A CPA's Look into Running a Small Consulting Business (Invited Presentation)

This invited presentation will address many of the "nuts and bolts" fiscal issues involved in running a small business. This includes, but is not limited to, accounting matters, cash flow: billing, late fees and interest rates, retainers versus collect as you go, and owner's draw.

Running a scientific or technical business is NOT like providing scientific or technical services. Attendees of this forum have the technical and scientific skills from years of college training and OJT. Unfortunately, most of you have probably never taken a business or accounting course. While these topics may seem far removed from your love of your profession, they are every bit as important, maybe even more so, than scientific writing and research skills.

In this presentation, I will focus on several key areas that you should address in 2015 to help manage/run your business more effectively, save on taxes and keep the IRS from visiting your doorstep. As always, you should talk to your own CPA or tax advisor to address questions and situations unique to your business.

First, we'll explore the type of business entity that works best for you. For many, a Chapter C LLC makes the most sense, but a Sub-S Corporation may prove better for tax purposes. Then we'll address how to track business activity. This will give you an instantaneous pulse of your business at any time, but also make tax reporting at year's end easier. Finally, we'll look at value building (should you decide to sell your business later on) and retirement planning opportunities within your small business.