What do I need to consider when starting or operating a small business?

Starting a business can be overwhelming with everything you need to think about. Accounting, tax, payroll, banking, legal, insurance, marketing, and so much more. Tanner Youngberg CPA (Founder of  Youngberg Accounting) helps take accounting, tax, banking, and payroll worries off of your plate. We have optimized our services and tech stack to help small business owners build the best financial foundation possible. It allows you flexibility, automation, and the ability to scale as you grow your business.

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Many new business owners try to handle their accounting and tax needs themselves due to cost concerns, and hiring a full-time CPA can be expensive—especially when you don't need full accounting services at the start of your business journey. That’s why Youngberg Accounting offers a "Foundations" tier, designed specifically for this transition period that new businesses experience. With the support of a CPA to set up your financial foundation correctly from the start, you’ll experience faster growth and less stress. This streamlined solution gives new businesses access to professional guidance early on, so by the time you need more extensive support, your business will be ready and able to afford it. Our goal is to show you the value that accounting and tax strategies can bring to your business—making your relationship with a CPA feel like an investment in your growth, not just an expense.

The first step in tracking business income and expenses is setting up a separate bank account exclusively for your business activities. We recommend using an online platform like Relay for streamlined banking. Next, adopting a cloud-based accounting software is essential for scalability—our top choice is QuickBooks Online. Choose the package that best suits your business needs, and with the support of a CPA, these tools will cover most of your financial foundation. As your business grows, you can easily integrate additional features like reporting, payroll, and other software solutions.

Business taxes vary for every individual because your tax rate considers all sources of income—whether it’s from a small business, W2 wages, investments, and other sources. All of these factors play a role in determining how much tax you’ll owe at year end. That’s why working with a firm like Youngberg Accounting is crucial. We take a deep dive into your unique situation to offer personalized insights and recommendations. As part of our packages, we run tax projections to estimate your quarterly payments, ensuring you stay on track and avoid surprises.

Using tools like QuickBooks Online and Relay helps protect your business by seamlessly tracking income and expenses, all directly tied to your bank accounts. These tools also make it easy to track and store receipts for future reference, ensuring you’re prepared if they’re ever needed. Partnering with a CPA who oversees this process ensures that your books are not only accurate but also audit-proof.

A common cash flow strategy for small business owners is using "profit first" principles. This means allocating a percentage of each incoming payment to different accounts, such as tax, savings, and operating expenses, ensuring that funds are earmarked upfront and preventing overspending. Relay banking automates this process, making cash management even more efficient. At Youngberg Accounting, we can also provide cash flow forecasting to help you anticipate upcoming expenses and ensure your cash is always where it needs to be.

Contact us if you have more questions or want to get your accounting and finance foundations up and running. With the right foundation we will push to meet and exceed all the goals you have for your business!