Build a Strong Business with Startup Accounting Services in Cincinnati
At Somerville & Company CPA, we work with entrepreneurs like you to get your new business off the ground and reach its potential. We can help you set up your accounting to provide a strong foundation and give you the support you need to meet your goals and satisfy tax obligations.
Don't let the technicalities of business formation dampen your excitement. At Somerville & Company CPA, we can set you up for success from the beginning with new business accounting services. Want to learn more about our financial services for entrepreneurs? Give us a call to schedule a free consultation.
Comprehensive Startup Help in Cincinnati, OH
Starting a new business can be a thrilling endeavor, but it can also be fraught with uncertainty, especially when it comes to the financial side. As a new entrepreneur, there are numerous steps to complete for your venture to get off the ground, but you don't have to go it alone. Somerville & Company CPA can be a great resource, helping you navigate the process. Here are just a few of the tasks we can assist with.
Selecting the Right Business Entity
The business structure that you choose has a significant effect on how much you can expect to pay in taxes. There are financial benefits to incorporating your business. Choosing the right entity will also help to protect your assets and make your venture more credible in the eyes of investors.
Selecting an appropriate entity from the beginning will save you a lot of headaches as your company grows. With the support of Somerville & Company CPA, you can take the guesswork out of making this crucial decision. Your options for business entity include:
Sole Proprietorship: This structure is for a single individual who owns and operates the businesses. Individuals who work under this structure are responsible for any liabilities. When filing taxes, you can place all expenses and income from the company on your income tax return. The federal government allows sole proprietors to pay any estimated federal taxes in four equal amounts throughout the year.
Partnerships: Like a sole proprietorship, partners own and run the business under an agreement and are responsible for the company's success and losses. They report their share of loss or profit on personal tax returns.
C-Corporation: The Corporation is independent and separate from its owners, and is legally liable for any losses. The shareholders are taxed on corporate profits and dividends. Owners pay double the tax on the business' earnings, and there are many regulations and formalities to follow.
S-Corporation: This corporation type can pass income, losses, deductions, and credits to its shareholders. For small business owners, the combination of tax benefits and protection from liabilities can be appealing. However, there are legal and accounting rules that the s-corporation must follow.
Limited Liability Company: Owners are known as members, and the IRS will treat the company as either a sole proprietor or a partnership depending on the number of owners. As such, an LLC receives the same tax obligations and protection in liabilities as a corporation and partnership.
Creating a Business Plan
One of the first steps you'll have to take as an aspiring owner is to develop a comprehensive business plan. This plan is a useful resource for decision-makers to reference as they make strategic financial decisions. It is also essential for entrepreneurs looking for investors or applying for loans. Our professionals can assist with developing and analyzing your business plan to have the best chance of success.
Once you have a structure and strategic plan in place, the next step is to obtain funding for your startup. Whether you're looking for investors, small-business grants, or a bank loan, you will need to have an accurate financial forecast for your new venture. We can work with you to create a startup budget, explore financing options, and qualify for funding. As your accountant, we will also walk you through the lending process, so you know what to expect.
Setting Up Your Bookkeeping and Accounting
Your new business has high ambitions, but it also has significant needs when it comes to accounting. We provide personalized professional service to help you organize your business accounting, manage your finances, and optimize your system. With this, you always have access to the information you need when you need it. Some of our standard small business accounting services include:
Bank Reconciliation: We provide monthly reconciling, so your accounts stay balanced and up to date.
Income Statements: An accurate profit and loss statement helps you understand your company's performance for the month and make informed decisions for your company's future.
Balance Sheets: We can deliver timely and accurate balance sheets when you need them, so you have a clearer understanding of your company's financial standing including payroll.
Maintaining Your Ledger: Our team will review your general ledger to ensure it is clear, error-free, and up to date. Keeping accurate books is essential for your company's financial health and success.
Comprehensive Startup Business Accounting In Cincinnati
Your new company can benefit enormously by setting up an accurate accounting system at the beginning of operations. We can help you create a plan tailored to your industry and suited to your needs. We have years of experience in all facets of business formation and provide friendly, professional, and reliable service. Call Somerville & Company CPA today to set up your consultation!