Make Connections

Network, Get Answers, Find Members in Your Area, and More!

Forums » Accounting & Financial Management

Questions about accountants, etc...

    • 1 posts
    September 27, 2007 12:28 PM EDT
    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.
    • 79 posts
    September 27, 2007 1:46 PM EDT
    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.

    ---
    Accounting Made Simple | Sole Proprietor Tax Guide

    • 79 posts
    September 28, 2007 5:20 AM EDT

    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.*

    ---
    Accounting Made Simple | Sole Proprietor Tax Guide

    • 79 posts
    September 28, 2007 7:28 AM EDT

    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

    PiperTax2007-9-28 12:29:26

    ---
    Accounting Made Simple | Sole Proprietor Tax Guide

    • 79 posts
    September 29, 2007 6:52 AM EDT
    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.

    ---
    Accounting Made Simple | Sole Proprietor Tax Guide

  • September 28, 2007 4:53 AM EDT

    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.

     

     

  • September 28, 2007 6:12 AM EDT

    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

  • September 28, 2007 2:44 PM EDT

    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