Have you ever wondered if your accountant is missing something because they don’t really understand the needs of a start-up business?

 

Start-Up Services

Advice and guidance for new restaurant start-ups
Favazza & Associates advises new owners regarding the legal, accounting, tax and management aspects of their new start-up business. We help obtain financing and set up accounting and payroll systems. With our experience, we can help new owners avoid the costly mistakes that can be made when opening a new business.
Services we provide to restaurant start-ups:

• Loan Packages
• Financing Sources and Advice
• Entity Creation
• Projected Financial Statements
• Government Registration Filings
• Setting up Accounting Systems
• Evaluation of Potential Locations
• Analysis of Prior Business Operations
• Business Acquisition Advising

Bookkeeping options for your business
Favazza & Associates offers remote access accounting over the secured Web.
Bookkeeping services we offer:

• Monthly Financial Statements
• Checkbook & Credit Card Reconciliations
• Custom Management Reports
• Sales Tax
• Installing Bookkeeping Systems - QuickBooks
• Efficiency Advising
• Government Paperwork Compliance
• Records Storage and Maintenance
• Computer Accounting Systems
• On-line Virtual Accounting
• Sales Tax Electronic Payment Service

 

 

 

Your search for a CPA, QuickBooks Advisor and Specialist in Start-up Small Business planning, Tax and Accounting is over!

Hello, I'm Michael Favazza, CPA, Tax adviser and Owner of Favazza & Associates, LLC

HELPING YOUR BUSINESS GROW IS MY NUMBER 1 BUSINESS

It all starts with an accurate, clean set of financial statements
 

What we do differently from other firms is this:

• We have a topnotch staff that works for and with you
• Having the right numbers is vital, but it’s just a building block to implement growth strategy
• We analyze your company data and make recommendations for improvement
• We will help you set realistic attainable goals to help your business grow

At Favazza & Associates, LLC we have a client comes first mentality!

• Exceptional client, community, and development resources
• Proactive business and tax planning
• Assessing your individual needs for building a thriving business
• A development team with years of industry specific experience
• We are passionate about business and are dedicated to building each one we work with

The best results come from building strong relationships with your experts so that you benefit from their years of training and experience. When you become a client at Favazza & Associates, you aren't just getting a tax return at the end of the year.

We proudly admit that our firm is not your typical CPA firm.
When I started my own practice 5 years ago, I wrote my mission statement with the number one goal in mind of treating clients the way I would want to be treated. As we all know, business planning, taxes and finance are all jumbled in with our lives.  As business owners our life IS the business.

That's why we take a very different approach than typical CPA's.  I consider myself a "holistic CPA."  What this means is that we offer business and tax coaching services and strategies designed with the whole picture in mind. 

While most tax professionals focus on the "end-of-the-year" results - always working in the past is quite honestly - not our thing.

 

 

Business Checklist

Everyday there are optimistic people with special talents starting new businesses. Unfortunately, the success rate can sometimes be discouraging. If you are one of those optimistic individuals determined to have success, it’s necessary to start off on the right foot. Here is a checklist to make sure you’re on the right path to success!

• Create a written business plan
  •    What is your product?  Who is your market? Why is your product better?
• Prepare projected sales and expense statements
  •    We will help you think thru the cash flow.
  •    We already have a template for you to work from.
• Most new businesses need capital
  •    Savings, home equity, family & friends, bank loan.
• Don’t use short-term debt to finance long-term items
• Location is a key success factor
• Choose the best entity in which your business should operate
  •    Sole proprietor, LLC, C Corporation, S Corporation, Partnership
  •    We will discuss the tax ramifications and help you make the correct decision.
• Obtain the necessary permits and licenses
• Go over any insurance needs-Consult a professional
• Decide to buy vs. lease equipment
  •    We will crunch the numbers and help you decide
• Your businesses will have new tax responsibilities.  We will make sure that all of this is handled properly.
  •    Payroll taxes
  •    Worker’s compensation
  •    Unemployment Insurance
  •    Sales Tax
  •    Property Tax
  •    Business Income Tax
• Hire the right employees
• Scout out the best suppliers
• Consider pricing issues
  •    We will help you determine how much to charge.
• Establish credit policies
• Set up a good recordkeeping system
  •    We will set up QuickBooks for you and show you how to use it.
• Learn to run a lean business
• Pay Attention to customer service
• Select COMPETENT Advisors to assist you before you start
  •    We can refer you to bankers, lawyers, insurance and financial planning professionals

 

 

Common Mistakes of New Business Owners

Jack of all trades is a master of none

Possessing a talent that does not mean that you are qualified to be a business owner and that’s ok. Many business owners find themselves soon overwhelmed by all it takes to operate a business and be the talent. Any successful business owner will tell you to outsource the tedious tasks and your business will be a success.

An idea is not a business plan – a marketing plan – or even a goal

A sound business plan is one that is simple to the point and contains a few factors:

• Concept “Plan or Product ”
• Customer – who are they and where do they come from
• Competition – Market research
• Capital – start up funding and purchase of inventory
• Cash Flow – estimated growth and debt management

Remember that a great business plan never has a final draft; always be open to ideas and area for improvement.

Miscalculation – Don’t have pie in the sky expectations of sales.

Don’t dive in head first until you have consulted a professional. You wouldn’t jump out of a plane without a lesson would you? When developing your business plan you should always consult a CPA.

Focusing too much on sales volume and size rather than profit – size really doesn’t matter, profits do.

Be honest when reporting numbers, the only person that you would be cheating is you.

Hire for skill not convenience – Friends and family don’t always mix in business.

 

 

How much will it cost?

 
For those starting a business this is often the hardest part. There is always the probability that you may have forgotten something. Most entrepreneurs seriously underestimate the cost and the time it takes to get the money.

 

• Rent
• Phones
• Fax
• Computers
• Printers
• Copy Machine
• Furniture
• Travel
• Entertainment
• Website
• Living costs
• Vehicle expenses
• Internet
• Payroll
• Licensing fees
• Accounting fees
• Attorney fees
• Taxes
• Utilities
• Member, Association, and Organization fees
• Insurance
• Office Supplies
• Equipment