Tax Strategies & Preparation Articles

We know that right now you’re probably thinking about what you’re going to do for Thanksgiving.  Will you be eating with the in-laws?  Maybe you’ll be inviting friends over for a feast at your house?  Or perhaps you’ll buck tradition and order pizza?  Regardless of how you choose to spend this holiday, we’d like you to think ahead to the next one.

Things may be a little tight this Christmas.  The kids might be asking for a Wii, your parents may want a Caribbean cruise, and you may just want a little peace and quiet.  While all those things are great items for a Christmas wish list, we’d like you to consider giving yourself the gift of a more lucrative future.

Whether you prepare taxes on the side or run a tax practice year-round, you can benefit from adding complementary services to your menu.  What client wouldn’t be interested in taking their finances to a practice that could perform all their accounting and tax needs?  You can gain that accounting expertise in less than 60 hours, all spent on your own time and at your own pace, when you enroll in Universal Accounting Center’s (UAC) Professional Bookkeeper (PB) Program.

Accounting Expertise

The PB course will supply all the know-how and confidence necessary for you to start and manage the books of current and prospective clients.  You will learn the day-to-day accounting functions required by small businesses, something not offered by most university degree programs.  You will gain a competitive edge that you will use with effective marketing strategies UAC will also provide.

The course consists of the following four modules:

Module 1-Accounting Made Easy. You will master the tools, procedures, and underlying principles that make up the bookkeeping processes of all businesses.  You will also understand the core building blocks of accounting and bookkeeping.

Module 2-Practical Small Business Applications. You will apply your understanding of the core accounting principles to specific industries.  You will learn to set up books from scratch, do payroll like a seasoned pro, and much more.

Module 3-Advancing your “Account-Ability.” You will learn sure ways to set up complete bookkeeping systems and manage the books for a variety of more sophisticated industries.

Module 4-Building a Successful Accounting Service. You will learn the steps to finding paying clients.  Upon completion of this module you will be able to start and grow an accounting practice following a proven program tested and perfected since 1979.

Upon successful completion of the course you can earn valuable professional certification, demonstrating your expertise.

In addition to all this, the PB program comes with the following iron-glad guarantee:

“If, after completing the course, you feel the course didn’t live up to your expectation, simply return the materials to Universal, for a 100% refund of any monies paid.”

QuickBooks Services

Adding accounting services to your menu would definitely expand your current offering and enhance your overall appeal.  When you add QuickBooks services to your menu, you become a full-service financial provider that also offers QB setup, help, and consultation services.

Consider this, Intuit charges $75 an incident and $349-$600 per year for QuickBooks support.  That’s too pricey for most small business owners, 85% of which currently use QuickBooks software; you could offer QuickBooks support for a more reasonable fee and draw in more clients in need of a little QuickBooks help. Becoming a Quickbooks Specialist will enable you to bring in more business, increase your income, and make your job easier.

This program comes complete with eight sessions that will train you in the following:

Sessions 1-3. The fundamentals of daily bookkeeping tasks, enabling you to gain a better understanding of the tasks that a bookkeeper performs. You will learn the key indicators of a company’s financial health, how to calculate them, and what they mean to your company. You will learn to interpret financial data in order to turn it into actionable business wisdom.

Sessions 4-6.  The must-know principles of marking down assets and how to depreciate them for the largest tax advantage in as little time as the law allows. You will learn methods of depreciating fixed assets and how to calculate allowance for bad debts. You’ll learn the benefits of each business structure and which form will legally allow you to pay the least taxes possible.

Session 7. The technique that will enable you to navigate the debit/credit maze and learn to use the accountant’s troubleshooting tool. You’ll be introduced to preparing financial statements and will be taught how to interpret them into practical steps you can take to increase profitability.

Session 8. Gross profit-what is it and what does it mean to the financial condition of your company? You will learn how the income accounts connect into the balance sheet.

These two programs will enable you to expand your business in 2009!  By enrolling in these courses today, you invest in the financial future of yourself and your family.  While most Christmas presents can wear out or break altogether, this gift of valuable career training will be a holiday investment you will never regret.

Enroll today and get your Christmas present early this year!

While it may sound counterintuitive to increase your service offerings during economic turmoil, in the long run, it can be the one thing that will ensure survival for your tax practice.

The longer the recession runs, the more competitive the market will become.  A prospective client will have less money to spend, and he’ll be looking for a financial provider that can give him more bang for his buck.

Consider the accountant who has access to much of the same information you do.  If that accountant offered tax preparation services in addition to accounting services, might you lose a client to a financial provider who is not only more convenient, but perhaps more cost efficient?

