You must recruit certain people right off the bat if you’re planning to be your own boss and work from home. I’m not talking about employees — I’m talking about essential key people who will make the day to day running of the business easier. The most important one is an accountant. I can’t stress this highly enough. Get a good accountant. They’re worth their weight in gold. When you find a good one, hold onto them very tight and treat them like royalty.
You may believe that you can save money by filing your taxes on your own if you buy tax filing software. But this is a very bad idea (unless you want to be a self-employed accountant, that is) and I’m going to tell you why.
Why it’s a good idea to employ a properly trained professional accountant
- Doing the books and the taxes is a long, drawn-out, continuous, tedious task. It will take you away from running your business. Giving it all to your accountant to do frees you up from all that.
- You do not have full up-to-date knowledge of current tax laws in your country. You don’t know what can and can’t be deducted, and don’t know of any recent changes to the law. You can very easily get yourself into legal trouble for something which was a genuine mistake. An accountant can make sure your tax returns are legally filled in and filed in time.
- Accountant fees are tax-deductible. Why give that money to the tax office as taxes, when you can give it to the accountant to make your life easier?
- If anyone wants to buy your business in the future, having highly organised accounts and immaculate paperwork makes your business much more attractive. If they see you doing your finances in a Google spreadsheet, they definitely won’t be impressed.
Get someone that knows about online stuff
There are just some things you can’t cut corners on, and your accountant is one of them. Try and get someone to recommend an accountant to you. I strongly suggest finding someone who is knowledgeable about the internet — PayPal, website payments, e-commerce, etc.
A lot of accountants are extraordinarily and unapologetically medieval when it comes to online stuff. Having an accountant who doesn’t know a hyperlink from a tweet is going to become extremely tedious, extremely fast.