Opening your own business can be an exciting time for everyone involved. It’s everything that comes after the excitement and thrill has worn off that 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. At Wesley R Howell, CPA we help you avoid the common pitfalls that many new small business owners make when starting their new venture. Many of the problems new businesses face can be avoided by proper planning and the help of a good CPA.
Wesley R. Howell, CPA and his offices in Altamonte Springs Florida may be able to help in one or more of the following ways:
- Prepare an initial business plan to clarify and solidify marketing, management, and financial plans.
- Determine start-up capital needs.
- Identify sources of start-up capital and backup sources if needed.
- Evaluate and quantify borrowing power to identify how much money the business can get on hand if needed.
- Select a business structure that best fits the businesses needs by evaluating tax advantages, legal exposure, ease of operation and portability should it need to relocate in the future.
- Select the right accounting software by evaluating budget, training needs and hardware for input and operation.
- Prepare a Cash Flow Budget in order to know exactly how much money the business needs to keep it alive each month for the first few years. Unplanned cash requirements are always emotionally painful if unknown and unplanned.
- Establish billing and collection procedures to maximize cash flow.
- Establish procedures to monitor and control costs.
- Possibly setup a home office to can maximize tax deductions.
- Prepare and file all required state and local licenses and permits.
- Prepare and file application for Federal Employer Identification Number.
- Provide payroll and payroll tax filing when bring on your first employee.
- Comply with employment laws so the business does not get hit with fines and unhappy employees.
- Identify business insurance needs, including among other things – Key Man Insurance. 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 us help your new business succeed by getting your new business off to a good strong start the right way, by working with a CPA.
In order to give you an accurate price for our Business Start-Up services we need to know a little more about your new business and what services interest you. Our prices are very affordable. Your first consultation is free, what do you have to lose, call us today.
Wesley R. Howell
CPA in Altamonte Springs FL
283 Cranes Roost Blvd, Suite 111
Altamonte Springs, FL 32701
Telephone: (407) 515-1121