CNBC Town Hall

I had the pleasure of sitting in on the taping of the CNBC Town Hall on small business yesterday and needless to say, it was a great experience. There were entrepreneurs from all kinds of backgrounds and we all shared knowledge with each other.

We had a great panel of speakers (as you can see from the photos) and covered a lot of topics affecting the small business sector. I guess the major takeaways I got from the town hall were to mentor or be a mentor, differentiate, network, learn from trials & blessings, and pursue freedom.



To watch the CNBC Town Hall be sure to tune in to CNBC on Wednesday June 20th 9PM EST.

The Tech Accountant

3 Cool Apps for Small Biz's

The web and social media are definitely changing the way we do business and it would appear that the government does not want to be left behind. First the IRS introduced their informational videos for small biz owners and the self employed, then followed suit with a Facebook page (also a FB page for tax professionals). Now the IRS and other governmental agencies continue to throw their hats into the social media scene, with some rather neat apps lately.


The IRS, U.S. Department of Labor and the Small Business Administration all have introduced smart phone apps that allow small biz owners, and their employees access to governmental services while on the go. Here's is a quick video about their new apps.



Do you think that the new apps will provide small biz owners and taxpayers with faster more efficient access to governmental resources? Feel free to let us know your thoughts.

The Tech Accountant

3 Steps to a Smoother Tax Season

Now that tax season is over, many small biz owners are getting back into the groove of running their operations and focusing on the rest of the year. As tax season was winding down, I had a great deal of small biz owners approach me and ask what they can do to make tax season move a bit more smoothly next year. The majority of the problems that small biz owners are facing are closing their books on time, organizing their important documents for tax season, and getting those documents to their tax professional for tax preparation.


Usually the answer is better organization and proactive tax planning throughout the year, but after I make that comment, most small biz owners look at me with a blank stare. Now I would like to provide a bit more detail regarding how to streamline their business operations and stay on top of everything before tax season comes back around. Here are three steps to getting your small biz ready for next tax season:

1. Use a computerized accounting system
2. Scan important documents
3. Use a file storing system

Listen here for more details on getting your biz ready for next filing season.



These are just a few of the things that a small business owner can use to streamline their business operations and get them ready for a smooth tax season next year. With a little assistance, a small biz owner can have a less taxing season next year.

The Tech Accountant

More Business or More Work

Do you want more work or more business?


Recently I was reading some comments in one of the LinkedIn groups I belong to regarding building your business and controlling the growth and one of the comments came from a husband and wife outfit (he handles the marketing and she handles operations). The husband stated that his wife wanted more business and not more work and the comment got me thinking “Do small business owners know the difference?”

I personally get asked similar questions by all kinds of people and organizations. Whether it is the survey from a vendor catering to small businesses, or a new person I just met at a networking function, the question always arises if my firm is seeking more work. Let’s take a closer look at the difference between more business and more work.

More Work

More work refers to a small business operation that the owner completes all or a majority of the tasks themselves. This type of business operation is okay for a start-up business. However, if and when a small business owner wants to take their business to the next level, the business owner must duplicate themselves and train other people to do part of the tasks or complete everything so that the business owner’s own efforts are used elsewhere.

More Business

Typically a small business can only take on more business once they have duplicated themselves efficiently and effectively and the majority of their efforts are focused on bringing in more “work” for others to do. If a small business owner is focused on completing the work, there is little time left to cultivate relationships and bring in more business. Hiring employees or outsourcing part of your business operations will allow the small business owner more time to grow their business.

So if you are a small business owner that wears all the hats in your operation, there’s a likely chance that you are taking on more work than business and once you reach your own personal capacity to do work, your business will have difficulty growing.

Let me know your thoughts on work versus business and feel free to post your comments.

The Tech Accountant

Form 1099's and You

Here is the topic that just won't go away....at least maybe not this year. Due to the lame duck Congress not reaching a compromise, the Form 1099 reporting requirements look like they will be a reality in the coming years.

Still confused about the new Form 1099 reporting requirements, feel free to watch this short video to fill you in on the details.



The Tech Accountant

Cloud Accounting for Small Biz's

Just in time to get small business owners ready for the new year and tax season, cloud accounting vendor Outright has partnered with Google and Shoeboxed.com to offer small business owners an easier way to integrate back office admin functions with their accounting product. Be sure to watch the video below and see how using cloud products can save you money, increase productivity, and focus on growing your business.

