Small Business Week may have ended on May 20th, but in celebration, the IRS gave a gift that keeps on giving: free resources and information. Faris Fink, IRS Commissioner for the Small Business and Self-Employed Division explained, “When you’re running a business, you don’t need to be a tax expert, too. But you do need some basics to stay tax compliant so your business can thrive. There are many tax credits and deductions currently available. So now is a good time to learn about the tools and services the IRS offers.”
The IRS reminded small business owners and their tax preparers of the Small Business Tax Center. The center provides links to useful IRS tools like their Video Portal which archives copies of all webinars intended for small business and tax professionals (the one that ran last week entitled “Small Business Advantage” will be posted two weeks after it originally aired). There you can also find a downloadable tax calendar, common forms, instructions on securing an Employer Identification Number (EIN), information on starting, operating, or closing a business, and more.
The IRS also used the opportunity to remind business owners about important tax credits they can claim, including the small business healthcare credit which encourages small businesses and tax-exempt organizations to offer their employees affordable health care. Tax relief can also be found in Depreciation and Amortization: Form 4562, through which small businesses can deduct most of their costly purchases in new property and equipment. Small business owners can take advantage of these benefits when filing their 2011 returns.
Universal Accounting is Also a Valuable Resource
Now that tax season has ended, you might have some extra time to invest in yourself and your tax practice. UA’s Professional Tax Preparer (PTP) program will enable you to hone your skills and comply with the new IRS tax preparer regulations. Not only could you earn a professional designation, but you could also learn everything you need to know to pass the IRS Competency Exam and receive up to 60 CPE credits, depending on the number of modules you complete. The four models include the following:
1. Establishing the Tax Foundation. Learn the entire process for determining income and adjustments to income, which will factor into the Adjusted Gross Income. In fact, you’ll cover all the information necessary to prepare Page One of Form 1040.
2. Becoming the 1040 Expert. This module deals with background information and forms that go into the 1040, Page 2. We also discuss all the adjustments that can be made to gross income, including credits that are allowed and different types of deductions and exemptions that can be taken against that adjust gross income number.
3. Profitable Business Returns. Here we introduce you to the world of business organizations and their tax concerns. This module is a practical companion to Module 2, as it give you experience in completing each of the schedules and forms common to business organizations.
4. Building Your Successful Tax Practice. Get a head start in creating and running your own tax preparation service. You will find yourself light years ahead of the competition as you put these strategies into play.
UAC’s PTP program will not only give you hands-on training in completing full individual (1040) and business returns (1065, 1120, 1120S), but it will also provide you with step-by-step instruction in becoming a sole practitioner,one year of follow-up support from expert tax preparers and our iron-clad, risk-free guarantee.
Hone your skills, earn a designation, and comply with IRS regulations. Three birds, one stone. Call Universal Accounting at 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting to enroll today.
We welcome your feedback and comments. Please post!
Resources
–. “IRS Marks Small Business Week by Showcasing Tools, Resources; Spotlights Tax Benefits Available in 2011.” IRS.gov
IRS Small Business Tax Center– http://www.irs.gov/businesses/small/index.html
IRS Video Portal—http://www.irsvideos.gov/SmallBusinessTaxpayer
If you prepare taxes on the side, tax season is a profitable time for you. And depending on your goals, your little tax business could become even more profitable if you took some of the following steps to increase your clientele and your bottom line.
1. Consider Full-Time Self Employment
Don’t quit your day job just yet. However, we would encourage you to consider whether or not you’re genuinely interested in launching your own full-time tax practice. If so, it’s important for you and your family to know that this transition won’t put you out on the street. And while it will require sacrifice, take the time necessary to ensure that you have work enough to sustain you when your business goes from being a part-time endeavor to a full-time one.
Consider how long it might take you to grow your business to the point where you’d feel comfortable quitting your job. 3 months? 6 months? One year? And don’t work blindly towards that deadline. Determine “readiness indicators,” or symptoms that your business is healthy enough to go full-time. Will you need at least 10 year-round clients? 15? 20? Look at your current client base and calculate how much money each brings in. How many more would you need in order to compensate for your current full-time income? And don’t rush yourself. Give yourself the necessary time to prepare for this most important career shift.
