If you have decided to open a small business and you have a limited budget, then you have likely spent some of your time determining where you will be able to cut your business costs and do more to help stretch the limited funds that you have available. This money-stretching effort may have you convinced that you can handle your accounting needs yourself rather than hiring a professional Salt Lake City accountant for assistance.
However, if you do not have any type of prior experience managing the books for a business, and you think you will be able to learn as you go, then you should reconsider. If you manage your books inaccurately, this can hurt your business now and in the future. This can all be avoided when you utilize the services of an accountant at Cook Martin Poulson in Salt Lake City.
Some of the services offered by a Salt Lake City accountant are highlighted here.
During Your Start-Up Process
When you first open your business, there are several actions that you will have to take, and a number of systems that will have to be set up, in order to ensure you create a foundation for a successful business. Some of the ways a Salt Lake City accountant can help include:
• Determining the ideal business structure.
• Helping with the financial analysis of your business plan.
• Offering advice regarding accounting software.
• Providing assistance regarding your business bank account.
• Ensuring you comply with all government regulations.
During the Regular Operation of Your Business
Once you have gotten your business successfully launched, you will benefit greatly if you maintain the services of a Salt Lake City accountant. Some of the reasons that you need to retain these services include to:
• Ensure all independent contractors are classified properly.
• Explain the financial statements so you fully understand your business.
• Oversee the payment processes for employees.
• Offer advice on the estimated tax payments you should make.
• Determine when to send 1099 and W2 forms.
• Close your books out and create financial reports.
During Your Growing Stages
When you get to the point that you are ready to grow your business, then the accountant you have hired can be an important resource in this endeavor and provide help when managing the process. They can help you:
• Avoid audits.
• Determine where you can grow.
• Providing advice on purchases you are going to make.
As you can see, the role of a Salt Lake City accountant is essential for any small business, at any stage of the growth cycle. With the help of Cook Martin Poulson, you can ensure your business’s financial health and well-being.
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