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Setting up Your Business Accounting System

2/24/2020

When you start a new business, you want to start on the best footing possible. 415 Group Senior Manager Dominic Reolfi, CPA/ABV, MT, explains how properly setting up your accounting system can make or break your business in the end.

By
CPA/ABV, MT

At 415 Group, we’ve seen what it looks like when a business correctly sets up their accounting system. We’ve also seen what happens when it’s not set up correctly in the beginning and everything that needs done to fix problems that arise. Getting all the pieces in place at the start will greatly benefit you in the long run.

If you’re starting a new business, you’ll want a trusted advisor in your corner. They can make sure you choose the right type of entity, set up accounting software, separate your books and more. This might take longer than you would like in the beginning, but it will save you the hassle of going back and fixing problems that could have been mitigated.

For example, if you choose the wrong type of business entity, there are ways to change it later on. However, depending on what you selected, it can be difficult. And, if you incorrectly set up your accounting records, you’ll incur a lot of time and pain to get things corrected.

We also try to look towards the future when setting up an accounting system. We have multiple databases that we can pull benchmarking data from, and your accounting system needs set up to accurately compare those results to your industry and more importantly your competitors. The extra time we spend up front can really be beneficial in determining how to outperform your peers.

We know that when you have a great business idea, you get really excited about it, and then it’s full steam ahead. You know how to handle everything on the front end, but do you know how to handle things in the background? Again, hiring an advisor – such as 415 Group – can ensure you have a good foundation to get your business off the ground.

At 415 Group, we have experience in all of the areas listed below. As a business owner, you’ll find it easy and helpful being able to come to one place that can help you with all aspects of your accounting system. Reach out to us today to find out how we can help.

You've done the hard work. You have a new business idea or you've found an existing business to purchase. Want to help ensure your business success? Pay attention to correctly set up your business accounting system. Here's how:

Remember, by spending time setting up the accounting system that is right for you, you are increasing your business' chance for success.

Want to make sure everything is set up correctly? Contact us today to learn about our business consulting services.

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