Can you manage to steer your business without the help of an accountant or lawyer?
Indian Startups’ prime concern is money, profit and popularity. Unlike their western peers, newbie business Indians do not see the larger picture.
Can you rely on your compliance without a lawyer?
A legal resource understands the nature of your entity more than you. It is a lawyer who makes your venture conducive to receiving funds. Business is not just setting up a shop and start selling. A legal eye is the foundation of the shop. If your business is marching forward, it’s important for you to be adept with government legal policies and its pros and its cons. Of course you should be adept with government legal policies, but without a dedicated lawyer’s help you cannot implement them to your venture.
It is foolish to wait for the right time. A good lawyer will know beforehand the legal polices your startup needs. Timing and decision matters the most.
What to expect and look into while choosing a good lawyer?
Of course references, Google information and LinkedIn profile search should be in your agenda. But it is wise to hire the service of a legal firm rather than employing an individual lawyer. An established firm will strive to continue service, but a reputed lawyer might switch enterprise.
Whether it’s a firm or an individual lawyer, check the connectivity. Does he understand your business modules. Can you trust him with your ventures. A lawyer is almost a partner in good times and especially at sensitive phases.
Hiring legal shouldn’t be like juggling your finances. Choose the correct domain lawyer. If you are into real estates, then of course you should partner with a property lawyer. Be clear with your finances to him. Please see what you are offering to the firm or individual is well accepted. Half hearted services will not do any good to your business.
Our advice comes from personal experiences. There are no rules written on the wall. Understand the requirements of your startup and select service judiciously.
Do you rationalize on hiring an accountant for your startup?
It is like bringing a new born baby home. When a new born arrives ,all you see is that the baby is breathing healthy. The breathing pattern and eating habits matters while it starts growing up. Similarly your business will need an accountant when it starts advancing.
But if you wait till the time your business grows, your business might not grow at all. An accountant guides you to take effective financial decision right from the scratch.
If you want an established startup, then an employer identification becomes a must. An accountant helps you to create one. Along with a lawyer, the accountant guides you in your initial finance and legal compliance.
A sound accountant throws the light on the correct business structure to protect you on finance and tax fronts.
In addition to it the accountant takes care of your small business worries like reconciling bank statement or preparing financial statement for your startup. .
When your business grows you cannot do without audit and financial reviews, thus that calls for an accountant. An accountant firm takes care of the payroll system and ensure smooth cash flow management.
Thus a lawyer and an accountant will keep your enterprise hassle free. You can keep your prime focus on your business, while occasionally checking with on your accounts and legalities. Budget of course matters so once you see face of profit do not delay in appointing essential service for your startup.