You may also want to supplement your in-house team with a banker, an insurance agent, and others. Role as Business Advisor A certified public accountant is a valuable, perhaps critical part of your advisory team. This person may assist you with acquiring all of the necessary permits, licenses, identification numbers, and reporting formats. In addition, the CPA will assure that you have your bank accounts properly established, a record keeping system appropriate for your business type and size, and a system for filing all necessary reports on a timely basis. Perhaps even more important, the CPA can be an excellent source of advice and a solid sounding board for you about the business.
Most small businesses require more capitalization than the owner can personally bring to the table.
That means borrowing. Borrowing often means a bank. And a bank usually means a business plan and some sort of financial estimates, pro forma statements and cash flow analysis. These are items your CPA is imminently qualified to assist you to develop. Once the business plan, which should be the road map for the operation of the business, and the financial estimates have been developed and adequate capitalization is in place, then the CPA will assist you with determining the appropriate legal form of organization for your business and with getting the proper documents prepared and filed for tax purposes.