3 Questions to Review with an Accounting Firm as You Set Up Your Nashville Business

It’s easy to imagine working with an accounting firm once you have your small Nashville business up and running. But the truth is, you might need to start consulting an accountant – and particularly, a tax guru – even when your startup is still in the conceptualization phase.

Understanding how your business can be taxed is just as essential as strategizing on how your product or service will turn a profit. Here are three questions you can review with an accountant to help you determine your company’s relationship with taxes and gain an edge for your business.

How will you structure your business?

The type of business you establish, legally speaking, determines the kinds of taxes you will file. For startups, the common forms of business entities are:

Sole Proprietorship
Partnership (general or limited)
C Corporation
S Corporation
Limited Liability Company (LLC)

Sole proprietorships and partnerships are the simplest for small startups, but they come with inherent risks. For example, as sole proprietor, you could end up mixing personal and business funds to support your fledgling company. Alternatively, you and your partners might encounter issues about the distribution of roles and profits. Both scenarios could make tax-time a messy period, which is why it’s essential to clarify the responsibilities attached to each business type.

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Small Business Owner in Nashville? Why You Should Forge a Partnership with a CPA

In 2016, small businesses in Tennessee accounted for 96.8% of businesses in the state, making the sector a major contributor to the rising growth and employment rates in the region. More recently, Nashville in particular has taken the lead on this economic high streak for small businesses, garnering a perfect score on business optimism and topping the nationwide chart for small business health.

As a small business owner in the city, this should be music to your ears. It should also herald a time where all your decisions must position you for maximizing the success and growth projected for your business sector. To do this, it helps if you have a CPA firm by your side.

Having an expert in charge of your tax preparation, bookkeeping, payroll, and other business functions is only the beginning. Your partnership with a CPA firm also has many other benefits, like potential savings, business focus, and financial advice regarding risks and opportunities.

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CPA Firm Names Top Three Signs That You Are Doing Your Tax Preparation Wrong

It has been said that ‘to err is human, to forgive divine’. However, some people have found out the hard way that the IRS is less forgiving when that mistake involves a person’s tax return. Though the government might offer some kind of leniency to those who take the necessary steps to fix the mistake immediately, it can still invite an IRS Audit, especially if your total income is between $200,000 and $1 million. The IRS is even stricter with those who run their own business since there are some who wrongfully declare their business’s income and expense to claim exemptions.

Despite the fact that hiring a qualified tax preparer from a reputable CPA firm does not guarantee that your return will be 100% error-free, it can still greatly reduce the probability that you’ll be committing these tax filing mistakes. It will also help you avoid the possibility of seeing the IRS on your doorstep.

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Let an Accounting Firm Help Improve Your Business and Its Operations

Running your own business is certainly a dream come true. After making your debut, however, it’s time to get serious and start on real work. Brainstorming, marketing, and operations are all crucial elements of keeping a business afloat. At the core of it all, however, are the finances.

Much in the same way that you needed capital to get the business up and running, making sure that you have enough cash to continue operations is just as important, if not even more so. For every financial transaction your company makes, you should have proper documentation of all receipts, billings and invoicing, purchase orders, and more.

These are important because this will give you a clear picture of your company’s financial standing. While start-ups tend to think that there’s nothing much to account for yet anyway, it would be ideal if you work with an accounting firm as early as possible. Read more from this blog. http://bit.ly/2uMTYes

Costly Accounting Problems That a CPA Firm Can Help Your Business Avoid

When a business starts to grow, accounting tasks get even more complicated. It might be overwhelming for businessmen who aren’t that knowledgeable about bookkeeping and accounting, but it’s a good sign. It means that your business is growing.

While this growth is something to be happy about, keeping up with the ensuing challenges can be tough. Problems may arise, especially if you don’t have a team of accounting professionals to help you manage them. Working with a CPA firm, however, can help you avoid costly mistakes that could put your business at risk.

