Disaster Preparedness Is a Topic You Should Discuss with Your CPA

Tennessee may have been spared from the hurricanes that have hit nearby states over the last several months, but even small business owners in Nashville should take time to assess their own preparedness for natural disasters. If the city sees a calamity that’s anything like the floods of 2010, it is best to know how to mitigate and manage the disaster’s effects.

For small business owners, disaster preparedness includes ensuring your records will survive the event and understanding how your finances can recover after the fact—tasks for which your trusted CPA is qualified to help.

Document all transactions and operations

Properly documenting all transactions and operations is always a good business practice. However, keeping close track of your inventory, payroll, bookkeeping, equipment, supplies, and the like will also serve an essential purpose should disaster strike.

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Starting a Small Business? Clarify These Payroll Basics with Your CPA Firm

Part and parcel of starting a small business in Nashville is determining how many employees you will need, and how you will hire, manage, and—last but not least—pay them. As you set up shop, don’t forget to discuss these payroll basics with your CPA firm. They will affect your business down to the details of operations and your bottom line.

Worker classification: employees vs contractors

There are two main ways to classify your workers: employees or contractors. As opposed to employees, contractors would only work with you on specific projects, invoice you for services rendered based on an hourly rate, and receive no benefits whatsoever. Employees, on the other hand, are essential to your day-to-day operations, and receive salary and benefits. These distinctions are important not only because they impact how you’ll get the services you need, but also because they dictate the tax requirements you should fulfill.

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