San Francisco is a bastion of technology and startup businesses. (We should know – we’re recognized as one of the best CPA firms for startups in San Francisco). The Bay Area has an unending list of determined entrepreneurs and savvy business leaders ready to launch a new idea. Based on many different factors, some flourish while others flounder. One thing is common among all new business owners; they have to handle accounting right from the beginning. Step one is determining entity formation. Whether startup leaders choose sole proprietor, LLC, partnership or schedule C, The entity chosen will determine how to move forward with tax returns and which tax laws apply.
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Venture capitalists are paying attention too. They need to know their investment is managed in a professional manner. So how does the founder of say, a new San Francisco “flowers-in-two-hours” personal delivery service handle the accounts? Between hiring staff, finding a floral wholesaler and overseeing a website, where can accounting get “squeezed in?” It can’t, and yet it has to take priority. Outsourcing to a skilled CPA can help.
Contracted CFO’s Start On the Right Path from Tax Audits to Stock Options
Outsourcing a CFO can help your San Francisco business from the beginning, starting with entity formation and moving forward with yearly tax filing. Although owners are advised to stay aware of business tax laws, simple things such as new deadline changes can slip by. For instance, the 2016 PATH bill (Protecting Americans from Tax Hikes), notes new tax filing dates. These dates are effective for the 2017 tax filing season. Form 1065 (partnerships) and form 1120s (S corporations) are now due April 18th with an extension up to six months. The new due dates make more sense for tax flow purposes, but if a new CEO isn’t prepared for this change, it can be a problem for the business. Safe Harbor’s skilled staff are ready to act as CFO on contract for San Francisco startups. Startup leaders can get the time to pay attention to their own project deadlines and finish important tasks. While a CEO is choosing fuel-efficient hybrid cars for a new delivery service, a Safe Harbor CPA can evaluate the tax advantages. A professional CPA can also set up stock options, review R&D tax credits and implement new tax breaks for hiring practices.
Opening a startup business in San Francisco can be exhilarating to an owner. It may have taken years of planning and hard work to get a new venture to the point of opening its doors. Outsourcing tax and accounting services can allow startup CEO’s time to grow their business while a CPA builds a solid financial foundation. Safe Harbors top CPA’s for startups in San Francisco is available to partner with new business!
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