Getting a new business off the ground will make you feel like a juggling act at the circus. To have a successful launch, you can’t drop anything! That doesn’t mean you have to handle everything yourself. In fact, it is advisable to obtain business start-up assistance from professionals for many of the tasks. One of the most important is to work with an accountant. Here are a few key tasks they can help you with:
- Set up an accounting system. While many new businesses think of accounting as a necessary evil for tax reporting purposes, the value of a solid accounting system goes much farther than that. You’ll find that many of your business decisions going forward will depend on the quality of the financial statements. You’ll need to know promptly if any of your expenses are out of line and if you are meeting sales projections, so you can adjust sooner rather than far too late.
- Set up payroll systems. For many businesses, labor expenses represent a large percentage of operating costs. The proper reporting of payroll will keep you out of trouble with federal and state regulations, not to mention controlling your costs.
- Income tax planning. Business start-up assistance from a professional can get you on the path to the lowest tax effect possible. Your accountant can guide you to deductions you should know about, as well as tax reporting deadlines, and help with decisions such as lease or purchase of property and equipment.
Here at Cathy E. Parker, E.A. Bookkeeping & Tax Service, we offer a wide variety of bookkeeping and tax services that begin with business start-up assistance and continue with you through your journey as an entrepreneur. With nearly two decades of experience serving the Bartow, Florida area, we can provide the assistance you need for payroll, accounting, tax preparation, and more.