CPAs for Small Business Startups Jackson, MS

Starting a business is an exhilarating and potentially terrifying endeavor. As a new business owner, you’ll face a whole host of challenges in every arena from staffing to administrative and financial. With all that in mind, are you debating about using the services of a CPA for your small business startup? In our last article, the professionals at Watkins & Co. discussed five reasons that partnering with a local CPA is a smart move for your company. Now, we’re here to finish up sharing all the benefits of hiring a CPA for your new business in Mississippi.

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5 Reasons Why Small Business Accounting Is Important 

As a small business owner, you wear many hats and fill many roles. From marketing and sales to operations, you have to rely on yourself for many aspects of business. One area that will pay for itself time and time again is to outsource your accounting. Solid accounting practices are the lynchpin for many small businesses and is the bedrock of your company’s financial health and long-term success.

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5 Ways a CPA Can Help Your New Business Startup

If you’re in the process of starting a new business in Mississippi, congratulations! That’s exciting news, although in reality, it can come with its fair share of stress. Ensuring all the aspects of your business are accounted for is no small feat, one that must be taken on when you already have a full plate. One major component of a successful business startup is to make sure that you have a solid financial foundation on which to build. A CPA can be an invaluable partner on this journey, providing crucial financial expertise and support so that your business gets up and running smoothly.

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The Importance of Good Small Business Accounting

Experienced small business owners across America will all agree that proper business accounting can make or break your business. The value of accurate recordkeeping, payroll, cash flow, tax reporting, business analysis, and other business accounting tasks cannot be overstated. For those just starting a new business, it’s imperative to set up your accounting systems for success and ensure that you’re on the right track from the very start. To do so, it’s crucial to know what good small business accounting looks like and what you can expect from following a structured accounting plan. 

Watkins & Co. has spent decades guiding small business start-ups in Mississippi through the ins and outs of proper small business accounting. The following five factors illustrate how accurate small business accounting plays a crucial role in the overall success and sustainability of any enterprise. 

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Independent Contractor Tax Reporting with Form 1099

As independent contractors and the businesses that hire them, adhering to guidelines and best practices when reporting taxes is crucial. Staying compliant and properly reporting with the right Form 1099 is an absolute must to remain in good standing with the IRS. Watkins & Co. is here to share some important information on 1099 tax reporting do’s and don’ts.

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Everything You Need to Know About 1099s in 2024

For those operating businesses where independent contractors or other non-traditional income payments are being made, 1099s are how you will report income paid to individuals or entities during the tax year. The main purpose of a 1099 is for the IRS to track income that falls outside of the scope of traditional taxes. Businesses, organizations, or individuals are responsible for issuing 1099s if they make such income payments. Similarly, individuals are required to file taxes with a 1099 if they made any income that is not reported under a W-2 or other tax reporting form. 

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10 Benefits of Outsourcing Payroll Services in 2024

The modern business world comes with its fair share of challenges. From smooth operations and budgeting to meeting employee needs, your time and effort as a business owner are in great demand. One way to alleviate some of the burden from your shoulders is to use a quality payroll service. There are various benefits to fully outsourcing your payroll to professionals who do this everyday besides the relief that comes from knowing your employees are in capable hands.

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10 Reasons to Use a Quality Bookkeeping Service

Quality bookkeeping is one of the foundational pillars of any successful business. Every decision affects your business and keeping accurate and precise financial records is arguably one of the most important decisions you’ll make. Not only does bookkeeping protect your business through the meticulous recording of financial transactions but it also offers the ability to stabilize and grow your company.

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5 Reasons to Use a CPA Firm 2024

Utilizing the services of a Certified Public Accountant (CPA) for a business of any size is a wise investment. From reducing expenses to minimizing tax benefits and ensuring compliance, CPAs can help your company save valuable time, effort, and money. The immeasurable benefit a reliable accounting firm brings is the peace of mind you’ll have from the knowledge that every financial aspect of your business is covered. In the Mississippi mid-state area, Watkins & Co. CPAs are your trusted partners – teaming with us provides numerous benefits that reach far beyond the day-to-day financial services we offer. 

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10 Pitfalls to Avoid in Small Business Accounting

What common accounting mistakes should small business owners avoid?

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