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starting a new business

Top 6 Actions to Take When Starting a New Business

Starting a new business is an exciting moment in the life of an entrepreneur. You’re stepping out confidently, relying on your skills, talents and vision to create a livelihood and a legacy. Whether you’re starting a side hustle or laying the groundwork for a large company, it’s essential to go about it the right way.

You will save stress, time and money if you follow these six steps when starting a new business:

 

1. Write a Business Plan

 

There is both an internal and external purpose for a business plan. For you and your management team, it’s a roadmap that lays out your goals and how you’re going to get there. For investors and lenders, it’s an indication you have a thought-out strategy and clear objectives for your company. It doesn’t have to be lengthy, but it should include a market and competitor analysis, your operations structure and details on your products and services.

 

 

2. Secure the Cash You Need

 

Businesses need capital. Even if start-up costs are low, there will come a time when you need an injection of cash and your business has a higher likelihood of success if you plan where this will come from ahead of time. Should you get a loan? Should you look to an investor? Do you have your own cash savings you can leverage?

 

 

3. Set up Efficient Accounting Practices

 

It doesn’t matter if you are a one-person business or plan on hiring a whole team – you need efficient accounting practices from day one. Neglecting to keep up your books can cost you both time and money. Our team at Robert L. Coval, CPA can help, and we understand tax law intricacies, making it possible to plan for tax time all year round.

 

 

4. Decide on the Right Business Structure

 

Should you file as an S-Corp or LLC? How do you obtain a federal tax ID? Again, these are questions we can help answer at Robert L. Coval, CPA. Business structure is one of the most critical decisions you’ll make in the early stages and will determine the regulations you need to follow and paperwork you need to file. We help you get your legal ducks in a row.

 

 

5. Get the Right Licenses and Permits

 

What do local authorities require to legally register your business? Licenses and permits ensure you’re operating in line with local regulations and protect you from fines.

 

 

6. Start Building Business Credit

 

Once you have the legalities squared away, make sure you open a business bank account. This can help you begin building the business credit you may need in the future to lease an office space or apply for a loan.

 

Starting a new business comes with its fair share of challenges, but no accounting question that we can’t answer. Robert L. Coval, CPA is the ideal partner to have on your side as you jump into business ownership. Schedule a free consultation with us and let’s explore how we can help your business on the road to success.

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How a CPA Can Help Businesses and Individuals Find Financial Success

A CPA prepares tax returns, but that’s only a fraction of their capabilities. A CPA can be a versatile asset for any individual or business with the goal of a secure financial future.

 

On the personal financial front, you may need advice on transferring assets to loved ones, paying less in taxes and planning for a big purchase, like a home. On the business side, you may need guidance on securing loans, hiring new employees or weathering a tax audit. In both settings, depend on your CPA.

 

If there’s a complicated financial problem in either your personal or professional life, chances are good that a CPA can help. If you simply want to measure and maintain fiscal health, a CPA’s services support those efforts as well.

 

CPAs Are Highly Qualified Professionals You Can Trust

 

To gain a CPA license, the candidate is required to earn advanced degrees and pass a battery of tests. Once licensed, they are then required to keep those qualifications up-to-date with continued professional education in highly specialized topics.

 

In the financial realm, complications abound. Since CPAs are educated and trained in-depth to handle these complications, you can trust that the solutions they bring are authoritative and trustworthy.

CPAs Can Offer a Financial Strategy for Life and Work

 

Families grow. Businesses grow. In either situation, or if both are happening at the same time, you need a plan.

 

When you think about forming a financial strategy for your family or your business, doesn’t it make sense to start the discussion with a professional who can go in-depth on your income and taxation picture? Your accounting team at Robert L. Coval, CPA can settle your immediate tax issues and help you plan for years in the future.

 

At our initial client consultations, we focus on these three questions:

 

  1. What is your current situation?
  2. Where do you want to be?
  3. How will you get there?

 

We sit down and examine your entire financial position to help you understand what’s going on right now. Then it’s time to map out your goals. With your present circumstances and future vision in mind, we offer the hand-holding necessary to enable our clients’ success. Together, we find the most beneficial path forward.

 

Everyone Benefits from a CPA’s Expertise

 

At our firm, we specialize in helping business owners meet and exceed financial goals, but we always tailor our services to you. Whether you own multiple properties, want to start a business, want to maximize tax deductions or any other scenario, our team is ready to talk. Let’s take the first step towards your end goal today. You work hard to earn your money, and our team at Robert L. Coval, CPA works hard to help you keep as much of it as possible.

