KOS Senior Manager Christie Butcher to Speak at Empowering Emerging Entrepreneurs: New Business Bootcamp

KOS Senior Manager Christie Butcher to Speak at Empowering Emerging Entrepreneurs: New Business Bootcamp

By: KOS Leadership

Christie Butcher, KOS Senior Manager, will be speaking at the Empowering Emerging Entrepreneurs: New Business Bootcamp to be held at the Loyola University Museum of Art. This event will take place on Friday, May 16th at 8:30am - 12:00pm. The Museum is located at 820 North Michigan Avenue, Chicago, IL 60611.

The morning workshop is for new business owners who want to learn how to be successful in launching and growing a new business venture. Valuable insights in the areas of legal, insurance, finance, taxes and marketing will be provided to help you avoid many common mistakes that new business owners tend to make.

Reserve your spot!
$20 by May 1st
$35 after May 1st
http://EmpoweringEmergingEntrepreneurs.eventbrite.com

Two of the Biggest Tax Mistakes Small Business Owners Make

Two of the Biggest Tax Mistakes Small Business Owners Make

By: KOS Leadership

April 15th is Tax Deadline

For millions of Americans, April 15^th is the deadline to complete their taxes. For businesses who file a Schedule C, solid planning can maximize and protect the value of their assets and minimize the tax burden. For the past few weeks, millions of business owners gathered their documents and opened up their books to their accountant teams, preparing for the inevitable payment to the IRS. Smart business owners realize that every decision made throughout the year could have tax implications. The opportunity to avoid making simple mistakes can make a tremendous impact to their overall net worth. Taxes certainly are an obligation, but making mistakes regarding them doesn’t have to be. Let’s take a look at two of the biggest tax mistakes businesses make.

         1) Communicate with your CPA Firm Year Round

Communicate with your CPA Firm year round.

One of the biggest mistakes business owners make is only talking to their CPA firm during tax time.  Communication with your accounting team can be the difference of paying more than you should on your taxes. Financial management should be a year round activity. It should not be limited to tax season. Monthly or quarterly strategy sessions should be scheduled in order to make sure business owners are up to date on any rules and regulations regarding tax laws that impact the bottom line of the business. Scheduling strategy sessions with your accountant can help businesses prepare for changes in tax codes and laws throughout the year, but more importantly can help the business run more effectively which leads to greater savings. Working together with your accountant can also help you keep track of all the deductions your business should be benefiting from due to complicated tax laws and prevent you from leaving money on the table at tax time.

2) Maintain Updated, Comprehensive Financials

Cloud Accounting Services

The vast majority of accountants believe that a comprehensive, real-time view of finances is essential for dispensing the best advice and saving money. The difficulty faced by most business owners is access to this information. Cloud technology is one way to maintain this and many CPA firms use cloud accounting technology which provides real time data and financial information and allows them to work better with their clients to avoid many tax mistakes. This assists business owners in maintaining an updated, comprehensive financial bottom line. Utilizing the technology of a CPA firm can lead to efficient bookkeeping, accurate accounting details and can help avoid accounting accidents that lead to audits.

We encourage feedback and are here to help. If you have any questions regarding this topic or any of the services we offer please visit our website: http://www.koscpa.com or feel free to call us at 847-580-4100.

Kessler Orlean Silver & Company, P.C.

 

Should I hire a Certified Public Accounting Firm for my Business?

Should I hire a Certified Public Accounting Firm for my Business?
By: KOS Leadership

Whether you are starting a new business or have an established company, you most likely have a budget. Within that budget, it is important for business owners to allocate expenses to the most appropriate places. Companies often need assistance with tax planning, record keeping, personal financial planning, auditing and advice on developing effective accounting systems.  An established certified public accounting (CPA) firm can provide innovative accounting solutions that will save businesses money and keep them in compliance. When asked if a business owner should hire a CPA firm for their business, the answer is yes.

If you have an accounting background or a solid understanding of business finances you might be able to start your business without hiring a CPA firm. However, if you lack the experience of managing a business, you should think again. Managing your business accounting system incorrectly can slow your business growth and hurt your business in the short term and long term. A CPA firm will not only manage finances and taxes but can provide a variety of other consulting and business services. Further, since they deal with hundreds of businesses, they can provide a unique perspective based of their broad business experience. 

Here are four ways a CPA firm can help business owners, and why a CPA firm is a great resource to assist the growth of your company.

Start Up Assistance

When starting a business there are a number of things that are needed to create a foundation of success.  A CPA firm can advise on the structure of the business (LLC, corporation, partnership). Assistance can also be provided on keeping personal and business records separate and financial analysis for the business plan and recommendations on the type of accounting software that may be needed. Hiring a CPA firm will ensure your businesses accounting procedures comply with government regulations and requirements. 

Accounting Services

During regular business operations, a CPA firm can review internal controls,  provide counsel on tax payments made during the year, and determine who and where to send W-2 and or 1099 forms. A CPA firm can help insure any independent contractors are classified properly and handle all tax related matters for the business. This includes compiling and submitting the business taxes, financial reporting and any other paperwork that needs to be sent to the IRS.

Business Advisor

A CPA firm can help determine the business areas of growth by providing insights on cash flow patterns, inventory management, pricing and business finances. Advice on property and equipment leasing and purchasing can be delivered. Further, financial forecasts can be created that will contribute in making the right decisions for future growth.

If there are any questions regarding posts or services please visit our website: www.koscpa.com or feel free to call us at 847-580-4100.