Starting or Purchasing a Business
Starting a business can appear to be a daunting process. If you are like most entrepreneurs, you are an expert in your subject matter, but not necessarily in operating a business. This is where we can help.
We are experts in entrepreneurial consulting. We have taken entrepreneurs from numerous industries through the startup process, from idea conception to commencing operations.
The common areas on which we consult, include:
Business registration
Sole Proprietor? LLC? Corporation? We provide you with the advantages and disadvantages of each and assist you in selecting the best structure for your business. We than ensure you are properly registered with the city, county, state, and federal governments.
Business Plans
The old adage, “If you fail to plan, you plan to fail”, never holds so true as when you are starting a business.
At Milani & Associates, we assist entrepreneurs to create business plans that reflect the operations and finances of their proposed business. This allows them to determine if they have a financially viable idea BEFORE going into business. Many entrepreneurs skip this step, later to discover they are unable to generate a profit.
Accounting
Accounting can appear to be extremely complex. However, with some minimal education, even the most novice business owner can learn how to use financial data to make effective business decisions.
At Milani & Associates, we educate our clients in proper accounting procedures to ensure they are accurately accounting for all revenues and expenses. We also educate them on how to use financial reports to evaluate the financial condition of their business.
As the business progresses, we continually provide advisement on how to account for revenues and expenses in a manner that minimizes tax liabilities.
For a smaller business we offer affordable fixed-fee pricing for routine accounting needs.
Taxes
Taxes are one of the biggest hurdles business owners face. Many startup businesses incur significant amounts of tax penalties because they are unaware of the taxes they must pay.
Waiting until year end is too late. Many returns need to be filed and taxes paid on a monthly and quarterly basis. We educate you in the income, payroll, and sales taxes you need to pay and then prepare the returns for you.
Accounting Systems
Businesses that implement an accounting system when the business begins, notably make better business decisions. They are also able to save considerable time and expenses throughout the year.
We have found the current choice in small business accounting software to be QuickBooks™. We are experts in QuickBooks products and maintain current certifications in both QuickBooks accounting and point of sales systems.
When completing any systems implementation, we insure the system is setup to meet your unique requirements and provide you with training on how to accurately enter data and generate reports.
Purchasing a business
Many entrepreneurs want to avoid the startup process and purchase an established business. This is a completely viable option. However, it still requires preparation.
We strongly suggest you have an independent third party evaluate the financial condition of any business you are considering for purchase. We have talked with many entrepreneurs who have found a business for sale that is “too good to be true”. Unfortunately, after some analysis, we often find out they are correct, it is too good to be true.
At Milani & Associates we will evaluate the past performance of a business by analyzing its historical tax returns and financial statements. We will present you with our areas of concern and areas that require further research. We will also assist you with completing financial projections to determine the future financial viability of the business.
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