Nashville Tenn. CPA Firm with Your Business in Mind.
Having your own business is a dream for many people. Doing what you love and being your own boss are just a few of the benefits. There are downsides. There are the hours you have to put in. There are also all the decisions you have to make. You have to wear multiple hats. It helps if you have a business degree. Most people starting their own businesses don’t. In fact, within five years of starting a business, only about 50% have survived. One reason for the failure is not knowing the business part of business. It can be confusing. There are thousands of legislative rules and laws to be followed. Taxes are also overwhelming. They come with ever changing rules, brackets and schedules. There are also financial aspects of running your own business. People have difficulty creating and following their own personal budget. Doing this for your small business is even more important. Having an accounting consultant can help by letting the consultant focus on business part while you focus on the core activities of your business.
For these reasons, a start up business needs some advice. Start up consultation is a great option for those wanting to go into business for themselves but don’t have the means to hire an accountant. An accountant can help a startup business every step of the way. First is planning. Lack of planning can cause any great idea to fail. Many businesses fail because of this simple act that can be overlooked at the beginning. Sometimes you can’t even start your business without a solid business plan due to start up costs. Most financial backers want to see a completed business plan before they are willing to help with funds. A good plan needs to have measurable goals. Those goals need to have the short term and long term in mind. Second is your business structure. There are several choices ranging from sole proprietor to a corporation with a board and meetings. An accountant knows the aspects of each. He can help choose the best option that matches your situation.
Your business will also need some type of bookkeeping practices. There are desktop and online bookkeeping programs. An accountant can help you choose the best option for you. The most popular is QuickBooks. An accounting consultant can help you understand the program and train you on its use.
An accounting consultant not only helps with those tasks, he can also be involved in analyzing financial reports and records. These reports can be created and housed in Quickbooks. That is not enough though. Those reports provide valuable information about your business. An accountant can make quick work of helping you understand and use these documents. The accountant can help optimize the information and use it for your tax planning, budgeting and financial forecasting.
Starting up a new business can be difficult. It is easy to see how a consulting accountant can help. A healthy bottom line usually equals a healthy business. The accountant can help ensure you are on the right path from the beginning .