![small-business-accountant-irvine Small Business Accountant Irvine](https://accountantpartners.com/wp-content/uploads/2024/06/small-business-accountant-irvine.jpg)
Your Small Business Accountant in Irvine
We can potentially minimize your tax burden by $10k to as much as $1M, as well as, help you to grow your business profitably.
Serving the greater Irvine area’s 277,453 residents and 31,037 businesses spanning from Northwood to Oak Creek, University Park, and beyond for all of your Irvine small business accountant needs.
Trusted by Irvine Business Owners
Frustrated with Your Current Irvine Accountant?
If you’re reading this page right now, then you’re probably:- Fed-up with your accountant failing to return your calls
- Concerned that delinquent financial reporting will jeopardize your financing
- Aware that your Small Business Accountant in Irvine has dropped the ball with the IRS, your bonding company, or insurer
- Uncertain what your accountant is or isn’t working on
Here’s Why Most Tax Preparers FAIL
Most tax preparers and accountants fail to “plan”. They meet you 4 months AFTER the last year has ended to submit your taxes, but that’s TOO LATE.
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Tax Preparing
The process of reviewing your year of financial results and preparing your tax returns for submission to the IRS.![prep vs plan](https://accountantpartners.com/wp-content/uploads/2024/07/vs.png)
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Tax Planning
The process of looking at your personal and business regulatory requirements to legally reduce taxes.![down-arrow down-arrow](https://accountantpartners.com/wp-content/uploads/2021/04/down-arrow.png)
“We’ll keep your hard-earned money from going to the taxman because small business tax minimization is what we do ALL DAY, EVERYDAY – even while we SLEEP!”![](https://accountantpartners.com/wp-content/uploads/2021/03/emoji.png)
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Your Financial Partners
With 27 years of experience, we specialize in best-in-class tax minimization strategies, personalized advisory, and technology-driven efficiency.
We formed Accountant Partners so business owners like yourself would receive partner-level value in accounting, reporting, and strategic advisory, providing real-time insights that help minimize your tax burden and maximize profitability.
Our holistic approach ensures quality-consistency, efficiency, and peace of mind communication, allowing you to focus on what you do best.
As your trusted partner, we aim to build a strong, long-lasting relationship to grow your business profitably and create a long lasting advantage towards continuous success.
![signature-1 signature-1](https://accountantpartners.com/wp-content/uploads/2024/06/signature-1-1.png)
Allan Bayer | Accountant Partners
Partner
![allan-edited allan-edited](https://accountantpartners.com/wp-content/uploads/2024/06/allan-edited.jpg)
4 Stages of Successful Tax Planning
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Perfect Planning
Your planning is the most important part of your engagement with us.
At this stage, we’ll perform a review of your tax position and make recommendations for how much money you can save with our proactive tax planning strategies.
Some of the $100K to $1M+ in tax savings will be from prior years, but most of the savings will be in the current year and next decade (that is, if you’re actively growing your business.)
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Flawless Execution
Once we complete your master tax plan, we will present to you with anywhere from 1 to 100 strategies to minimize your tax burden.
Some of your strategies require minimal implementation, while other strategies may be more sophisticated and involve 3rd parties, but rest assured we will take care of you every step of the way.
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Quarterly Strategizing
Most of our clients choose to work with us on a quarterly basis because at various stages of the year there are hundreds of changes to the U.S. tax code, and we must be in compliance, thus we implement strategies before year-end to ensure your tax savings are realized.
Thus, on a quarterly basis, we will continue to execute our planning strategies and review your financial results.
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Prepared to Perfection
Our preparation of your returns is the last stage of our process.
At this point, we can actually calculate what your final tax payment will be and compare it to what you would have paid without doing proactive tax planning.
You can rest assured you’re going to save a lot!
How Do We Save You $10K+ to $1M+ in Taxes?