You gain a competitive advantage by becoming a one-stop financial shop for prospective clients.

Accounting Services

Thumb through your local phone book to see how many small businesses exist in your area.  Consider that all these businesses are required, by law, to keep an accounting record.  Most small business owners don’t have the expertise necessary to effectively manage their own books.  If you could perform those accounting services while increasing their profitability and decreasing their spending, your fee would be worth its weight in gold.  And you would have a competitive advantage.

UAC’s Professional Bookkeeper Program is designed to teach you how to start a business’s books from scratch.  Whether you’re an experienced accountant or a beginner, this course will enhance your knowledge and confidence in order to add accounting services to your menu.  You can earn valuable certification demonstrating that you have the expertise required to manage a business’s financials.  Add to that the training you will receive on marketing your new skill set and you have a program that’s practically risk-free!

Here are what just a handful of graduates have said about the Professional Bookkeeper Program:

This is the best investment for the money and for my future.- B. Davies

We would like to thank you for the opportunities you uncovered for us through your excellent accounting course. - S. & C. Scharp & S. Young

Having been a CPA in ‘Big 8 Firms’ and a top level executive in bluechip companies I especially appreciate your ability to simplify the subject. You definitely are providing a greatly needed service to people who are interested in being independent. - D. Bird, CPA

Watch video testimonials here!

QuickBooks Services

By why stop with accounting services?  Increase your business’s appeal by offering QuickBook services as well.  UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks will help you master this accounting software, and once you do, you can offer QuickBooks setup, help and consultation services, charging $45 to $75 per hour.

More than 85% of small businesses use QuickBooks to manage their accounting.  That’s a large percentage of your target market!  And once you’ve helped a company set up its initial QuickBooks system, who do you think they’ll turn to for help? You, of course! After all, you’ll have the training and expertise they’ll need whenever they run into a problem.  And it won’t be long before they realize that it will save them more time and money to let you manage all their accounting and tax needs.

Take advantage of this package deal and enroll in UAC’s Professional Bookkeeper Program and its complementary course the Professional Bookkeeper’s Guide to QuickBooks.  Not only will diversifying your services enable you to wait out the recession, but it will enable you to grow your business and gain a competitive advantage.  Order now!

Many small business owners have made a conscious effort to “go green” by lessening the impact of their businesses on the environment.  Whether big or small, any business can take steps to protect the environment and make their facilities healthier for employees and patrons.  Not only that, but there are considerable tax benefits to be had by the owner of an environmentally conscious business.  Here are 8 things to consider in making your business greener:

1. Review ISO 14001

The International Organization for Standardization has developed a set of environmental management standards called the ISO 14001. It specifies the standards small to large businesses can follow in becoming more environmentally sound.  Including specifications on things such as information security, education and transportation, the ISO 14001 is a great place to start in building your environmental awareness.

2. Recycle

This is an easy step any business can take.  In creating a company recycling policy you can make a big difference in the amount of waste your business expends.  Fortunately, most recyclables can be found in any business:

o   Newspapers

o   Unbroken glass bottles

o   Aluminum cans

o   Some plastics

o   Empty metal cans

o   Mixed paper

3. Look at alternate energy sources

This can be a large investment; but it has big payoffs in the long run.  Whether you are building new facilities for your business or you are considering remodeling current facilities, you should evaluate alternate energy sources that could lessen your impact on the environment.  Solar panels, ground-source heating, wind and waterpower are all options worth considering.

4.  Cut down on energy consumption

Business.gov has many recommendations on making your business more environmentally conscious.  One suggestion they offer is to apply energy-saving tips regarding the use of office equipment.  You can purchase Energy Star qualified products which are more efficient than those available through standard retail.

You can also cut back on energy consumption by using a laptop rather than a desktop computer.  Also consider unplugging office equipment when not in use.  Regardless of what you may have heard, these machines still draw power even when they are off.  Consider using power strips that can be turned off, preventing any phantom energy drains.

5. Consider a hybrid vehicle for your business

If you drive a vehicle for your business you should consider purchasing a hybrid.  Not only could you benefit from potential tax benefits, but you’ll save a tremendous amount in gas.

6. When possible, cut back on your trash

Often we throw away more than is necessary.  Take a look at common items in your trash.  Is there anything you could reuse or repurpose in order to cut back on waste?

7. Rub shoulders with other green businesses

When you interact with other green business owners you will get ideas that you may have been unaware of previously.  You’ll also appreciate the ability one business has to make a difference in preserving our resources.

8. Research government grants

The government offers grants to assist businesses in their efforts to go green.  The Sustainable Development Fund, the Energy Savings Trust, and the Environment Action Fund are just three examples of such grants that can help fund company efforts to make their businesses more environmentally sound.

