Starting a business comes with a long to-do list—registering your company, building a team, finding clients, and tracking income and expenses. With so much going on, many entrepreneurs ask the same question early on:
“Do I need an accountant to start my business?”
While the short answer is no, it’s not legally required, having an accountant by your side from the beginning can save you time, prevent costly errors, and help you build a solid foundation for your operations.
At Infinity & Beyond Business Inc., we work with business owners at every stage—from day one planning to long-term growth. Here’s what you need to know about when and why bringing in an accountant can be one of the smartest decisions you make.
When Should You Involve an Accountant?
You don’t have to wait until tax season to work with an accountant. Getting advice early can help you avoid missteps and make better decisions as you build your company.
Consider working with an accountant if:
- You’re unsure which business structure (sole proprietorship, corporation, partnership) is best for you
- You need help setting up bookkeeping systems or accounting software
- You want to make sure you’re tracking expenses and income properly
- You plan to hire employees or contractors
- You’re preparing to open a business bank account or apply for funding
What an Accountant Can Help You Do at a Startup
1. Choose the Right Business Structure
Your business setup impacts your reporting obligations, tax setup, and liability. An accountant can explain the pros and cons of different options (sole proprietorship vs. incorporation) based on your goals.
2. Set Up a Proper Bookkeeping System
An accurate bookkeeping system is critical from day one. Your accountant can:
- Recommend the right software (e.g., QuickBooks, Xero, Wave)
- Set up income and expense categories
- Create a system to track receipts, invoices, and payments
- Ensure your records are organized for smooth reporting later
3. Open a Separate Business Bank Account
It’s important to separate business and personal spending. Your accountant can help you:
- Understand which documents to prepare
- Set up clear records of business-related transactions
- Avoid personal vs. business expense confusion
4. Register for CRA Accounts (If Needed)
Depending on your structure and earnings, you may need to register for:
- A GST/HST account
- A payroll account (if hiring staff)
- A business number with CRA
Your accountant ensures nothing is missed and the process is handled correctly.
5. Create a Simple Budget and Tracking Plan
Even small businesses benefit from a clear spending and earning plan. An accountant helps you build realistic targets, avoid overspending, and prepare for reporting needs.
Common Pitfalls When Starting Without an Accountant
Starting without expert guidance can lead to:
- Incorrect business registration
- Poor recordkeeping or lost receipts
- Missed deadlines for remittances
- Overpaying or underpaying tax
- Stress and confusion during your first year-end review
Even basic errors can lead to issues with CRA or lost deductions.
Checklist: What to Have in Place When Starting a Business
- Choose your business structure
- Register your business name
- Set up a business bank account
- Choose and configure bookkeeping software
- Record all startup costs and purchases
- Track all sources of income
- Keep copies of all receipts and invoices
- Register for any CRA-required accounts
- Understand GST/HST obligations
- Plan for payroll if hiring
- Schedule check-ins with your accountant (monthly or quarterly)
When You Can DIY (and When You Shouldn’t)
If you’re launching a side hustle or a small operation with low volume, you may choose to track things manually or with simple tools. However, once you:
- Begin earning consistent income
- Take on employees
- Plan to grow or invest
- Need to file tax returns or submit reports
…it’s time to get professional support.
How Infinity & Beyond Business Inc. Can Help
We specialize in guiding new entrepreneurs through every step of business setup. Our team provides:
- One-on-one consultations
- Custom startup checklists
- Software setup and training
- CRA registration and reporting assistance
- Ongoing support to grow with confidence
You don’t have to figure it all out alone.
You don’t legally need an accountant to start a business, but if you want to build smarter, avoid errors, and free up time to focus on growth, partnering with one can be a game-changer.
Ready to start your business the right way?
Contact Infinity & Beyond Business Inc. today to get expert setup support and a clear path forward in North Vancouver.
