Your Personal CPA Firm
Up To Date Accounting is a Full Service Business Advisory Firm that is structured to handle all your day-to-day accounting functions and help you identify the best and most efficient ways to advance your professional goals.
Utilizing the most advanced technology and proprietary analytical research tools, Up To Date Accounting can provide daily accounting services to all your branches nationwide from our office or on your premises.
If you are starting a small business on a limited budget, you have probably spent some time trying to figure out where you can cut business costs and do more on your own to save money.
One area you may consider not doing it yourself instead of hiring it out is accounting. If you have an accounting background and a solid understanding of business finances, then this may be a good place to cut costs. However, if you lack experience in managing the books of a business and expect to learn as you go, you should think twice. Managing your own accounting system incorrectly can hurt your business, lose out on business tax benefits and future loss. Before starting your business, you might want to consider a Certified Public Accountant for your business tax. Starting a business on a strong footing is a recipe for a successful future.
Here is a rundown of business tax. Review the list carefully, especially if you’re still unsure why an accountant may be a good resource to add to your small business team.
Starting a Business
When you start a business, there are a number of actions you need to take and systems you need to set up in order to create the foundation of a successful business. Here are some ways an accountant can help:
- Determine the best business structure for your profession (i.e, sole proprietorship, LLC, corporation, partnership)
- Providing Business Tax Tips
- Assist in Tracking Your Refund
- Assist with the financial analysis in your business plan
- Provide advice on the type of accounting software you may need
- Assist with Retirement accounts (401k Plan, Defined Benefit Plan)
- Provide advice and assistance on opening a business bank account
- Make sure your accounting procedures comply with government regulations and requirements
- Provide advice on how to track expenses during your daily business activities
- Advise on Bookkeeping software
- Explain the importance of keeping personal and business expenses separate (Do not Commingle)
Regular Business Operations
Once your business is off the ground, you will need to maintain the accounting system that your accountant helped you set up. Here are some specific actions your accountant may take to assist you on an ongoing basis:
- Help ensure that your independent contractors are classified as such (and not employees) by the IRS
- Ongoing Accounting and Bookkeeping Services
- Help with Profit and Loss Statements
- Providing a true financial statements to your banks for obtaining a loan (equipments, real estate, etc)
- Explaining your financial statements for better understanding
- Oversee company payroll and payment processes
- Provide advice on estimated tax payments you should make during the year
- Determine when, and to whom, you should send W2 and 1099 forms
- Close out your books and create financial reports at the end of the year
- Compile and submit your taxes, financial reports and all necessary paperwork to the IRS
Business Growth Stage
When you are ready to grow your business, your accountant can be an integral resource who provides advice and helps you manage the process. Here are some examples of what an Accountant can do:
- Providing insight on cash flow patterns, inventory management, pricing and business financing for business growth
- Provide advice on property and equipment leasing and purchase
- Help you prevent getting audited by the IRS
- Help you with IRS audits (believe me it makes it easier)
- Prepare you for and guide you through an audit, if necessary
- Create financial forecasts
- Creating a business budget that will support your business goals
- Provide advice and resources to assist you with the sale of your business
These are just some of the ways accountants can work with small business owners for your business tax. You can opt to hire an accountant for all of your financial activity and tax services, or you can choose a combined approach that limits his or her hands-on activity, reducing the expense. For example, you can hire an accountant during the start-up phase, and have us handle your annual reporting, but work with a bookkeeper to manage your books on a regular basis. In fact, a bookkeeper and an accountant can form a very efficient accounting team for your small business.
The most important thing you can do when it comes to your business finances is recognize when you need to enlist the help of a professional, and then find an accountant who will help maintain the fiscal health of your business.