Forums: Discussions for entrepreneurs and small business.

First off, I`m new here. Hello everyone.

I`m in the middle of starting my business. It`s an online business that ideally, will mostly run itself once it`s set up. Aside from some marketing/pr work. I did all the up front work. Research, product development, data collection, budgeting, etc. Or at least I thought I did.

The backstory for those interested:

This was supposed to be a startup that would cost me both a minimal amount of time and money. I was planning on financing everything myself. Well, I`m obviously new to this, because I`ve experienced a number of unforseen variables that have resulted in additional costs (somewhat prepared for) and A LOT of additional time in getting things up and running.

With that said, I`m totally up for the challenge. But I`m keeping a steady 40 hour work week job at the same time I`m developing the business. And it`s taking much, much longer than expected.

Nowon to my question. I am pretty sure I`m at the point I need an accountant. I`m officially legally registered as a S Corporation. And all the laws, rules, regulations, codes, etc... are very burdensome and difficult to understand. I initially thought I could manage keeping the books on my own until it came to tax time, at which point I`d secure a "once a year accountant." I`m pretty sure I completely missed the mark on that.

I don`t know if anyone can suggest a good business accountant or not... but what I`m really interested in hearing any information that might be helpful in finding, keeping, securing, etc... one.

I honestly have no concept of how they work. I`ve always done my personal taxes on my own and never really had a need for one. Can someone inform me of as much as possible... from costs, to expectations, etc, etc, etc...?

Thank you all for help in advance. I look forward to hearing from you.

You`re right. S-Corps are the structure that easily has the most accounting and legal costs accompanying it. Luckily, many (most?) small accounting practices do bookkeeping.

As to recommending a specific one, I`ve heard good things about Gina Gwozdz. She`s a CPA in Texas, but from what I gather she has clients all over the country.


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Accounting Made Simple | Sole Proprietor Tax Guide

I think most accounting firms do business all over the country now, Piper.  With technolology the way it is, I have clients in several states and I`m in California.  Doing everything via the internet is easy.

I`m a bookkeeper, though, not a CPA.  But not every business needs more than a bookkeeper and someone to do their taxes.  If they get both in one service, that`s great but using a bookkeeping service through the year will keep your costs down and using a CPA at year end will give you a way to double-check the work that gets done.

 

 

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Absolutely agree, CrossCountry. My practice (tax only, not bookkeeping) is certainly not limited geographically. I`d say that`s pretty common from the demographic you`d get at SUN or other similar forums.

Head over to Taxalmanac.org though, and you`ll see something quite different. Many practitioners with local-only businesses, no websites, etc. That`s the only reason I even mentioned it, *shrug.*

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Accounting Made Simple | Sole Proprietor Tax Guide

Sounds like our businesses would complement each other, Piper. 

I do taxes but not outside my own clientele.  I will probably NOT do business returns next year because they can be far too time-consuming.  Payroll returns, no problem.  Those are a snap for me.

Maybe I`ll send some business your way in 2008.  Do you work with QB Pro backups?

Linda

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If you are researching the net branch or are looking into opening your own mortgage net branch, we have an alternative to net branch opportunities. Ask us about mortgage branch opportunities, we love to talk and write about this.

Linda, you`re probably right as to our businesses complementing each other well. For the time being, however, I`m not really taking on more clients. I`m already more or less maxed out for tax season.

I`m currently working primarily on promoting my tax guide for new entrepreneurs and creating other (relatively) passive revenue streams for the other 9 months of the year.

Regards,

Mike Piper

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Accounting Made Simple | Sole Proprietor Tax Guide

Mike, I love the idea of passive income.  Does your book give any tips about how to get something started?

I`m with you on the new client situation.  I`m not overloaded yet but I`m very close and being extremely picky who I take on anymore. 

Plus, I just started up a new company in a totally unrelated field and will be devoting quite a bit of my time there when things pick up.  I would imagine I won`t be taking ANY new clients by the end of the year.

Good luck with your book. You`ll have to keep us posted on its success.

Linda

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If you are researching the net branch or are looking into opening your own mortgage net branch, we have an alternative to net branch opportunities. Ask us about mortgage branch opportunities, we love to talk and write about this.

Thanks Linda.  I think I may not have explained very clearly. My book isn`t about how to create passive income streams. It`s about taxes for sole proprietors. (And, for me, the goal is for it to become a passive revenue generator.)

And yes, I`ll be sure to keep people posted on how it goes.


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Accounting Made Simple | Sole Proprietor Tax Guide