One of the most common oversights of startup Park City businesses is accounting. It does not matter if you are making gewgaws in your garage and selling it on Etsy, or wowing the Sunday market crowd with your famous chocolate chip cookies. The taxman will want a slice of your earnings, and if your books are not in order, you could be in real trouble.
Here are some tips from Park City Bookkeepers to find the right accounting firm for your business.
You want an accounting firm certified to do your taxes for you. Some firms specialize in specific business areas, and that is fine if you can get one that is a good fit for your business. They are more likely to understand how your business works, which is important from a financial point of view. However, it is more important that the work they do is acceptable with the IRS.
If you are a small business, chances are you want a one-stop accounting firm. You can hire them to do your bookkeeping for you as well as tax reporting. Choose a firm that employs bookkeepers so you will not have to pay top dollar for a CPA to maintain your books.
The good accounting firms will give you good advice on how to get your bookkeeping straight, when to buy equipment, and anything that has an impact on your finances. Not all accounting firms can do this well, but if you are finance savvy, you will not need it. However, if you know next to nothing about financial management, you should choose one that offers financial counseling services.
Even if your accounting is on the straight and narrow, you may still have to face an audit. Choose a company that will support you during that stressful experience. Some companies will even offer their offices as a venue for an audit.