Leading business accountant Pauline Ho founder of Orlando’s Laus Consulting Services LLC in Orlando, FL outlines several must-do’s for business owners to keep their accounts on the straight and narrow. For more information please visit https://lausconsult.com
Senior Corporate Accountant Pauline Ho has revealed several must-do’s for business owners to keep their accounts on the
straight and narrow.
For more information please visit https://lausconsult.com
In an interview this week, Pauline Ho, the founder of Laus Consulting Services LLC, in Orlando, FL., said that entrepreneurs should consider employing an accountant as soon as possible to help develop a sound business financial strategy for the future.
An accountant will be best placed to provide legal advice on the taxes that need to be paid and offer the best way to organize the business structure, such as embarking on a sole partnership or becoming a full corporation.
“Whether the business is big or small, a legal structure needs to be chosen, but a business accountant can explain the best one that is fit for purpose for you,” emphasized Ho.
She explained further: “Managing your business accounts at a time of rapid growth is very important as you need to keep track of who you owe as much as who has yet to pay for your services or products. Cash flow is king to ensure a smooth business.
“An accountant can also highlight where costs are too high and need to be trimmed back, and enable a business owner to better understand and manage their money more effectively over the long term.”
Ho said retaining an accountant will also help if the business comes under the IRS spotlight and requires auditing. “Hiring an accountant before an audit will help you prepare for the process ahead.”
The flip side is that they also come in handy when a business venture needs to apply for a business loan or grant to help the company grow further. “They can advise on the best and lowest rates on any loans and answer any questions if a business owner is worried about the impact on their financial side,” Ho commented.
An accountant is also best equipped to handle the financial planning when it comes to either a business acquiring a new one or if the situation arises, the sell-off of that business. She added:
“An accountant can dig into the financial side of a proposed business deal and look at the debts of a new company someone is proposing to acquire. They can also prepare a business sale, ensuring that documents and financials of a business are all in order,”
Ho concluded: “Having the right accountant can often mean a perfect fit for the financial side of the business for the long-term. They will have a grasp of the financial picture of the business, plan for its future and potential expansion or eventual sale.”
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