Bonafide Accounting Services - New Business Formation | Bonafide Accounting Services Bonafide Accounting Services - New Business Formation | Bonafide Accounting Services

May 29, 2024

New Business Formation

Thinking of owning your own business?

Opening your own business is an exciting venture. It’s everything that comes after the excitement wears off that determines whether the small business will make it or not.

A good business plan is needed to fulfill your dream or goal of being your own boss and running a successfulbusiness. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.

We can help you…

  1. Determine your start-up capital needs.
  2. Identify sources of start-up capital and backup sources if needed.
  3. Evaluate and quantify your borrowing power so you know how much money you can get your hands on if needed.
  4. Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.
  5. Select the right accounting software by evaluating your budget, needs and hardware.
  6. Prepare a Cash Flow Budget so you know exactly how much money you need to keep the business alive each month for the first few years. Unplanned cash requirements are always emotionally painful.
  7. Establish billing and collection procedures to maximize your cash flow.
  8. Establish procedures to monitor and control costs.
  9. Setup a home office so you can maximize your tax deductions.
  10. Prepare and file all required state and local licenses and permits.
  11. Prepare and file your application for your Federal Employer Identification Number.
  12. Provide payroll and payroll tax filing when you bring on your first employee.
  13. Identify your business insurance needs.