Growing Your Business

Starting Up in 2017? Here's some sage advice from our Accounting Experts

Starting Up in 2017? Here's some sage advice from our Accounting Experts

Accounting is an integral part of any successful business. If you are starting a new company in 2017, you need to understand accounting and how it impacts your company's efficiency. To help you out, we asked some accounting experts to give their best advice for new entrepreneurs. Here's what we learned.

1. Look before you leap.

“Have a good plan before you start. You need to figure out what your expenses are in order to see what you need to do to be successful. Is your idea viable? Do you have the money to last during slow times? Many, if not all, businesses have some sort of seasonality to them.” — Joshua Standley, DKK Accounting LLC

2. Plan carefully and surround yourself with the best people.

“Have a plan for both the short- and long-term. Those who plan and don't give up will succeed. Don't forget to surround yourself with a knowledgeable consulting team, which usually includes a lawyer, an accountant and a marketing expert." — Marge Cook, Custom Accounting Services, Inc.

3. Talk to tax and legal professionals.

“Seek the counsel of professionals! In particular, seek the advice of a tax professional initially. The tax pro should be able to guide the entrepreneur toward a proper business entity selection and explain tax obligations, pertinent dates and the tax consequences of future financial decisions. The tax pro cannot provide the entrepreneur with legal advice, but the tax professional can and should be able to advise the entrepreneur when and if he or she should seek the counsel of an attorney.” — Terrence O'Neill, Terry O'Neill, EA LLC

“The best advice for an entrepreneur starting up in 2017 is to invest some time upfront in selecting the right entity structure and understanding the tax ramifications and compliance requirements of the entity selected. It is going to be important to do some research, consult with an attorney that specializes in this area and get some sound advice from a tax professional who understands the tax impact on you. Deciding on the right entity to select is an important decision in your entrepreneurial journey, and getting it right can save on costly mistakes down the road. Including this as an initial step in your plans will help you to start the year off right.” — Gerri Lazarre, TriMergeTax

4. Be diligent with bookkeeping and documentation.

“Keep ALL of your receipts that are business-related and talk to a professional about your bookkeeping and tax requirements. It's what you don't know that will get you into trouble. Most tax and accounting professionals will give you a free consultation. Take advantage of all the FREE training out there. Make sure that you have a separate account for the business. — Kathy Middleton, Katz Consulting Bookkeeping & Tax Services LLC

5. Set up your business for tax breaks and watch your business credit rating.

“Any entrepreneur that is starting out needs to maintain good records and make sure the business is set up properly for the right tax breaks. You should also check your credit rating — not only your personal rating but also your business rating. It helps when it comes to expansion to be able to seek outside funding.” — Alfred White, The White House Business Solutions

6. Know your budget.

“Know your budget. In our first meeting, I always try to have my clients establish in writing how much they can afford to invest in the endeavor and how far their economic unit can afford to extend to the ‘dream.' As we progress through the years, we look back at that note. Sometimes we laugh at how successful they have been, and sometimes I have to recommend that the ‘dream' is no longer an economic option for their family.” — Sandra Gulledge, Sandra Gulledge, CPA PA

TaxBuzz can help you find the best tax and accounting professionals. Contact us today to learn more.

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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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