Monthly financial statements and expense overviews keep you in control of your money. At-a-glance visual reports help you see the big picture and give you actionable insights to help you grow your business. You’ll never be in the dark again.
Tax season, minus the stress
You’ll get a year-end financial package that contains all the info you need to file your taxes. We can work directly with your CPA, or set you up with one we trust, to make sure your taxes are filed painlessly and on time.
More hours in your day
Less time bookkeeping means more time to focus on what you really care about — like helping your business succeed.
Try us out for free
Sign up for a trial, and get full access to Bench. We’ll do a month of your bookkeeping and provide you with a set of financial statements for free.
We’re going to cover a lot in this small business accounting guide. Specifically :
Registering Your Business
Separating Your Personal and Business Finances
Opening a Business Bank Account
Tracking Expenses / Develop a Recordkeeping System
Choosing a Bookkeeping Solution
How to Work With an Accountant
Classifying and Paying Employees and Contractors
Collecting Sales Tax
CPA’s will often help you with these tasks :
Advising on tax and financial matters (including ways to lower your tax bill)
To find an accountant, it’s best to go by referral. Check in with your attorney, bank, or friends in your industry. The Society of Certified Public Accountants in your state can also help you out (let them know you’re looking for a CPA with experience in ecommerce business).
Questions to ask your CPA to Reduce Your Tax Bill
One of the things your CPA can help with is reducing your tax bill. Here are a few questions to ask when you next meet with your CPA :
What business expenses can I deduct, and which are partially deductible?
Were there any changes to tax regulations that will affect my business?
Does my business’s legal structure affect me for tax purposes?
Can I deduct my health insurance costs?
Can I deduct my retirement plan contributions?
How should I deal with tax forms for my employees and independent contractors?
What paperwork do I need to keep throughout the year?
What can I do now to save on my taxes next year?
A good CPA will likely deal with all of these topics anyway, but it’s good to attend every meeting prepared with a list of things you’d like to discuss.
Remitting Sales Tax
You’ll need to remit (i.e. file and pay) sales tax for all states where you’re collecting tax. Every state varies a bit in terms of its requirements, but most allow you to file and pay online (some actually require it). Using a service like TaxJar is one way to ease the sales tax burden, since they’ll subtotal your sales and sales tax collected by area. And a big bonus? Their AutoFile feature will file your sales tax returns for you, automatically.
The world of small business accounting can be overwhelming, but once you understand what’s required of you, and get a good system in place, it’s much easier. The info in this article will get you through a lot of the process, but let us know if you come across anything confusing as you deal with it all – we’d be happy to help!