For Better or For Worse?
Every tire dealer knows that banks have changed, and getting loans and lines of credit is harder than ever before. But with the credit markets loosening and banks looking to re-establish their loan portfolios, the time could be right for dealers to find a new long-term credit relationship.
7 Common Small Business Tax Misperceptions
When it comes to tax planning for small businesses, the complexity of tax law generates a lot of folklore and misinformation that also leads to costly mistakes. Here is a look at some of the more common small business tax misperceptions.
10 Changes for 2011 That Benefit Most Taxpayers
From Roth conversions to changes in reporting capital gains and losses, there were a number of tax changes in 2011. Whether you already know about them or simply need a reminder, here’s a look at 10 changes in 2011 that might benefit you, the taxpayer, this tax season. 1. April 17 Tax Deadline: Two Extra
How to Get Paid on Time
With the current economic conditions, the collection of accounts receivables is becoming more and more of a challenge. Strengthening your collection procedures may allow you to improve collection rates and shorten the aging days of your accounts receivables.The following suggestions will help your business improve its cash flow and tighten up its credit and collections
Customer Refunds: Are You Doing Them Right?
Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks’ tools and those on POS systems. Others, not so much. You may find yourself unable to balance your accounts receivable. There are numerous scenarios that necessitate the use of credit memos, including overpayment, order
The Three Most Common Budgeting Errors
When it comes to creating a budget, it’s essential to estimate your spending as realistically as possible. Here are three budget-related errors commonly made by small businesses, and some tips for avoiding them. Not Setting Goals. It’s almost impossible to set spending priorities without clear goals for the coming year. It’s important to identify, in
Year-End Tax Planning for Businesses
There are a number of end-of-year tax strategies businesses can use to reduce their tax burden for 2011. Here’s the lowdown on some of the best options. Purchase New Business EquipmentSection 179 Expensing. Businesses should take advantage of Section 179 expensing this year for a couple of reasons. First, starting in tax year 2010 and
Getting an Accurate Business Valuation
If you’re conscientious about financial reporting, you may already have a sense of your company’s worth. But in some instances you might need a formal business valuation, such as: • For certain transactions. Selling your business? Planning an IPO? Need financing? • For tax purposes. Includes estate planning, stock option distribution, and S Corporation conversions.
Credit Reports: What You and Your Customers Need to Know
How do lenders determine who is approved for a credit card, mortgage or car loan? Why are some individuals flooded with credit card offers while others get turned down routinely? Because creditors keep their evaluation standards secret, it is difficult to know just how to improve your credit rating. It is important, however, to understand
Cash Flow: The Pulse of Your Business
Many small business owners do not fully understand their cash flow statement. This is surprising, given that all businesses essentially run on cash, and cash flow is the lifeblood of your business. Some business experts even say that a healthy cash flow is more important than your business’s ability to deliver its goods and services!
Do You Know Your Customer’s Lifetime Value?
Let’s talk about the lifetime value of a customer and what that value means to you. Lifetime value has many meanings and has been analyzed by folks who are a whole lot smarter than me. There are several definitions, the importance of which is more complicated than just a few figures and formulas. But determining
Six Tips for Paying Estimated Taxes
Estimated tax is a method used to pay tax on income that is not subject to withholding. Depending on what you do for a living and what type of income you receive, you may need to pay estimated taxes during the year. These six tips from the IRS will provide you with a quick look