What are your qualifications? Yolonda Hayslett has over 20+ years in the accounting field, working in both private and corporate non-profit sectors. She holds a Bachelor of Science degree in Accounting and a Masters in Business Administration (MBA). Charles Hayslett, II has over 30+ years in the technology field in the private and corporate non-profit sectors and is certified in multiple technology disciplines.
What services does HSS offer? Please refer to the Services section
I'm a new business owner and don't know where to start! What are some suggestions to get started? To help you get started on the right track with your new business venture, here are some required items that will help make the transition smoother.
- Choose a type of business entity - Business entity types: Sole Proprietorship/LLC/Corporation
- Select end of fiscal year - Calendar year-end: December 31; Fiscal year-end can be any date you choose (i.e. October-September) (calendar year is generally adopted)
- Apply for IRS Employer Identification Number (EIN), if applicable.
- Register with the secretary of state as a business.
- Obtain a business license with your county clerk's office.
- If corporation, file letters of incorporation.
- If partnership, create and sign partnership agreement.
- Purchase insurance plan(s).
- Create company Website.
- Choose an accounting method: Cash (recognize sales/expenses when cash received/paid) / Accrual (recognize sales/expenses when earned/used)
- Select, purchase, install, and set up accounting software. I recommend Quickbooks Essentials for small companies with products and a separate POS system. If you want to track your inventory through QB, choose Quickbooks Plus. You can always scale up as your business increases.
- Open a business banking account and obtain a business credit card to make legitimate business purchases.
What expenses can I deduct? Each of these expenses are tax deductible. Consider this a checklist of small business tax write-offs:
- Advertising and promotion
- Business meals
- Business insurance
- Business interest and bank fees
- Business use of your car
- Contract Labor
- Home office
- Legal and professional fees
- Moving expenses
- Rent expense
- Salaries and benefits
- Telephone and internet expenses
- Travel expenses