2. Add Tax Planning Services.
There is a notable difference between tax planning and tax preparation: THE DATE. Tax planning must occur before the year ends, and tax preparation begins after January 1st. Tax planning is an important step in reducing taxes. Throughout the year, tax professionals can discuss with clients various tax strategies that could potentially save them thousands of dollars. This also enables them to make any needed adjustments before the end of the year to effectively lower their tax liability. Universal’s Professional Tax Preparer Program will help you accomplish this.
3. Offer more services.
Last week we discussed the importance of expanding your offerings. This is sound advice because the more services you offer, the more valuable you become to current clients and potentials clients. Consider adding accounting services to your menu in order to increase your value and become that one-stop financial shop. You’ll find that people may need an accountant more than they need a tax professional, and visa versa. Only when you’re prepared to do both are you able to secure both types of clients. And for the clients who need both accounting and tax services, you’re able to increase your billable hours, and thus increase your income.
4. Fine-Tune Your Marketing Approach.
It’s difficult to grow a business no one really knows about. With just a handful of proven and effective marketing techniques, you could increase your clientele significantly. Universal Practice Builder Program, otherwise known as Marketing on Steroids, will teach you how increase your billable hours and earn the monies you deserve by leveraging your time with techniques proven to get clients. Your practice can become the premier service in your area for tax planning and preparation. Your ability to market your business and network with key community players will promote your business to those who need and appreciate it most.
If you get started now, you may find 2012 better than you could have ever imagined! But first, call Universal Accounting at 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting to see which of our programs could help you best prepare for a more profitable future!
While you may still be working on extensions, the toughest part of tax season is over, and it’s time for you to celebrate! We highly recommend that you book a serious vacation or just spend a few days lounging around your home. After that, you should consider investing in your business by adding a complementary service to your offerings.
If you intend to continue your business, be it full-time or on the side, you limit yourself by only offering tax preparation services. It’s possible to build your business by landing more tax clients, but you’ll have more luck if you enhance your service offerings. By adding complementary services like accounting, QuickBooks consulting, loan application services, and business turnaround help, your current clients are likely to request some of those services as well. Without sending out fliers, postcards, or doing one radio commercial, you could increase your billable hours simply by informing current clients of your expanded offerings. Consider the following:
Accounting
Chances are many of your current clients manage their own small businesses. Accounting services are in high demand because every small business is required by law to perform various accounting functions—these business owners are more likely to trust an accountant who already manages their financials every tax season.
QuickBooks Consulting
QuickBooks is, by far, the most popular accounting software on the market. More than 80% of small businesses use it to manage their accounting. However, these same businesses often need help setting up their companies and managing various tasks. A QuickBooks Specialist can provide the assistance they need in optimizing this accounting software and all its features. When you consider that Intuit, the makers of QuicksBooks, charges $75 an incident and $349-$600 per year for support, you can see how easy it would be to offer your services for a more reasonable fee in order to serve clients in need of QuickBooks help.
Loan Application Services
Business owners are often intimidated by the process of completing a loan application package. There are a lot of required components and many would feel more comfortable if they could enlist the help of a financial professional before submitting their application. You could add loan application services to your offerings as yet another complementary service that would appeal to your target market.
Business Turnaround Services
The survival rate of small businesses is low even in an ideal market; imagine what it’s like now? Many small businesses are struggling and owners often need help in moving those businesses from the red into the black. Offering turnaround services will enable you to become a valuable resource to many current and prospective clients.
By all means, take a break! But after you do, consider investing in your future by expanding your offerings. Universal Accounting Center offers training in all these areas. If you’re interested in expanding your business and your bottom line, call us at 1-877-833-7909 begin_of_the_skype_highlighting 1-877-833-7909 end_of_the_skype_highlighting today to see how we can help make your financial practice even more profitable! Now’s the perfect time!
On February 8th the IRS announced a voluntary initiative being extended to taxpayers with offshore accounts. The voluntary disclosure initiative is intended to bring offshore funds back into the US and help account holders become current with their taxes by reporting previously undisclosed income shielded in those accounts. The new initiative will be available through August 31, 2011.
