When starting a small business, choosing the best legal structure is one of the most important decisions you can make. This decision will impact critical aspects of the business, including how much you are required to pay in taxes and the extent of your personal liability for financial debts and losses.
As a small business owner, you may find that it is difficult to sustain a company without seeking outside financial assistance. At some point, you will probably need extra working capital to support the growth and expansion of your business.
Even though the terms “accountant” and “Certified Public Accountant” are often used interchangeably, these positions are not entirely the same. All Certified Public Accountants (CPAs) have experience as accountants, but they are also recognized as being experts in their field. In other words, not all accountants have the qualifications to become a CPA. The following are five of the main differences between an accountant and a Certified Public Accountant.
For many small business owners, tax consequences can mean the difference between having a profitable or unprofitable year. The last thing you want as a business owner is to pay more of your hard-earned income to Uncle Sam than is absolutely necessary. If you want to reduce your tax burden this year, the following tax saving strategies will help you do just that.
To run a successful business, you must regularly monitor the financial performance of your company. Instead of becoming too comfortable with the same accounting system, you should always be open to considering new procedures that provide the best support for your company’s financial goals. The following are indications that it may be time to seek out a more effective accounting strategy for your growing business.
Overseeing your accounts payable and accounts receivable (AP & AR) is among the more tedious component of running your growing business. AP and AR management involves tracking large amounts of paperwork, reviewing contract terms, and can take significant time from your workday. Because of this, it’s among the more popular account services offered by CPA firms.