New Business Startup Accounting in San Francisco
Setting up a new business can be a daunting process even for those entrepreneurs familiar with the process. Fortunately, you don't have to do it alone. Michael K White CPA & Associates is ready to back your dreams with comprehensive business startup accounting services in San Francisco. We have top-tier talent and resources to offer you a large company experience with a touch of personalized service.
We understand that forming a new startup involves a lot of work, but don't let the mountains of responsibilities and miles of red tape intimidate you. Our experienced startup accountants can help you navigate these obstacles and make informed decisions that give your enterprise the edge it needs to succeed. We will offer you reliable financial advice and support from the day you open your doors to customers to the day you begin planning for your retirement. Contact Michael K White CPA & Associates today for your free consultation!
Choosing a Business Entity
The first aspect of our new business startup accounting services in San Francisco is to help you choose a business entity that fits your short-term and long-term goals. Our experienced startup accountants will help you understand the tax implications of each entity and conduct income reviews throughout the year for estimated tax payments. More importantly, we conduct a cost-benefit analysis for your entity selection or change to help you choose the most beneficial option.
Ultimately, choosing the correct entity protects your company's assets and makes your new business startup more credible in the eyes of investors. Making the correct selection right from the start saves you the time and effort that often comes with changing your entity in the future. Common entity types include:
Sole Proprietorship: This entity type is suitable for businesses owned and operated by an individual. As a sole proprietor, you're responsible for all liabilities, and you can place all expenses and income from the enterprise on your income tax return.
Partnerships: Under a partnership, two or more individual owners run the business under an agreement, and each partner is accountable for the entity's earnings and losses. Moreover, every partner reports their share of profit or loss on their personal tax returns.
C-Corporation: With a C-corporation, the company is legally liable for all losses and is independent of the owners. However, owners need to follow specific regulations and formalities, and the shareholders remit taxes on dividends and corporate profits.
S-Corporation: This type of entity passes earnings, credits, losses, and deductions to its owners and offers tax benefits and protection from liabilities.
Limited Liability Company: Owners of an LLC are often referred to as members. Just like partnerships and corporations, an LLC is accountable for all tax obligations and offers protection from liabilities.
Setting Up Employee Salaries
If you have employees, you need to understand minimum wage, payroll, and independent contractors' payment requirements. Michael K White CPA & Associates will help you figure out the least and the most you'll pay your employees and independent contractors for specific services rendered. We understand the standard market rates and minimum wage based on position and geography. By figuring the wage requirements in your area, you can begin an employee search knowing what the potential candidates will expect.
Establishing Efficient Bookkeeping and Accounting Systems
When it comes to accounting, you need a precise bookkeeping system to ensure your San Francisco startup thrives. We can help you set up your books and educate you on IRS requirements to maintain accurate accounting records and books. We primarily use QuickBooks® but can also help you if you use other systems.
Our expert CPAs offer individualized bookkeeping services to help you organize your business accounting, maintain your books, and manage your finances. We typically create your chart of the startup accounting process, taking everything into consideration, including vendor payment processes and invoices.
Some of our new startup accounting services include:
Bank Reconciliation: We balance your accounts and ensure they are always up to date.
Balance Sheets: Our CPAs prepare accurate balance sheets to give you a clear picture of your business's financial standing at any time, including payroll.
Income Statements: We provide you with an accurate profit and loss statement, so you're fully aware of your company's performance and can make more informed decisions.
Ledger Maintenance: We revise your general ledger to ensure it's up to date and error-free.
Understanding your financial statements and proper setup will help you apply for loans, and we can help with that. Our skilled accountants will get all the data you need and help you fill out the applications, separating your personal expenditures from business transactions.
Managing Payroll with Employees
At Michael K White CPA & Associates, we recognize that as a startup owner, you may find it costly and overwhelming to hire a full-time employee to handle your payroll in San Francisco. By outsourcing your payroll services to us, you'll not only save money and time, but you'll also have peace of mind that your employees are being paid accurately and you're staying in compliance with the IRS.
Help with Sales Tax Prep and Return
Handling sales tax prep and returns can be a complex endeavor, especially for new startups. Our skilled tax preparers will take care of everything, including the integration of the software solutions you need and filing the required tax forms. Additionally, our tax experts will help you plan your sales taxes throughout the year and employ smart strategies to maximize your deductions and minimize liabilities.
Get Reliable Accounting Services for your San Francisco Business Startup
At Michael K White CPA & Associates, we are passionate about helping new startup businesses such as yours take off and reach their full potentials. Whether you need a little extra help with budgeting or just outlining your startup's structure, we're thrilled to work with you. If you're planning on starting a business in San Francisco or any of the surrounding neighborhoods, let our experienced startup accountants offer you the support you need. Give us a call today to schedule a free consultation so we can start planning for your success!