Opening your own business is exciting and thrilling. Everything that comes after the excitement and thrill has worn off dictates whether a small business will make it or not. It’s up to you to maintain and stretch out the “thrill and excitement” period forever.
A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. Our small business accounting expertise, and passion for working with entrepreneurs, will help you avoid the common pitfalls that many new small business owners make when starting their new venture.
Jones Sager and Company understands the many needs of small businesses, especially at the crucial inception period, when whatever you establish becomes the foundation for your company’s success. Our customized services can help you:
- Prepare an initial business plan to clarify your marketing, management, and financial plans.
- Determine your start-up capital needs.
- Identify sources of start-up capital and backup sources if needed.
- Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
- Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
- Select the right accounting software by evaluating your budget, needs, and hardware.
- Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements can be emotionally painful.
- Establish billing and collection procedures to maximize your cash flow.
- Establish procedures to monitor and control costs.
- Setup a home office so you can maximize your tax deductions.
- Prepare and file all required state and local licenses and permits.
- Prepare and file your application for your Federal Employer Identification Number.
- Help you stay compliant with payroll tax laws when you hire your first employees.
- Comply with employment laws so you don’t get hit with fines and unhappy employees.
- Identify your business insurance needs.
- Develop a solid Partnership Agreement. This is an extremely important document for all new partnerships and will help prevent a tremendous amount of financial and emotional problems down the road.
Let Jones Sager and Company provide you small business accounting services that help you succeed by getting your new business off to a good strong start.