– by Marilyn Silverman
If you are running a home-based business which incidentally is a very popular business genre today—your office can be but a few steps away in your kitchen, bedroom, basement, attic or wherever —you might just qualify for home business tax deductions. You just started your business and already we're saving you money.
If you are operating a business you will need an accountant to help you pay your taxes every year; all those pages and pages with the tiny print, are time-consuming. Who has the time?
If you are a savvy entrepreneur you will most certainly want to avoid the unpleasant and scary experience of being audited. Who wants to meet with the IRS?
If you are in business with a colleague, you will need a partnership or shareholders agreement. A handshake is not enough even if your business partner is your spouse. You should be knowledgeable about the most preferred legal structure for your business, e.g., sole proprietorship, corporation or LLC.
You should formulate a business plan which is an absolute prerequisite for every single business owner—this is needed when you are hunting for funding sources; e.g. banks or venture capitalists. You certainly are not going to dip into your pocket for cash.
You should decide what type of accounting software that would be most appropriate for your business. Is QuickBooks the right choice?
You should either handle your bookkeeping and accounting in-house or outsource it; the latter is a cost-effective strategy since you won't have to hire full-time staff to perform this vital function.
You should make a determination as to who should control your business's checkbooks.
You should be aware of your sales tax responsibilities.
You should have an expert review your franchise agreement in the event you are interested in exploring opportunities in the exciting and lucrative world of franchising.
In summation-- under one roof, Small Business Solutions incorporates the expertise and experience of a Legal Department, a Tax Preparation and Audits Department, an Accounting and Bookkeeping Department, a Franchising Department and a Collections Department—all of the departments that will enable you to focus all your energy on attracting customers and watching your business grow. Just imagine, you are a small business and yet, you will enjoy personalized attention from departments that are an integral component of Big Business. That's how NACC's Small Business Solutions helps your business. To set up an appointment for a Small Business Solutions consultation, call 718-834-0910.