The 5 Financial Professionals Every Business Owner Should Know
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.
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. Here are the five financial professionals you should know and use, at a minimum, to help you keep your company running smoothly:
1. A Bookkeeper or 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.
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 it? 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.
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.
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?
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