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| Starting a business from home (a small business from home) is a great oportunity. Before You start a working from home business read this report, how to start a business from home.
Starting and Managing a Business From Your HomeYour AccountantMost businesses fail not for lack of good ideas or good will, but rather for lack of financial expertise and planning. Look for an accountant as you would an attorney. Get referrals from trusted friends, business associations, or professional organizations. Discuss fees in advance and draw up a written agreement about how you will work together. Your accountant (along with your lawyer) can advise about initial business decisions, such as the form of the business. Your accountant will help set up your books, draw up and analyze profit and loss statements, advise on financial decisions (e.g., buying a computer), and give advice on cash requirements for your start-up phase. He or she can make budget forecasts, help prepare financial information for a loan application, and handle tax matters.Accounting firms offer a variety of services. If this is not an easy area for you, the fees you pay will be well worth it. Most firms will maintain books of original entry, prepare bank reconciliation statements and post the general ledger, prepare balance sheets and income statements on a quarterly or semi-annual basis, and design and implement various accounting and recordkeeping systems. They will also get your federal and state withholding numbers for you, give instructions on where and when to file tax returns, prepare tax returns, and do general tax planning for the small business person. Your accountant is your key financial advisor. He or she should alert you to potential danger areas and advise you on how to handle growth spurts, how to best plan for slow business times, and how to financially nurture and protect your business future.
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