree, however, does not mean that person is | | | | why they are called bean counters. |
| competent. Accounting, first and foremost, needs an | | | | • Beware of accountants who are very salesy. In |
| attitude. If the person is not good with organizing | | | | general it is very difficult to be both salesy and detailed |
| systems definition and compliance, he, in my opinion, | | | | oriented. |
| cannot be a good accountant. The person should also | | | | • They should know the implications of treating |
| endeavor to do accounts to ensure the fall benefits | | | | transactions in a certain way. A good accountant will |
| from tax and statutory authorities that are available | | | | help save taxes by recording transactions properly |
| within law. | | | | (within laws) to get your business the benefits that are |
| An accountant for a startup can play a key role in | | | | due to you. |
| ensuring compliance with financial laws. In this role, he | | | | • They should, above all, know what matters are |
| can advise the client on implications. By ensuring proper | | | | strictly enforced by statutory organizations and |
| filing of forms, adequate record keeping and storing of | | | | authorities and make sure you follow them. |
| transactions, they play a key role in helping the owners | | | | Most good accountants have modest but well |
| focus on the business, i.e. find and keep customers. | | | | maintained offices. They are not shabby and they are |
| Well kept records and financials help the business | | | | not fancy. They have staff that is disciplined and follow |
| person from getting overly involved in the highly time | | | | procedures. Good accountants are well organized and |
| consuming accounting process. Also, various statutory | | | | will understand the value of your time and handle things |
| organizations require reports, data and impose | | | | quickly and efficiently. |
| submission of forms. A good accountant can help take | | | | I was motivated to write this note after seeing a very |
| this load of the business man. This may look trivial, but | | | | unpleasant experience faced by a close friend while |
| bear in mind that the first year or two in business | | | | dealing with an unprofessional chartered accountant in |
| means a lot of work and sleep deprivation. Studies | | | | India. That experience motivated me to write this |
| have shown that the setup years of a new business is | | | | article. Hope you find this useful and you have good |
| equal to having new born child in the family. | | | | luck in finding an accountant who lets you focus on |
| By now you know how accountants can help take the | | | | building your business. |
| routine but important activities of your plate. | | | | |