Question

“The accountant is the most important advisor to an entrepreneur.” Discuss the validity of this statement, explaining a variety of ways an accountant assists an entrepreneur.

Answer 1

Accountant can help in following ways:-

1. Setting up best business structure according to the business like sole proprietorship, partnership, corporation etc.

2. Organizing business plan of the client.

3. Help in opening bank account.

4. Looking for various rax provisions which are beneficial in setting new business.

5. Assisting in getting business loan.

6. Providing advice in tracking the various expenses which will occur initially.

7. Mentoring client in tough phases when business is just a startup.

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