If you’ve recently moved to the state of Georgia and will be operating a business, it’s essential to follow a few steps that can help you meet your goals. The first steps include choosing the right business idea and planning your business. If you already own a company, you will probably look for a location to operate your business. Otherwise, you need to organize your business, register under the Internal Revenue Service, and create business bank and credit accounts.
The final step is one of the most important. After obtaining the appropriate permits and licenses and getting the proper insurance, you’ll need to set up your accounting system. Our experienced small business CPAs can help you to get off to a fresh start, and, through our small business bookkeeping, tax planning, and CFO advisory services help you ensure that the accounting system of your business is extremely efficient.
Avoid The High Failure Rate That Plagues Many Small Businesses
According to a 2018 article in Forbes magazine, about 80 percent of small businesses make it through their first year of operations. If you’re familiar with the idea that the majority of small businesses fail during their first year, this number may be surprising to you. However, the statistics go on to show that only about 50 percent of these businesses continue operating after five years. The article goes on to claim that there are five common reasons why these small businesses fail. These reasons include:
Lack of market demand
A lousy mix of managers and employees
Wrong pricing policies
Unfortunately, the main reasons why these businesses fail were not mentioned. At Fusion CPA, we believe that we have an idea of what these main reasons are. We believe that the leading cause of business failures due to small business owners not having an experienced small business CPA to maintaining your small business financial records.
We can help you with your cash flow reports with our detailed and accurate small business accounting. By doing so, we can help you identify red flags in your financial statements and alert you to potential pitfalls that may be hindering your business. When you outsource your small business bookkeeping to our team of small business accountants, we can help make sure you don’t miss crucial financial deadlines, and much more.
Don’t Forget About Small Business Tax Planning
Just like your small business bookkeeping, this area needs to be proactively taken care of. By creating an account that is designated solely for tax obligations, you’ll be free of stress when your dues come. We make this happen by estimating the amount you will pay based on the financial details provided by accurate bookkeeping. By outsourcing your financials to our small business financial advisers, we can help keep your operating numbers grounded and provide your business with safeguarding mechanisms to help keep it afloat. One of the strategies we use includes making sure your small business tax planning and preparation are handled well.
Assistance From Small Business Financial Advisers
If you’re just setting up your company, our professional team of small business CPAs can advise you on the best entity structure for you. Our small business CFO advisory service can also provide critical information about your company by analyzing its cash flow and profitability. Our experienced small business financial advisers can also assist you with contract negotiations and product pricing. If you’re transitioning from another state or country to Georgia, utilizing our team of our small business bookkeepers to maintain your accounting records can become indispensable in making sure your transition goes as smoothly as possible. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.