Accountants are more than just payroll and tax gurus, they are small business consultants. At DOAAR, we take the time to provide you with solid business advice to ensure your general success. This means that our accountants don’t just balance your books; they help you construct a solid, scalable business strategy as well. Here are 5 business decisions that our accounting experts can help you make:
Your Business Entity Designation
When you’re starting a business, one of the most important decisions is what type of entity designation you will choose. Are you an LLC? A Sole Proprietorship? Corporation? Partnership? Our advisors can walk you through the financial pros and cons of each entity type and help you choose the correct one for your business. This is the first step to establishing a profitable and successful business structure.
Where to Source Startup Funds
Startups need capital. We’ll help you determine how much capital you need and where the best place to get it from is. You need someone to manage communications with potential investors and document payoff plans. Maybe you’re interested in crowdfunding instead of traditional venture capitalists. We will outline the financial benefits of each option, as well as the long-term tax implications so you can plan accordingly.
How to expand your business
Most successful businesses eventually expand. But if that expansion isn’t structured properly, your successful startup can go down in flames. Your account manager can help you strategize the best ways to expand your product lines and services. We’ll show you records of your most profitable income streams and how to capitalize on them. We’ll also show you where there are inefficiencies and how to cut them loose or streamline them. Expansion doesn’t have to be a headache when you have certified accountants keeping an eye on your business strategy!
What is Outsourced and what is In-house
You already know the benefits of outsourcing your accounting. But outsourcing other services can save you time and money as well. Maybe your HR functions, the cleaning services, or certain customer service functions would be more efficiently handled by a third-party. We analyze your business model and look for the best way to keep your employees focused on revenue-generating activities.
For services that remain in-house, we can make sure your team has the proper training. We can train your employees on how to utilize quickbooks once we’ve set up your accounts. We can also bring in outside trainers for other essential business functions.
Your Tax Strategy
One of the least pleasant parts of owning a business is filing taxes. The tax code is confusing, and it can be difficult for business owners to know what to plan for. DOAAR’s certified professionals know how to maximize your tax deductions and plan for future tax filings. We also educate you on efficient record keeping practices so that every April doesn’t become a receipt hunt!
DOAAR’s professionals are more than just accountants- they are business advisors.