Growing Your Business

Q & A: Our TaxBuzz business experts share their best advice for a new start up during the first 90 days of existence.

by
Lee Reams II
on
12/5/2016
Q & A: Our TaxBuzz business experts share their best advice for a new start up during the first 90 days of existence.

The first 90 days of a business start up can be hectic and are filled with important decisions. Cutting through the paperwork and regulations can be challenging to say the least. Making a mistake, like choosing the wrong business entity, can have far ranging consequences. Our accounting experts shared the following advice for businesses just getting started.

Carey Gay from Treasure Tax, LLC shared the following -

“Get an accountant to set up your books and teach you the basics of entering in transactions in your software. This will save a lot of time and money in the long run. Plan to implement systems and steps in order to ensure you have digital copies of all receipts, in case they fade.”

Bret Willoughby, CPA, an international accounting expert from Tax911.com, Inc. offering the following advice -

 “I have many prospects who want to start a business. They have written business plans and are considering what entity to use. These are all great things to decide, but the most important question I can ask is when was your last deposit from a customer. It is easy to be a perpetual business student. Get the first down payment or deposit on your goods or service and then you have put feet to your dream and you are in business.”

Kathy Middleton from Texas based Katz Consulting Bookkeeping & Tax Services LLC shared the following -

 “Make sure that you obtain at least a dba and a separate checking account for the business. I would also strongly recommend at least talking to an accountant or bookkeeper so that they can help you set up a proper accounting system that works for your business.”

Joshua Standley from DKK Accounting LLC offered this simple advice -

“Separate your business and personal accounts.”

Tony Proctor from Proctor & Assocs. TBS, Inc. 

“HAVE A PLAN! Sometimes when you're starting out, you can get tied up with emotions. Just be sure to know what your plan is for either: a pleasant (and unexpected) surge in revenue, or the other extreme, a not-so-good start that eats into your initial investment capital.”

Rudolph Isaacs from Isaacs Accounting, P.C. feels your pain and offered these great start up tips -

“As a small business owner you wear many hats. You are the CEO, CFO, COO, Marketing Director, janitor, bookkeeper, etc. My advice would be to get help in your areas of weakness and to delegate as much as you can. Look to family members and friends for help in the beginning if cash flow is an issue. Surround yourself with a good team. Hiring an accountant, lawyer, office assistant, can prove to be beneficial in the long run if they are able to free up your time to focus on growing the business. You should also develop a three-year strategic plan on how you were going to accomplish the goals you have set for your business.”

Gina Riley from Bradenton, FL based ClearView Bookkeeping, Inc. added the following -

“Purchase accounting software and hire someone to train you on how to use it. It is imperative your finances are tracked in a system from day one, so it doesn’t cause you headaches later. In the beginning you have more time to focus on how to utilize the software as a tool, in turn it will allow you to stay on track of not only your finances but also your customers information.”

Colorado CPA Gary L Hulett CPA offered this sage advice -

“In my mind there really isn't a "best advice" to start-ups, every business is different and every business microclimate is a little different. The one take away would be to have a reasonable plan with respect to bookkeeping, marketing and budgeting. Also know that this plan is not written in stone. In business you have to be flexible and work with what your marketplace is giving you. My advice to my small business clients is: have a system for recordkeeping as you are required to support your business expenses and record of income (no, a shoe-box doesn't count), keep your personal and business accounts separate, earmark 20% of your profit as estimated taxes, and spend your money wisely. It's easy to overspend in the wrong areas when you are first starting out and even a basic business plan benchmarked to others in your industry can help you in this regard. A good CPA who works with small business will help you take advantage of the tax deductions that are now available to you as a business owner.”

Don’t get overwhelmed as you get started. Owning your own business can be stressful, but also provide you the independence and financial freedom you have always dreamed of. Surrounding yourself with top-shelf experts from the start will increase your odds for success.

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Lee Reams II

Lee Reams II

CEO

I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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