New Business Formation? Consult with a CPA

Similar to planning a wedding, a lot of necessities slip your mind when you’re trying to start a business alone. One of the major perks of hiring a CPA from the start is that you can rest assured someone is looking out for your financial safety. Here are just a few of the essential steps we can help with:

• Determining entity. Before you begin collecting income, it’s critical that you establish the right business entity. The entity you choose will affect your future legal and tax obligations, and choosing the wrong one could result in mishaps like double taxation. We can help you decide whether a corporation, S-corp, LLC, or partnership is right for you.

• Establishing back-office processes. After determining your business entity, the next step is figuring out how you want to run things behind the scenes. Payroll processing, bookkeeping, and merchant services are just a few of the things you need to worry about. Partnering with a business accounting firm can relieve the pressure.

• Securing bank financing. Let’s face it — if you want to grow your business, you’re going to need capital. Acquiring the necessary funds is difficult without the right data. We’ll help you prepare the reports you need to approach banks confidently.

• Making a tax plan. If you think filing personal taxes is complex, wait until you try to file your business taxes. The reality is that unless you’re an expert, you risk making critical errors, like neglecting to claim the available credits and deductions. It’s almost always more cost-effective to hire a CPA tax specialist.

Although these tasks are among the most critical to accomplish before your business launch, they are by no means all of them. That’s why the smartest new business owners partner with a trusted CPA firm from the get-go. Our CPA consultants provide year-round support so that you’re able to focus on what really matters — growing your company.