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good cpa

How a Good CPA Supports Your Business

A good CPA can clear up confusion on business financials and taxes, which is an invaluable resource for business owners. However, a trusted accountant does more than answer tax questions and file paperwork on time. They offer foundational support that lays the groundwork for healthy business growth and longevity.

Here are four ways an expert CPA is an asset to your business:

 

They Act as Your Advisor

It’s important to keep a business’ books in order and file taxes promptly and accurately, but an experienced CPA has skills that extend beyond these tasks. When your CPA takes the time to fully understand how your business operates and sees your short and long-term goals, they can help you manage cash flow and execute smart growth strategies to help you get where you want to be. Underestimating costs and mismanaging expenditures can be harmful to a business’ present and future success, but making accurate forecasts and projections sets businesses up for success.

 

They Help You Balance Personal and Business Finances

In many cases, the small business owner juggles their business and personal finances. A good CPA can help sole proprietors, startups and small businesses find a balance and make the right financial decisions in both personal and professional areas. While this is true for businesses of all sizes, new business owners will especially have plenty of questions on how to structure their company and protect their interests. You should be able to depend on your accountant as a resource during this learning curve.

 

They Enable Faster Growth

Does your business structure support expansion? Can you afford to hire another employee? How can you compile financial statements that will appeal to investors? Trust an experienced CPA with these questions and you’ll be in a position to grow faster and bigger. Whether you’re contemplating a merger or an acquisition, depend on an expert in the field for real-time financial analysis.

 

Their Network Offers Further Support

You can trust your CPA’s recommendation on payroll providers, attorneys, investment managers and more. A good CPA always establishes a solid network of supporting providers to help their clients reach their goals. Whether you need business insurance or a litigation attorney, bring your request to your CPA and get high-quality referrals to the additional professionals you need.

 

How We’re Different

Is there a CPA firm that offers all of the above? Yes: the team at Robert L. Coval, CPA.

If a hands-on, hardworking accounting team is what you and your business needs, call the team at Robert L. Coval, CPA. We take care of the numbers and let you focus on your business, offering data-backed advice and suggestions along the way. When you’re ready to take the next step towards growth and long-term stability, get in touch with our team for a free consultation.

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new tax bill small business

What the New Tax Bill Means for Your Small Business in 2018

Whenever new tax laws are passed, news outlets struggle to accurately report how the changes will affect small businesses. Don’t get lost in the misinformation – come to us.

At Robert L. Coval, CPA, we will help you understand how the sweeping tax reform will directly affect your small business, both for this immediate tax filing in 2018 and beyond. While we can offer a more complete picture during a free consultation, here is a quick list of the changes you’re going to see in the coming months and years:

 

Boons for Pass-Through Businesses

Sole proprietorships, limited liability companies, partnerships, S corporations, and other pass-through businesses are going to see a boost in their deductions in 2018. The standard deduction for these businesses is now 20 percent, as long as their income stays below $157,500 for single filers and $315,000 for joint filers.

 

Go for the Big Purchase

If you’ve been holding off on making an expensive purchase for your business, now is the time. Any assets purchased after September 27, 2017 through December 31, 2022 are eligible for a 100 percent deduction. This write-off now extends to used equipment as well as new.

 

Fewer Client Entertainment Deductions

You can still claim a 50 percent deduction for taking your client out to lunch, but a round of golf will no longer deliver the same tax benefit. The sweeping tax bill has eliminated the 50 percent deduction on client entertainment expenses, restaurants not included.

 

Slashed C Corporation Tax Rates

C corporations’ tax rates won’t be amended at all in time for your 2017 filling, but you’re getting a major tax cut effective January 1, 2018. C corp tax rates plummeted from 35% to 21%, applicable to both small and large businesses. This could have a positive effect on your cash flow this year. Game plan with our team about how changes to next year’s filing can free up funds to put towards immediate business initiatives.

 

Don’t Go It Alone

The new tax bill has left many business owners confused as they struggle to clearly understand how the new changes directly affect their finances. Our advice? Get some professional help from an accounting team that knows business taxes: the team at Robert L. Coval, CPA. It’s our job to understand these developments and we’re good at explaining it in a way that makes sense. Let’s analyze how to maximize the new tax bill changes to your small business’ benefit. Get in touch today.

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