Is an accountant worth it for a small business?

In short, an accountant helps family businesses maintain financial accuracy, saves you time, provides strategic insights, and ensures compliance, making them a valuable asset for any family owned small business.

What type of accountant is best for small business?

When selecting an accountant for a small family business, it's advisable to opt for a Certified Public Accountant (CPA) who specializes in small business accounting. Such professionals are not only well-versed in general accounting principles but also have a deep understanding of the nuances and specific challenges that small family-run businesses face.

Should I talk to a CPA before starting a business?

A CPA with experience in family businesses can provide invaluable guidance on tax strategy, financial planning, and business growth strategies, ensuring compliance with relevant laws and regulations tailored to your business's unique needs. Additionally, they can assist in succession planning, a critical component for family businesses looking to preserve their legacy across generations.

What to bring to the first meeting with an accountant?

For your initial meeting with an accountant, make sure to bring the following critical documents: Financial Statements: Balance sheet, income statement, and cash flow statement. Tax Returns: From the past two to three years. Bank Statements: Recent statements to assess cash flow. Legal Documents: Including business registration and contracts. Payroll Records: Covering all employees. Inventory Details: If relevant. These documents will provide a comprehensive view of your business's financial status. You can download our complete Tax Appointment Checklist if you are visiting for your tax preparation.

Accountants for Family Businesses

A Business Owner Focused on Family

What Makes The Wozny Tax Company Different

Forbes Magazine states that nearly one-third of family businesses do not survive the transition from the first generation to the second generation. Why? Forbes says that the potential pitfalls are too numerous to count, but the common thread is that these family businesses tend to act less like businesses and more like families; which leads to poor decision making, resistance to change and, ultimately, an inability to compete.

Tax Preparation

Why Choose Our Accountants for Your Family Business?

Generations of tax preparation knowledge

Our firm stands truly unique. Our founder is a third generation preparer that has consistently managed to maintain a family atmosphere while keeping a strong professional structure and performance. It is clear that many people believe their accountant is charged with only the financial issues of their business. As accountants, to do our best, we need to understand a business from the inside. Our firm goes the extra mile to know and understand each business as well as the individuals running them. Then, as professional advisers that have worked closely with a wide variety of businesses over the last three generations, we are able to offer objective and impartial perspectives on a multitude of issues.

Teddy and his employees have always amazed me with their business. Every individual I have had the pleasure to work with treats all of my questions and concerns (no matter how big or small) with an educated, timely, and friendly response. I have referred friends and family and would feel 100% confident in referring more clients to them. The only thing I look forward to when tax season comes around is interacting with these wonderful guys!
Gabrielle Q 5 / 5 Google Review

The Benefits of Professional Accountants for Family-Owned Businesses

One family to another, we get to know and understand the goals you have set forth for your business. Knowing where you want to be in five years, ten years or more is very important when making decisions on a day to day basis. Helping with the business planning is where we move from the family atmosphere to the professional. What is taught in universities and business schools across the country as SWOT is a methodology we have incorporated since our inception. Looking at companies Strengths, Weaknesses, Opportunities, and Threats can often help family business owners decide how to better use their strengths and take advantage of industry opportunities. In addition, family business owners must be able to anticipate threats and exploit the weaknesses of competitors..

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Our family business accountants have a great history with family businesses

4500

Clients

Returning clients = financially successful families living with peace of mind.

80

Years

Our Certified Public Accountants share over 80 successful years of serving clients

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Frequently Asked Questions About Family Business Accounting

As experts on the subject of family business accounting, we are well aware that you face unique issues and difficulties. In order to help you more effectively we are including in the questions below as well as links to a selection of our services that we have tailored just for you. These are some of the most common questions new clients are asking themselves before they choose to work with a Certified Public Accountant.

Questions About Professional Accounting Services for Family-Owned Companies

For your initial meeting with an accountant, make sure to bring the following critical documents:

Financial Statements: Balance sheet, income statement, and cash flow statement.
Tax Returns: From the past two to three years.
Bank Statements: Recent statements to assess cash flow.
Legal Documents: Including business registration and contracts.
Payroll Records: Covering all employees.
Inventory Details: If relevant.

These documents will provide a comprehensive view of your business's financial status.

You can download our complete Tax Appointment Checklist if you are visiting for your tax preparation.

Our Services: Tailored Accounting for Family Businesses

Let our Certified Public Accountants along with our full service team help make your family owned business more successful so you can achieve the financial success you deserve.