Why You Need a CPA For Your New Michigan Business

Being a brand new business owner typically means you are working on a tight budget. We seek to cut expenses by handling most of the tasks on our own, from construction to marketing, or sales to customer service. However, there is one aspect of launching a startup that direly requires the employment of a professional; and that is accounting.

Not all business owners have a robust background in business finance and accounting. For most of us, this can be the most tedious part of starting up. If you are not fully confident with your accounting skills, seek the services of a CPA or professional accountant. This will prevent your business from suffering from unwanted errors that could affect not only present-day operations but also long-term plans.

Here are among the key things that a CPA will do for you and your new business:

• Set the appropriate business structure for you, whether it is a sole proprietorship, a partnership or joint venture, a limited liability company (LLC) or a corporation. Each type of business structure has its own advantages and disadvantages and your CPA should be able to help you determine which one you are qualified for, and which one is most suitable for you.

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• Build a financial analysis for your business as part of the final submission of your business plan.

• Ensure that proper taxation measures are in place.

• Confirm that all aspects of the business are in compliance with government ordinances. Beyond taxes, your CPA will help you accomplish all the requirements needed for a permit and license to operate a business.

• Establish a straightforward tracker for the flow of cash in and out of your bank account. This will make it easier for you to keep an eye on daily business activities and how much they are costing you. This is an important figure for your profit and loss statement.

• Help keep your personal expenses segregated from your business transactions. No matter how simple this may seem, delineating between personal and company expenses will have to be strictly mandated to avoid messy calculations that lead to inaccurate answers.

As your business takes off, your accountant will help you maintain the accounting processes that they put in place for you. This includes the following crucial tasks:

• Separate independent contractors from actual employees or staff. This way, you will not get into trouble with the IRS.

• Coordinate meetings with you so you can discuss financial statements at length. This will provide you with the leverage and insight needed to come up with sound business strategies for both the short-term and the long-term.

• Assist in the disbursement of the company payroll. Do not run the risk of delayed payroll as you and your company could be sued under the labor code.

• Prepare you for annual tax payments so you can already set up a revenue stream that will directly take care of this yearly expense.

• Help you acquire and accomplish W2 and 1099 forms, as well as other forms necessary.

• File your taxes and collect all necessary requirements way before the April deadline. If you let a CPA do this for you, you can enjoy the peace of mind that comes with not having to deal with the nitty gritty details of income tax filing. Moreover, you can concentrate on other aspects of the business so you can optimize all avenues and opportunities for growth.

Even as a tenured business owner, you can still gain a lot of benefits from hiring an accountant. You will automatically have someone to assist you with overall inventory management, and at the same time, you get to hear the opinion of an experienced business adviser who is also exposed to the cash flow patterns and sales trends of your business. Together, you and a CPA can take your business to the next level—an achievement that could take twice as long, or could never even be reached, if you had to do everything yourself.

Interested in hiring a licensed accountant? Look no further than Hazzouri Accounting and Tax Service. We are fully capable of carrying out all the accounting services mentioned in this article. Call us at 734-844-1614 today!

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