Using an accountant to form your business is advantageous due to their small business tax expertise in your industry. They will analyze your information and recommend the optimal structure for your small business, minimizing your tax burden in the process.

One of the first decisions you need to make when setting up your business is deciding how to record transactions. You can:

• Record transactions by hand
• Use Microsoft Excel
• Use accounting software

Whether you’re a startup or established small business, if your goal is to grow then it’s important to get your financial foundations right as early as possible. Establishing your goals and setting yourself up with the right accounting systems and support from the get-go will save a fair few grey hairs in the long run and provides a platform for efficient evolution and time maximization.

Backtracking and rebuilding isn’t impossible, but wouldn’t you rather just do it right the first time?

Every small business owner comes to the table with a different skill set. While some are finance savvy and feel comfortable in the world of accounting, income tax returns and cash flows, others are the creative type whose time is better spent crafting and innovating.

The scale of difficulty also increases rapidly with the size of your business and the amount of transactions. So what might be a walk in the park for one entrepreneur is a slog in the desert for another.

Most savvy small business owners will use an accounting software to speed up and automate their day to day transactions. This drastically cuts down the chances of human error and reminds you to fill in any gaps before they become gaping holes.