IRS Commissioner Doug Shulman explained, “As we continue to amass more information and pursue more people internationally, the risk to individuals hiding assets offshore is increasing. This new effort gives those hiding money in foreign accounts a tough, fair way to resolve their tax problems once and for all. And it gives people a chance to come in before we find them.”
This is the second special disclosure initiative extended by the IRS and acts as the response to more than 3,000 taxpayers who have since expressed interest in the opportunity to disclose their hidden income and become current in their tax liability. The first disclosure program closed on Oct. 15, 2009 and resulted in 15,000 voluntary disclosures.
The 2011 initiative differs from the 2009 initiative in that the current penalty structure is higher, somewhat of a reprimand for those who did not come forward earlier. Taxpayers will be required to pay a penalty of 25% of the amount in the offshore account in the year with the highest aggregate account balance between 2003 and 2010; this is a 5% increase from the 2009 initiative. Other differences include new penalty categories as well as incentives for disclosing the information now while avoiding criminal prosecution.
To take advantage of the initiative, taxpayers must file all original and amended returns, including necessary tax and penalty payments, by August 31, 2011.
“This is a fair offer for people with offshore accounts who want to get right with the nation’s taxpayers,” Shulman said. “This initiative offers them the chance to get certainty about how their case will be handled. Just as importantly, those who truly come in voluntarily can avoid criminal prosecution as well.”
To learn more visit the IRS website and look for a section detailing the full terms and conditions of the 2011 Offshore Voluntary Disclosure Initiative.
UAC’s Training Programs Will Help You Gain That Competitive Edge
Universal Accounting Center offers the best accounting, bookkeeping and tax training available. As you start your business you want to edge out your competition by offering valuable services to potential clients. Most of your competitors don’t offer specialized small-business accounting services. But after completing the Professional Bookkeeper (PB) program, you can! Consider a training program that is catered to your needs and busy schedule—one that will enable you to earn a professional designation after just 60 hours of your valuable time.
The Professional Tax Preparer program will enable you to become proficient in tax preparation while helping you meet new IRS regulations. You can also earn valuable certification, demonstrating to clients your expertise.
Further enhance your expertise by mastering QuickBooks, the software program used by more than 80% of small businesses owners. Upon completing the Professional Bookkeeper’s Guide (PBG) to QuickBooks, you will be able to work more efficiently as you use all the features, functions, and shortcuts QuickBooks offers. Not only will the PBG enable you to manage your own books more efficiently, but it can increase your bottom line as you add QuickBooks consultation, help and setup services to your menu.
Expand your service offerings by enrolling in UAC’s valuable training programs. Call 1-877-833-7909 to determine which course is best suited for your needs.
Tax season is over, but you may still be waiting to recover from the stress and anxiety associated with that hectic time. In order to be your best professional self, sometimes you have to hit the reset bottom. Here are three things you can do to strengthen your focus and rejuvenate your efforts:
Move
From January first to April 15th, tax preparers spend hours upon hours sitting at a desk. Often these hours stretch long into the evening with no opportunity to move around and exercise. Getting back into or starting a regular exercise regime is a great way to boost your energy level. It’s no secret that exercise increases your metabolism as well as your self-image. When you exercise regularly you feel better about yourself, are more confident, and work with vigor and vitality. And even if you don’t follow a specific exercise plan, try to inject a little more activity into your life. This means taking time everyday to do something that makes you feel good, like cycling, gardening, walking or playing the Wii. This gives you the opportunity to unwind and release tension, which helps you work at an optimum level and give your business the best you have.
Sleep
Tax season can knock any sleep routine out of whack. And if you practice sleep deprivation for long enough, you may come to struggle with insomnia as well. You owe it to yourself and your business to get enough sleep. Experts suggest you get approximately eight hours of sleep per night. Unfortunately many people are currently running on a sleep deficit, in need of catching up on sleep in order to function properly. In order to get your body back on track, try refraining from caffeine and alcohol for a week and consistently getting seven to eight hours of uninterrupted sleep per night. On the seventh day let yourself sleep in. If you sleep longer than eight hours, you’re functioning on a sleep deficit and your body has some catching up to do. If not, you should continue to get those eight hours of valuable sleep. In the end, this one act can improve your performance at work, thus improving your business.
