Do you feel like your accountant just doesn’t understand you? Wouldn’t it be nice to have a real conversation about your business?

We would love to talk to you about business relationships that go beyond filing your tax returns.

Start-up issues

In life you never have a chance to make a good first impression. The same is true for your business. If you are struggling with how you should structure your business, you are not alone most new businesses come to us and ask us about what type of business they should open. Here are some of the legal structures that might be available to you:

– DBA or Doing Business As
– LLC or Limited Liability Company
– S Corporation
– C Corporation
– Partnership
– Advanced structures like B Corporations, Employee owned businesses ( ESOP ), Limited Partnerships.

If you have questions about how to set up your business from a tax perspective we have the tools to help you make a great decision.

Hiring employees

Hiring your first employee is a huge task and there are a lot of questions associated with the hiring process. What is a competitive wage? Should we offer vacation time? What can I afford to pay this employee? These are very important questions that need to be answered before you hire your first employee. Some other questions you might not be considering also include:

– Registering for payroll taxes
– Paying payroll taxes on time
– Overtime rules for employees
– Timekeeping solutions

Entrepreneurs do a great job of offering intuitive solutions for their business. We are great at offering solutions such as payroll administration at a low cost. In fact, our full service payroll plans which include direct deposit for employees start at $39.50 per payroll run for bi-weekly payroll for up to 3 employees. If you want more information about payroll, please reach out to us by phone or email.

Accounting software

Never has it been easier for Entrepreneurs to run a business. But, making the wrong decision about the types of tools you should use makes simple decisions such as choosing the best accounting software that much harder. We work with the following types of accounting software:

QuickBooks online
QuickBooks desktop- there are three versions and we know them all, including QuickBooks Enterprise
Wave
Freshbooks
Xero
Mint

While we know these programs best, many of our clients also use other solutions such as using Excel documents to collect their accounting data. Even though we are good at accounting, we could never be mistaken for accounting snobs. So, reach out to us before you make the wrong decision for your small business accounting software.

Subcontractors

There are a lot of ways entrepreneurs can get in trouble. One of the easiest ways is to hire a subcontractor. I know the idea of hiring a subcontractor seems simple, but we know there are a couple of issues you should address before you get into an agreement with another business or individual:

– Do you have a legal agreement with them that states what they are doing, for how much, and gives you rights if the work is not completed correctly? If not, you probably need to revisit your agreement with the contractor.
– Do you have an updated W-9 on file for the company/individual? At least annually you should ask for an updated W-9.
– What about subcontractors from another country? What additional documentation do you need?
– If you hire a contractor in another state, do you have a filing requirement in that state?
– Who is going to pay for Worker’s Compensation insurance, and tools and supplies?

It is easy for businesses to worry more about running the business and trying to make money than trying to stay out of trouble. That is why we worry about these things for you. If you want more information about subcontractor agreements and what they should look like, reach out to us by phone or email.

Starting a franchise

When you are shopping for a franchise they make it sound so simple. You might hear things like, “We have the secret formula for success” or “We will support you and make sure your business succeeds”. But, the truth comes out, at the end of the day starting a franchise can be just as hard and sometimes harder than starting your own business.

We have worked with other franchise owners in the past, and we can help you make the most of your new business venture. By avoiding some of the pitfalls other franchises have experienced, you can learn the risks without taking as many risks yourself.

Crowdfunding

Crowdfunding has many great attributes. If you have a great idea but no capital, it can also be a great way to create buzz about your product. Crowdfunding can also spread the risk of your idea, by testing whether you can pre-sell your new product with very low risk by you.

But, there are also downsides to crowdfunding. Many crowdfunding arrangements seem to offer a great deal, until you see the fine print.

– What happens if you cannot hit your goal?
– Who gets the money if you only hit your partial goal?
– How many other ideas/pitches are also being pitched on the site you are using?
– Would you have just been better off spending your time and energy promoting your idea through other means?

These are all legitimate questions, and the answers are not always easy. That is why it is important to work with someone that will give you straight answers. We have the ability to help you set a budget and determine things like if you will make money on items you sell at a discount. So, if you would rather not invest a ton of time and risk a bad result, reach out to us for help navigating your business growth plan.

Bookkeeping

Bookkeeping is an important part of your business. Most businesses see small business accounting as a necessary evil. We see small business accounting information as a valuable tool for you. Without accurate and timely bookkeeping you will be missing out on the following:

– How much do you make on each product that you sell?
– If you wanted to change how you billed for a service, could you make those changes and still make money?
– Who owes you money, and how much do they owe you, can you make changes to make sure you are paid timely and accurately?
– If you are hiring employees can you afford to hire them full time or part time?
– If you bought equipment or changed your building so you were more efficient, could you make more money, and how much?

These are just some of the questions that you cannot answer without accurate accounting information. So, if you are only focusing on accounting data to get to a tax return, you are missing out on huge opportunities in your business.

Business sales and partnerships, new owners

Are you looking to sell your business in the future?

Are you looking to bring on a partner or new owner to further your company growth?

Do you want to sell some assets, or part of your business?

If you are looking to do any of these things in the near future (within the next five years). We can help you make sure you are walking away from the deal with the largest dollar amount possible after taxes. Taxes are a fact of life, but we have the tools to make sure the government gets only their fair share not any more. So, if you would like to see if we can help you save money as you prepare for one of these taxable events, reach out to us and we can work with you to make sure you don’t get the short end of the stick.