The Key Financial Pieces of Successful Expansion
Recently, we’ve been exploring the financial benefits, tasks and consequences of expansion. We’ve looked at everything from which questions to ask on the front end of planning, to the many variances in tax compliance, to recommended accounting systems. In this newsletter, the SJG team offers best practices we’ve assembled over decades of supporting emerging and expanding businesses. Read on, share, and plan your next steps with confidence.
Planning an Expansion? These are Your Most Important Considerations.
By nature, most entrepreneurs and business owners are goal setters, innovators and challenge seekers. For many, once their business is on solid footing, there’s already consideration of what the next one might be. If that next step is expansion, it’s critical to start with smart planning.
We look at what expansion really entails and impacts, and then walk you through the most important expansion options, considering the pros and cons for your business. Your ability to expand with confidence begins with seven key questions. It’s important to understand how their answers work together for you. Read more here.
Here’s What the Journey to Successful Location-Based Expansion Looks Like.
If you’re planning to do business in another location, the nature of your business will dictate reporting requirements, regulations, and best practices. Proper planning before you engage in the actual expansion into a new location can help to ensure the success of your new endeavor, secure your compliance, and keep you from costly penalties.
Take a look at this visual Q&A about the six things that may be required for you to expand your business presence into a new location. Understanding each step can make sure you grow without a risk of penalty and with peace of mind about your exciting next step. Walk through the steps here.
Are Your Accounting Systems Prepared for Growth?
When it comes to accounting systems, you have tasks that are “required” and others that are “recommended,” but are equally important. Implementing and fully utilizing the appropriate accounting system is a key factor in building strong financial and business footing that will allow you to scale.
Whether you’re expanding by location, human capital or product lines, your accounting system should be set up to produce three pieces of crucial intelligence. Do you know what reports you need to satisfy your specific income tax and sales tax requirements? Can you review and compare profitability and productivity of operations by location, product line, profit center, and business activity?
Selecting and implementing a customized piece of accounting software is a big task. Here’s how we can help you and how it will impact your business growth.
The SJG team has the commitment and capacity to meet you where you are in your development. We work with clients to help them meet goals by establishing the structure and processes necessary to address tax, compliance, and other accounting requirements, so you can operate and grow with confidence, precision and efficiency. Get in touch.
SJ Gorowitz Partner Feature
Congratulations to our Alpharetta neighbor and friend, The law firm of Morgan & DiSalvo, P.C. Their own Richard M. Morgan was once again included in the prestigious list of Best Lawyers in America 2016.
Best Lawyers is the oldest and most respected peer-review publication in the legal profession. A listing in Best Lawyers is widely regarded by both clients and legal professionals as a significant honor because it is conferred on a lawyer by his or her peers. For more than three decades, Best Lawyers lists have earned the respect of the profession, the media, and the public, as the most reliable, unbiased source of legal referrals anywhere.
Blog Posts to Check Out
At any given point, we are engaged in helping clients who are working on an expansion. Whether they are looking to open a second (third, etc.) location, or venturing into new markets, we are a dedicated partner. We perform due diligence, help them to consider and plan for tax implications, assist with reporting requirements, introduce productive partnerships, and customize the most appropriate accounting systems.
“I have literally saved tens of thousands of dollars with their help. Having the SJG team handling my tax strategy and advising me on growth planning means I don’t have to worry about it and can focus on running my business.”
Your sustained business success is our greatest joy.
About SJ Gorowitz Accounting & Tax Services
SJ Gorowitz is a boutique CPA firm supporting expanding and emerging businesses and their owners. We take a consultative, inclusive approach to accounting, tax, and trust and estate work. Working individually with each client, we generate accurate financials, minimize taxes and ensure compliance through tailored accounting solutions and financially focused business consulting. We work across industries, implementing processes and tools that maximize results, save money and create peace of mind.
For more information about how we can assist you, visit www.sjgorowitz.com.