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The Most Important Financial Professionals To Keep Around

Learn how a thriving business is backed by a knowledgeable and trustworthy financial team with ZarMoney

It has been said many times, and by many people, that succeeding in business is a matter of making and keeping the right relationships. While that might be oversimplifying things a bit, there’s no denying that knowing the right people can make running your company a lot easier.

But only a bit. Ask CEO of Tesla Elon Musk; entrepreneur, founder and owner of dozens of businesses of Virgin family, Richard Brandson, or anyone who runs a succesful business "What is behind your success?" and they will tell you "My team"

Maintaining a knowledgeable and trustworthy financial team is particularly important. You can’t run a thriving business without keeping an eye on the bottom line, and most owners and entrepreneurs only know the basics of good fiscal management. Besides, they are often too busy doing other things to worry about the details of specific transactions, new tax laws, and other minutia related to finances.

For that reason, savvy business owners turn to a network of advisers they can trust, they can rely on. For what advisors you cannot rely on aren't really good advisors. Here are the five financial professionals you should know and use, to help you keep your company running smoothly:

1. A Bookkeeper or An Accountant

Even if you keep track of your own finances, it’s never a bad idea to have someone else check your work. For a relatively small fee, you can have someone with a trained eye double-check your entries, forecast your company’s cash flow, and even help to find opportunities to improve your bottom-line picture. Hiring a bookkeeper or accountant is a good way to save time and improve your financial accuracy.

To find a certified CPA it might be easier than you might think. Check out this search app by AI CPA and find your accountant today. 

What is the difference between the two? In few lines, experienced bookkeepers can close the books, prepare financial statements, analyze them, and get ready for tax time. Accountants may supervise bookkeepers and prepare some of the more complex journal entries. Supervisory accountants would review the financial transactions, journal entries, and financial statements, including The Balance Sheet, Income Statement, and Statement of Cash Flows for accuracy. CPA firms may review or audit the financial statements, especially when required for obtaining financing or providing financial information to investors. 

For more information about bookkeeping vs accounting visit our guide here. 

Or read our What’s The Difference Between A Bookkeeper And An Accountant? manual here. 

2. Your Local Bank Manager

It’s quite possible that your day-to-day interactions with your bank consist of little more than going online to check your account balance and making the occasional deposit. Even so, it’s a good idea to know your local bank manager, or at least be a familiar acquaintance to this person. You never know when you might find yourself needing an emergency loan or trying to negotiate a better rate on one of your accounts. When you have a financial need, would you rather deal with a stranger or a friendly face?

3. A Tax Professional

You could spend hours and hours every year doing your taxes – and potentially pay more than you have to – but why risk underpaying and then facing consequences? Having a tax professional who knows your industry, and especially your particular company, is a great way to reduce the stress associated with owning a business and can put more money into your own pocket every year. Plus, a qualified tax professional can help keep you out of trouble with the authorities, which is no small benefit.

"Oh no! Where do I find a tax professional?" 

Where to find solid tax professional?

Many tax professionals belong to national organizations that provide their members with continuing education and ethical guidelines. The following IRS partners can help should you run into a need:

Find more information on tax professionals in this post by IRS. 

4. A Dedicated Insurance Agent

If your business doesn’t have adequate insurance, you’re essentially playing with fire when it comes to your financial future, and the future of your employees or dependents. At a minimum, you want to be protected against liability claims, disability, and unexpected accidents or losses. No one likes paying for insurance until they find they need it, and a good policy can be worth its weight in gold when unforeseen events strike out of nowhere.

This might be the hardest to manage. It won't be hard to find, as there are so, but so many on market, but it will be much harder to find one that is looking after your good rather than his own. That's why always make sure that your insurqance agent is Sworn Fiduciary. 

A fiduciary is a person or organization that acts on behalf of another person, putting the clients' interest ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests.

Read more about who is Sworn Fiduciary and how does it work in this guide by Investopedia.

Would you like to learn more about the concept? Watch the video below by PBS - Two Cents.

5. A Business Attorney

Even if you go out of your way to do everything to the letter of the law, there’s a good chance you’ll need a strong business attorney at some point. That’s because businesses expand, change their legal structure, and even get passed from one generation to the next all the time. And of course, there’s always the chance that a disgruntled employee, customer, or vendor could attempt to take legal action against you. You want someone who can help you stay covered against all of these eventualities.

Although business owners are used to doing everything on their own, the reality is that a little bit of advice and perspective from the right person can make all the difference. Is your circle of financial professionals complete?

If you’re looking for a better small business bookkeeping solution, start your FREE trial of ZarMoney cloud accounting software today!

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