Tax Strategies & Preparation Articles

We will open the book.  Its pages are blank.  We are going to put words on them ourselves.  The book is called Opportunity and its first chapter is New Year’s Day. – Edith Lovejoy Pierce

The New Year is a perfect time to enjoy a fresh start for your practice.  As 2008 winds down, you should take some time to reflect, and consider ways to improve your business practices in 2009.  In this two-part series we examine 10 ways to prepare for the New Year and enjoy more productivity and profitability as a result.  This week we cover the first five tips:

1. Revamp workplace

No, you don’t have to redecorate your office.  But we do suggest at least rearranging the furniture.  Giving a workplace a fresh new feel will often inspire better performance.  This is the perfect time to consider a new coat of paint, or if necessary, a new office chair or filing cabinet.  Reflect on items you need to best do your job, and then take advantage of holiday sales to purchase those items your office needs most.

2. Clean up computer files

While we often take the time to clean our workspace in order to present a professional image to clients and other visitors, how often do we clean up our computer files?  Although business associates may not be privy to how messy our virtual desktops may be, it does impact our ability to work efficiently and maintain valuable client records.  Schedule a couple hours during which you can reorder your computer files and back up pertinent information.

3. Revisit damaged relationships

No one performs better while holding a grudge.  Whether they be personal or professional, the holidays present a perfect time to repair damaged relationships.  Take the time to apologize for any real or perceived offenses for which you may be responsible.  You’ll find the holidays are much more enjoyable when you’ve taken the time to iron out misunderstandings with friends, family, and business associates.

4. Create a financial forecast

You’ll have a good idea of what to focus on when you create a financial forecast for the upcoming year.  Especially considering the current economic crisis, your business will do better when you can estimate your income and prepare for any contingencies.  Prepare a budget and consider and implement strategies that will increase your income.

5. Implement new techniques and services

In this day and age, industries change and advance quite rapidly.  Now is a good time to research industry trends and determine how you might alter your business practices in order to keep up with the competition, or better yet, gain that competitive advantage.

Return next week for our final installment in this series when we share the final five of 10 New Year preparation tips:

6.    Consider final tax benefits

7.    Contact clients

8.    Go green

9.    Eliminate clutter

10. Create a business strategy for the New Year

QuickBooks Made Profitable

Consider enhancing your service offerings by using your QuickBooks expertise to generate more clients.  In QuickBooks Made Profitable (QBMP), UAC trains you how to build a wider client base by offering QuickBooks setup, help and consultation services.  Not only that, but you can offer free QuickBooks seminars in order to attract clients who might also find your tax services beneficial.  The QBMP will teach you the following:

• Getting Started Basics
• Setting up a Company
• Working with Lists
• Setting up Inventory
• Selling your Product Invoicing for Services
• Processing Payments
• Working with Bank Accounts
• Entering/ Paying Bills
• Using Other QuickBooks Accounts
• Creating Reports, Creating Graphs
• Tracking and Paying Sales Tax
• Payroll interfaces with QuickBooks
• Estimating
• Time Tracking
• Job Costing

For a minimal initial investment, you can grow your business and bottom line in the New Year.  Be ready for 2009.  Order QuickBooks Made Profitable today!

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