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New Business… Who’s on your Team?

Saturday, February 17th, 2018

team members

So, you’ve decided to go into business FOR yourself. This doesn’t mean you have to go into business BY yourself! Wouldn’t it be beneficial to have a team of professionals aligned with you before you open the doors or take in your first dollar? Of course it would so today’s “Shabro Moment” will discuss the key contributors you should want on your team…

Your Accountant / CPA – You will need your business properly structured i.e. LLC, S-Corp, Etc… You will need your accounting system set-up such as Quickbooks. Taxes! Yes, you’ll need to minimize your exposure to taxation – so be sure to follow the advice of your CPA. You will want to be sure you commit time each month to review your numbers and make the proper adjustments so you stay on course with all of your financial goals.

Your Banking Partner – You will also need to select a banking partner who offers the array of business checking and other features / functions that are a good fit for your business.  A good bank with commercial options will also offer certain “perks” for your employees. Also be certain they offer commercial loans and lines-of-credit. You will also need to make adjustments over time determined by the number of your transactions and average daily balances.

Your Bookkeeper – Your bookkeeper is also a key member of your team. You’ve heard “the devil is in the details”, well, a good bookkeeper will help you get everything organized and prepared for your accountant to put everything together for you on a monthly basis.

Your Payroll ProviderPayroll and payroll reporting are critical functions of your business. Be certain to have a good system in place that allows your team to clock-in and out electronically and track time off, holidays, etc. You should have full reporting and analysis capabilities. Be sure to watch out for fees that are tied to a percentage of your payroll.

Your Insurance Providers – When it comes to insurance there really are many options available to you so be sure to shop to your specific needs. Do you have a lease with specific limits and coverage requirements? Which type of business liability is the best fit? Do you need errors and omissions? How about EPLI coverage? How are you handlng your worker compensation? Work comp should be “pay-as-you-go”. Are you offering employee health benefits? Do you need “key man” life insurance?

To help you save money on various insurances be sure to have things in place such as “Safety Programs”, “Employee Handbooks”, a “Drug Free Workplace”, “MVR reports” and other programs recommended by your insurance professionals designed to help you provide a safer and better place of employment which will help reduce your costs of insurance.

These are just some of the key players to have on your team. For all of your payroll, bookkeeping and HR needs you can rely on Shabro Alternative Office Solutions to help you get on the right track!