When you start and run a legitimate business, you will be dealing with a lot of rules, regulations, and fees. It’s impossible for you to know everything, but sadly, not knowing the law is never allowed in your defense.
For this reason, not only do you need to educate yourself about your business, and all the rules and regulations regarding it, but you need to hire the right team to help you go legit with your online business. While you can do it alone, it’s always better to let the experts help you - at least the first time.
Certified Public Accountant (CPA)
Most business owners go to a CPA to help them keep their business finances in order. They can help you with keeping financial records, filing taxes, applying for business loans, and even long-term planning to help you make smart choices in your business. While you should hire a CPA to help you get started, if you work with a firm, you will get other benefits such as a bookkeeper to help keep costs down.
Bookkeeper
This accounting professional handles day-to-day financial transactions. They usually do the recording of purchases, organize the receipts, and even write checks. Most use software like QuickBooks to keep track of everything for their customers. Many small businesses use a bookkeeper sent by the CPA firm they contract with to train their own staff, the owner, or someone else to do the entries and then check up on it monthly for closing entries.
Enrolled Agent (EA)
In terms of setting up your chart of accounts with you or your bookkeeper, one option that most people don’t think of is using an Enrolled Agent. This person is trained and tested by the IRS on all things Federal Tax. You cannot find a more informed tax person than an EA. Even CPAs sometimes get things wrong, but all an EA does is deal with taxes. Some EAs have small businesses themselves and offer a lot of services like a CPA and a bookkeeper.
Lawyer
You may need more than one lawyer to help you with getting your business going. You may need one to help make contracts, one that can help you ensure you are complying with internet laws on your online real estate and check out any banking processes. They can also help with protecting your intellectual property, make sure you have a will for your partners and family in the event of your death, and more.
You may find that you also need other contractors to help you due to your time limitations. For example, an experienced virtual assistant secretary or personal assistant might be able to do a lot of things if you hire the right one. Remember to focus on proven experience with online businesses whomever you choose to contract with.
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