Using Our “Tax Planning” Strategies
Using Our “Tax Planning” Strategies
The Tax Plan For Current Year & Beyond | ✓ |
Deduction Review & Strategy Planning | ✓ |
Legal Entity Optimization Across LLC, S Corp, Partnership | ✓ |
Retirement Options To Save While Minimizing Taxes | ✓ |
Insurance Review To Protect Assets & Reduce Taxes | ✓ |
TCJA, FFCRA, CARES Review For Liability Minimization | ✓ |
IRS & Court Case References Support Positions | ✓ |
Core Strategy Implementation | ✓ |
Business Tax Preparation | ✓ |
Quarterly Estimated Payments | ✓ |
Quarterly Core Tax Planning & Implementation | ✓ |
Quarterly 1-On-1 Review Tax Position | ✓ |
Looking for More Advanced Strategies?
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Asset Protection
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Tax-Advantaged Wealth
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Exit & Capital Gains
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Niches Specific
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International
We Strive for World Class Service
Switching Accountants Is Easier Than You Think
Switching accountants only seems like a major pain in the butt…
But in reality, it’s a brief communication with your current accountant:
Your accountant is professionally mandated to provide your books to whomever you request they go to. It’s really that easy.
![screenshot_21 screenshot_21](https://accountantpartners.com/wp-content/uploads/2024/07/screenshot_21.png)
Book Your Free Consultation
If you’re looking to grow your business and willing to listen to new and better ideas, then we’re the trusted Small Business Accountant for you.
During our initial consultation, we’ll review your immediate needs and provide a course of action with a fixed-fee quote (no surprise bills here).
The Only CPA Firm with a Pricing Guarantee
Our pricing guarantee is simple: If we don’t quote you upfront for the work, we don’t expect you to pay. Whether that’s in our first engagement with you, or it’s in 20 years from now.
You’ll never receive an unpleasant surprise in our invoicing.
Our guarantee makes it a no-brainer to work with Small Business Accountant Irvine.
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FAQs
Is an accountant worth it for a small business in Irvine?
Yes, an accountant is worth it for a small business in Irvine. They can help manage finances, ensure tax compliance, and provide strategic advice, potentially saving time and money in the long run.
What type of accountant is best for a small business?
A Certified Public Accountant (CPA) is often best for a small business. CPAs have extensive training and can provide comprehensive services, including tax preparation, financial planning, and business consulting.
How many accountants should a small business in Irvine have?
Typically, one accountant is sufficient for a small business in Irvine. This accountant can handle bookkeeping, tax preparation, and financial advice, scaling services as the business grows.
Can you do your own small business accounting?
Yes, you can do your own small business accounting, especially with accounting software like QuickBooks. However, professional help ensures accuracy and compliance with tax laws. Business owners grow by delegation, so we suggest “you do your best and outsource the rest.” Focus on your core competencies, and let us use our accounting expertise to efficiently and effectively minimize your tax burden.
At what point should a business get an accountant?
A business should get an accountant from the start to set up proper financial systems. Additionally, as the business grows and financial complexity increases, an accountant becomes even more crucial.
Should I talk to my CPA or accountant before I start a business?
Yes, talking to a CPA or accountant before starting a business is advisable. They can help with business planning, tax strategies, and setting up proper accounting systems.
Do I need a CPA if I use QuickBooks?
While QuickBooks simplifies bookkeeping, a CPA can provide strategic financial advice, tax planning, and ensure compliance with tax regulations, offering value beyond what QuickBooks alone can provide.
Which accounting method is best for small business?
The accrual accounting method is often best for small businesses, as it provides a more accurate picture of financial health by recording income and expenses when they are incurred rather than when cash changes hands.
Do most small businesses do their own accounting?
Many small businesses start by doing their own accounting using software like QuickBooks. However, as they grow, they often seek professional accounting services to ensure accuracy and compliance. Outsourcing accounting for a nominal fee frees up the business owner and key staff to focus on growth, which others can handle.
When should a business consider getting an accountant?
A business should consider getting an accountant when starting operations, during significant growth phases, for tax planning, or when financial complexities increase, ensuring expert financial management.
Your Next Steps
Request a Consultation | ![]() |
We’ll review your immediate needs and provide a course of action to help you save money on taxes and grow your business.
How We Helped a Business Grow & Exit for $1.7M | ![]() |
See how one business owner unlocked $1M in capital.
