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The financial landscape can be treacherous for businesses, particularly startups operating on thin margins, limited capital, and unpredictable income streams.
Financial planning isn’t just beneficial in this high-stakes environment—it’s essential. From reducing tax liability and streamlining bookkeeping to helping you unlock hidden growth opportunities, here are a few reasons startups need financial planning experts.
Tax Planning
Tax planning has less to do with crunching numbers at the end of the year than making smart money maneuvers all year. A financial planning expert takes a holistic approach to taxes:
- Ensuring your books are audit-ready at all times
- Giving you clear, easy-to-understand financial statements
- Doing the heavy lifting to ensure you enter tax season with confidence
- Reducing the risk of filing errors and audits
- Freeing you up to do what you do best: focus on building your business, not fiddling with tedious paperwork
Tax Preparation
Financial planning experts are committed to upholding IRS standards. However, they are also creative and aggressive in finding ways to reduce tax liabilities. If you run a startup, this is the kind of expert you want.
A financial planner will uncover hidden yet legitimate deductions and tax credits, ensuring you're not overpaying or missing out on opportunities. Their expertise allows you to maximize savings while staying compliant and audit-ready.
Accounting
Back-office accounting tasks are tedious and time-consuming.
Handling them yourself is stressful and can also lead to costly mistakes. Hiring an in-house team is expensive and often unnecessary, especially if you are in the early stages of your startup's growth.
This is where an outsourced financial planner comes into play.
They can handle all of your accounting needs, from bookkeeping and financial reporting to budget forecasting and everything in between. This saves you money, allows you to scale up or down services based on demand, and gets back to focusing on your business.
Business Consulting
Experience has shown us that business owners are often too close to their situation to assess challenges and opportunities accurately. A financial planner can help you:
- Step back and review your business from an objective, unemotional perspective
- Identify blindspots and missed opportunities
- Find areas that are inhibiting growth
- Make more data-driven decisions
- Improve cash flow
- And much more
Business Valuation
When it comes time to exit, you need an expert who will give you an accurate picture of what your business is worth. A savvy financial planner will dig into:
- Financial statements
- Assets
- Industry trends
- Intellectual property
- Growth potential
- And more
This will give you the insight to make informed decisions about your exit.
Your Financial Clarity Begins Here
Are tedious yet important financial tasks keeping you from running your business? We can help. Whether you need tax, bookkeeping, accounting and strategic planning assistance, or anything in between, the DeBlanc + Murphy team is here with you every step of the way. Contact us today!
