Starting a New Business

At HABIB & CO. we are getting serious...  

1.     Discuss your idea with professionals, accountant first, then possibly a lawyer. A few dollars spent here will pay off in the long run and will get you started on the right foot.  

2.     Start to prepare your business plan. These plans are taken quite seriously by lending institutions and can be difficult to prepare. Your accountant should be able to assist you with this plan to get a favorable response from banks and government agencies.  

3.     Approach the bank to set up a commercial account and put the financing in place if required for startup costs.  

4.     Register with the proper government departments.  

Why do I need an accountant?  

You don't! Much like owning a car, you could manage without one but it wouldn't be pretty. You would never really know where you are financially at any given time. You would likely end up paying too much tax. You could under or over charge for products or services. You could even be a target for theft employee and not be aware of it.  

Accountants can help with business plans, explain incorporating versus sole proprietorships, keep you abreast of tax implications and/or special deductions (especially for home-based business) and recommend appropriate hardware/software to track your business transactions (to keep you on the right side of those government audits). 

Consulting

1.      Reviewing accounting and reporting systems in order to establish appropriate management controls.

2.      All aspects of establishing a new business including setting up accounting systems both computer and manual and registering with appropriate government departments. 

3.      Business planning and financial projections and liaising with bankers and government agencies. We can assist in establishing and monitoring monthly budgets and other management reports. 

4.      A properly prepared business plan that will provide you with information needed to run an efficient operation. The following is a list of answers a proper business plan will provide:  

a.     The amount of financing required, the source and the terms of the loan.

b.     The cost of borrowing.

c.      The security available to offer financial institutions.

d.     Your ability to meet your financial commitments.

e.      Shareholder agreements are a vital part of your business relationships.  We can assist you, your business partners and your lawyer in arriving at an agreement that addresses current tax legislation and makes practical business sense.

5.      Business valuations will need to be prepared periodically for net worth, insurance or investment reasons.  We can provide advice in these areas whenever necessary.

As a conclusion, it is our principle to satisfy our clients by giving them the maximum services and satisfaction and to ask for the minimum of our charges or fees .

We are satisfied more when our clients are completely satisfied with our positive results.

It is not a recommendation to tell you that we know our job very well , we know how to serve your company.