New York is one of the cities in the United States where the American dream is still considered a reality for many expatriates.
Starting a business is not an easy task and requires certain accounting and management skills. Foreign entrepreneurs are usually confronted with additional difficulties related to the language and local legislation.
Find out why it’s worthwhile to hire a CPA in New York and how to find the right partner to help you get started.
Why use a Certified Public Accountant in New York?
Certified Public Accountants (CPAs) are accounting professionals in the United States. They have the necessary skills to advise you in the creation and management of your business.
Starting a Business in New York With a CPA
A qualified CPA in New York can provide valuable assistance when starting a business.
The first step in your project is to choose the right legal structure for your business.
In the United States, it is relatively complicated to change legal structures along the way. It is, therefore, important to choose the right structure from the start by getting advice from a local professional.
They know the advantages and disadvantages of each legal structure and can advise you on the best option for your needs.
A good accountant can advise you on insurance matters and ensure that you are in compliance with applicable laws. He or she can also help you establish a fair budget based on actual costs in New York.
Managing Your Business With a CPA
One of the main tasks of a CPA is the preparation and filing of business taxes.
While it is possible to do this task yourself, mistakes happen quickly because of the many rules that must be followed. In the United States, the tax authorities punish all errors with fines.
More than just an accounting professional, a CPA can also provide you with business and financial advice.
Most business owners spend their time solving day-to-day operational problems. They have difficulty analyzing the company’s overall finances in order to make long-term strategic decisions.
A good CPA in New York knows your industry and can help you make the right decisions.
How Much Does a CPA in New York Cost?
The cost of a CPA in New York City is generally between $100 and $400 per hour. This hourly rate varies greatly depending on the experience of the professional, the size of your business as well as the complexity of the engagements.
If you have a small business with few transactions and good accounting knowledge, you can do without the services of a CPA.
However, it is preferable to be accompanied by a professional during the first few years, especially as an expatriate in New York. Tax laws and accounting obligations are different and require a certain amount of time to adapt.
How to Choose Your CPA in New York?
In order to be sure to work with a reliable and experienced accountant, here are some tips to follow:
- Ask your banker or lawyer for a recommendation
- Choose an accountant who knows your industry and its specifics
- Verify that the professional is appropriately licensed on the New York State Board of Certified Public Accountants (NYSSCPA) Website
- Check reviews and comments from other clients online
- Ask for a recommendation from a firm in the same industry
- Consider the accountant’s fees based on your budget and actual needs
Accounting and taxation are fields with many technical terms, sometimes difficult to understand.
Choosing the right accountant as a business owner in New York is essential. A sufficiently experienced professional can make you more money than it actually costs you. By saving time and ensuring compliance with tax regulations, you can focus on your business.