When you start a new business, you have to make many decisions, from hiring to branding to mission and more.
Understanding how to address your business’ accounting and tax needs is also an important piece of the puzzle. We consulted CPAs to offer tips on how to make sure your business is in the best possible position when tax time comes.
Megan McQuarrie
| Provided by: Northwest CPA GroupMegan McCary is a certified public accountant with Northwest CPA Group in Richland.
She grew up north of Pasco and graduated from Washington State University with a degree in accounting and agricultural economics.
Business is in her blood. Her mother was a bookkeeper, and McCurry was captivated by her accounting classes at Columbia Basin University, which inspired her to continue her studies and pursue a career in the field.
McCurry has been with Northwest CPA Group for 13 years.
She mainly works with small and medium-sized enterprises in agriculture and other sectors. Her clients typically have fewer than 100 employees.
Her biggest advice as tax season approaches:
hire an expert
Tax laws can be complex, so McCurry advises consulting a professional.
“We have taken the time to learn and educate ourselves about these complexities,” she said. So now we can not only process tax returns, but also provide information to help our clients make the best decisions for their business throughout the year.
“If they’re looking to buy equipment or buy real estate, (and we can help answer that question), what are the benefits of that from a tax perspective?” she said. Ta.
go shopping
That said, it’s an important relationship and a trusting relationship, McCurry said. That means it’s important to get the right fit.
McCurry said strong credentials are important, as well as that the person is contactable and responsive.
“I always tell people that it’s okay to shop around and find the right person, not just from a price standpoint. Price is important, but it’s the relationship that matters. I want to work with a CPA. “I learn a lot about my clients’ personal lives and financial situations, so I want them to get along with me,” she said.
McCurry recommends asking other small businesses for recommendations. Word of mouth is powerful, she said.
The Better Business Bureau also offers tips on how to find the right tax preparer, CPA, or tax preparer. Visit bbb.org/all/taxtips/us/how-to-choose-a-tax-preparer-us.
it’s never too late
McCary recommends consulting with a certified public accountant when starting a business to make sure you’re on the right foot.
But if you’re already up and running, or have been in operation for years, it’s not too late. They help every step of the way, she said.
Fall is the perfect time to join the party, as tax season approaches and you have time left to prepare. McCurry said it will be more effective with time, but assistance can be provided regardless.
“For businesses, there’s a lot of focus on the tax return itself, but for people like me, it helps them plan before and during the year,” she says. “Having someone in your corner, an advisor, to help you plan and save money when something happens is invaluable.”
appropriate financial system
Choosing a system to support your bookkeeping is also an important decision.
“There are all kinds of options when it comes to software, including preparing your books and records and considering how you want to track your business’ income and expenses,” McCurry said. “Navigating what you need can be difficult, so resources like CPAs and tax accountants can help you navigate what can be customized for your business. This is something I always tell my clients… One of the things we say is, you can make it as simple as you want or as complex as your business needs.”
Build a team you can trust
Financial experts are important, and McCurry also recommends adding a lawyer to your team.
“While we handle the tax aspects, we always recommend that you consider consulting an attorney when forming a new business, especially if you’re considering an LLC (something like). “Having a lawyer and a CPA in your corner allows you to build a trusted team of advisors,” she said.
Being part of a corporate team means a lot to her.
She loves the variety and problem-solving opportunities in her job. “We have to find a way to help,” she said. “It’s very rewarding.”
