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Accounting FAQ

Compiled by Andrea Mills and Steve Barry, Grant Thornton Philadelphia, courtesy of New York Foundation for the Arts

1. Do I need an accountant?

If you are able to do your bookkeeping and file your tax returns yourself, then you probably do not need an accountant. Once your business becomes more complicated or more time-consuming, then it is probably advisable to hire an accountant and a bookkeeper. It is also advisable to hire a qualified professional such as an accountant or an attorney during the initial setup of your organization. Both professionals will be able to clarify questions and help with the choice of the most appropriate business entity.

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