 

The Outright product is mainly geared toward sole proprietors (Schedule C)....sorry for everyone else, but there are cloud options available for you too.

The Tech Accountant

Share your Biz Story...Win an iPad

Here's a cool contest for all the small biz owners and entrepreneurs out there. Be sure to watch the video and then post your own story.



The Tech Accountant

Using Logic and Love in Your Small Business

While going thru my e-mails recently, I came across one of those chain e-mails that everyone sends…you know the one’s that always ends with send this to….and instead of simply deleting this one I figured what the heck let’s see what this one is all about.


Well the e-mail was initially sent to provide the reader with a new outlook on living their lives knowing when to use logic or love. It described in detail what logic and love were and how they are used in our interactions and relationships every day. Logic was described as being aggressive, argumentative, detailed oriented and sparking debate. Love was described as being compassionate, empathetic, building relationships and communion.

The descriptions got me to thinking “How can one use logic and love in their small business operations” since many of the terms used to describe logic and love are needed by entrepreneurs to run their own business. I came up with two major areas where an entrepreneur can use logic and love to effectively manage and grow their business.

Business Operations – Logic Rules the Day

Entrepreneurs need to use logic when they are focusing on business operations. Since logic sparks debate and is argumentative, those skills will come in handy say when dealing with bill disputes or improving daily operational procedures that may need reviewing. Logic is also detailed oriented and attention to detail is always great for productivity and efficiency. Logic will also assist an entrepreneur with ethical issues since when one is using logic there is typically no grey area.

Start-Up/Marketing – Love What you Do

Entrepreneurs must initially use love when they start their business. One of the most important aspects of starting a business is finding something you love to do and offer that product or service to the public. I love to help people save money, time and grow their business that’s why I’m in accounting. An entrepreneur should find what they are passionate about before starting a business. The passion will then carry over in your dealings with clients/customers. Marketing is simply about building relationships, and being compassionate about your clients needs. By using love to build relationships, a small business owner has a better chance of growing their business.

These are just a few of the ways I see that an entrepreneur can use logic and love to assist them in growing their business and becoming great at what they do. Feel free to post your comments below.

The Tech Accountant

Time to start your business engines

Aspiring entrepreneurs that have been thinking about starting their own business are in luck if a current House Bill is passed. The Small Business Jobs Tax Relief Act of 2010 (H.R. 5486) would increase the Code Sec. 195 deduction for qualified start-up expenses. The current law allows small business taxpayers to deduct up to $5,000 in qualified start-up expenses with the deduction being reduced by the amount of total start-up costs exceeding $50,000. For tax years beginning in 2010 and 2011, the proposed House bill would increase the start-up expense deduction from $5,000 to $20,000 and the threshold will be increased from $50,000 to $75,000.


The bill is an attempt to spur the economy by allowing small businesses to recover more of their initial start-up investment on the front-end (instead of spreading the expense over many years) increasing their cash flow, and giving them the ability to invest in the economy and hire employees.

We will keep our eyes and ears focused on the developments coming out of Congress for more information on planning to start a small business, be sure to speak with an accountant, attorney, and do your own research at the Small Business Administration and other small business resources.

The Tech Accountant

Business Development Workshops

Last evening I had the pleasure to sit-in (and contribute) to a business development workshop aimed at helping those interested in starting their own businesses get the tools they need to start off on the right track. The workshops are being put on by John C Riley of The E-mail Specialist/Atlanta Professional Business Network and Marc Parham of Partec Consulting Group, Inc. The 2-hour workshop last night was a first in a three part series that will take place every Wednesday at the East Point Library for the next few weeks. Last night’s workshop dealt with the legal aspects of starting a business, business plan development, and marketing your business. Next week we will dive deeper into the business planning aspect of start-up and help aspiring entrepreneurs write their business plans. Following are a few pictures from last night’s workshop and we would like to assist more individuals that want to start their own businesses. The next workshops are as follows:

Business Development Workshop Part II – Wednesday May 5th 2010 6-8pm

Business Development Workshop Part III – Wednesday May 12th 2010 6-8pm

For more information regarding these free workshops feel free to contact John, Marc, Michael, or myself via the website links listed in this post.

