So, you are starting a new business and looking for business accounting services
by Lester Bahr, CPA on 08/23/14
Well, that is certainly a very important step in launching your business. Here are 10 tips to also consider of equal importance to your business accounting services.
1. Don't neglect the importance of first creating a written business plan.
2. Educate yourself about different business entity structures and the advantages and disadvantages of each as this can greatly affect your taxes. Also, before you go ahead and incorporate in Delaware - because you've heard or been told that is a good thing to do, read my article on that topic first.
3. Make sure you have properly researched and completed all the leg work of filing new business registrations. This applies at the federal, state and local tax levels.
4. Setup a proper financial reporting accounting system. If this is not your strong suite, then do yourself a favor and hire a consultant. The investment you make upfront will pay big benefits in your company's future efficiency and organization.
5. Make your website the central foundation to your marketing efforts.
6. Be consistent in your branding efforts which begins with first selecting a good name for your business. Don't give mixed signals or create confusing brands.
7. Not every customer is a good customer. Don't extend credit to customers without first having done a credit check.
8. Research your competition and price your product or service appropriately. But don't get caught up in the trap of underpricing your product or service. Make sure you fully understand how to do a price estimating for whatever you will be selling.
9. Make sure you have good financial management skills. For example, how to setup and use a cash flow budget to manage liquidity. There is a lot more involved with running a successful business than just knowing your product or service inside and out. For example, one of the leading causes of business failure is running out of funding. Therefore, it is imperative that you understand the business financing process.
10. Educate yourself about all the factors related to hiring employees. Make sure you understand the laws. Also, if your are going to hire independent contractors, make sure you know what the qualifying factors are. Do not assume you can simply pay everyone as an independent contractor and thus avoid the hassles of setting up workers as employees. You can't do that!
Looking for still more ideas for your business success? Then find me at www.LesterBahrCPA.com
