As an aspiring entrepreneur, the dream of launching and successfully operating your own venture is a thrilling prospect that will fill you to the brim with unbridled excitement. However, that novelty can quickly dissipate once you come to realize all of the steps that are involved in converting your dream into a tangible reality. The ancient Chinese warrior strategist and philosopher Sun Tzu once wrote, “Victorious warriors win first and then go to war, while defeated warriors go to war first and then seek to win.” This fundamental principle or maxim of military strategy is equally applicable to new business formation.
To maximize your chances of success, it is essential to start off on the right foot and employ a plan that allows you to “win first”. At Courtland & Company Accounting, our new business startup services help lay the fundamental groundwork needed to successfully launch and operate your new enterprise. With our guidance, we’ll help you to avoid the common mistakes all too many budding entrepreneurs fall prey to.
Initially, we can help you with a preliminary business plan that will give organizational structure and direction to your vision. If your firm needs startup funds, we can assist you in assessing your capital requirements and provide you with sourcing options. After you determine the legal structure that’s best suited for your needs, we will help you to set up an accounting system along with billing and collections procedures that serve to optimize cash flow. A cash budget can also be prepared which will give you a framework to plan for your business’ first few years of growth.
Once the aforementioned is achieved, we can help you to establish procedures to monitor and control costs. Business insurance needs can also be ascertained which offers a great supplemental layer of protection in addition to that of your legal structure. When you hire your first employee, we can set up and manage your payroll system in a manner that ensures you are compliant with all applicable employment laws. Preparing and filing your application for a Federal Employer Identification Number can also be accomplished. This will be necessary for you to open a business checking account and process payroll.
Setting up local and state tax accounts for remittance of sales tax is another service we offer. In addition, we can help you set up an Inventory Management System coupled with a POS System that syncs with your accounting software. Lastly, we’ll advise you on what you’ll need to do to maintain “good standing status” with the state you choose to base your business in. We can even recommend a vendor for design, hosting, and monthly maintenance of your website. Call the office today as we’d love to support you on your journey to success!