5th July 2021 | Business
When you start a business, there are many actions you need to take and systems you need to set up to create the foundation for a successful business.
Below is a list of things Ax3 Accountants can do to help you as a small business owner.
The start-up process
- Determining the best business structure (i.e., sole proprietorship, LLC, corporation, partnership) for your situation.
- Assisting with the financial analysis of your business plan.
- Providing advice on the type of accounting software you may need.
- Providing advice and assistance on opening a business bank account.
- Making sure your accounting procedures comply with government regulations and requirements.
- Providing advice on how to track expenses during your daily business activities.
- Explaining the importance of keeping personal and business expenses separate.
Regular Business Operations
- Helping ensure that your independent contractors are classified as such (and not employees) by the IRS.
- Explaining your financial statements so you can understand the ins and outs of your business.
- Overseeing company payroll and payment processes.
- Providing advice on estimated tax payments you should make during the year.
- Determining when, and to whom, you should send W2 and 1099 forms.
- Closing out your books and create financial reports at the end of the year.
- Compiling and submitting your taxes, financial reports, and all necessary paperwork to the IRS.
Business Growth Stage
- Help you determine areas for growth by providing insight on cash flow patterns, inventory management, pricing, and business financing.
- Provide advice on property and equipment leasing and purchase.
- Help you prevent getting audited by the IRS.
- Prepare you for and guide you through an audit, if necessary.
- Create financial forecasts so you can make better decisions in your business.
- Work with you to create a business budget that will support your business goals.
- Provide advice and resources to assist you with the sale of your business.
When you are ready to grow your business, Ax3 accountants can be an integral resource that provides advice and help you manage the process.
Get in touch with us today at Ax3
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