Business Startups: The Upside of an Economic Downturn

With long established businesses closing and others struggling to keep their doors open, you would think that this would be worst time to start a new business. However, history shows that some of the most successful businesses started during poor economic times, Disney and Microsoft, to name two. Read More »

Tags: Bloom, Business Ideas, Business Plans, Business Startups, Commercial Space, Competitive Edge, Economic Downturn, Economic Slowdown, Economic Times, Flexible Lease Terms, Government Incentives, Low Interest Rates, New Business Startup, Perfect Time, Previous Years, Quality Employees, Right Time, Successful Business, Top Heavy, Worst Time

Keeping It All in the Family: Is it a good idea?

Passing a family owned business on to the children is common occurrence. You see it in the big corporate world with names like Forbes and Rockefeller, and it is even more common among small business owners. For many parents, it has been their planned inheritance for their kids. They have worked hard to build up a successful business. They put in the early years of sacrifice necessary for a business startup, now they like their kids to reap the benefits of being business owners themselves. Sometimes it works and sometimes it doesn’t. Read More »

Tags: Business Decision, Business Decisions, Business Experience, Business Leadership, Business Operation, Business Startup, Family Leadership, Family Move, Family Owned Business, Financial Aspects, Good Business, Heirs, Hurdle, Inheritance, Parental Leadership, Reins, Rockefeller, Siblings, Small Business Owners, Successful Business

2011 Tax News to Pass on to Your Employees

There have been several changes for 2011 taxes that will benefit individual tax filers at year end. Here are a few of those changes that you should be aware of, and may want to inform your employees about, so that they can be prepared to take advantage of those that affect them.  For 2011, taxpayers who itemize can deduct state and local sales tax paid in lieu of state and local income taxes paid. Encourage your employees to compare these options if they’ve made large taxable purchases during the year. Read More »

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Accurate Accounting Will Boost Your Bottom Line

Many business owners see only the costs involved with keeping accurate accounts. They see employee costs and service fees related to recording data and creating financial reports. They know it is a necessity of business, but they only see it as an overhead cost to be kept as minimal as possible. What is often overlooked and minimized is the financial benefit of keeping accurate, up to date, accounting records.

Maintaining accurate records and reviews of financial reports is like preventative maintenance on your vehicle. It costs money to have the oil and filters changed on a regular basis. Having your tires rotating and balanced can seem like just one more thing to fit into your schedule. However, if you don’t take the time to have these things done on a regular basis, the end result can cost you much more in vehicle repairs and new tires, than if you’d simply paid for the maintenance as it was needed. Accounting works the same way.
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Tags: Accounting Records, Accurate Accounts, Accurate Records, Bottom Line, Business Failure, Business Manager, Business Owners, Cash Flow, Crunch, End Result, Finance Charges, Financial Benefit, Invoices, Overhead Cost, Payables And Receivables, Preventative Maintenance, Spiral, Tires, Unnecessary Expense, Vendor Statements

We’re Being Audited! Follow These Tips and Decrease the Stress

Opening an envelope from the IRS or the State Revenue Office that has the word ‘audit’ on it can easily send a business into panic mode, but it doesn’t have to. Audits by federal and state revenue agencies are performed on a regular basis, sometimes at random and sometimes with cause. Being selected to undergo an audit of your business will certainly put the details of your accounting system under scrutiny, but approaching the process calmly and in control can eliminate much of the stress that can accompany this added burden to your business operations. Here’s a few tips for taking the sting out of an audit notice.

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Tags: Accounting System, Audit Requirements, Audits, Business Operations, Business Owners, Challenges, Control, Cpa Firm, Financial Professionals, Initial Report, Irs Office, Opening An Envelope, Panic Mode, Process Control, Scrutiny, State Revenue Office, Sting, Stress, Time Don, Timeline