1 Fun & 1 Interesting Fact About Irvine
![4330436_092418-kabc-3pm-irvine-safest-city-vid-1-1 4330436_092418-kabc-3pm-irvine-safest-city-vid-1-1](https://accountantpartners.com/wp-content/uploads/2024/06/4330436_092418-kabc-3pm-irvine-safest-city-vid-1-1.jpg)
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Irvine, California, is known for its master-planned design, meticulously crafted to provide a high quality of life. This design contributes to Irvine’s reputation as one of the safest cities in the United States, often topping lists for low crime rates. A fun fact about Irvine is that it’s home to the Orange County Great Park, which is larger than New York’s Central Park and offers a range of recreational activities, including a hot air balloon ride providing panoramic views of the city. This blend of thoughtful urban planning and unique recreational options makes Irvine a notable and enjoyable place to live or visit.
Irvine Small Business Accounting Resources
271 N Sycamore St,
Santa Ana, CA
92701
(714) 571-1900
National Association of Women Business Owners (NAWBO) Orange County Chapter
Tustin, CA
92780
(949) 528-2235
Association for Corporate Growth (ACG) Orange County Chapter
3333 Michelson Drive
Suite 300 Irvine, CA
92660
(714) 259-1224
What is the California Society of CPAs?
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The California Society of CPAs (CalCPA) is a professional organization representing over 45,000 certified public accountants in California. Established in 1909, CalCPA aims to enhance the integrity of the accounting profession by providing members with resources, education, and advocacy. The organization offers continuing professional education (CPE), networking opportunities, and technical support. CalCPA also engages in legislative efforts to influence policies affecting the accounting industry. It strives to maintain high ethical standards and promote the value of CPAs to the public and business community.
![calcpa_logo_rgb_yellow__1_-1-1 calcpa_logo_rgb_yellow__1_-1-1](https://accountantpartners.com/wp-content/uploads/2024/06/calcpa_logo_rgb_yellow__1_-1-1.png)
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What is the California Board of Accountancy (CBA)?
The California Board of Accountancy (CBA) is a state regulatory agency under the Department of Consumer Affairs. It oversees the licensing and regulation of Certified Public Accountants (CPAs) in California. Established to protect consumers, the CBA ensures that applicants meet rigorous educational and professional standards before granting CPA licenses. It enforces ethical conduct, investigates complaints, and takes disciplinary actions against violators. The CBA also sets continuing education requirements to maintain high professional standards, thereby safeguarding the integrity and competence of the accounting profession in the state.
Irvine, CA Local Resources
1 Civic Center Plaza
Irvine, CA
92606
(949) 724-6255
Top Companies in Irvine
More About Small Business Accounting in Irvine, California
Irvine, located in Southern California, is renowned for its planned urban development and high quality of life. With a population of over 280,000 residents, it stands as one of the largest cities in Orange County. The demographics of Irvine reflect its status as a diverse community, with a significant Asian-American population comprising about 45%, primarily of Chinese, Korean, and Indian descent. This cultural diversity is also mirrored in the city’s international community, attracting a blend of students, professionals, and families from around the globe.
Residents of Irvine enjoy a well-designed cityscape characterized by spacious parks, modern infrastructure, and a strong emphasis on sustainability. The city is notably home to the University of California, Irvine (UCI), which contributes to its vibrant intellectual and cultural scene. The educational opportunities, coupled with a robust economy driven by technology and education sectors, make Irvine an attractive place for young professionals and families seeking a blend of career opportunities and suburban tranquility. The city’s commitment to safety, education, and community engagement fosters a sense of belonging among its residents, making it a sought-after destination for both newcomers and long-time residents alike in Southern California.
In Irvine, small business accounting services play a crucial role in supporting the local entrepreneurial ecosystem. With a diverse array of industries thriving in the area, from tech startups to healthcare providers and educational consultants, the demand for reliable accounting solutions is high. Small businesses in Irvine often seek out accounting firms or independent CPAs who specialize in navigating local tax laws, financial reporting requirements, and compliance issues. These professionals not only handle day-to-day bookkeeping tasks but also provide strategic financial advice tailored to the unique challenges and opportunities faced by small enterprises in Irvine’s competitive market.