Vacation
What good is it to have your own business and work hard to bring in more income if you don’t occasionally enjoy it? In order to truly refresh yourself and spend quality time with your family, you need to take a regular vacation and enjoy one another’s company. Whether you cruise the Caribbean or go camping, it’s important that you spend dedicated time away from work. In fact, a good time to plan for that vacation is right now. Get out your calendar and schedule a celebratory summer getaway!
It’s important that you take the time to relax and recover from yet another stressful tax season. By engaging in more activity, ensuring your body gets enough sleep and planning a relaxing vacation, you can give yourself the opportunity to revitalize your efforts and avoid burnout.
A Good Read
If you’re looking for a good book to enjoy as you try to schedule more R&R into your work week, consider one that will enable you to increase your business’s profitability. In the Black by Allen Bostrom, President and CEO of Universal Accounting Center, is filled with 9 straight-forward and proven principles that will make your tax practice more lucrative. It’s been on Amazon Japan’s bestseller list and is a quick read that will give you valuable principles that you can begin applying immediately! For less than $20 you can change the course of your business while enjoying a little downtime. Order your copy today!
It can be difficult to plan during a recession when uncertainty is often the only predictable factor. So what do you do? Bnet, a professional website offering business advice, suggests a framework for Discovery-Driven Planning, developed by Wharton professor Ian MacMillan and Columbia Business School professor Rita Gunther McGrath. Their six-step process is intended to gather the information necessary to best navigate through uncertain situations.
1. Framing
This first step requires you to ask a lot of questions regarding your business and its purpose. For example, in order to be profitable, what type of bottom-line must you achieve? How many clients do you need in order to realize that bottom-line? And is your current (or anticipated) business model able to facilitate profitability. The purpose of framing is to articulate your goals and then work backwards to see what steps are required to achieve them.
2. Competitive market reality specification
In order to make the best business decisions you must attain a realistic view of your competition. Benchmarking compares your business with competitors of equal size in order to identify areas of improvement for short and long-term action. Without this data you’re flying blind through an economic storm.
3. Specifying deliverables
This is where you articulate what you want your business to achieve. Your deliverables should not only be realistic but specific. How many clients will you add? How much income will that generate? Once you have a list of specific deliverables you can determine what’s necessary to achieve your desired results.
4. Assumption testing
Whether or not you acknowledge it, your deliverables come with certain assumptions or expectations that must be managed. As you move forward on your action plan, you must take note of these assumptions, and then prepare to test them.
5. Managing milestones
Once you determine what your assumptions or expectations are, you can plan to test them in the form of milestones. In the description of their Discover-Driving Planning process, MacMillan and McGrath explain, “A milestone is a critical, identifiable point in time at which key assumptions are tested. In discovery-driven planning, you plan in detail as far as the limits of current knowledge make sensible, then stop, revisit your assumptions, and replan at each milestone.”
6. Parsimony
As much as possible, you should keep costs down until your assumptions are tested. MacMillan and McGrath suggest that you “think of this step as spending your imagination before your money.”
In today’s uncertain economic environment, it’s important that you use as much information as is available to make strategic business decisions. In order to help you achieve that, Universal Accounting Center offers customized business assessments designed to help you compare your business with the competition, fulfilling step two of the Discovery-Driven Planning process.
UAC Provides Customized Business Assessments for Businesses
Universal Accounting Center (UAC) is in the business of seeing small businesses like yours succeed. And we know one of the ways to accomplish that is to provide you with all the valuable information of a customized business assessment. How does it work? From several of your company’s key business metrics, we will run a full analysis of your organization’s financial health. This includes a follow-up counseling session with one of our profitability coaches to help get your business on the fast track to increased profitability.
