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Serious About Your Startup? Talk to a Bellingham, MA CPA

Posted by Ann Irons, CPA

Jun 24, 2014 12:29:00 PM

bellingham-ma-startup-cpaOnce you’ve made the decision to establish a start-up company, it’s easy to get caught up in the excitement and optimism that comes with the idea of offering a quality product. Even so, it takes more than enthusiasm to succeed in a new venture. Citing a recent report from the U.S. Census, Ann Irons, a CPA in Bellingham, MA, points out that nearly half of all start-ups survive past the five-year mark. The most successful start-ups span diverse industries and thrive with all types of entrepreneurs at the helm, yet all share one common characteristic: a solid financial foundation. Who better to guide you through the startup process than a Certified Public Accountant?

Choosing the Right Structure

The structure you choose for your new company has major legal, financial, and tax implications. Before committing to a structure, speak with your CPA to discuss the advantages of disadvantages of each option. You may determine that while one offers significant tax advantages, another is more conducive to meeting your long-term goals in other areas. Upon finalizing your decision, you must apply for tax identification numbers, often with several different agencies. Even the most seasoned entrepreneurs find that a CPA’s assistance is invaluable in sorting through tax matters, which can include everything from liquor and excise taxes to sales and payroll taxes.

Financial Planning to Avoid the Credit Crunch

The promise of fast access to funds has lured many start-ups to rely on credit in their rush to be first to market. It often starts harmlessly enough before quickly spiraling out of control, damaging relationships with lenders, vendors, and even customers. According to Irons, making a detailed, realistic financial plan is key to avoiding the credit card trap. Ideally, your plan should include expected expenses, including rent, utilities, salaries, insurance, and development costs. A Bellingham, MA CPA can work closely with you to create a reasonable plan of action for funding your startup.

Improved Access to Funding

Although crowdfunding sites have been a boon to some start-ups, securing funding continues to create challenges for fledgling companies. Despite the growth of these innovative investing methods, many entrepreneurs still prefer to pursue funds through traditional lenders like banks and the Small Business Administration. To do so, a convincing case must be made, usually to a loan officer or committee. Without a comprehensive, fact-based presentation on your side, your business is unlikely to be approved for a loan. Using information from detailed financial statements and analyses, a CPA empowers you to sell your idea more effectively to lenders and venture capitalists alike.

Solid finances are a solid foundation for start-ups. To learn more about accounting services for start-up companies, or to schedule an appointment with Ann Irons, CPA, LLC, contact our Bellingham, MA accounting firm at 508-966-0700. We offer accounting, tax preparation, and financial services for business and individuals in Woonsocket, Milford Medway, Boston, and the surrounding areas.

Topics: Small Business Accounting

About Ann M. Irons, CPA LLC

ann_irons_head_shotAnn spent over 25 years in the financial service industry, gaining knowledge and experience that allows her to provide an array of tax, bookkeeping, and accounting services for her clients. Relying on a stringent code of ethics and a dedication to maintaining the highest industry standards, Ann works hard to ensure her clients receive the quality service they’ve come to expect. A member of AICPA and MSCPA, Ann has also had an article featured in the renowned publication, Banker and Tradesman. 

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