Furthermore, Irvine’s small business accounting landscape benefits from the city’s supportive business environment and access to professional networks. Many accounting firms in Irvine offer specialized services such as tax planning, payroll management, and financial forecasting, which are essential for small businesses aiming to manage growth effectively. Whether located in the bustling business districts or the quieter suburban areas, small businesses in Irvine rely on competent and experienced accountants to maintain financial health, ensure regulatory compliance, and capitalize on growth opportunities in Orange County’s dynamic economy.
Accountant Partners works with small businesses to minimize their tax burden and grow their profits. Offering tax planning and accounting services in the greater Irvine area, we work proactively for you. Our clients love our quick response time, fixed fees, and our innovative solutions.
Small Business Accountant Irvine Also Serves Cities Around Irvine, California
Newport Beach, CA
Costa Mesa, CA
Tustin, CA
Santa Ana, CA
Lake Forest, CA
Laguna Woods, CA
Laguna Hills, CA
Aliso Viejo, CA
Mission Viejo, CA
Fountain Valley, CA
Huntington Beach, CA
Garden Grove, CA
Anaheim, CA
Orange, CA
Westminster, CA
Buena Park, CA
Fullerton, CA
Placentia, CA
Brea, CA
La Habra, CA
Yorba Linda, CA
San Clemente, CA
San Juan Capistrano, CA
Dana Point, CA
Laguna Beach, CA
Rancho Santa Margarita, CA
Ladera Ranch, CA
Seal Beach, CA
Cypress, CA
Los Alamitos, CA
Accountant Partners in Irvine is near Irvine Spectrum Center which is close to Woodbridge, Cypress Village, and Turtle Rock at 7595 Irvine Center Dr, Irvine, CA 92618. Boomers Irvine, University of California Irvine, and Irvine Barclay Theatre are also nearby.
Other locations we serve:
What Are Your Accounting Needs? Tap to Choose a Service
Consult with a Small Business Accountant in Irvine Today.
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Meet Your Partners
![01 Allen Ming](https://accountantpartners.com/wp-content/uploads/2021/01/01.png)
Allen Ming
Practice Principal
![04-1 David Puotinen](https://accountantpartners.com/wp-content/uploads/2021/01/04-1.png)
David Puotinen
Tax Manager
![belford-accountant-toronto Belford Accountant Toronto](https://accountantpartners.com/wp-content/uploads/2021/01/belford-accountant-toronto.png)
Belford E. Voegelin
Senior Associate
![02 Jivanne Foser](https://accountantpartners.com/wp-content/uploads/2021/01/02.png)
Jivanne Foster
Senior Accountant
Three Reasons to Work With Us
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A Focus on Owner-Managers
Our practice is organized to serve private companies and their Owners. We offer exceptional service that is focused on increasing profitability, preserving wealth from tax and increasing your net worth.
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Proven Track Record
We’ve been consulting Business Owners for over 15 years. Small Business Accountant Irvine is dedicated to your success and treats your business as if it were our own.
![small-business-accountant-los-angeles-icon Small Business Accountant Los Angeles Icon](https://accountantpartners.com/wp-content/uploads/2021/04/small-business-accountant-los-angeles-icon.png)
Expert Solutions to Your Problems
New problems arise every day for Business Owners. We offer Partner-level attention and implement tailored solutions to your tax, accounting, and other business problems.
