Medicare, Medicaid & Medi-Cal cost report preparation [more]

Medicare & Medicaid patient billing services [more]

Bookkeeping & Payroll for healthcare providers [more]

Business & individual state and federal tax services [more]

New Business Startup

The key to success in the early stages of the life of a business are team and focus:

  • Focus, because you have to focus your resources wisely and focus on your market, product and processes
  • Team, because you need the expertise and feedback of others to manage the load and stay on track.

Make us a member of your team so that you can focus on your core business, take the best decisions each step of the way, and not become overwhelmed with concerns and paperwork which may be crucially important, but do not contribute directly to the growth of your business.

Your learning curve will be stiff enough, and while it is legitimate to experiment and learn from trial and error in your trade (because practice makes perfect), it is unwise to pile up learning-curves and risk making poor decisions with far-reaching consequences in the fields of finance, accounting, tax and payroll. With a good CPA, you will learn all these things along the way and in due course.

Think hiring a CPA now might be too costly? Think twice… We have a solid national healthcare accounting practice to cover our operating costs, and we live and breathe entrepreneurship… we want to share your joys and alleviate your pain. We want the thrill of creation and success to last. We want you to one day become our biggest client, and we’ll help you get there. We have worked with small and medium-sized business owners, in many states, and across numerous industries.

We can help you:

  • Hone your business plan
  • Understand and budget your needs in start-up capital and cash flow, now and in the future
  • Identify sources of capital and help you create loan or capital packages for potential lenders
  • Chose the best legal identity for your business and fill out the necessary startup paperwork
  • Fill out any required Federal, State, local or industry specific tax ID applications
  • Setup a record keeping system with the best tools and procedures
  • Monitor and control costs with above tools and procedures
  • Provide payroll, payroll checks and payroll tax filing
  • Comply with labor laws
  • Prepare your monthly balance sheet, income statement and a monthly "Management Report"
  • Prepare your tax returns and help you manage your firm to the maximum tax advantage

Please call today to discuss how we may help you with your Medicaid cost reporting needs at (817) 469-6800.

New Business Startup FAQ's

What business entity should I select?

This depends entirely on you and on the nature of your business, and this can change as your business grows. There are now new and interesting types of legal entities to consider and most of them overlap. Hours of reading and internet research will leave you confused and undecided, so do not sweat over this. A quick conversation is all we need to find the right answer to this question.

Why bother to hire employees if I can hire contractors?

There are clear IRS guidelines defining what an employee is. Follow these guidelines to avoid back-taxes, penalties, and interests. While there are cost and productivity benefits in hiring contractors, there is no point in treating an employee as a contractor.

Can I deduct expenses incurred before my business is officially created?

Yes, up to $5,000 of startup expenses can be deducted over a period of 5 years. Any amounts above $5,000 can be deducted over a period of 15 years. In addition to the costs associated with investigating the creation, acquisition or establishment of an active trade or business, acceptable expenses include your incorporation fees, legal fees, accounting setup fees etc.

How should I keep track of my business expenses and payments?

It all depends on your volume of transactions. If you are dealing with large dollar amounts and large transaction volumes, you need to enter your new bills every day in your accounts payable system and check every day which of your bills are due to be paid on that day. If you have only a few dozen bills to pay each month, you may simply store your bills in a folder that you reopen every week or two to enter the bills into your accounting software. Print out the checks to pay the invoices that will soon be due and send the check just before the due date. The last step here is to file or scan the paid invoices for the bills that left the folder and were paid. If most of your expenses are paid in cash or upfront, you may store them into a folder until the end of the year, or you may email or scan them via a smart phone and send them to an online service that will analyze them and store them for you. You may rely on us to enter your receipts and payments in your system, or you may rely on us entirely.

Should I buy accounting software and if yes, which would you recommend?

We recommend our own Cloud-based Accounting Solution, an online accounting solution built and maintained by Thomson Reuters, one of the foremost accounting software companies. This Accounting is fully web-based and no software installation is required in your computer. Should a problem occur in your computer, your data is safe. One of the main benefits of this system is the fact that both client and accountant can access the system, with both having access to features relevant to their role. This keeps the system simple to use without negatively impacting its wealth of features. You may also use QuickBooks.

Will I be able to deduct my losses, if any?

Not all losses can be deducted.  You need to "materially participate" in your business activity for this to be applicable. This is a complicated matter. Consult us for details.