Steven Lissner & Company | Certified Public Accountants

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Transform Your Profitability By Hiring a Small Business Accountant

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transform your profitability w a cpa

 Survey any group of entrepreneurs and ask, “What are the most challenging aspects of operating your own business?” And one in two will give an answer related to managing their finances.

Whether it’s sourcing the funds to launch or expand your business, guaranteeing profitability during uncertain times, or simply carving out enough time for careful bookkeeping, small business accounting can make or break your business.

To give your company its best chance, look beyond simple bookkeeping and enlist the insights of a CPA who specializes in small business accounting. From tax planning and regulatory compliance to comprehensive financial consultation, our experts explain why successful, intelligent businesses rely on professional accounting services.

CPAs Shine at Navigating the Complete Business Growth Cycle

Why is it never “too late” or “too soon” to outsource your company’s day-to-day financial management to an accountant? Because a certified public accountant is a master of financial planning, artfully equipped to steward your business through each milestone in its growth cycle. For example, consider how an experienced CPA can nimbly guide you through the following watershed moments in any successful business:

  • The Launch Stage: Turn to a CPA for expert advice when selecting your business structure (e.g., LLC, sole proprietorship, corporation, etc.), introducing accounting
    software or bookkeeping best practices, acquiring a new business, or complying with state or federal guidelines for financial operations.
  • The Growth Stage: Devise a tax plan that pays long-term dividends by maximizing your deductions, avoiding audits, and minimizing your payouts to Uncle Sam, apply for a small business loan to expand your business’s reach, and automate repetitive bookkeeping tasks (like invoicing, profit & loss reporting, and digitizing receipts)—all with an accountant’s guidance.
  • The Maturity Stage: Even a mature business can benefit from a CPA’s seasoned touch. Established companies trust CPAs to monitor and comply with changes in tax law, navigate external audits and prevent internal fraud, and manage interactions with the IRS.
  • The Transformation Stage: Franchising your business, merging with a competitor, or divesting yourself of a struggling company? Complex financial decisions require
    sophisticated decision-makers. And, financially savvy executives faced with challenging choices know when to call in the big guns. When combining or dissolving intricate assets, entrust a CPA with reconfiguring your company’s financial infrastructure, maintaining tax-efficient operations, and consolidating any accounts or debts.

Now that we’ve surveyed the big picture, let’s zoom in on a few essential services CPAs deliver to small businesses.

Accounting Services to Launch Your Small Business

“I can’t wait to fill out these mounds of government paperwork!” said no business owner ever.


When launching your financial enterprise, you’re going to be bombarded with fiscal decisions that carry long-term consequences. One of your earliest decisions will involve a pesky (but exceedingly consequential) legal requirement: appointing your business structure. 


The structure you choose affects not only how you pay your taxes but also your liability, filing obligations, and a cascading slew of state and federal regulations you must follow. To make matters worse, it’s not an easy decision to undo. 


Consider this analogy: Only 27% of college graduates work in a field related to the major they declared as 19- and 20-year-old sophomores.

Needless to say, making important decisions at the outset of any endeavor is incredibly challenging. However, unlike your overwhelmed academic advisors, CPAs have the time to meticulously explore your fiscal goals, identifying the financial opportunities that best suit your business’s needs. This assistance not only includes guiding you to make wise decisions about your business structure but also assisting you to apply for state licenses, establishing your EIN, and completing a variety of exciting tasks.

(OK, so we may have exaggerated… just a smidge. Those “exciting” tasks aren’t actually exciting. But, fortunately, performing them will no longer be your sole responsibility. Instead, you’ll be carving out time to focus on the projects you genuinely enjoy—like developing your brand voice, forging lasting connections in your community, and watching your business vision come to life.)

Systemizing a Well-Oiled Recordkeeping Machine

Are you looking for a one-stop-shop to streamline your recordkeeping?  Your accounting guru has undoubtedly mastered QuickBooks, the industry standard for delivering customized accounting solutions to simplify your day-to-day financial ops.