Universal’s reports will interpret and explain your industry benchmarks and provide the following customized features:
- Executive Summary highlights strengths
- Industry percentile rankings for 20 major financial ratios
- Interpretation of variances from industry norms
- Bold graphs that show comparisons
- Profit improvement “what if” financial capabilities
- “Discussion Ideas” section that provides a springboard for action
Click here to view a sample business assessment performed by Universal Accounting Center.
You owe it to your business to get a complete financial picture of how it compares to others in the industry. It’s a tool that will enable you to better navigate through the recession. Add to the detailed analysis provided in your business analysis an hour of business consulting, and you have an amazingly great value. Call UAC at 1-(800) 343-4827 for more information about getting your own customized business assessment!
Resources
Girard, Kim. “Three Tools to Manage Uncertainty.” BNETMacMillan, Ian and Rita Gunther McGrath. “Using Discovery-Driving Planning in Business Building.” October 2002 Wharton@Work
Have you been thinking about launching your part-time tax practice into a full-time venture? Don’t let the recession intimidate you. For many, this economic downturn presents the perfect opportunity to inject their businesses into a depressed market and experience a strong showing as a result.
While startup mistakes are common, and expected, you can take measures to avoid the greatest pitfalls by avoiding the most common mishaps. In this article we share 4 of 9 mistakes you can avoid in order to enjoy greater success more quickly.
1. Not researching the market before entry
Not even your enthusiasm can make up for a lack of research regarding your prospective practice and its intended market. Before launching your business full-time, do a little research to ensure your intended niche can sustain your practice. If you plan to service small businesses, your “research” can include a drive down your main street, or you can thumb through the yellow pages of your local phone book. How many small, local businesses can you find? Consider that these don’t even include the countless entrepreneurs working from their homes. This potential client base is huge and continues to grow every year.
2. Focusing on a narrow niche
It’s always good to specialize-be it restaurants, construction companies, retailers, etc.; it can help your business to have an industry-specific focus. However, if you narrow your focus too much, you may eliminate many prospective clients. We suggest you focus on small business and then, perhaps select a specialty within that venue. That should keep your niche wide enough to attract the clients you need sustain your business.
3. Launching too slowly
There’s a risk in launching too quickly (for example, without having done the necessary research), but the risk for launching too slowly is even more common. Once you’ve done the necessary research, have developed your vision and business goals and have determined the best time to enter the market, you should move forward with your undivided attention and energy. Doing so will ensure your business the greatest likelihood of success.
4. Forgetting about branding, marketing, and sales
Stuart H. Britt said, “For a business not to advertise is like winking at a girl in the dark. You know what you’re doing but no one else does.” As a tax professional, you may think that focusing on your craft is the most important strategy in launching your full-time business. While that is important, your expertise will get you nowhere if you don’t have any clients. You must dedicate some of your time and energy to promoting your services.
As you pursue your dream of owning and operating your own full-time tax practice, you can avoid failure by avoiding common startup mistakes.
Return next week when we’ll be sharing the final 5 startup mistakes:
5. Being short on passion
6. Spending too much money
7. Bringing in unnecessary partners
8. Lacking clarity in long-term business goals
9. Refusing to receive further training
Attracting Even More Clients
One thing to consider when marketing your business is how to leverage all your skills in order to attract as many potential clients as possible. You may not realize just how much business you could get when properly promoting your QuickBooks expertise. From setup to consultations to help services, you could increase your offerings with no effort at all. It just depends on how you promote it.
Increase your clientele using a skill you already have. To learn how to promote your QuickBooks expertise in order to gain more clients, order QuickBooks Made Profitable today.
There are countless entrepreneurs who have paved the way to success with fortitude and perseverance. In this article we examine a handful of great minds whose journey to success may provide a good example for others, like you, to follow.
Bill Gates
“As we look ahead into the next century, leaders will be those who empower others.” – BG
Known as a revolutionary in the computer world, Bill Gates became successful largely because he was able to anticipate market needs. Whether or not you like Gates, you have to acknowledge his widespread success and fame. More than a nerdy computer techie, he has an expansive vision that includes a strategic approach to both product marketing and distribution.