Small Business Accountant Irvine Also Serves Cities Around Irvine California:
Tustin, CA
Santa Ana, CA
Costa Mesa, CA
Newport Beach, CA
Lake Forest, CA
Laguna Woods, CA
Fountain Valley, CA
Aliso Viejo, CA
Mission Viejo, CA
Laguna Beach, CA
Garden Grove, CA
Orange, CA
Anaheim, CA
Westminster, CA
Huntington Beach, CA
Rancho Santa Margarita, CA
Buena Park, CA
Fullerton, CA
Cypress, CA
Seal Beach, CA
Bookkeeping Service Toronto
68 Ontario St, Toronto, ON M5A 2V1, Canada
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Bookkeeping Service Vancouver
5 E 6th Ave, Vancouver, BC V5T 1J3, Canada
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Bookkeeping Service Mississauga
120 Traders Blvd East, Mississauga, On L4Z3K7
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Bookkeeping Service San Antonio
9800 Lorene, San Antonio, TX 78216, United States
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Bookkeeping Service Dallas
5065 Amesbury Dr # 308, Dallas, TX 75206, United States
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Bookkeeping Service Houston
6650 Corporate Dr, Houston, TX 77036, United States
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Bookkeeping Service Austin
6836 Austin Center Blvd Ste 260, Austin, TX 78731, United States
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Bookkeeper Toronto
68 Ontario St, Toronto, ON M5A 2V1, Canada
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Bookkeeper Vancouver
5 E 6th Ave, Vancouver, BC V5T 1J3, Canada
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Bookkeeper Mississauga
120 Traders Blvd East, Mississauga, On L4Z3K7
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Bookkeeper San Antonio
415 Shannon Lee St, San Antonio, TX 78216
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Bookkeeper Dallas
5065 Amesbury Dr # 308, Dallas, TX 75206, United States
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Bookkeeper Houston
6650 Corporate Dr, Houston, TX 77036, United States
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Bookkeeper Austin
6836 Austin Center Blvd Ste 260, Austin, TX 78731, United States
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Small Business Accountant Toronto
4 Collier St, Toronto, ON M4W 2G9
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Small Business Accountant Los Angeles
120 W Wilson Ave, Glendale, CA 91203
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Small Business Accountant New York City
304 Community Dr Unit 2A, Manhasset, NY 11030
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Small Business Accountant San Diego
888 Summer Moon Rd, San Marcos, CA 92078
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Small Business Accountant Atlanta
212 Amy Overlook, Atlanta, GA 30349
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Small Business Accountant San Francisco
2407 Lincoln Way, San Francisco, CA 94122
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Small Business Accountant San Jose
980 Fair Ave, San Jose, CA 95122
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Small Business Accountant Phoenix
3225 W Galvin St, Phoenix, AZ 85086
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Small Business Accountant Chicago
3940 N Nordica Ave, Chicago, IL 60634
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Small Business Accountant Detroit
13216 Crofton Ave, Detroit, MI 48215
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Small Business Accountant Miami
1401 SW 22nd St, Miami, FL 33145
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Small Business Accountant Denver
7755 E. Quincy Avenue #59, Denver, CO 80237
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Small Business Accountant Charlotte
1206 Georgetown Dr, Charlotte, NC 28213
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Small Business Accountant Columbus
462 E Clearview Ave, Columbus, OH 43085
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Small Business Accountant Sacramento
4830 Watt Ave, Unit 15, North Highlands, CA 95660
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Small Business Accountant Austin
4711 E Riverside Dr, Austin, TX 78741, United States
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Small Business Accountant Oklahoma City
338 Whispering Ln, Newcastle, OK 73065
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Small Business Accountant San Antonio
415 Shannon Lee St, San Antonio, TX 78216
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Small Business Accountant Ottawa
6 Young Road, Ottawa, ON K2L 2X2
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Small Business Accountant Dallas
5065 Amesbury Drive Suite 308, Dallas, TX 75206
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Small Business Accountant Mississauga
2175 Dunwin Dr, Mississauga, ON L5L 1X2
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Small Business Accountant Vancouver
755, Burrard St,Vancouver, BC V6Z 1X6
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E-commerce Accountant Toronto
68 Ontario St, Toronto, ON M5A 2V1, Canada
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E-commerce Accountant Vancouver
5 E 6th Ave, Vancouver, BC V5T 1J3, Canada
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Amazon Accountant Toronto
68 Ontario St, Toronto, ON M5A 2V1, Canada
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Amazon Accountant Vancouver
5 E 6th Ave, Vancouver, BC V5T 1J3, Canada
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Shopify Accountant Toronto
68 Ontario St, Toronto, ON M5A 2V1, Canada
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Shopify Accountant Vancouver
5 E 6th Ave, Vancouver, BC V5T 1J3, Canada
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Business Owner’s Definitive Guide to Growth, Profits, & Tax Minimization By 10 Year+ Accountant Partners.
