Accounting Services for Startup Businesses

When starting a business there are many unique items to be considered. At Gauvreau & Associates we work with many startup businesses and provide significant levels of support and training to ensure the business gets off to the proper start.

Firstly, a new business should look at cash flow projections and/or budgets to consider the financial viability of the business operations. This also provides a benchmark for the business to base its financial success when comparing actual results to expectations.

Once it is established that the new business can generate an acceptable return on investment, a business owner needs to determine the business structure that is appropriate for the operations of the business. The structures to be considered include a sole proprietorship, partnership, corporation, joint venture or trust.

Once the business structure is established, the business needs to consider registration requirements, along with other considerations, for items such as HST, a payroll account (if the business is to have employees), employee health tax (if employee compensation is to exceed $450,000), workers compensation, and business income tax.

Additional needs of a new startup business also include any financing needs that the business may require to operate successfully, as well as determining what the tax implications will be from the income earned from the business. One major issue that arises for startup businesses is failing to have sufficient cash available at the end of the year to meet the income tax and HST obligations that have arisen throughout the year. It is imperative that you communicate and proactively plan for future obligations that will arise from the success of the business.

Accounting services for a startup business

  • Cash flow projections
  • Business structure analysis and setup
  • Monthly, quarterly and annual bookkeeping
  • Financial reporting and assurance services