Failure to Keep Track of Receivables

Every invoice comes with a record of a receivable, which indicates that you’re supposed to be paid by a customer. Once the customer has paid, the invoice should be marked as paid. It sounds like an easy task, but updating them becomes more difficult as you begin to collect more receivables. Read more from this blog. http://bit.ly/2v1pS77

Top CPA Firm Names Accounting and Bookkeeping Trends to Watch for in 2017

Because the accounting and bookkeeping industry is such a complex arena in the business world, company owners are who wise enough to hire the best CPA firm they can afford to keep their books will be financially rewarded by doing so.

Moreover, the accounting industry is not immune to the evolving trends of the marketplace. To accommodate recent market trends, the industry must evolve accordingly and stay abreast of the latest business innovations.

Unlike years past, clients are looking for CPA firms not only to keep their books and payroll, but also to contribute to growing the business. As a client who grew up with today’s technology, it is only natural to expect you hire an accounting firm to offer a more sophisticated and technologically-enhanced approach to keeping your books. Read more from this blog. http://bit.ly/2t84ubu

What Your New Business Can Expect from Working with an Accounting Firm

Running a business is not just about having a good product or service to offer, nor is it just about having a well-planned operations workflow. A great deal of a business’ sustainability relies on its cash flow. Without sufficient resources to allow the company to invest in important materials and equipment, the company cannot grow.

When it comes to the finances particularly, it would be best to work with a professional accounting firm instead of simply doing it yourself. Here are some of the services you can expect to have when you hire an accounting firm. Read more from this blog: http://bit.ly/2q2nkSu

Reasons Why Small and Startup Businesses Should Hire a CPA at the Soonest Time Possible

Most small and new business owners think they wouldn’t need the services of a CPA until they’ve already grown their business. After all, the size of their business is such that they think they can manage everything on their own.

However, this could be the kind of mindset that prevents your business from growing to its full potential. Being able to handle your finances for the sake of tax filing is one thing, but actually having a clear idea of how your books actually look like is entirely another.

Having a full account of your profit vis-a-vis your expenses is something that could give you better opportunities at improving your workflow, overall strategy, and operational efficiency. You can bet that hiring a CPA to do your accounting work for you can help you achieve your goals faster. Read more from  this blog: http://bit.ly/2oTtq86

How a New Tennessee Online Sales Tax Rule Increases the Importance of a CPA Firm

Over $394.86 billion in sales. That’s how much companies earned in 2016 through the Internet, according to Vertical Web Media. Web revenues increased by 15.6% from 2015, a clear sign that more customers are warming up to the practice of purchasing on the Internet. In response to high online sales, the government is finding ways to boost tax collection. Tennessee Governor Bill Haslam currently issued a rule that requires the collection and remittance of sales taxes of online retailers. If you’re in online business with customers in Tennessee, here’s what you need to know about the Internet sales tax ruling and how a CPA firm can help in properly collecting and remitting these taxes.

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Evan Hutcheson, CPA, LLC Ranked as a Top Accounting Firm in Nashville

Evan Hutcheson, CPA, LLC has recently been named as one of the top accountants in Nashville by Expertise for the year 2017. Our business was among the 143 accounting firms that were scored and hand-picked before Expertise was able to narrow the list down to twenty. We are proud to announce that we currently hold the top seven spot as a local accounting firm with a focus on federal, state, and local tax returns.

Expertise is an organization that aims to connect people with best experts in their local areas. They create lists of the most highly rated local professionals in each US city in order to help consumers make the right choice. Each business they rank goes through a strict elimination process that starts with filtering out those who don’t meet the definition of an “expert”, a history of dissatisfied customers, or lack of reliable online information for clients. After this, each business will be graded on 25 variables across five main judgement criteria: reputation, credibility, experience, availability and professionalism. Initial picks will then be manually reviewed using the scoring results. Read more from this blog: http://bit.ly/2kIaumJ

Hiring a CPA to take care of any of your tax preparation can seem quite a leap of faith, especially if you are like most small business owners who are perennially looking for ways to cut costs. While the do-it-yourself approach may certainly leave more money in your bank account for the short term, the truth is if you are not a professional at preparing taxes, you increase your chances of being audited by the IRS. And if you’re not careful, this can mean losing even more money through penalties in the future–much more than what you would have paid a CPA. Here’s how a CPA can help keep you run your business better. Read more from this blog: http://bit.ly/2iCuUz8