Accounting Services Gainesville Fl

Accounting Services Gainesville Fl


PO Box 123 Main St

Gainesville Fl - Citra Fl - Starke Fl

Strong and Associates

866-654-3210

Bookkeeping Services


5 Things to Know about Accounting Services Gainesville Fl for a Brand New Company


So you've actually had the idea and dream of starting your own business and you are financially/professionally ready to put it in action. It has required a lot of hard work and judgment to get to this point and your future phases are most critical to the lastingness of your unique entity. Whether you took Accounting Services Gainesville Fl in college or utilized it throughout your professional employment, there are a several items to highlight in order to start your new business on the right foot. To make sure your Accounting Services Gainesville Fl for a brand-new business efforts are a success, follow these five tips.


Open a business bank account/ Develop a line of credit


The first step in Accounting Services Gainesville Fl for an all new company is opening a business bank account. Keeping a different bank account from your individual finances will make it much easier to track purchases and will certainly come in handy come tax season. As a matter of ideal practice, you should do this for all entity types, with some exceptions for certain low-risk sole proprietorships. Next, you will want to start forming company credit, which, like a personal line of credit, takes record to increase. It is wise to shop around different banks/ credit card companies to see where you can get the lowest interest rate possible. This will also assist you develop liquidity (cash and unused line of credit) for purposes of growing your business. Even if you don't need the funds today, it's always effective to have it available in case you are presented with a rare opportunity for business growth that may need excess funds.


Keep accurate and reliable reports from the start


The second step with Accounting Services Gainesville Fl for an all new company is keep track of your income and expenses. Now that you have set up a bank account, it is important to track every business related transaction you make. Bank statements just simply aren't enough as you cant view all of your expenses/ earnings from a glance and able to cut or allocate funds accordingly. There are plenty of software programs that will aid and assist you in doing so such as Quickbooks Online, Xero, Freshbooks, Zoho Books, etc. These will permit you to group financials in certain categories and can create balance sheet/ income statements for you on demand. Having this established from the start will save you a lot of time in the future, especially during tax season or during an audit.

Keep cash on the balance sheet


A regular mistake startups make when accounting for an all-new business is aggressive spending without monitoring the cash on hand. A normal Accounting Services Gainesville Fl practice is to have at least 3 times 1 months operating overheads on hand at all times. Figure out what that amount is and begin to create a goal to have that cash balance in your account at all times. This helps guarantees liquidity and allows for stability during economic downturns or periods of seasonality. Further, it can help avoid uneasy conversations if you all of a sudden discover your poor cash management will cause you to miss payroll for your staff members.

Develop a budget, forecast forward and compare year end results


A good way to compute and achieve success is by planning yearly goals and planning income statements from the beginning. Just setting a sales goal is not enough. Try to create a full income statement estimate for a certain period and try to budget each expense group. This will drive you to frequently evaluate company performance and see where mistakes are being made. It's important to reflect after periods to see various trends in your business and to fix problems before they can grow any larger.

Be aware your tax structure/ obligations


The structure of your brand new company and how you pay staff members, or general contractors, will greatly impact you tax commitments. Setting up the correct type of entity from the start is important in order to pay the lowest amount possible for your specific firm. There are many different types of websites that can handle this for you, however, it is significantly encouraged to seek out a tax specialist to make sure it is filed correctly as errors can lead to over payment and possible legal issues. The three main various types are listed below:


Firms are taxed on income and gains but also allow for a net operating loss carry over which can be used to minimize taxes the next 20 years following a year in which a business loses money.

LLC's use a flow through technique where members are subject to tax implications at the individual level instead of the entity itself.

S-Corporations also use a pass-through method where income is divided amongst the stockholders (100 maximum) who pay federal taxes individually. A separate election to be taxed as an S-Corp needs to be made, and there is a deadline for doing so!


In conclusion, developing very good Accounting Services Gainesville Fl practices when accounting for a brand new company is essential for any sort of all-new enterprise. Starting your company correctly and creating good habits from the start are keys towards your overall success.

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