Leverage your accountant’s software expertise to monitor invoices, track payroll and other business expenses, digitize receipts, build custom reports, and more. Set up sophisticated interactions with third-party apps like Salesforce, Microsoft Excel, Shopify, and PayPal. Or take things a step further and request that your accountant provide actionable insights based on monthly, quarterly, or annual data. The possibilities are seemingly endless.

Moreover, we’ll let you in on a well-kept industry secret: Successful integration with QuickBooks can mark the end of the launch phase grind and signal the beginning of your company’s growth stage. And, here’s why:

With a QuickBooks pro in your corner, you’ll be able to automate repetitive processes that would otherwise zap your productivity. In the long run, your most valuable asset is time. With the tedious processes running seamlessly in the background, you’ll have the energy and resources to divert your attention to more sophisticated endeavors. Although it may seem a little intimidating at first, you’ll soon be grateful that the days of painstakingly updating spreadsheets are over. We know we are!

Smart Business Owners Know: Tax Season Operates Year-Round

Tax filing deadlines come and go. But savvy business owners know—when it comes to tax season—it’s always game on. That’s because the tiny financial decisions you make throughout the year have BIG consequences when tax time rolls around.

Not to mention, tax codes are complicated and constantly shifting. With the rules of the game forever fluctuating, consider an account your lifeline to the rulebook.

Who doesn’t desire to use their money wisely? A CPA can help you maximize your business deductions, minimize your payouts to the IRS, avoid costly filing errors, and squelch audits. At the bare minimum, a CPA can prepare your annual business taxes to ensure regulatory compliance with the federal government.

But that’s just the bare minimum.

While careful tax preparation is undoubtedly essential—as well as time-saving—year-round tax planning provides the biggest bang for your buck.

Consider the following example:

2020 proved to be a particularly challenging year for your business. As a result, you’re looking to save every eligible penny during the upcoming tax year. So you reach out to a certified public accountant who audits your business for missed opportunities to minimize your tax burden. After pouring over your records, your account makes the following recommendations:

  • With a few simple tweaks to your home office setup, you’ll now be able to claim the home office deduction. Accordingly, you’ll no longer pay taxes on business expenses related to home office repairs and essential services like high-speed internet to operate your business. And, you’ll also be able to deduct a percentage of your home’s mortgage interest payments and utilities based on the square footage of your office.
  • By opening an HSA account for your employees and making regular contributions, you can lower your payroll tax liability and push your business into a lower tax bracket. Not to mention, overall employee satisfaction and productivity rise as a result.
  • Because your business runs on accrual accounting, you’ve been overlooking the opportunity to write off “bad” debts from delinquent customer accounts. In addition to identifying these deductions, your CPA generates an automated report that fires any time a future account meets this criterion.

With the suggested tweaks in place, you easily save thousands of hard-earned tax dollars when filing your 2021 tax returns. Could anything be more rewarding?

Introducing Our Masters of Small Business Accounting

At Steven Lissner & Company, our team of accounting experts has 30+ years of experience in navigating small companies through the complete business growth cycle. Whether you’re launching a new business enterprise, devising a tax plan that maximizes your deductions, or designing streamlined processes that simply day-to-day accounting tasks, our CPAs understand how to meet your company’s unique needs while keeping an eye on the prize: profitability.

With your collaboration, we’ll create a sustainable and scalable business plan that helps your enterprise thrive. By introducing easy-to-use accounting solutions that meet your business at each milestone in its evolution, we ensure that your establishment achieves its full growth potential.

When it comes to planning your taxes, our accountants work year-round to secure your largest refund to date. Using sophisticated tools and keeping our finger on the pulse of tax law ensures that you never miss a profit-saving deduction.

Where day-to-day operations are concerned, our team specializes in detecting realizable opportunities for explosive growth. With your business’s needs at the forefront, we generate bookkeeping solutions that revolutionize your workflow, enhance your cash flow, and increase your most valuable resource: time.

Our small business accounting solutions free up your busy schedule to enjoy performing the tasks you love. Where you once spent hours pouring over payroll or googling how-to instructions for excel, your repetitive processes will operate like a well-oiled machine where they belong: in the background.