As a business owner you have many things to worry about, and you may have been avoiding these environmental issues because you don’t think you have the time or money to make a difference.  The truth is taking baby steps over a long period of time can make a substantial difference.  While you don’t have to incorporate all eight tips at once, picking one or two is a great start.  It can also help your employees and your customers better appreciate your efforts to preserve our resources.  And who wouldn’t want to do business with someone like that?

Introduction to the Professional Bookkeeper Program

If you interested in increasing your marketability as well as your environmental consciousness, you should consider The Professional Bookkeeper (PB) Program as an option for increasing your services as well as your bottom line.  This course will teach you everything you need to know about accounting, and more specifically, small-business accounting, because most organizations have less than 500 employees.  Most accounting professionals have been trained in corporate accounting which doesn’t address the unique needs of these small businesses.

Not only that, but in taking this course you could also receive professional certification, evidencing to current and prospective employees your newly acquired expertise and skills.  And if you approach your employer, you may find that they are more than willing to pay your tuition.  To learn more, watch our video “Introduction to the Professional Bookkeeper Program.”  Order the video today or watch it online for free.

References

“Energy Saving Tips: Office Equipment.” Business.gov

International Organization for Standardization - Details the environmental management standards.

Sustainable Build - Descriptions and links about government grants for businesses looking to go green.

The United Health Care recently published a document entitled “Encourage a Healthy Work Force” in order to help entrepreneurs reduce stress and encourage a healthier work environment for their employees.  They offer the following five tips in helping professionals relieve stress:

1. Get a good night’s sleep.

You’ll find yourself more frazzled if you’re running on little sleep.  The amount of sleep needed varies by individual.  Some can function well on 5 to 6 hours of sleep while others need 10 to 11.  Get to know what your body needs and then ensure you get a good night’s rest before each work day.

2. Eat a balanced diet.

Food fuels your body and your mind.  If you’re not putting good stuff in the tank you’ll find yourself lacking energy and drive to adequately perform your job.  When you eat foods rich in vitamins and nutrients you will find that you are able get more accomplished in less time.

3. Indulge in exercise.

Not only does exercise increase your energy levels, but it helps your body release stress and ensures a more restful sleep every night.  It also has incredible health benefits and makes you feel better.

4. Don’t procrastinate.

Procrastination causes of a lot of stress.  When you’re able to complete tasks and assignments in a timely manner, you save yourself a lot of grief and anxiety later.

5. Stay organized and prioritize.

Working in a chaotic, unorganized environment will cause stress.  Not only that, but it also forces you to spend more time looking for files or other records than it would take in a clean and organized office.  Purge your office of unnecessary paperwork and create a system for filing away everything else.  This will enable you to better prioritize your work day, filling it with more profitable tasks.

Once you’re able to establish a healthier work environment for yourself, you can take measures to promote a healthier work environment for your staff.  The United Health Care recommends the following.

1. Lead by example. Once you incorporate the above five tips, you are well on your way to setting a good example for your employees.
2. Use assessments. Your employee can better track their own health when they have assessments against which they can measure their progress. BMI, weight, blood chemistry and bloods pressure are all assessments you can use.
3. Provide training and development. When you make health a priority in the workplace your employees generally respond well.  Take the time to provide training and development opportunities for your staff.
4. Foster a healthy work environment. The UHC recommends providing health care, flex time, no-smoking policies, and maternity/paternity leave in efforts to foster a healthier work environment.
5. Create physical activity/community incentives.  Some companies include an onsite gym for their employees.  While that’s probably not realistic for most small businesses, you can promote a health program that rewards participants.  Encourage involvement in community races, group exercise programs, or weight loss groups.

When you ensure a healthier work environment, you will enjoy a healthier staff and, consequently, a more productive team.

A Software Program that Relieves Stress

In addition to the above suggestions, UAC encourages small business owners to use a software program that will enable you to do more work in less time.  Not only will QuickBooks expertise eliminate some of your stress, but it will also help you to work more efficiently and become even more valuable to your clientele.

Universal Accounting Center’s Professional Bookkeeper’s Guide (PBG) to QuickBooks is a self-paced program that enables you to complete the parts that interest you and skip over the parts that don’t. Even if you have used the program for years, the PBG teaches you shortcuts and methods you may not have known. You will be impressed by the simple flow and completeness of this program.

Take action now to relief some of your tax season stress later.  Order UAC’s Professional Bookkeeper’s Guide to QuickBooks today!

References

United Health Care.  “Encourage a Healthy Work Force.”  Entrepreneur.com   30 September 2008