It doesn’t matter what type of customer you are – whether you are a small business, a giant corporation, or a private party – chances are that at some point, you will come to rely on the services of a Small Business Accountant. Is now that time? Moreover, how will you know when it’s right to hand your situation over to professional hands?
You’ve come to the right place for the answer to those questions and more. Read on to learn about what you should know before you hire a Small Business Accountant.
It doesn’t matter what type of customer you are – whether you are a small business, a giant corporation, or a private party – chances are that at some point, you will come to rely on the services of an accountant. Is now that time? Moreover, how will you know when it’s right to hand your situation over to professional hands?
You’ve come to the right place for the answer to those questions and more. Read on to learn about what you should know before you hire a Small Business Accountant.
Reasons You Might Need to Hire an Accountant
You know that most people use the services of an accountant, and for a wide variety of reasons, but do your circumstances warrant the help of a professional? And how do you know when it’s time to pick up the phone and reach out for help? Consider these reasons you might hire any Small Business Accountant:
- You’re not a professional. To put it simply, you don’t have the knowledge, experience, or skill set of an expert. If you want to know for certain that your money matters are in the most competent hands, then your only option may be to recruit a Small Business Accountant.
- You need some advice. You may not be aware of this, but bookkeeper and accountant do much more than just help you with the practical aspects of completing paperwork and filing financial transactions. They are also responsible for educating their clients on all kinds of money matters, from tax and finance law to investment banking.
- You’re not equipped to catch all of your mistakes. Chances are, you made at least one or two mistakes while filling out your tax forms. No matter how tiny those mistakes may be, they can end up costing you a lot of money down the line. Your best defense against your own mistakes is to hire a professional to do your proofreading.
- You might need someone on your side. No one likes the prospect of an IRS audit. If you do find yourself facing this unfortunate circumstance, wouldn’t you like to know you have a professional backing you up? In the event that the worst does happen, call on a Small Business Accountant. They’re prepared to provide you with the support and representation you need. After all, they do this for a living.
Services Provided by Accountants and Bookkeepers
Now that you’re convinced that you might want to have a reliable accountant in your back pocket at all times, you might want to know what, exactly, you can expect from such a professional. You might be surprised to learn how expansive the offerings are. Here is a list of services provided by accountants and bookkeepers:
- Tax preparation services. From itemizing your expense list to advising you on which forms to file, Small Business Accountants and bookkeepers can help you get your end of the year papers in order and ready to send off to the CRA. Additionally, a qualified accountant can represent you should you be audited by the IRS.
- Business start up advice. There are many tasks that you must successfully complete if you wish you start your own business, and many of those tasks center around your finances. Small Business Accountants can help you develop a budget, prepare documents needed for business loan submissions, and implement a payroll and invoicing system, and can also offer legal advice pertaining to business start-up.
- Financial report preparation. If at any point in time you need to produce a financial report (profit and loss statement, balance sheet, etc.) for any of a number of purposes (loan application, for example), then a qualified Small Business Accountant can get the job done.
- Auditing/Review. Generally speaking, an audit is a third-party investigation into your business, taking into consideration all of your financial records, transactions, and account balance. When an accountant audits your business, it is generally because you want to be sure you are operating in compliance with provincial and federal regulations, and that you are handling the financial aspects of your business correctly, so as to avoid serious problems down the line.
- Estate and trust planning. A Small Business Accountant can devise a strategy for how to disperse and allocate your assets in the case of your death. No one likes the idea of planning for their own death, but this is a necessary part of life, especially if you want to protect the well being of any loved ones you might leave behind.
Basic Accounting Terminology
Accountants and bookkeepers seem to speak their own language. Therefore, before you make a first appointment to sit down and chat with a professional number cruncher, you might want to brush up on your lingo. Study up using this list of basic accounting terminology:
- Appreciation. The amount of value your assets gain over a period of time.
- Assets. Everything you own that is worth monetary value. Your assets include tangibles (car, jewelry, etc.) and intangibles (home equity, stock shares, etc.).
- Balance sheet. Detailed record of your financial standing at any one point in time, balancing your assets against your liabilities.
