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Frequently asked questions
Finding an accountant before starting your new business ensures expert financial guidance from the outset, helping you set up proper bookkeeping, tax strategies, and financial structures. This proactive approach minimizes errors, maximizes tax benefits, and sets a solid foundation for your business's financial success.
- Equity Financing: Secure funds by selling shares of your business to investors, providing them ownership and potential returns based on company performance.
- Debt Financing: Borrow money from lenders, banks, or investors, with a commitment to repay the principal amount plus interest over a specified period.
- Alternative Funding: Explore options like crowdfunding, venture capital, or angel investors to access capital from a diverse range of sources for business expansion.
Bookkeeping demands meticulous attention to detail, complex understanding of financial regulations, and significant time commitment. Professional bookkeepers ensure accurate records, compliance, and allow you to focus on core business tasks. Mistakes can lead to financial discrepancies and potential legal issues.
Accurate bookkeeping is crucial for small businesses as it helps track income, expenses, and cash flow. It enables informed decision-making, ensures compliance with tax regulations, and provides a clear financial overview for growth planning.
Cash accounting records transactions when actual cash is received or paid, while accrual accounting records transactions when they occur, regardless of cash flow. Accrual accounting offers a more accurate picture of a company's financial health over time, while cash accounting provides immediate visibility into cash on hand.