Here at MyCorp, we love talking about small business, as the sheer variety of small businesses available to start up is simply astounding. There is no, one, ubiquitous small business industry. Retailers, lawyers, restaurateurs, accountants – nearly every profession can be spun into a business!
With that in mind, we’re bringing you the ABCs of Small Business Industry as our latest post series on our blog. Over the next few months, we’ll be looking at the major industries that make up the small business world, taking a look at the different types of businesses, and helping people within these various industries start their own companies.
Without further ado, we present the first in what we hope will be an educational and enjoyable series – A is for Accounting.
What do you need to create your own accounting practice?
First, you need to be licensed. A Certified Public Accountant has to pass a Uniform CPA exam, and you can’t legally offer your services as an accountant without some sort of credentialing. Licensing and certification will also vary state-to-state, so make sure you research what your state requires of an accountant before you open up your practice. If all of your ducks are in a row, opening up your own firm is like opening any other small business. You need a DBA name, and you have to apply for all of your local/state business and operating licenses. You should also have some sort of professional liability insurance, just to protect yourself, and if you hire anyone or bring on a partner, you’ll need an Employer Identification Number (EIN).
Once all of that is taken care of you’ll have a sole-proprietorship, or a partnership if you have a partner. However, this type of business can leave you personally liable for any debt resulting from lawsuits, debt, or negligence and it’s a good idea to consider forming a separate business entity.
The one thing most new business owners really struggle with from the get-go is organization. There’s so much new paperwork and so many bills you need to keep track of! Being organized can really separate the good businesses from the great businesses. Every customer wants to feel as though they are in capable hands. You can be a great business for your customers with the help of QuickBooks.
QuickBooks is an organization tool that, according to their website, “manages your money, imports from your bank, and gets you ready for taxes. It’s accounting software made easy.”
Sound good? Here are five additional reasons why you and your business need QuickBooks:
Starting a business is a step by step process – starting with an idea, a business name, and creating a business plan. A business plan includes the purpose of your business and how you will go about marketing or advertising the same. It also includes the expenses, liabilities, assists, budgets, and how your business plans to make a profit and grow. Growth alone is a complicated subject where you have short-term and long-term growth plans based on how well your business is doing. Once you’ve done this, it’s time to address legalities such as licenses, insurance, recruiting employees, etc.
Today, our guest poster Justin Krane offers up a step by step plan on how to stay on top of your taxes and how to avoid putting them off till the last minute. Additionally, you can join Justin and our CEO Deborah for an amazing financial webinar on May 29th at 1PM PST/4PM EST. In this webinar, Justin will teach you how to create high quality goals and the financial strategies to put in place to work towards achieving them. You in? We are! Register by clicking here.
You are trying to back away from them but their stank is just ridic? They have no idea how bad their breath is! Especially when they eat the onion bagel with lox cream cheese! You’ll do anything to avoid their halitosis.
Got me thinking. Do your taxes have bad breath? Your taxes only end up stinking if you put them off till the last minute. It stinks to have no idea how much money you owe the IRS. Give your taxes a breath mint! No more scrambling the last few days before taxes are due. No more tax surprises. No more bad breath.
How you plan your taxes is most likely how you plan your financial life. It’s time to be proactive, not reactive! I want your financial life to be easier for you.
It comes as no surprise that thousands of businesses, large and small, have gone bust during the current downtrend in the economy. Literally millions of workers have been made redundant, leaving them on their own to carry on. Some have tried their hand at contracting whilst others put their expertise to work at launching small business enterprises. Those enterprises that survived understood what it takes to start a small business in a bear market. Against all odds, many of these small businesses are flourishing concerns today because they took the time to get the facts straight before launching their company.
So You Have a Vision – Is That Enough?
In the first year of your business’ life, the success of a small company hinges on lowering its overhead expenses which can make all the difference between insolvency and survival. To ensure that your business stays as financially lean as possible, take the following six tips into account when creating and establishing your company budget.
Cut Your Staffing Costs
Opening your own business is so immensely rewarding. For me, it was the fulfillment of a dream. Working a 9-5 job, making someone else successful and working “my fingers to the bone” on behalf of another person simply wasn’t what I wanted to do. So, I started my own company. However, I quickly encountered several problems that threatened to make me lose my sleep and my sanity. With luck and perseverance, I overcame them – here’s what you need to know if you’re ever faced with a similar situation.
When tax return day arrives, many people may wonder if they could have received more money than what they actually were refunded. This leaves many people left wishing that they had taken the time to hire an accountant before their taxes were due, instead of filing them on their own. And although most of your tax return is self-explanatory and can be done on your own, there are still many things that can be missed out on.
Instead of going about it alone, it certainly pays to consider hiring an accountant to do your taxes. Some of the benefits to hiring an accountant to add a helping hand during tax season include: Continue reading
You love being the CEO of your business, but what happens when you have to be the CFO?
Dealing with your business finances can be overwhelming. If you want to take your company to the next level, you are going to need to have some major clarity around your business finances. You need to lift up the hood of your business money and see what is going on in there. That way, you can make better financial decisions, have more control over your business, and focus on your life without being worried about your company finances. How cool would it be if your stress level went down?! Continue reading
That April 17th tax deadline is just four weeks away! Most small business owners know how important it is to get their taxes finished early, but we want to make sure the small businesses we’ve helped create aren’t simply just sending in the necessary forms and hoping for the best.
We want you to know how to maximize every single deduction, decrease any chance of an IRS audit, and keep as much of your hard earned money as possible. With that in mind, we’ve teamed up with 1800Accountant.com to give everyone reading our blog and using our services a free business tax consultation. There are no obligations to stick with 1800Accountant if you do not want to, and you won’t regret setting up a consultation with their team of licensed CPA and accountants to help make sure you’ve followed a sound tax strategy.
If you’re interested, simply click here or on their logo above to access the webpage where you can sign up for your appointment with 1800Accountant.com. As we said before, it’s completely free, there are no obligations and it is a great way to get some professional advice regarding your small business’s tax obligations. If you’d like, you can also call them at 1-800-822-6868; just be sure to mention MyCorp!
Don’t miss this opportunity for free tax help, and remember to sign up as soon as possible to make sure you get an appointment slot that will fit your schedule.