Opening your own business is a huge undertaking. There are so many things to worry about before you ever even open the doors that it’s easy to overlook some of the critical components that could hinder your future success. Don’t let something important that could ultimately dictate whether your business makes it or not fall through the cracks. Getting some helpful guidance and direction to make sure your business starts off on the right foot is a smart investment.
A methodical plan of action is needed to help a new business get off the ground and turn your great idea into a profitable business. Success often can be determined by the policies and procedures you put into place as much as your entrepreneurial spirit. Our entrepreneur accounting services help you avoid the common pitfalls that many new small business owners make when starting their new venture.
At Schultz, Wood & Rapp, some of the critical tasks that our Business Startup Accounting experts can help you with include:
– Preparing an initial business plan to clarify your marketing, management, and financial plans.
– Determining your start-up capital needs.
– Identifying sources of start-up capital and backup sources if needed.
– Evaluating and quantifying your borrowing power, so you know how much money you can get your hands on if needed.
– Selecting the business structure that best fits your needs by evaluating the tax advantages, legal exposure, ease of operation and portability should you ever need to relocate.
– Selecting the right accounting software by evaluating your budget, needs and hardware.
– Preparing an initial Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally and financially painful.
– Establishing solid billing and collection procedures to maximize your cash flow.
– Establishing thorough checks and balances type of procedures to monitor and control costs.
– Setting up a home office so you can maximize your tax deductions.
– Preparing and filing all of your required state and local licenses and permits.
– Preparing and file your application for your Federal Employer Identification Number.
– Providing payroll and payroll tax filing services when you bring on your first employee.
– Making certain you comply with all applicable employment laws so you don’t get hit with fines from unhappy employees.
– Helping you identify your business insurance needs.
– Developing a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.
We’ve helped businesses of all shapes and sizes get off the ground and grow into successful businesses. There’s no need for you to spend time trying to figure out how to reinvent the wheel. We’ve been there and done that. Let our entrepreneurial accounting experts help you succeed by getting your new business off to a good strong start.