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21 Ways an Accountant Can Help a Small Business Owner

During the Start-Up Process

  1. Determine the best business structure (i.e, sole proprietorship, LLC, corporation, partnership) for your situation
  2. Assist with the financial analysis in your business plan
  3. Provide advice on the type of accounting software you may need
  4. Provide advice and assistance on opening a business bank account
  5. Make sure your accounting procedures comply with government regulations and requirements
  6. Provide advice on how to track expenses during your daily business activities
  7. Explain the importance of keeping personal and business expenses separate

During Your Regular Business Operations

  1. Help ensure that your independent contractors are classified as such (and not employees)
  2. Explain your financial statements so you can understand the ins and outs of your business
  3. Oversee company payroll and payment processes
  4. Provide advice on estimated tax payments you should make during the year
  5. Determine when, and to whom, you should send W2 and 1099 forms
  6. Close out your books and create financial reports at the end of the year
  7. Compile and submit your taxes, financial reports and all necessary paperwork to the IRS

During a Business Growth Stage

  1. Help you determine areas for growth by providing insight on cash flow patterns, inventory management, pricing and business financing
  2. Provide advice on property and equipment leasing and purchases
  3. Help you prevent getting audited by the IRS
  4. Prepare you for and guide you through an audit, if necessary
  5. Create financial forecasts so you can make better decisions in your business
  6. Work with you to create a business budget that will support your business goals
  7. Provide advice and resources to assist you with the sale of your business

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