Starting a Small Business

Does Using an Accounting Professional Equate to Start-Up Success?

8/30/2015

Statistically speaking, entrepreneurial success in the U.S. is about a 50-50 proposition. Just under half (49 percent) of all new business startups make it to their five-year anniversary, according to the Bureau of Labor Statistics.

Here's another interesting statistic: Only one-third of U.S. small businesses (33 percent) work with a bookkeeper or accountant. While there might not be a proven direct correlation between entrepreneurial success and working with an accounting professional, these statistics do seem to indicate that not working with one could be a major factor in the high failure rate of new small businesses.

Seek Professional Guidance

“It has been my experience that many entrepreneurs start new businesses without adequate planning, funding or budgeting,” says Bill Westbrook, CPA, an Orlando CPA. “Therefore, these ventures often fail.”

One of the biggest causes of failure for startup firms, says Westbrook, is the failure of the owner to realize at the outset the importance of seeking guidance from a trained accounting professional like a Certified Public Accountant. “In addition, organizations like the Service Corps of Retired Executives (or SCORE) can help guide start-up businesses toward success.”

“Entrepreneurs who start new businesses have overflowing plates,” says Karen Drescher, CPA, an Atlanta metro area CPA. “They wear all the hats — general manager, bill payer and collector, you name it. It's the job of an accounting professional to take as much of the financial and accounting tasks off the owner's plate as possible to free him or her up to focus on business strategy and leadership.”

Westbrook lists several specific areas where an accounting professional can help owners of new businesses get through the critical startup phase:

Choosing the type of tax entity that will be most beneficial for the firm (e.g., S corp., C corp., partnership, LLC).
Understanding the various tax reporting requirements the company faces (e.g., payroll, state sales, federal and state income taxes).
Determining whether to classify workers as employees or independent contractors.

“Seeking the advice of a tax and accounting professional is critical in these areas due to the complexity of tax laws,” says Westbrook. “Mishandling or mistakes in any one of them can be very costly in terms of excess taxes paid, interest and penalties imposed, and even forced business liquidation.”

Getting Back on Track

Drescher says that one of the main ways she helps startup businesses succeed is by evaluating where they are overspending and how they can get back on track financially when they veer off course. “In 27 years I have run just about every type of business that's out there,” she says. “I'm able to pass on this knowledge and understanding to other new startup companies and owners. After all, it's only logical to lean on a professional who is educated and experienced to help you through the difficult startup phase.”

Helping them put the proper accounting systems in place is another valuable service that a CPA can offer startups, Westbrook adds. “By implementing the right accounting system, such as QuickBooks, owners will have access to timely and essential information. This information will help them manage the business' assets, liabilities, sales, cost of sales, administrative expenses and cash flow.

“It may seem like a daunting task to set up this kind of accounting system,” he adds. “However, a CPA can provide training and help ensure a smooth transition from a manual accounting system.”

Not Just Finances and Accounting

CPAs don't just offer financial and accounting assistance. “Many CPAs also have management experience,” Westbrook notes. “This means they can provide guidance in the areas of marketing, human resources, business planning and more — not only during the startup phase, but also as the business grows and matures.”

In fact, the need for professional accounting help grows along with the size and sophistication of a company's financial operations. As businesses progress past the startup and into the growth and maturity phases, they can reap even more benefits by working with an accounting professional.

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Lee Reams II

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I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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