Congratulations on starting your own business! We can help get your business started off on the right foot. We want to be part of your team and help you through this important phase of your business.
We can help set you on a course for success, as well as navigate around the pitfalls that many entrepreneurs experience. A properly setup and maintained record-keeping system, along with some professional assistance, will give you the critcal data you need in order to run your business and keep you compliant with your state and the IRS.
You may think it premature to concern yourself with bookkeeping before you’ve even begun any start-up activity, but it is essential that you do.
Here are the reasons you need a system in place from Day 1:
- As soon as you start doing anything, including meeting with people to discuss or plan your business, you’ll incur tax deductible expenses (i.e. the cost of coffee at meetings, mileage to drive to meetings, legal fees, purchasing checks for your bank account, buying office supplies or equipment). No point paying more taxes than you have to. You need the money for your business and your family.
- You’ll need a budget, a projection of start up costs, for your own assessment, if not for potential partners or lenders (or your spouse who needs to know you’re not going to wreck the family budget with this crazy idea!).
- You’ll need to know how you’re doing financially as you progress with your start-up.
- You’ll have the information to make solid business decisions as you need them. Small business owners have little room or time for error. In all likelihood, you don’t have endless resources. The ability to act quickly and effectively is paramount to your survival!
Choosing the right bookkeeping software for your business and obtaining professional help for set-up, training and support can prevent endless nights of worry and lack of sleep. An exaggeration? Not according to the many business owners we work with everyday! Most of our small business clients use QuickBooks® software. It’s comprehensive, affordable, and accountant and user-friendly. Unless your type of business requires an industry-specific application, it will likely suffice for your needs. An accounting or bookkeeping professional can confirm this for you.
Designing and setting up your Chart of Accounts correctly for your business is imparitive. This must be done by a professional unless you have that level of skill yourself. Education and/or significant bookkeeping experience is required. The Chart of Accounts provides the framework for your bookkeeping system and reports. Customizing the Chart of Accounts and management reports ensure you can stay on top of your business performance and manage for success. Investing in a well designed record keeping system from the start will save you a significant amount of time and money.
We also recommend you engage professional help for:
- Training for yourself or new employees as needed
- On-going bookkeeping support or periodic reviews if you don’t have a qualified staff person to perform these duties
- Answering questions and resolving problems about bookkeeping or your software
Most small businesses don’t have enough bookkeeping work to justify hiring an employee. Though professional support bears a higher hourly rate, you will save money on payroll taxes, benefits, and insurance, and you’ll only pay for the time it takes to get your work done and not any ‘down time’, which can be significant. Because of advanced knowledge and experience, a professional will be more efficient than an employee in general. This type of assistance is best provided by a professional bookkeeper. CPA’s do not generally offer these services, or only offer them on a very limited basis, and charge about twice as much as a professional bookkeeper.
Following these steps will significantly increase your chances for success. A statistic you hear frequently is that 95% of new businesses fail within the first five years. Our clients are having a different experience. In contrast to the statistic above, while 32% of our clients are still within their first five years, 10% have been in business 5–10 years and 58% have been in business over 10 years. Having a well designed system and on-going support has significantly contributed to their success. Ask successful business owners you know how important QuickBooks is to their business.
If you ARE READY TO START YOUR BUSINESS and SET UP QUICKBOOKS for your business RIGHT NOW, we have a SPECIAL OFFER just for you! We know that money is tight when you’re just getting started AND we know that getting your books set up right at the beginning can mean the difference between success and failure, so we want to help and make it as easy for you as possible!
WE CAN HELP AND STAY WITHIN YOUR BUDGET!