Henry Ford
“An idealist is a person who helps other people to be prosperous.” – HF
Henry Ford is known for making the horseless carriage affordable enough for the masses. Once he had accomplished that he went on to increase production with the use of the assembly line. Ford’s great success came in his vision of a limitless prospective client base. He would continue to wonder how he could make his product more accessible to customers.
Mark Kay Ash
“I think the biggest legacy we are going to leave is a whole community of children who believe they can do anything in this world because they watched their mamas do it.” – MKS
A cosmetic giant, Mary Kay Ash built a company that has promoted the entrepreneurialism of women around the globe. Her desire to upturn stereotypes and afford women the opportunity to work independently has made her famous for not just her pink Cadillacs, but her undying spirit and unwillingness to follow social conventions. And in providing her consultants an appealing business opportunity, she has become one of the most prominent businesswomen herself.
George Lucas
“You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don’t have that kind of feeling for what it is you are doing, you’ll stop at the first giant hurdle.” – GL
Known mostly for his success as a film director and producer, George Lucas’ true staying power as an entrepreneur was found in believing in a product no one else, at the time, believed in. In order to retain ownership of the Star Wars sequel and merchandizing rights, Lucas cut his directorial fees by $500,000. In the end, that half a million dollars exploded into tens of millions as Lucas became the forerunner of film merchandizing.
What can you learn from these prominent entrepreneurs? You must believe in your vision enough to pursue it relentlessly, regardless of what others may think of your tactics. You must also believe in your prospective customers and work tirelessly to give them a valuable product and/or service.
Let Universal Lift Your Entrepreneurial Spirit
If you need a little inspiration to kick your entrepreneurial spirit into high gear, we suggest you consider working with UAC’s motivation speakers. Universal Accounting Center has some exceptional speakers on staff who can motivate you and your team to excel. With a number of individuals experienced in a variety of topics, they can help you better serve your clients, better market your practice, and better grow your wealth. Learn more about Universal Accounting Center’s speaker and book one for your next event!
Resources
“Great Minds in Business.” Entrepreneur.com
“The best effect of any book is that it excites the reader to self activity.” – Thomas Carlyle
“I often feel sorry for people who don’t read good books; they are missing a chance to lead an extra life.” – Scott Corbett
“There is more treasure in books than in all the pirate’s loot on Treasure Island.” – Walt Disney
Whether you have an established tax practice or you’ve been thinking about starting one, you can benefit from the advice of others who have gone before and, in one way or another, achieved success. Once again, we’re helping you find books that will enable you to achieve your business goals. This week we took a cue from Entrepreneur.com to supply you with 5 book recommendations that others have found helpful, in no particular order.
Bill & Dave: How Hewlett and Packard Built the World’s Greatest Company by Michael S. Malone (Portfolio, 2007)
This book follows the rise of corporate giants William Hewlett and David Packard, examining those characteristics that made them both successful. The San Francisco Chronicle calls it “a lesson plan for managers…” while Businessweek calls it “…a biography, management guidebook, and business history, all in one.” What sets this book apart from others is that Malone focuses on the honesty and integrity upon which Hewlett and Packard built their empire.
New Ideas from Dead CEOs: Lasting Lessons from the Corner Office by Todd G. Buchholz (Collins, 2007)
Author Todd Buchholz follows the lives of 10 successful CEOs, including Estee Lauder, Ray Kroc, Walt Disney and Mary Kay Ash. Buchholz himself describes the book’s purpose upfront: “I dare you. Search this book for the solitary secret that will guarantee riches while protecting you from being flung against the wall by competitors. You won’t find it. Not because I have failed to divulge the lives and lessons of great CEOs, but because I tried to reveal the simple truth about making it big: It does not take a village, a Harvard MBA, or even a rich uncle. It takes passion, and obsession with turning a great idea into a sweeping revolution.”
Your Management Sucks: Why You Have to Declare War on Yourself…and Your Business by Mark Stevens (Crown Business, 2006)
This book enables anyone in a management position to reevaluate his/her approach and identify weaknesses that must be overcome in order to run a successful business. In fact, this book presents a week-long “battle plan” that, in Stevens’ own words, “challenges assumptions about success and provides a road map for taking your business to the next level.”