The Tech Accountant

Marc and John

John discusses marketing

Q&A session

Michael Hickman talks about library resources

Entrepreneur Insight Teleconference - Start Your Business Right

I recently had the pleasure to be a guest speaker on a local teleconference recognizing small businesses and entrepreneurs and how they got their start. The main point was to introduce the speakers "P.I.P.E. H.I.T." strategy to help aspiring entrepreneurs transition from the workforce to working on their own. Good information is packed in this 30 min teleconference. Enjoy.

3 Ways Accounting Systems Can Save Your Small Business

Small Businesses are the backbone of our economy. Being that small businesses play such an important role in the American economy, typically what affects the economy will affect the small business owner. In the wake of large businesses financial scandals that are changing the way the government and regulatory agencies mandate new regulations, one would think what are the consequences if small businesses fall prey to similar scandals. The small business owner must take these issues into consideration for accurate financial reporting is not only a “Wall Street” problem, but a “Main Street” problem.

When a small business owner tries to tackle the financial problem alone, they are usually too caught up in the activities of bringing in new business to take any time out to “look over the books” or balance the checkbook. It is also difficult for the small business owner to stay current on all the new changes in the tax law that may affect their business. Despite all the government talks of tax simplification Congress has made more than 5000 changes in the federal tax law since 1986. Small business owner must take into account these issues to ensure a solid future.

Typically a small business owner may attempt to alleviate the problem by purchasing an easy-to use software program to in a sense “do the work for them”. This usually only puts the small business owner back into the same loop of trying to bring in new business at the same time managing day-to-day activities. The time training on the software and entering the data alone could be spent on revenue producing activities which is why often time a small business needs to develop a system of financial record keeping.

How Accounting Systems Help

When a small business utilizes an accounting system in conjunction with an accounting software package, all financial issues can be addressed. This will ensure that the most prudent course of action is taken when making business decisions. At the same time the small business owner can focus their efforts on the revenue producing activities that will help the company grow. The three main ways an accounting system can help a small business owner are:

• Have more efficient tax planning- By preparing year round
• Improve cash flow- By knowing where the business stands at all times
• Have better insight as to where it is going- By utilizing accurate reports for decision-making.

Tax Planning

By utilizing an accounting system, a small business will be able to uncover potential tax savings they can apply throughout the year instead of only at tax time. An accounting system that closely monitors the potential tax implications of various transactions during the year will assist the small business owner with the timing of those transactions to reap the best tax benefit.

Cash Flow

Cash is the life-blood of any business especially a small business. Without cash the business will suffer and will possibly be forced to cease operations. By implementing an accounting system a small business’ cash flow position can be improved. The system can provide the small business owner with the numbers beyond just the bank balances so cash and/or financing needs can be addressed efficiently and effectively.

Management Controls

Many small businesses operate under a blindfold when it comes to planning for the future. By having an accounting system in place, the small business owner will have a better grasp on where they are and where they plan to go. By focusing on the business growth strategy, in conjunction with financial reports the accounting systems can “forecast” potential business scenarios before they occur. This will empower the business owner with the necessary information they need to stay in line with their strategic vision.

Accounting Systems are Important

By implementing an accounting system a small business can improve its tax planning, effectively manage their cash flow, and improve their management controls. It will also allow the small business owner to spend more time on revenue producing activities. Small business is a contact sport, it is important for the small business owner to make new contacts, cultivate their present contacts, and keep in contact with their bottom line. By using an accounting system, small businesses can effectively manage these contacts and continue to be the backbone of the economy.

The Tech Accountant

Start Your Business Right

As the economy continues to decline, many people are looking for other ways to make a living. Jobs are still hard to find for most and the opportunity to start your own business is becoming a viable option. For those that are interested in hanging out their own shingle, there are some very important steps one must take before starting their business to better of chances of success. As I was going through some of my group discussions on Linked In, I came across a lady named Silvia Johnson who operates a coaching and consulting firm in the San Francisco Bay area. She will be conducting a 60 minute teleconference on March 10th to help those people who would like to start their own business on the right track. Be sure to stop by her site for more details and to sign up for the teleconference. Hope those in blog land can make the call.

The Tech Accountant

SMB's need good accounting now more than ever..

Small and medium businesses need to have an efficient accounting system in place now more than ever due to the economy and recent tax law changes. Here is a brief video on what a good accounting system can do for your business. Enjoy.

