Tech Startups in Nashville: Getting Help from an Accounting Firm

If you think you have what it takes to be the next big thing in tech, you’re in the right place. Now is a good time to be a tech entrepreneur in Nashville. The success of startups like Emma, Nisolo, and other local enterprises is proof to this. There’s a wealth of venture capitalists and angel investors in the city, as well as public and private organizations who are bullish in their support of fledgling tech businesses.

While on the road to startup success, one thing you should never overlook is the importance of accounting processes. Understandably, you would rather put all your focus on your core business and growing your venture. This is why partnering with a Nashville accounting firm is only good practice. Outsourcing your accounting needs like bookkeeping and tax declarations will not only take this necessary burden off your shoulders, it will give you plenty of other benefits as well.

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Why Nonprofits Need the Services of a Nashville Accounting Firm

In starting a non-profit in Nashville, it’s important to work with an accounting firm who can help you in the management of the organization’s complex finances. Accounting in nonprofits covers a wide area, from record-keeping and budgeting to reporting to the IRS and state authorities. Accuracy is important at all times, otherwise you could lose your nonprofit status, or worse, find yourself accused of fraud.

Here are the areas where professional accounting can serve a nonprofit:

Budgeting

As with any other organization, a nonprofit has to work on a budget. An accountant can help distribute the working capital among the various functions and areas of the nonprofit, adjusting for any financial issues. In many cases, nonprofits have a decentralized structure where each area manager has their own budget. The individual budgets are submitted to the central office, which then appropriates the working capital accordingly, taking into account the budget of the organization as a whole.

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Running a Freelance Business in Nashville: Do You Need Your Own CPA?

You may run your own business in Nashville as a solo freelancer or sole proprietor. That would make you your own executive, as well as your own employee. Fulfilling both roles requires considerable time and focus, and if you’ve been trying to juggle a third role as your own bookkeeper or accountant, you should probably consider enlisting the aid of a financial expert.

Here are several signs you need to work with your own CPA.

Was tax time taxing?

Did you scramble to meet the tax filing deadline? Did you pour a significant number of hours into organizing your paperwork, not to mention reading up on all the ins and outs of reporting?

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File an Extension, Pay on Time: A Key Tax Reminder from Your CPA Firm

As April 15 approaches, tax filing season is in its home stretch. This might be causing you some level of anxiety. Given how the recent government shutdown and newly implemented tax reforms have impacted small businesses, organizing documents for 2018 may have become slightly more complicated. 

Yet you don’t have to panic if you still haven’t gotten your paperwork in order, nor should you rush sorting your returns. With assistance from your CPA firm, there are several things you can do if you think you can’t file them before deadline.

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How Optimistic Should You Be This Tax Season? Ask Your Accounting Firm

The 2019 tax season marks the first time your small Nashville business will file returns under the reforms instituted through the Tax Cuts and Jobs Act of 2017. This means you could enjoy higher deductions or savings, given the new federal tax provisions.

Such provisions have given many small-scale entrepreneurs cause for optimism. In fact, 83% believe the tax reforms will have a positive impact on their businesses, according to a survey of 2,700 small business owners conducted last year. Owners also said they will funnel their savings towards business growth.

But how bullish should you be with your own business moving forward? To help deal with the situation, your trusted accounting firm will have to break down how much you can recoup in tax savings this year thanks to the nationwide reforms, and help you assess your finances to make decisions for the future.

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The Government Shutdown: How It Affects Your Nashville Business and How a CPA Can Help

The federal government shut down on December 22, 2018, forcing a range of government offices to cease or reduce their operations. The shutdown has now lasted over a month and is the longest in U.S. history. Whether or not it ends soon, your small businesses might be suffering its impact.

There are several ways the shutdown might be hurting you. Your CPA can assist with these and help in other ways as you navigate, then recover, from the shutdown.

You rely on the Small Business Administration (SBA) for loans and other services.

Did you plan to cover operating expenses with an SBA loan? Were you hoping one could fuel new initiatives this year? For now, you have to look for money elsewhere. Even if you don’t have a loan stuck in processing because of the shutdown, it could take the SBA months to address its backlog as soon as the agency reopens.

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This New Year, Work with Your Trusted CPA Firm to File 1099-MISCs

Did you work with contractors or vendors in the past year? Or did you shell out some business-related payments, like rent or legal fees? With the turn of the year, you might need to add an important item to your to-do list: organizing 1099-MISC forms. You’ll need to file this statement and send copies to parties you’ve paid by January 31.

What is a 1099-MISC form?

A 1099-MISC form records a wide range of miscellaneous payments that your business made over a year. As such, it’s an important document for your bookkeeping purposes. It’s also important because it helps other taxpayers—the entities you’ve done business with—track and fulfill what they owe the IRS.

A 1099 can include various kinds of miscellaneous payments, so it’s best to determine what you must report through this document with your CPA firm soon.

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