While it may be expensive compared to the South and Midwest, the state of New Jersey has seen a lot of new companies start up recently because costs and taxes are comparatively lower. Of course, while that results in some overhead costs, they’re a lot less than those seen elsewhere.
But with everyone aware of potential savings, there is also much increased competition and a good bookkeeping firm can save enough money in taxes and expenses to give a leg-up on the competition. Amassing revenue in a competitive environment is quite difficult so minimizing cash going out is of utmost importance.
Small businesses face a lot of challenges, but keeping costs low is one of the most important considerations that they will deal with. In a bad economy, it’s a given that bringing in new business will be slow. That means that managing those expenses with a good bookkeeping firm, be they overhead or taxes, will likely be the difference between becoming a smashing success, small success, or failure.
Another benefit of New Jersey businesses is that they are able to capitalize on New York clients without dealing with NYC real estate or traffic, while still being able to fully compete in the densely populated tri-state area. It is imperative for businesses to have the best financial representation.
This can mean attorneys, bookkeepers, and others. One mistake that leads to an audit or penalties from the IRS or the New Jersey tax board can wipe out a lot of otherwise good progress. But a good NJ bookkeeping firm that has experience in dealing with the tax authorities and start-ups can make the transition a lot smoother.
Critically, it also frees up small business holders to focus on their work and not deal with financial minutiae that they may not be familiar with and may cause great stress that impacts other areas of the business.
A good bookkeeping firm also can serve as an adviser above and beyond direct financial issues. Having experience working with start-ups in a given industry can give them insights that can save a new business a lot of money and time by avoiding mistakes that others have made.
The potential problem is that not every potential bookkeeping firm can be effective and have such a good and productive relationship with the client. And a veteran and experienced client may not need handholding and a lot of hands-on experience while a new small business owner does. The best NJ bookkeeping firm doesn’t show favorites, they work with both effectively.
The biggest issues between bookkeeping firms and their clients lie in designing a mutually beneficial relationship. This is a customer service issue. New business owners are going to have questions that may seem simple to a bookkeeping firm that only works with large existing businesses, but they are questions that need to be answered lest the client feel underserved and likely looking for a new bookkeeping firm. There are a lot of unique benefits that make New Jersey and their many talented bookkeeping firms a very important and beneficial possible location for a new business.