As the owner of a small business, you need a variety of business and personal advisors to help you make the hard (and easy) decisions and move forward. Karen Stern, Partner in Charge of the Brown Smith Wallace Entrepreneurial Services Group, discusses the importance of these key relationships and their role in your small business’s success, in this month’s “Financial Fitness,” as featured in Small Business Monthly.
Who advises your small business? Every small business owner needs help along the way, which is why it is crucial to have the right people in your corner. A few key advisors are necessary in order to succeed, but one area that is beneficial to invest in early is your accounting.
Your accounting needs are probably broader than you realize, requiring both a bookkeeper and a CPA to contribute to the success of your small business.
A bookkeeper handles day-to-day accounting activities. This role does not need to be filled internally, nor does it need to be filled by you, the business owner. Outsourced bookkeeping can free up your time to do more of the things you enjoy doing within your company.
Your CPA should advise you on general tax planning, provide you with insights on the latest accounting updates and, when the time is right, assist you with succession planning. They can also help you establish and enhance your other key advisory relationships by assisting in evaluating, implementing and monitoring recommendations.
Starting these relationships early is important, and the accounting professionals at Brown Smith Wallace can help put you on the right path. Click here for more information.
Learn how to recognize opportunities for building meaningful relationships in your business and career at The Bridge: Connecting Women Leaders of Today & Tomorrow on May 17.