- Depreciation. The amount of value your assets lose over a period of time.
- General ledger. Record of all your financial transactions over a given period of time (accounting period).
- Income statement. Ledger detailing all of your income and expenses (or profit and loss).
- Interest. The amount of money you agree to pay in exchange for borrowing money. Interest may be at a fixed rate, or it may fluctuate in accordance with market conditions.
- Liabilities. Debts that you owe. These include outstanding loans, credit card balances, etc.
How to Find a Reputable Accountant
Now that you know how to talk to an accountant, you need to know where to find professionals who are a good fit for your situation. Fortunately, there are many great resources to help you do just that, and right within arm’s length. Here are some tips for how to find a reputable Small Business Accountant:
- Ask around. If you want to find professionals you can trust, then your best bet is to begin your search by asking people you know you can trust. If your loved ones point you in the direction of a Small Business Accountant they say is a good catch, then chances are, you’ve found a keeper.
- Use a referral service. You can find such services in the Yellow Pages or online. The great thing about using a referral service is that the service does all of the fact-checking for you, only delivering search results that meet the qualifications (location, credentials, area of expertise, etc.) that you desire.
- Check with the Professional Association of Small Business Accountants (PASBA). This organization is responsible for credentialing qualified professionals, and can provide you with a list of PASBA members in your area. Call the PASBA, or visit their website, to submit inquiries.
- Attend a Chamber of Commerce meeting. Your local Chamber of Commerce is where business owners in your area congregate and share valuable information. You can be sure to get some great referrals, and even to meet some accountants and bookkeepers face to face, when you attend a Chamber of Commerce meeting.
What to Look for in an Accountant
Once you’ve compiled a list of prospective candidates, it’s time to assess each one in order to find your best fit. How do you identify a quality professional when you see one? Consider these factors to look for a Small Business Accountant:
- Experience. NNot only should the accountant of your choosing have ample experience in the accounting field, but you should also verify that you are working with someone who has a considerable amount of experience working with a clientele that has needs similar to yours. In other words, the accountant who advises a billionaire real estate developer might not be best equipped to handle the practical matters of a part-time employee and full-time caregiver to an elderly parent.
- Credentials. This includes things like education, licensing, and professional organization affiliations. There is no one right solution for everyone. As previously mentioned, the type of professional you need depends on your specific circumstances.
Tips for Making Tax Time Easier
No one enjoys tax season, but that doesn’t mean it has to be as difficult as you fear it might be. There are practical measures you can take throughout the year to ease the tax time burden. Here are some tips for making tax time easier:
- Maintain an organized filing system for your records. Do this throughout the year – i.e. as soon as you have a pertinent tax-related record, file it away. That way you don’t end up with an intimidating pile (mess) of paperwork that must be tackled last minute. Invest in a simple accordion file, or even a file crate, and tuck it away some place where it’s easy to access. Label the files in a way that will help you remember how to get to what you need, when you need it. Not sure what, exactly, you need to save? When in doubt, save everything! Your accountant can help you sort out the details when the time is right.
- Keep your receipts. File them away in an organized manner, in your filing system. It’s not enough to claim how much you spend. You must be able to prove it.
- Maintain a separate spreadsheet for your medical expenses. This is an area that can become very complicated if you don’t take the time to record the details. Create a simple spreadsheet (using any basic spreadsheet application like Microsoft Excel, for example) containing headers like Service Type, Service Date/Time, Provider, Cost, Insurance Co-pay, and Payment Method, and input this information every time you visit the doctor’s office. Or simply use Quick Books online, makes our job so much easier.
Take on Ten Commandments of Growing a Business
A recent article adds a modern business spin to our most basic set of rules. On the American Express forum, Barry Moltz writes about The 10 Commandments of Growing a Business. Many of these are concepts we at Accountant Partners stress weekly in our posts. There are definitely some lessons to be learned – or stressed again – and we think it’s useful to pass them along. Moltz’s 10 Commandments include:
- Thou shalt watch thy cash flow. The most important financial statement to review monthly is the cash flow statement. Do you have more money at the end of the month than the beginning?