Learn how you can jumpstart your productivity today while saving thousands on your end-of- year taxes. Contact one of our devoted tax specialists to schedule a consultation!

8 Money-Saving Hacks for Tax-Savvy Small Business Owners

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After years of internal debate, you’ve finally decided to take the plunge and transform your passion project into a sustainable source of income. Taking this leap of faith means that you now have the freedom to launch your business vision as you see fit, hand-select your team of rockstar employees, and set your own work hours. (Unlimited PTO? Check.)

However, doing so also means assuming a high level of financial risk. During the leaner months, you’re the person who’s on the hook for payroll. Accordingly, meeting all of your legal obligations to your employees can translate into your business going without profit for a few months.

Playing your odds conservatively isn’t the hallmark of a failing operation—even booming businesses prepare for leaner times. Instead, leveraging your money wisely is a indicator of business acumen and a surefire blueprint for success.

Trust us when we say: Tax-savvy small business owners know how to implement the following money-saving hacks. So, roll up your sleeves, and let’s dive in.

1. Write off home office expenses IF you qualify.

If you’re operating your business venture out of your home, then you may qualify to deduct a bevy of associated expenses from your end-of-year taxes. But, certain conditions must apply:

  • You must regularly and exclusively use the space to conduct business. This requirement means that your office can’t double as a spare room, entertainment space, library, doggy boarding area, or at-home gym. Remember: If the IRS ever audits your business, they’ll want to conduct an in-depth inspection of this space. So, when in doubt, it pays not to take any risks. Best to shove those winter skis in the attic instead.
  • Your home office must serve as your principal place of business. If your home office doesn’t function as home base for your day-to-day business ops, then forget it. You’ll need to be able to prove that you conduct business here on the regular, whether that means coding websites or meeting in person with prospective clients.  Did you meet the criteria to claim the home office deduction? If so, then you can deduct a percentage of expenses related to your mortgage interest payments, utilities, office repairs, and essential services like high-speed internet. To ensure that you adhere to the letter of the law, entrust the guidance of a certified public accountant who can help you calculate your eligible expenses.

2. Invest in your retirement pronto.

Retirement plans don’t just benefit your employees. They allow you to defer paying taxes on any earnings that you invest into traditional retirement plans. The funds therein are only taxed when an employee withdraws them in retirement. However, because you made that initial investment into an eligible account—such as a 401(k) or IRA—that grows as the years tick by, you’re actually earning money. So, invest away and watch your money grow!

For example, individuals under age 50 can invest up to $5,500 per year into their traditional or Roth IRAs. For individuals over age 50, that annual investment value increases to $6,500.  However, thanks to the beauty of compounding interest, those investments mature over time, generating a robust source of retirement income.

3. Accurately calculate and deduct business vehicle expenses.

This deduction isn’t for the faint of heart. It requires meticulous attention to detail in your recordkeeping and receipts. Boatloads of them.

If you use a car in an official capacity to complete business activities, you can deduct certain expenses related to its operation. However, for mysterious reasons, vehicles that double as equipment (e.g., forklifts) or private transit (e.g., taxi cabs) don’t qualify. For less mysterious reasons, neither do luxury automobiles. So, save the Maserati for personal use.

Once your vehicle meets these qualifications, you must determine the percentage of the time that you devote its use to business activities. Here’s an important tip: The answer is never 100% of the time. For example, if you use the company car to make a Starbucks run—while essential in our opinion—it doesn’t count.

Also—and this is particularly important for small business owners to know—commuting miles from your home to your business aren’t deductible either. Unfortunately, Congress assumes this to be a baseline cost for any worker vs. a deductible business expense.

From there, decide if you’ll be deducting the standard mileage rate or itemizing the costs to reflect hidden fees (such as monthly parking passes, tolls, etc.). For 2021, the IRS has set the standard mileage rate at 56 cents per US dollar.

4. Receipts, receipts, receipts.

On that note, let’s discuss the importance of saving your receipts and divulge a little-known hack.

