Financial Planning Tips for Startups

Starting a new business is an exciting milestone. The financial professionals at JTS Associates help many startups get their feet off the ground, navigating them toward fiscal growth and stability. Learn more about some of the actions to take when starting a new business.

Create a Detailed Business Plan

Develop a comprehensive business plan that outlines your goals, strategies, and financial projections.

Choose the Right Business Structure

When you work with the CPAs at JTS Associates, we can help determine the most suitable structure for your business, considering tax implications and liability.

Separate Personal and Business Finances

Open a separate business bank account and clearly distinguish between personal and business finances.

Tax Planning

At JTS Associates, we can help you develop a tax strategy that minimizes your tax liability and takes advantage of available deductions.

Compliance

Stay informed about regulatory requirements and ensure compliance with tax laws, licenses, and permits.

Funding Sources

Explore various funding sources, including equity investment, loans, and grants, and determine the best fit for your startup.

Financial Projections

Develop realistic financial projections that take into account different scenarios and risk factors.

Emergency Fund

Maintain an emergency fund to cover unexpected expenses or downturns in revenue.

Keep Detailed Records

Maintain organized financial records for easy access and reference.

Payroll and Taxes

Ensure payroll and taxes are handled accurately and timely to prevent compliance issues.

Control Costs

Continuously assess and control expenses to optimize spending and improve profitability.

Customer Payment Terms

Establish clear payment terms and promptly follow up on outstanding invoices to maintain healthy cash flow.

Long-Term Planning

Develop long-term financial goals and a strategic plan for growth and sustainability.