I’ve decided to start a business…. Now what?

Congrats on the decision to start your business! Now that you have taken that leap of faith to follow your passion, what are your next steps to really getting everything rolling in the right direction?
Shameless plug time! Contact a CPA!

A CPA can help you determine what form of business entity is right for you given your applicable state laws. This can typically be done during an informal interview. This can help you get a feel for how your business will run, what reporting requirements there are and what you need to do/have done for you monthly, quarterly and annually.

This meeting can also help you to develop a plan for bookkeeping. You may think you want to do this yourself in order to save costs at the beginning, but if your books are not kept up to date it becomes a more expensive proposition later. A good bookkeeper is fast, efficient, and can provide business advice along with their monthly tasks. Most CPAs have bookkeepers on staff to assist their clients (or they are competent bookkeepers themselves)! These shameless plugs are coming out of nowhere!

A CPA can also provide a range of insight and access to different types of advisors from their networks. Maybe you want to set up a retirement plan or get insurance. Most CPAs have contacts that can help you. A CPA can be the quarterback for your advisors, helping to direct where each needs to be and when to make you the most successful you can be.

CPAs are expensive! Why would I want to pay someone to do that?

A CPA who is worth their fee will not only allow you to focus on your day to day job, but also provide valuable strategic insight and future tax planning. You should focus your first conversation not on cost, but what value your CPA will provide to you. A good CPA can provide monthly bookkeeping services, payroll and will analyze your financial statements to ensure that you are taking all the deductions you are entitled to. Your CPA should also be a strategic advisor to bounce ideas off of. If you want to sit down and not only run the numbers but have an active conversation** with someone who can think through strategy and possibilities, your CPA should be that person.

**Wait, wait, wait! Yes, I DID say an active conversation with a CPA. I know the stereotype of a CPA is a quiet, introverted person who would prefer to work with numbers versus people. One of the things I have learned through my interactions with clients is that they want to hear from their CPA constantly. They pay this person a fair share of money and they want the interaction and insight this person can bring. A true CPA isn’t that person you work with once a year, it’s someone who is your advisor throughout the year. My main focus with clients is to be a CPA who uses CPA. That is, Constant Personal Attention. Come find out how a CPA with personality can help your business!

Leave a reply