According to the IRS, you’re supposed to save any business receipts for up to five years. We hear you. That’s crazy talk. But, annoyingly, creating a paper trail is essential in the event of an IRS audit. The agent assigned to your case will expect you to furnish evidence of home office expenses, mileage, you name it. So why not say goodbye to those little crumpled-up bits of paper and let an app organize the data for you? There are numerous apps on the market with built-in scanning functionality to digitize those receipts.

Conveniently, this discussion provides the perfect segue into our next topic: Quickbooks.

5. Quickbooks to the rescue.

Quickbooks is one such app that enables you to upload and store your receipts with minimum hassle. But, it’s also an ideal tool for running many of the day-to-day financial operations of a small to mid-sized business.

Quickbooks integrates seamlessly with a range of programs from PayPal and Shopify to Amazon Business and Microsoft Excel. Like Salesforce, Quickbooks’ customizability is one of its crucial features, whether it’s displaying data via reporting or generating invoices and processing payroll. But, unlike Salesforce, Quickbooks is easy and intuitive to use.

Likewise, when tax time rolls around, you’ll be grateful that you have it. Simply give your accountant access to your Quickbooks, and watch the magic happen.

If you’re not a technology guru and setting up Quickbooks seems daunting, you need not stress. At Steven Lissner & Company, our accountants provide Quickbooks setup, tutorials, and customized solutions for your business. Enlist a best-in-class accounting whiz to solve your bookkeeping issues and free up more time for the things you love—like interacting with customers.

6. Deduct fees for new (and used) business equipment.

We all know that you can deduct the business expenses incurred for purchasing new equipment, whether it be an updated computer, an industrial-grade freezer, or a company van.

But, did you know that you can also deduct the costs associated with used equipment that you purchased during the tax year? If you weren’t in the know, don’t beat yourself up too badly over it. The IRS amended Section 179 to expand the equipment eligibility requirements within the last five years.

Exactly how much in expenses can you deduct? You can write off the eye-popping full amount of $1,0505,000 in equipment costs. If your enterprise falls into the small business category, this deduction can feel like a much-needed windfall.

7. Don’t be afraid to claim your losses.

By losses, we don’t mean the money you lose during a particularly poor-performing quarter. Instead, we’re talking about certain debts that you’re unlikely ever to collect. Let’s face it: Sometimes customers don’t pay up.

When that occurs, you don’t have to chalk it up simply as a financial loss. Instead, the government allows you to deduct those debts from your yearly earnings. This provision can take some of the sting out of a business deal gone bad.

8. Advertise away!

Marketing costs to enhance your business’s profitability margins are fully deductible—so advertise away! Hire a UX designer to give your website a user-friendly interface. Employ an SEO expert to fine-tune your content strategy, enriching your site with the keyword-rich language that search engines love. Divert some funds to social media marketing, video production, and expanding your online presence.

In capable hands, advertising costs are a win-win. They bring you business revenue and they save you money on end-of-year taxes.

The Secret Sauce of Tax Savings

Just as advertising is better off left in the hands of professionals, so too is filing your taxes. Almost any cook can make brisket, but only a handful of cooks know the secret sauce recipe that makes customers queue up for miles around.

A skilled certified public accountant is like a Michelin star chef. They possess all the ingredients needed to whip up a winning financial strategy. Whether you’re a small business owner or a late-career CFO, hiring a tax accountant to maximize your returns is always a good idea.

With an industry-leading tax expert in your corner, you’ll be able to identify unique solutions for your business and devise a blueprint for your financial future. You’ll receive human support for all of your tax questions, instead of relying on automated algorithms and faq sections. And, you’ll be prepared when chaos descends in the form of an IRS audit. Scratch that. What would otherwise seem like chaos will now proceed like orderly, predictable clockwork.

At Steven Lissner & Company, our certified public accountants possess the skills you need to help your small business thrive. Contact our tax advocates today to plan for your future tomorrow.

333 Route 46 West Suite 206
Mountain Lakes, NJ 07046

(973) 917-4080

info@slnjcpa.com

Contact Us

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333 Route 46 West Suite 206
Mountain Lakes, NJ 07046

(973) 917-4080

info@slnjcpa.com

Contact Us

Client Login