The entrepreneurial spirit is in all of us. The degree of spirit surely varies, but deep in our veins the spirit flows warm. For some of you, the thought of owning something of your own can’t be suppressed. You have to have it. You have to do it. The unknown of how to get started brings anxiousness and a little fear.
We have done it. We jumped into the entrepreneur world with unabashed passion! Entrepreneurism is thrilling, liberating and challenging. The rewards of professional growth and unexpected opportunities will drive your waking moments. Let us guide you through the process. You’ll enjoy every part of the ride. Buckle-up!
Please review our list of offerings to see how we can be of service.
- Ownership Structure
- Entity Selection
- Accounting Systems Architecture
- Financial Statement Preparation
- Compliance and Registration
- Tax Analysis and Strategies
There is a legal team that must draw up the required documents, but you as the owner have to decide how you want to own this business. This a key decision for you to make. “Am I the only owner?” If yes, you are operating as a sole proprietor or a single shareholder corporation. If no, you are either operating as a partnership or you operating as a multi-shareholder corporation.
If you are the only owner, planning must be done to protect personal assets. If there are multiple owners, ‘rules’ must be written to govern each owner’s duties, rights, and responsibilities. Let us help you outline an Operating Agreement and Buy-Sell Agreements which will serve as the governance vehicle for your business.
The selection of entity is driven by three factors; liability, taxes, and industry requirements. We’ll leave liability and industry requirement discussions to your other advisors. We’ll help you navigate the tax reasons driving your entity selection. The proper entity selection directly impacts the amount of taxes you pay.
Many factors dictate your entity election. Let us help you identify which structure to select.
Accounting Systems Architecture
What are the factors for determining the timing of income recognition? What is the most efficient method for billing my clients? What is my method for reviewing and approving vendor invoices? Which accounting software meets requirements for my industry?
These questions and more are critical to ask during the design of your accounting system. Budget constraints notwithstanding, modeling an accounting system that can support the growth of your business is another in a series of important decisions.
Financial Statement Preparation
The Balance Sheet measures your company’s equity growth. The Income Statement measures your company’s profitability. Most importantly, the Cash Flow Statement monitors your company’s use of cash. What’s the saying? “Cash is King?”
Running a business is managing customer relationships, it’s developing vendor trust, it’s building a bright, hard-working team, but equally important it’s managing cash and wealth growth. The competing factors pull and twist. They create conflicts of priorities.
Clearly presented, timely prepared financial statements will be the tool you use to manage your successful business.
Compliance and Registration
The complexities of compliance are not insignificant. Knowing what to file and when, or where to register and why are simply administrative requirements for operating your business. Whether it be a federal registration needed to pay your employees, or a local registration needed for your business license, someone on your team has to be on the watch.
We have been teammates for many business clients monitoring requirements and managing compliance. Let us be your monitor.
Tax Analysis and Strategies
Taxes are a cost to be proactively managed. Successful business owners plan for tax costs from day one, year one of operations. Management of taxes should not be done aggressively or evasively, but rather deliberately and prospectively. Tax rates contain an annual element. Tax planning needs to contain a multi-year element.
We calculate your tax liability based on an annual result of financial results. A sophisticated tax strategy plans revenue on a semi-decade plan of financial results. Reach out, we’re happy to explain.