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Accounting and Bookkeeping Services in Franklin, Tennessee
1-800Accountant, America's leading virtual accounting firm for small businesses, offers seamless end-to-end bookkeeping and accounting services handled by experts designed to give you peace of mind and the extra time you need to focus on building your business.
Our Accounting Services for Franklin Small Businesses
Business Tax Preparation: Have your taxes prepared and filed by an accountant with expertise in your industry and deep knowledge of Tennessee tax laws, so you're always confident in your business tax situation. Our CPAs, with more than 17 years of experience on average, can save you thousands annually when you delegate complex Franklin tax preparation to them!
Bookkeeping: Solidify your financial base and manage cash flow with precise, error-free bookkeeping done for you that saves time and provides crucial insights that empower you to make important data-backed business decisions suited for the Franklin market. This meticulous process delivers essential tools for interpreting data with easy-to-understand reporting, enabling your accountant to develop vital financial modeling.
Tax Advisory: Business tax considerations don't end in April. Through our affordable tax advisory service, you can receive the guidance you need when you need it year-round from a dedicated small business accountant. Strategic planning helps minimize your business tax liability in Tennessee throughout the year while ensuring compliance with local and state regulations.
Payroll: Save hours each pay period with comprehensive payroll services handled for you, with regular tax submissions to the city of Franklin and the state of Tennessee, ensuring accuracy and freeing you to focus on other vital aspects of your business.
Business Formation: Enjoy the advantages of officially establishing your business in Tennessee with our complimentary incorporation services. Simply cover any Franklin fees, and we will manage the rest. This puts you on a path to hiring employees and creating a business bank account as you experience the benefits of an optimized business structure and maximum tax savings.
| Level | Rate |
|---|---|
| State Tax Rate | 7% |
| County Tax Rate | 2.75% |
| Municipal Tax Rate | 0% |
| Combined Sales Tax Rate | 9.75% |
| City-Specific Taxes |
|---|
| Franklin businesses must pay a city business tax based on gross sales, with rates varying by industry and whether the business is a wholesaler or retailer. |
| Licenses and Permits |
|---|
| Most businesses operating within the City of Franklin are required to obtain a business license from both the City of Franklin and Williamson County, and report gross receipts to the TN Department of Revenue on a yearly basis. There are two common license types: |
| Standard Business License: For businesses that gross more than $100,000 annually and are not exempt. |
| Minimal Activity Business License: For businesses that gross between $3,000 and $100,000 annually. |
| Businesses with gross receipts of less than $3,000 annually are exempt from the licensing requirement. |
| Grants and Funding in Franklin | Grants and Funding Information |
|---|---|
| Job Tax Credit | Provides credits for Tennessee businesses that create new jobs, supporting small businesses in their expansion efforts. |
| Fund Tennessee | Offers $117 million in federal funding to Tennessee small businesses through InvestTN for equity investments and LendTN for debt programs. |
| Smart Start™ - Downtown Franklin | Provides resources and funding opportunities for small business development in Franklin, helping local businesses access support and tools for growth. |
| Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) Programs | Supports Tennessee small businesses engaged in research and development with commercialization potential. |
What to Look for in Franklin, Tennessee Accounting and Bookkeeping Services
Certifications and State Compliance: Ensure the accountant or bookkeeper holds the appropriate credentials for Tennessee, such as being a Certified Public Accountant (CPA) licensed in the state. They should be well-versed in Tennessee's specific tax laws and compliance requirements, including any regulations that affect businesses in Franklin. Familiarity with state filing deadlines, tax codes, and compliance standards is essential to avoid penalties and ensure accurate financial reporting.
Experience and Specialization: Look for professionals who have experience working with businesses in your industry within Tennessee. Specialized knowledge is crucial for managing industry-specific financial matters and for strategic long-term planning. An accountant or bookkeeper with local experience can provide insights into regional market trends and help tailor financial strategies that align with your business goals.
Understanding of Local Economic Conditions: Choose a professional who understands the local economic environment in Franklin, Tennessee. Familiarity with the city's key industries—such as healthcare, manufacturing, retail, and tourism—can impact financial decision-making and tax planning. An understanding of local economic trends, growth areas, and challenges will enable them to provide more targeted financial advice.
Knowledge of State Tax Incentives: Tennessee offers various tax incentives and credits for businesses, including those related to job creation, investment in certain industries, and technological development. A knowledgeable financial professional can help you navigate these incentives to minimize your tax burden and maximize financial benefits. They can identify opportunities such as the Job Tax Credit, Industrial Machinery Tax Credit, or incentives for businesses in economically distressed areas.
Talk to a business tax expert today for all your tax needs in Franklin
Additional Accounting Resources:
How to Calculate Quarterly Estimated Taxes in 2024
Virtual Bookkeeping: How To Find the Best Online Bookkeeper
How Much Will A CPA Cost (And Save) Your Small Business?
*Based on a $12.2k average 2022 tax refund per client, which is 4x the cost of a full-service package. Source: first-party data.
*Includes average business tax preparation, form completion and submission, record keeping, and other misc admin time. Source.
*Historical first-party data.