New Business Setup
Starting a new business is a huge decision. Here at Jerome C. Olsen CPA, P.C., we want you and your new business to succeed. Accounting is by far one of the most important aspects of starting and operating a business. While it is easy getting caught up in decorating your new office and advertising, not having a solid understanding of the numbers will result in your new found business becoming unsuccessful.
There are two methods that you can take when it comes to accounting. You can choose the accrual method or the cash method. An accountant will assist you in making the right choice for your business.
The Accrual Method
This means that you account for income when the sale is made, even if you haven’t received the money for it. Expenses are recorded when you receive the product instead of paying for it at the time of purchase.
The Cash Method
The cash method simply means you should record your income and subtract expenses as they are received. This is the most commonly used method for businesses.
Our professional team will assess your business goals and needs to determine which option is best for you. Then, our highly experienced team will recommend an accounting software that will best suit your business’s needs.
Whether you are setting up a new business or starting a new line of business, having an accountant can be an integral resource that not only provides advice, but also helps manage the process. Among numerous other things, accountants can create financial forecasts, budgets that support your business goals, payroll and payment processes, tax estimates and ensuring that your accounting procedures comply with government regulations and requirements.
Here at Jerome C. Olsen CPA, P.C., we are committed to helping you maintain the fiscal health of your business and understanding financial reports necessary to ensure success. Our team of accounting advisors are here to see that your business strives by providing you with quality tax and accounting guidance.
Our services will keep your business on track so that you have a clear picture of your bottom line.