Starting a business can be a bit complicated. Although it can be a rewarding experience, getting it all started involves so many moving parts that it can quickly get overwhelming. Fortunately, there are many professionals that can help, including a CPA. The following are just a handful of ways that a Wichita CPA can help you start and manage your small business.
Evaluating the Plan
One of the first things a CPA can do is help evaluate your business plan. Through this, they can actually give you a reasonable idea of whether or not your business will be profitable. They can then either help you modify the plan for better results or help you maximize a good business idea’s potential.
Setting the Proper Foundation
There are many financial steps you’ll need to take in the beginning that can impact your business for years to come. These include things like:
- Choosing the best business structure, such as LLC, sole proprietorship, partnership, and so on
- Building an accounting procedure to track expenses each day
- Setting up separate business accounts
- Clarifying a financial plan for your business
- Ensuring everything is in compliance with regulations
- Choosing the best financial software to suit your needs
A CPA can help you carry out all of these tasks in such a way that they support your business for years to come.
Once your business is up and running, you have many other financial tasks to take care of. These include managing payroll and paying any independent contractors and suppliers. Additionally, you need to manage taxes, financial reports, W2s, 1099s, and so much more.
Each of these things has to be managed properly to prevent any potential issues. The best way to ensure they are done properly is to get help from a CPA.
Growing Your Business
Once established, you’ll likely start dreaming of growing your business – another area that a CPA can assist in. Your CPA can keep an eye on all business financing, inventory, and patterns in your cash flow. They can point out areas with room for improvement.
Additionally, they’ll help by creating financial forecasts and budgets, both of which can help you meet your new goals. They can provide advice on which moves you can make that will make your journey easier. And if you ever decide to sell your company, your CPA can help you make it happen.