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Small Business Cents
Are you starting a small business and trying to set up an accounting and bookkeeping method? Are you filing your taxes and are confused about how to record your business income and expenses? If you answer yes to either of the questions above, read on to learn when cash vs accrual accounting method can work better for your small business. Cash Accounting Cash accounting is the more popular method of recording and reporting small business income and expenses. In a cash accounting method, income and expenses are recorded only when funds are...
Today, President Obama and Treasury Secretary Geithner announced a plan to free up credit markets to help the nation’s struggling small businesses. The plan includes a release of $375 million from the economic stimulus plan, which will increase the maximum SBA loan guarantee to 90 percent, and temporarily waive fees paid by borrowers. Primary bank lenders often sell SBA loans in the secondary market, and use the proceeds of the sale to make new loans to other small business. However, investors have not been interested in buying...
New Energy Efficiency IncentivesThe newly-passed American Recovery and Reinvestment Act of 2009 (Economic Stimulus) includes new and extended energy efficiency incentives for consumers and small businesses. The 'placed in service” dates vary, so hold on to those receipts and energy rating stickers: § An extension of the commercial buildings tax deduction to the end of 2013§ Expanded tax credits for electric vehicle purchases§ $50,000 maximum credit for businesses installing most clean refueling...
Is your company looking to expand to new markets? Have you considered selling internationally? If so, you may be eligible to receive financial assistance. Federal and state governments created export assistance financing programs available to small business to help facilitate their expansion into the global marketplace. Export assistance financing programs are intended to help businesses expand and compete globally. Program details and qualifications vary, but typically provide multiple resources for businesses, including: Direct...
No one says that doing your taxes is easy, but being prepared when tax season comes can make the process less painful. When filing your business income taxes, you must report all income - not just income from the sale of goods, services, or property. For small business owners, taxable income falls into a few major categories. The following list is by no means comprehensive, but it provides an easy-to-read reference on taxable income on your small business. Business Entities: Business investment income is payment associated with the procedures...
Businesses that accept credit and debit cards must comply with privacy laws that aim to protect customer identity. There are regulations that even the most seasoned of merchants aren't always aware of. It's important for merchants, as well as consumers, to be aware of these little known credit card rules to protect themselves and their information. Stay Compliant with Federal Laws The Fair Credit Reporting Act is the federal law that establishes the foundation of consumer credit rights. This law regulates the collection and use of consumer...
How Does Bootstrapping Work? Instead of seeking external investors, entrepreneurs with very limited capital can find the funds to startup by reaching into their pockets and pinching together a mixture of supplemental income, credit cards, stock investments, revolving lines of credit, and loans. As with any financing option, bootstrapping your business has its pros and cons. Many entrepreneurs choose this route because they do not want their business to be defined by the demands of external investors. At the same time, bootstrapping is risky -...
For small businesses, cash is king. You need it to start, operate, and expand your operations, but many small business owners often have trouble managing and maintaining appropriate levels of cash. Inaccurate cash flow statements - or lack of available cash - can affect not only your business's everyday operations, but also impacts outside factors like loan eligibility. Read on to learn how understanding your cash flow trends can help you take control of your business finances. Cash Flow 101 Cash flow is the movement of money...
Successful small businesses owners know there is a delicate balance between customer service needs and maximizing profits. In an ideal world, attracting new customers and maintaining existing relationships happens in sync with a rise in profits. In reality, a low pricing strategy may increase customer interest but result in lost revenue, while a high pricing strategy may alienate customers. For help with determining the best pricing plan for your business, read on. How Do I Make a Profit? The rule of thumb to increase profits is fairly...
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by ChristineL, Former Moderator on Friday, February 12, 2010 - 12:50