- Thou shalt have a brand strategy. Think through the actual pain your business solves and craft a memorable brand around that message.
- Thou shalt not grow thy company broke. Many entrepreneurs try to grow their companies too fast without the cash, people, systems or infrastructure to do it effectively. In the end, they eventually go broke.
- Thou shalt keep thy current customers happy. Many entrepreneurs are so busy chasing new customers in the front doors, they miss their existing customers exiting out the back.
- Thou shalt keep thy overhead low. Entrepreneurs go out of business because their fixed overheads are too high as their revenues fluctuate.
- Thou shalt guard thy reputation and not speak badly of thy neighbor. In the Internet world reputation is your most valuable asset. Watch and listen to what customers say about you and never directly criticize your competitors.
- Thou shalt get referrals from existing customers. Too many times entrepreneurs do not ask satisfied customers for referrals.
- Thou shalt reward outstanding employees frequently and fire bad employees immediately. Everyone in your organization knows who the good and bad people are. It’s up to you to do something about it.
- Thou shalt review thy financial statements monthly. Find a Small Business Accountant who can explain them in terms you can understand.
- Thou shalt take an annual vacation to recharge. This is necessary, not just to recharge yourself but to see how your business does without you.
A great overview, and even some overlap with those original two tablets. As Chartered Accountants working with American small businesses we have found that the small businesses that follow most of these commandments have a much higher likelihood of success. Of course, nothing is guaranteed. But just as living by a few simple guidelines can help us in life, following another set can help in business. By demonstrating the type of vision, focus and discipline inherent in these commandments, you go a long way to increasing your chances of success.
Tax Time!
We’re a chartered accounting firm. We’re probably the only people in the universe allowed to use an exclamation mark after the phrase “tax time.” But we do – because this is our time to shine, and to help you get the most from your income whether personal or business tax services are needed.
March is here…you can feel that spring is just around the corner. Warmer temperatures, longer days, fewer layers of down…the nice signs that winter is on its way out.
And tax season…is on its way in. Now is the time to start getting ready to organize and prepare your income taxes. We’re here to help.
By now, you should have already received most of your employer and investment slips. To make sure your returns are prepared as efficiently as possible, you need to organize your information now. This will let us minimize your 2011 income taxes as much as possible.
Here are a few things to start thinking about:
- Personal life. Were there changes in your personal situation in 2011? That could be an address or phone number change…or a new job, new business or investment. The same goes for anyone in your family. Did they get married, start university, have or adopt a child, start a new business or acquire new investments? Did you turn 71 in 2011?
- Slips. Little pieces of paper with big importance. Make sure you have all the necessary information slips from your various sources of income: employment, interest and dividends, pensions, employment insurance, registered retirement savings plans and tax shelters.
- Deductible expenses. If you’re self-employed, own rental properties or are required to incur expenses as part of your employment have you started assembling your deductible expenses and summarizing all your income?
- Other income. If you received income with no information slips, such as tips, business income, partnership income, rental income, taxable alimony or child support, interest or directors fees, you need to summarize it for the year.
- Capital gains/losses. If you sold any assets in 2011 that may give rise to capital gains or losses (ie. stocks and other investments, real estate, businesses) you need to have information available about the original costs, any additional costs you incurred while you owned it, and what you received for the asset when it was sold.
- Other deductibles. There are a whole lot of deductible expenses out there – make sure you keep track of things like: Professional or union dues, employment expenses, interest on money borrowed for investment purposes, investment counsel fees, moving expenses, childcare expenses, business investment loss and deductible alimony or support payments.
- Tax credits. Have you made payments that make you eligible for a tax credit? These include rental property taxes, student loan interest, adoption, tuition fees, charitable donations, medical expenses, political contributions, children’s fitness programs, children’s recreation programs, monthly transit passes and more.
- Foreign property. If you own any foreign property that has total original costs greater than $100,000, it needs to be disclosed annually to the IRS.
Conclusion
If you have financial records to manage and you’d like to know that you’re making the most of your money, then you could greatly benefit from hiring a qualified Certified Professional Accountant (CPA). For the utmost in service, competence and reliability, contact the professionals of Small Business Accountants.