As a business owner-manager, there is no doubt that you have your hands full between trying to grow your business and maintain a satisfying personal life. One of the biggest ways in which many owner managers struggle is trying to balance their finances between their business and personal finances. Knowing how much to pay yourself, how to set up the corporate structure of your business, dealing with family ownership, and planning for retirement are all complex issues, and ones that combine aspects of your personal finances on top of your business finances. Many business owner-managers look to different financial experts to manage their finances – one for business and one for personal finances. This is often a big mistake because there is so much overlap between the two. If you are a business owner manager in the Tampa area, a good idea would be to find a CPA (certified public accountant) to help you manage both your business and personal finances.
When you own and manage your own business, it not only becomes a source of income like any other job, but an opportunity to maximize your income and create a stable future for your family. The difference between earning an income as paid by another employer and earning an income through your own business is that as a business owner, you have the power to maximize your income by making wise choices in regards to your business’ finances. By maximizing the profits of your business, you are enabling yourself to draw a bigger income, and will be creating a future source of income for your family, as they are set to someday take over the business. A good Tampa CPA will be able to guide you in making the best financial decisions for your business.
One of the things that a Tampa CPA can do for you is to help you settle on the corporate structure of your business. This might include deciding to incorporate, going public, or naming your children as to various stakeholder positions in your company. Your Tampa CPA will guide you to choose a structure that will maximize the profits (often by reducing the taxes) of your business and provide you with the most ideal personal returns. A Tampa CPA will also help you to plan for events such as retirement and transitioning the business to other family members (or third-party buyers) in such a way that your wealth is maintained and the smallest amount possible is lost to taxes and other fees.
Once you become a business owner-manager, your personal and business finances will inevitably see a certain amount of overlap. The business decisions you make will directly affect your personal wealth and investments, and this is precisely why the advice and guidance of a financial professional is important. By employing the services of a Tampa CPA, your Tampa based business will thrive, as will your own personal finances. The result will be a secure financial future for both you and your family. At SK Financial, we can offer you that security and professional wisdom to make sure your finances grow.