Do you have a new business? No problem! We are here to help from step one.
Have you recently opened a new business or are you in the process of establishing one? No matter what type of business you are planning to initiate, there are some guidelines and stipulations you should follow to result in being a successful business owner. Many of which are on the financial and accounting side of things.
We are here to help guide you through the process to make it easier and less stressful for you. With our guidance we will set you up for success and lead you in the most beneficial direction that is right for your business.
We Provide You With Assistance In:
Registering your Business Name– After choosing a business name you will need to register it so it complies with state and federal laws. Some businesses need to register with a state or local government agency.
Registering with Tax Authorities– You will need to pay state and local taxes and as a rule you will need to register with your state’s revenue office. You may need to apply for a sales permit on top of this depending on what your business consists of. As a business owner you will also need to comply with income tax and employment tax laws.
Registering a Federal Tax ID from IRS– Not all new businesses need a tax ID number, but if your business has employees, business partnerships, is a corporation or any other organization you will need an Employee Identification Number (EIN).
Appropriate Business Permits & Licensing that are Applicable to you– Most businesses are required to have some form of government permit or license in order to operate legally.
Record Keeping– Allows you to:
Monitor progress of your business– Create summaries to make reports about how much your business is worth or how much of an income was made over a given period of time.
Prepare for financial statements– Good records are needed to write an accurate financial statement.
Prepare tax returns– Records must support accurate and detailed income, expenses and credits you report.
Document receipts and every payment made by business– Including gross receipts (income you receive from your business), inventory, and expenses should be kept in a safe place. These documents can be; cash register tapes, invoices, book receipts, credit card charge slips, or bank deposit slips.
Keep track of deductible expenses– Expenses are easily forgotten if they are not recorded when they occur.
File list of your assets– Every business gathers items, materials and expendables that they own and need to be accounted for. These qualify as your assets some examples may be your office equipment, cash, buildings, and office supplies.
Choosing the Correct Insurance– There are many different insurance choices to pick from. Covering your business for accidents and natural disasters is pertinent. You should pinpoint your specific business risks and discuss which insurance options are available for your business.
These are just a couple of the stipulations you need to accomplish before opening and owning a business. You will need to do a number of other qualifications in order to fully prepare for your new business.
To find out more about how we can help with your new business tax and accounting services. Contact us at 616-613-3222 of fill out the form below!