Small Biz Advice for 2010 and Beyond

Now that 2010 is here, it may be time for many small business owners to take a look at ways to survive the New Year and the next decade. For the most part, small business owners need to think outside the box and devise totally different strategies for tackling the new market emerging from this recession. A survey of 750 small business owners for Discover Small Business Watch came up with ten tips that will help a small business owners learn how to succeed in the coming year/decade based on their shortcomings in the past. I personally like number 1, 2, 6, and 10 (and will continue to speak vehemently about implementing these strategies) although the whole list in and of itself is a great start for small business New Year’s resolutions. Just be sure to follow thru on the list.

B. N. S.

Wish List for Home Offices

Are you a small business that operates out of your home? Or maybe you are thinking about starting a small business from your home. If you fall into any of the previous categories, then the article I came across yesterday is for you. Get a little bit of additional insight into what technology tools you will need to make your home office operate efficiently. Personally I was a bit surprised to see that the article did give a little bit or coverage to the new way of working (that I really love)….cloud computing. Be sure to take a look at the technology that is out there now to make your home office operate like a big corporation, but with a smaller budget. Put these on your Christmas lists home business owners.

B. N. S.

SBA Programs for Small Businesses

The current economic situation has impacted small businesses negatively in the recent months and many need assistance to stay afloat. The Small Business Administration may be to the rescue for many small business owners with their Microloan program coupled with changes the American Recovery and Reinvestment Act made to it. The Act expands the amount of funding a small business owner can receive by $50 million and technical assistance grants by $24 million. The expanded funding will last through September 10, 2010 for small business owners no matter if you are in start-up, or growth stage the program may be beneficial.

The SBA Microloan program’s maximum term limit is six years and the maximum loan amount is $35k. Be sure to speak to your advisor regarding what documents the lender will need to process your loan. A Microloan may help your small business stay afloat in they tough economic times.

Keeping Your Business N Synergy

2009 Small Business Accounting Software

Earlier in A Tale of Two Software Freebies we took a look at the free versions of small business accounting software titles Microsoft Office Accounting Express and QuickBooks Simple Start. Well both software vendors have recently undated their paid software titles for 2009. Small business owners that are looking for a change or just starting out may want to take a look at some of the new features that both titles have included.

Microsoft Office Accounting Professional (MOAP)

MOAP has updated their offering to include income tax integration with major tax preparation software that will surely bring a smile to your tax professional’s face. MOAP has also added 20 plus new custom reports to give a small business owner more information about their business. Third party add on’s allow small business owners to accept credit cards online and integrate with E-bay.

QuickBooks Products

QB has two has two products (QB Pro, and Premier) for the small business owner depending on the market and size of your business. The Premier version has more features and provides more reports for small businesses. A major enhancement that caught my attention is the software now has Microsoft Vista certification as there were problems loading previous versions on Vista machines.

Both software is priced right for the small business owner so be sure to test drive them for your business.

Keeping Your Business N Synergy

IRS Form Changes for Small Businesses

For those small to mid-sized businesses that are organized as corporations or partnerships, there are some changes coming for you after the 2008 tax year. According to recent information from the IRS, there are going to be some changes to the look of Form 1120’s and Form 1065’s that will increase the transparency about the ownership and relationships between entities that make up complex business structures . The main changes will be focused on the ownership issues (Sch. K for Form 1120 and Sch. B for Form 1065) and the changes will help the IRS better assess the risk on non-compliance in these areas.

What About The Sole Proprietors???

Well the IRS has created a website for you. The Self Employed Individuals Tax Center provides small business owners with a wealth of information for those starting a business, employment tax issues, filing and paying taxes and more.

For more information on how these changes will affect your business be sure to check the IRS website and speak to your tax advisor.

Keeping Your Business N Synergy

Is Your City Business Tax Friendly

Big four accounting firm KPMG recently conducted a study that names the U.S. cities (and territories) that have the most favorable tax structures for businesses and the results are interesting. The results were broken down between large cities (populations over 2 million) mid-sized cities (population between 2 million and 500,000) and small cities (populations between 100,000 and 500,000). Did your city make the list? Here are the top three from each category:

Large Cities
San Juan, Puerto Rico
Baltimore , Maryland
Atlanta, Georgia (good Job Atlanta)

Mid-Size Cities
Omaha, Nebraska
Greenville/Spartanburg, South Carolina
Little Rock, Arkansas

Small Cities
Saginaw, Michigan
Cheyenne, Wyoming
Cedar Rapids, Iowa

One thing for sure is that if your city is not on the list, there quite possibly is a city in close proximity of you.

Keeping Your Business N Synergy