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Odoni Partners LLC - Certified Public Accountants > News > Uncategorized > Accounting Advice for Startups: Tips on How to Get Started
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You can end up dealing with a lot of complicated processes when starting a business, accounting not least among them. Handling the ins and outs of your finances can feel complex. Fortunately, expert assistance is available from Odoni Partners, LLC. Learn more about startup accounting services in Chicago by calling us at (312) 440-0960.

Separate Your Business and Personal Expenses

Some of the best accounting advice for startups focuses on splitting up your expenses. Some entrepreneurs don’t see a distinction between their business funds and personal expenses. However, these funds are treated differently by the government.

You can keep your expenses separated by setting up different bank accounts for your business. Distinct accounts make it easier for you to manage your business’s cash flow.

Review the Laws for Your Business

There’s no excuse for neglecting to understand the relevant laws governing your business. You should know when to file your taxes and what kind of information you need to record for bookkeeping and accounting purposes.

Business owners may find it easy to overlook financial requirements, but it’s a good idea to keep regulations in mind before tax season.

Consider Cloud Software for Accounting

You can purchase software to handle a lot of the accounting processes for your business. Cloud software has advantages for startups. This kind of software allows you to:

  • Access information anywhere and whenever you want
  • Collaborate with your employees
  • Back up your financial information automatically

Cloud software generally comes with serious data security options. These security options can help you feel more confident about the information on your income statement and balance sheet. You can even link directly to your bank from your cloud software, making it easier to track your expenses and income.

Consider Hiring the Professionals

You don’t have to handle all the accounting for your startup on your own. You can reach out to financial specialists who understand all the regulations on accounting services. Some companies end up hiring a dedicated accountant or setting up an accounting department.

You may also choose to outsource your accounting needs, allowing a contractor to handle your accounts receivable information.

If you consider hiring an outside accountant to handle your startup’s needs, make sure you look into a company with the appropriate certifications and a good reputation. Your accountant should explain your company’s financials so you understand how they impact your business goals.

Get Accounting Advice for Your Business

You can easily get accounting advice for startups by reaching out to Odoni Partners, LLC. We take care of your accounting needs in the Chicago, IL, area. You can easily contact a member of our team by calling (312) 440-0960. Our team takes care of tax preparation and financial planning, even reviewing final projections for startups. Find out how we can help you by reaching out to us now.