612.405.9025

Simple Steps to Starting Your Business Right

If you want to assure that your business idea succeeds beyond the initial desire and thrill of fulfilling a dream, you must take the time to develop a comprehensive plan and gain the advantage of having pertinent information in place.

We can help you from becoming another failed business statistic.

Having the right Business Plan, as well as the right financial management system in place will help you avoid the common mistake many new businesses make.  We can help you with the necessary steps:

  • Help you develop a Business Plan and determine your initial capital needs
  • Identify your current resources, as well as sources of start-up capital and your borrowing capacity
  • Review potential business structures in terms of tax advantages and portability
  • Help you select accounting software to fit your projected budget and gaining the hardware to run it.
  • Understand the key components of a Cash Flow Projection and develop one to cover each month for the first year in business.
  • What is the best billing and collections procedures to maximize your Cash Flow
  • Help you gain an understanding of employment laws so you are prepared from the beginning.
  • Is a home office a consideration for maximizing tax deductions?
  • Prepare and file for all local and state licenses/permits
  • File for a Federal Employer Identification Number (FEIN)
  • Setup a Payroll Service and Payroll Tax Filing system
  • Identify any business insurance needs

This list may be overwhelming, but don’t let it scare you.  The rewards of owning your own business are many.  We are ready to help you through all of the startup.

Accounting System Setup

You don’t have to waste your time taking the time to figure out what methods of accounting you use, what Chart of Accounts you will need for your business and how to properly enter beginning balances.

When hiring TME to setup the Accounting System for your business, you will not lose any time to installation and setup of the system. We will…

  • review your current accounting system (if you have one in place) and determine your needs.
  • determine your best start date and load balances as of that start date, including outstanding accounts receivable and outstanding accounts payable as of that start date.
  • prepare the list of services, inventory items, non-inventory items, any additional charges, and sales tax that you will bill to your customers.
  • enter any transactions as of your start date into the Accounting System.
  • enter monthly transactions for you or
  • train you or a member of your staff to use the Accounting System to meet all of your accounting and financial management needs.
  • follow up training to make sure the system is working seamlessly for your business.
  • monthly, quarterly, or annual review of data to make sure you are on track for tax preparation and the necessary management reports to build your business.

Accounting Done For You

The SUCCESSFUL small business owner knows to spend more time on work means generating more profit.  Leave the time-consuming job of bookkeeping to the professionals.  Don’t waste valuable time attempting to manage the finance end of your business when the time could be far better spent focusing on the service or the clients your business specializes in.

We will take care of the following services on a monthly or quarterly basis depending on the size of your business and specific needs.

  • General Ledger Management – Ensure classification of expenses/revenue are correctly coded
  • Balance Sheets – Snapshot of the financial health of your business, identify and analyze trends in accounts receivables/payables and provide you with the reporting you may need for potential lenders and investors.
  • Income statements – provide you with regular profit/loss statements, over/under budgets, analysis of increases/decreases in sales, and determine your projected tax liability
  • Bank Reconciliation – Protect against bank errors, financial crimes, track business growth, help manage your cash flow effectively, and identify any unusual activity on your accounts
  • Consultations – We will discuss how often you want to meet and review

We can also customize the services being provided to you by adding…

  • Accounts Payable Management
  • Accounts Receivable/Invoicing Management
  • Payroll Services
  • Tax Planning and Preparation
  • Any number of other financial services that would benefit your business

Cash Flow Management

If your Cash-In exceeds your Cash-Out life is grand.  However, when Cash-Out exceed your Cash-In it will cause you many sleepless nights.  We will help you understand when, where, and how your cash needs are or are not being met.

Our cash management services will benefit you by –

  • Develop cash flow projection. Show you how to manage daily cash through short-term (weekly, monthly) projections, as well as how to develop the necessary capital to manage your long-term (annual, 3-5 year) needs.
  • Develop historical projections so that you can see exactly where you hard earned cash has gone. This will help you understand how to better utilize your cash for the future.
  • Help you with Accounts Receivable Collections

Management of your Payroll

There is no one more serious about payroll tax laws and the penalties/fines for those that don’t comply than the IRS.  Would you like to have at a minimum of 12 days per year back to spend generating new business?  If you are processing your own payroll that is the average per year of the time you are losing.

We will keep up with the ever changing federal and state tax laws so that you don’t have to.  And because we understand that the needs of every business vary, we offer different levels of payroll services:

Comprehensive Payroll Services

Full-service, no hassle payroll plan where we provide the following:

  • On-time Payroll check preparation/direct deposit
  • IRS/State Tax Reporting, as well as EFTPS tax deposits
  • Easy to understand monthly, quarterly, and annual payroll tax reports including W2, W3 and 1099 forms
  • Employee sick, vacation and personal day accruals
  • Creation and filing of tax paperwork for new hires.

Company On-line In House Payroll Processing

Enter employee hours and earnings online and you will get:

  • Ability to have printed checks or direct deposit
  • IRS/State Tax Reporting, as well as EFTPS tax deposits
  • Easy to understand monthly, quarterly, and annual payroll taxes reports including W2, W3 and 1099 forms
  • Employee sick, vacation and personal day accruals
  • Creation and filing of tax paperwork for new hires

Other Payroll Services

We can also help you with the following:

  • Worker’s Compensation Audits
  • Unemployment Claims
  • Social Security Audits
  • Child Support Audits
  • W2 and W3 processing
  • 1099 and 1096 processing
  • Preparation and assistance with Federal/State registration forms

Additional Services

There are many more services that we can help you with which may include but are not exclusive of:

  • Guide financial decisions by establishing and monitoring procedures designed to mitigate risk. Monitor and confirm financial condition working with external Certified Auditors by providing information as requested.
  • Protect Assets by establishing, monitoring and enforcing internal controls
  • Implement interview process
  • Implement new employee onboarding processes – including checklists for new hires and terminations
  • Help establish affordable employee benefits
  • Employee handbook and policy development
  • Job description development

 

Ready to get started?