When is it appropriate to hire an accountant for my business?

You should consult with an accountant as soon as your business is established. Even if you aren’t able to actually hire an accountant at that time, having an hour consultation to know how to properly handle your finances is best.

Do I need to have a business bank account for my business?

ABSOLUTELY! You MUST have a business account. This means an account in your business name, do not “convert” a personal account to use for your business. You will be asked to present your business documents to be able to open a business account.

What is a tax deduction?

A tax deduction is anything that is ordinary and necessary for your business to operate. An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary

How do I track my expenses?

You should have a QuickBooks online account. QuickBooks is an accounting software to help track your business income and expenses. If you aren’t familiar with how to use QuickBooks, please reach out so we can schedule a session to get you all set up.

How do I know when I am able to hire an employee?

This is where proper bookkeeping comes into place. Your business should be profitable, and you should have a budget in place to know how much you are able to afford to hire someone to work for you. This is when you need to consult with an accountant to take that next step in your business.