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info@GPSourcelink.org

  Need Help? Contact Us!

309-495-5972
info@GPSourcelink.org

We're here to help you start and grow your business.

Obtaining Business Services


Other businesses and the expertise they bring can often times make your life easier as a business owner. It is important to develop good relationships with attorneys, accountants and bookkeepers, insurance agents, human resource specialists, web designers and marketers.  Each can help build your business.


Obtaining Legal Council

Many business owners consider legal services only when their firms are in trouble. However, costly and time-consuming legal problems can be averted by retaining a competent attorney who can advise on such business areas as choosing the type of business organization that best suits your needs and objectives; protecting your family's financial security from the business risks advising you as to local, state and federal regulations which affect your business; obtaining licenses and permits; preparing or inspecting contracts; resolving tax questions; assisting in obtaining financing; and giving practical advice on many business problems. Attorneys also can provide professional help when dealing with other parties such as financial institutions, owners of possible store or plant locations, union officials, governmental bodies, franchising companies, contracts with suppliers and customers and insurance coverage negotiation with employees.

In addition, other problems may arise requiring the services of an attorney. For instance, the employer may be served with wage deduction orders against employees which, if not handled properly, can result in personal liability on the part of the employer. Other examples:

  • The business may face collection problems with its customers.
  • The business may become involved in disputes with its trade creditors.
  • The business may have disputes with both present and former employees.
  • The business may have expansion opportunities or restructuring may need to be reconsidered.

When seeking an attorney's counsel or assistance, be as prepared as possible. Collect pertinent data, do necessary research and have as much information as possible about your business. This will save your attorney time and you money. When considering an attorney, use discretion. Remember, an attorney will provide services fundamental to the success of your business. Below is contact information for the Illinois State Bar Association.

www.IllinoisLawyerFinder.com
(217) 525-5297 
TDD: (217) 525-9006

For help with a legal issue you may also contact Illinois Legal Aid. Illinois Legal Aid’s mission is increase access to justice for lower-income and vulnerable Illinois residents through the innovative use of technology to assist and educate the public. One of Legal Aid’s goals is to serve as the central depository of legal services in Illinois. They reduce the time it takes applicants to secure services and direct them to the best provider to meet their legal needs. They also offer live on-line legal assistance and searching capabilities.


Insurance Coverage

Many people starting a small business fail to consider their insurance needs. A well planned insurance program is essential for protecting a business from unforeseen losses and significant financial burdens. Four types of insurance coverage are essential: fire, liability, vehicle and workers' compensation. In addition, there are several desirable types of insurance coverage: business interruption, crime, key employee, Officer and Director, and home office. In organizing an insurance program, there are four basic considerations:

  1. Recognize your risks and perils facing the business and the potential loss from each.
  2. Study insurance costs. Before purchasing insurance,investigate the methods by which you can reduce the cost of coverage. This includes "shopping" for the appropriate insurance plans.
  3. Have a plan. Prepare an insurance plan that is compatible with the operation and goals of the business.
  4. Get professional advice. A qualified insurance agency, producer, broker or consultant can explain options, recommend the best coverage and help save money.

For more information on insurance, contact:

Illinois Department of Insurance (DOI)
320 W. Washington Street
Springfield, IL 62767-0001
(217) 782-4515
DOI.InfoDesk@illinois.gov

Insurance Consumer Fact Sheets on various types of insurance are available here.


Bookkeeping

Access to proper information is provided by a sound bookkeeping system. Functions of a good system include:

  • Starting and keeping an accounting system for the accurate and timely recording of the company's cash receipts, disbursements, sales and operating expenses
  • Preparing periodic statements. This includes statement of assets and liabilities as of a given date (balance sheet), statement of results of operations for a given period of time (income statement), statement of changes in financial position and establishment of systems that track accounts receivable and payments due
  • Preparing state and federal income tax returns
  • Preparing social security, withholding, property and other tax returns

These responsibilities may be undertaken from within or outside of the business. This will depend on the size and nature of the business and your own experience and available time. Your accountant, attorney or banker can help decide your needs for a bookkeeper or bookkeeping service.


Accounting

In addition to bookkeeping requirements, you may need the services of a certified public accountant (CPA), an accountant who has passed a written examination prepared by the American Institute of Certified Public Accountants and who has received a state license for their public practice of accountancy. CPAs provide the following services:

Auditing
Although you may have hired a bookkeeper to maintain accounting records and prepare financial statements, there are many reasons why you may need financial statements certified by a CPA. For example, banks and other lenders frequently require an audit before a loan is granted and during the period that the loan is outstanding.

Taxes
Most businesses do not have employees who are experts in tax matters and, therefore, must rely on professional assistance. This is particularly true today when the tax laws are complex and continually changing. The tax services provided by CPAs include planning transactions for the lowest present and future tax liabilities, preparation of tax returns, conferences with taxing authorities who are examining prior years' tax returns and estate planning.

Consulting
Because of their experience with many companies in many industries, CPAs may be able to assist you in cost reduction, improvement of reports, installing or upgrading accounting systems, budgeting and forecasts, financial analyses, production control, quality control, compensation of personnel and records management.

The Independent Accountants Association of Illinois (IAAI), established in 1949, also can refer a competent accountant to the potential Illinois small businessperson. IAAI's membership is composed of both CPAs and non-CPA accountants. Many of the IAAI accountants are licensed to represent a client before the IRS. Non-CPA accountants can assist with accounting, sales and payroll tax preparation and other business consulting needs.

The Illinois CPA Society is the state professional association representing more than 25,000 certified public accountants. The Illinois CPA Society is one of the largest state CPA Societies with members in education, government, industry and public accounting. Members of the Illinois CPA Society are bound by professional ethical standards.

Independent Accountants Association of Illinois
P.O. Box 1506
Galesburg, Illinois 61401
(800) 222-2270 or (309) 342-5400 

The Illinois CPA Society
524 South 2nd, Suite 504
Springfield, IL 62701
(217) 789-7914 or (800) 572-9870

Online Resources

BusinessUSA is a federal website that offers entrepreneurs and small businesses a direct path to
information on financing, exporting, starting and growing a business, veteran’s programs and disaster assistance. They also offer step-by-step guides to help identify business opportunities, access financing, learn about taxes and understand new healthcare changes. To ask a question, chat online, sign up for email updates or make an appointment with BusinessUSA, contact:

BusinessUSA
(800) FED-INFO

IllinoisJobLink.com is an internet-based job board which allows businesses to post help-wanted ads for free. It is quickly becoming the state's go-to resource for employers to find that next employee. It provides the ability to search for specific skills. The no-cost, HR-recruitment effort will even help businesses identify potential tax breaks associated with certain hires, such as veterans. To set up your free IllinoisJobLink account, post job orders and search resumes, go to:

www.Illinoisjoblink.com
(877) 342-7533