Buddha: 9 to 5 – The Eightfold Path to Enlightening Your Workplace and Improving Your Bottom Line by Nancy Spears (Adams Media, 2007)
This book takes the Buddhist practice called the Eightfold Path and gives it a corporate spin, complete with practical exercises and case studies that enable readers to see the Eightfold Business Path in action. Focusing on the Buddhist concepts of intention, mindfulness, and right action, this book provides a very zen approach to better managing your business, your employees and your work environment.
Red to Black in 30 Days by Allen Bostrom (Universal Accounting Center, 2008)
Small businesses are failing right and left; we hope yours is not one of them. Red to Black in 30 Days enables readers to learn the Universal Project Management Model that will enable them to save failing businesses. This book is a guideline for financial professionals who work with disheartened small business owners in need of a good turnaround plan.
Each chapter focuses on a crucial aspect of the turnaround process. Simple steps are outlined from initial contact through stabilization and profitable growth. This can be the guide through your first turnaround experience or it can enhance the management skills of even the seasoned tax preparer. You may find that in offering turnaround services your business (and those of your clients) will be the few that thrive in these difficult financial times. For the cost of this one book you can enhance your value to current and prospective clients. Order your copy now.
Resources
Edelhauser, Kristin. “10 Biz Books to Read This Summer.” 31 May 2007 Entrepreneur.com
7 Easy Ways to Streamline Your Business
The ability to simplify means to eliminate the unnecessary so that the necessary may speak. – Hans HofmannTo simplify complications is the first essential of success. – George Earle Buckle
Managing a small business can be overwhelming. If you’re not careful, you can be overrun by paperwork, appointments, and countless finite details. The one way to focus your business’s efforts is to simplify. Here are seven quick tips in streamlining your tax practice:
1. Pay small bills in advance.
When you’re able to cut back on the number of bills you’re paying, you streamline your accounts payable and simplify one important accounting process. Focus on those bills that are smallest and pay them off as quickly as possible.
2. Maintain a business bank account.
Another tip for streamlining your accounting processes is in establishing a business account. In this, you avoid the hassle of trying to distinguish personal transactions from business transactions.
3. Use a business credit card.
This will not only simplify your accounting process, but it will enable you to get a snapshot of your spending all on one statement.
4. Perform an organizational overhaul.
Precious time is wasted when you operate in a cluttered office. The time you spend looking for files could be better spent on preparing tax returns. When you find a place for everything and put everything in its place, you are able to operative your business more efficiently.
5. Practice good time management.
Be militant in managing your schedule. Don’t plan more meetings than necessary. Prioritize your tasks so that you spend more time on profitable endeavors.
6. Reduce processes.
As much as possible, you must streamline your business operations. Look for repetitive tasks that can be eliminated or combined in order to simplify your processes.
7. Determine your benchmark.
Have you established any benchmarks for your business? When you’re able to compare your practice with others in your area, you become better equipped to compete and operate both efficiently and profitably. You are also able to establish reasonable goals for your business that will enable you to accomplish the success you dream of.
Universal Accounting Center (UAC) is in the business of seeing small businesses like yours succeed. One of the ways to accomplish that is by providing you with all the valuable information of a customized business assessment. How does it work? From several of your company’s key business metrics, we will run a full analysis on the financial health of your organization. This includes a follow-up counseling session with one of our profitability coaches to help get your business on the fast track to increased profitability.
You owe it to your business to get a complete financial picture of how it compares to others in the industry. Add to the detailed analysis provided in your business assessment an hour of business consulting, and you have an amazingly great value. It’s time your business’s health was examined; it will ensure your business enjoys a longer, more vibrant life. Call UAC at 1-(800) 343-4827 and order your business assessment today!
Small Business Week may have ended on May 20th, but in celebration, the IRS gave a gift that keeps on giving: free resources and information. Faris Fink, IRS Commissioner for the Small Business and Self-Employed Division explained, “When you’re running a business, you don’t need to be a tax expert, too. But you do need some basics to stay tax compliant so your business can thrive. There are many tax credits and deductions currently available. So now is a good time to learn about the tools and services the IRS offers.”
