Start 
a Business
Smoothly

Know the Simple Steps for Starting Your Business Right.

Owning your own business is right up there with apple pie and baseball as an American pastime. In order to assure that your business succeeds beyond the initial desire and thrill of fulfilling a dream, you must take the time to develop a comprehensive plan and gain the advantage of having all pertinent information in place before you begin your venture.

We can help you avoid becoming another failed business statistic.

With our help, you will identify and avoid the common mistakes many new business owners make. We will help you build a business plan for success, as well as provide financial management services to meet your needs.

Steps to starting your business right…

  • Prepare a business plan and determine your initial capital needs.
  • Identify your current resources, as well as sources of start-up capital and your borrowing capacity.
  • Review potential business structures in terms of tax advantages and portability in case you need to relocate.
  • Plan for financial management of your business by selecting accounting software that fits your projected budget and gaining the hardware necessary to run it.
  • Understand the key components of a Cash Flow Projection and develop one to cover each month of your business for the first year, at least.
  • Learn about the best billing and collection procedures to maximize your cash flow.
  • Research and gain an understanding of employment laws so that you are prepared to comply from the start.
  • Consider a home office for maximizing tax deductions.
  • Prepare and file for all local and state licenses and permits.
  • Gain a Federal Employer Identification Number and set up payroll services and payroll tax filing systems with your first employee.
  • Identify any business insurance needs.
  • Develop a Partnership Agreement. By putting the terms of all business partnerships into writing, you will save a lot of future pain and headache, as well as the potential detriment of your business.

Don’t let this list overwhelm your desire to start a business. Our services were created with small business owners like you in mind.

Call us today to start your business the right way!

Ready to come in for an appointment?

Our schedule is very full…but if you call us at (205) 715-4488 or email us we’ll give you two options for coming in right away! We will NOT make dealing with a tax professional as painful as it’s been in the past!

Randall Hancock’s System To Turn Upset Clients Into Happy Clients

I am simultaneously eager while also being slightly horrified that tax season has officially begun.Horrified, simply because the IRS has been significantly behind the 8-ball this year, and I still can't believe that we're already halfway through February 2021.EAGER...

Measuring Key Numbers In Your Birmingham Business And Developing Accountability

During the first Super Bowl that Tom Brady won (with the Patriots), these were some of the companies who advertised (hat tip to Jon Erlichman of Bloomberg):AOLBlockbusterRadio ShackCircuit CityCompUSASearsHotJobsYahooVoiceStream WirelessGateway ComputersThe year was...

A Checklist For Birmingham Business Owners’ For 2020 Personal Income Taxes

So, last week I ran through the (rather incredible) selection of NEW and/or extended tax credits available for Birmingham business owners.That's just the tip of the iceberg though.But this is the great thing about working with business owners in tax strategy ... we...

Six Options For Birmingham Small Business Aid And Tax Savings

My goal today is to simplify your options.There is so much noise, and so many conflicting voices about all of this, that I wanted to give you an authoritative, basic rundown of what's being made available to you and other Birmingham small business owners by the...

My Birmingham Small Business Health Quiz (Part 2)

Let's start today with a couple questions I've been getting here at Randall M. Hancock CPA, PC from our Birmingham small business clients about the second round of the PPP, and some of the new provisions of the recent bill that affect businesses.If I received the...

My Birmingham Small Business Health Quiz (Part 1)

Last week, when I wrote my message to our Birmingham business clients, the biggest news was the second round of the PPP, and that expenses covered under the first round of it would be tax deductible.Has anything happened since then?Goodness, even just the "mere" fact...

Provisions of the Second Coronavirus Relief Bill That Affect Birmingham Small Businesses

Wow, does it ever feel good to have turned the page on 2020. This first "working week" is when I finally began to feel the newness of it all.Yes, it's "just a date" on a Gregorian calendar, but ...2021 holds great promise for our Jefferson County business clients....

Ultra Last Minute Tax Moves for Birmingham Businesses

It's going to take us many weeks to digest everything in this massive omnibus of a relief bill that the President signed on Sunday night.And with year-end barrelling at us (2021 is on FRIDAY), it's unlikely that we will be able to make substantive action on your...

Randall Hancock’s Annual Holiday Prayer

Well, Congress seems to have heard the cries of the huddled masses of SMB's around the country, and more PPP funding is (seemingly) on the way.Details aren't finalized yet as of this writing, so I will have more to say on these matters in future weeks.Even these early...

Hancock’s Guide To Getting Tasks Done

Maybe I'm writing this today because we're very much feeling the end-of-year crunch here at Team Randall M. Hancock CPA, PC.Really, we only have a few business days left before 2020 is in the rearview. Yes, my heart wants that to happen YESTERDAY, but my business...