Competent • Dependable • Ethical
21 Ways an Accountant Can Help a Small Business Owner
During the Start-Up Process
- Determine the best business structure (i.e, sole proprietorship, LLC, corporation, partnership) for your situation
- Assist with the financial analysis in your business plan
- Provide advice on the type of accounting software you may need
- Provide advice and assistance on opening a business bank account
- Make sure your accounting procedures comply with government regulations and requirements
- Provide advice on how to track expenses during your daily business activities
- Explain the importance of keeping personal and business expenses separate
During Your Regular Business Operations
- Help ensure that your independent contractors are classified as such (and not employees)
- Explain your financial statements so you can understand the ins and outs of your business
- Oversee company payroll and payment processes
- Provide advice on estimated tax payments you should make during the year
- Determine when, and to whom, you should send W2 and 1099 forms
- Close out your books and create financial reports at the end of the year
- Compile and submit your taxes, financial reports and all necessary paperwork to the IRS
During a Business Growth Stage
- Help you determine areas for growth by providing insight on cash flow patterns, inventory management, pricing and business financing
- Provide advice on property and equipment leasing and purchases
- Help you prevent getting audited by the IRS
- Prepare you for and guide you through an audit, if necessary
- Create financial forecasts so you can make better decisions in your business
- Work with you to create a business budget that will support your business goals
- Provide advice and resources to assist you with the sale of your business