Bert Seither is Vice President at 1800Accountant, a national accounting and business development firm. For over a decade, Seither has assisted thousands of startup and well-established small businesses with their business development needs. He has assisted clients in a wide range of industries, enabling him to gain insight into a multitude of fields. He has gained the knowledge of tax reduction strategies, compliance, bookkeeping, payroll and business planning – all keys he believes is instrumental to ultimately starting a small business that can grow over time.
Bert Seither knows a thing or two about starting a business. Known as “The Startup Expert ™,” he’s started his own small businesses thanks to restless entrepreneurial drive. When asked what the first step a startup needs to take in securing a sustainable business model is, Bert was adamant, “Developing a business plan. This should include every last detail about your business, the products/services you plan to sell, a marketing plan that accounts for your competition, and a reasonable financial outlook with expenses and profit projections.”
It’s important that a new business owner work with an accountant who specializes in business taxes to ensure you fulfill all of your new and unique IRS requirements. “It’s critical to take these initial steps so that you lay a proper foundation from the get-go,” Bert said.
During an interview from his Florida-based office, Bert reshaped our perspectives on business accounting.
On Forecast Cash Flows
A lack of funding is the main reason startups fail. You should ensure you have a significant cash flow in the future that will cover all of your expenses, make you and any employees a fair salary, and help your business grow toward a prosperous future.
That’s why, Bert said, “It is imperative for small business owners to make reasonable projections about how much money they intend to make in the next 3 months, 6 months, year, and even 5 years.”
On Using a Payroll Service
Even a small business can benefit from using a payroll service. Bert believes it doesn’t really matter how many employees you have. “There are several IRS payroll requirements small business owners must meet, such as handling payroll taxes and any benefits employees receive. Managing employees is challenging and time-consuming. You certainly want to make sure your employees are properly compensated and that you take care of all obligations related to this process,” he said.
Using a payroll service can give you more time and cover all the bases at the same time.
On Hiring an Accountant
Business taxes are a whole different animal compared to personal taxes. When entrepreneurs handle their own business taxes, Bert said it can be a big mistake. “There are additional tax returns that must be filed with the IRS, more filing deadlines, and lots of tax-saving opportunities like deductions and credits that aren’t available to individual taxpayers,” he said.
Bert said that business owners should not even think twice about retaining an accountant rather than trying to handle taxes on their own for two important reasons:
- The IRS often pays a little more attention to businesses in terms of potential penalties.
- Small business owners rarely have the time to handle all of these tax obligations since they’re so focused on generating revenue.
On Accountant Qualities to Look For
Business owners need to find an accountant who specializes in business taxes. “This professional should ideally have experience in working with clients in an industry like yours. Working with an accountant you can trust is also important, in addition to one who is readily available to work with you based on your schedule,” Bert advised.
Your top priority should be finding an accountant who can help keep more of your hard-earned money in your business bank account.
On Business Accounting Services to Use
Business owners need tax planning and consulting, tax preparation, bookkeeping, and payroll service. 1800Accountant provides a full array of top-notch accounting and business consulting services. “We pride ourselves on the educational approach we take with our clients. They don’t just send us their records and let us file their taxes. We take them by the hand and consult with them on strategies that fit their specific needs, helping them keep as much money as possible through unlimited access to our accountants, CPAs, and enrolled agents based on their individual schedules,” Bert said.
As Bert advised, a business must have proper funding and cash flow to be successful. Hiring an accountant is the best way to achieve financial stability. Thank you, Bert, for sharing such great advice with us.