|Small Business Information|
Small Business - Would You Still Need An Accountant If You Didnt Need A Tax Return?
After over thirty years advising small business it still comes as a surprise to see the number of small business owners who are only interested in their financial results when it is time to do their tax return.
Many still think that their accountant is there to 'cook the books' at tax time!
It is not surprising that almost invariably the business owners who approach their accounting in this way are those whose business is not doing well.
Three out of five businesses fail within the first three years owing to a lack of proper business planning and record keeping and many of them are those proprietors who adopt this 'once a year' method of accounting. That's why they never improve.
Today's accountant is more than just a 'bean counter'. The new breed has developed expertise in many areas such as marketing, management, industrial relations law and computers. Indeed, the 'number crunching' that was such a large part of the accountant's life has been largely taken over by computers. There is now no excuse for not receiving meaningful reports when they do actually mean something and not three months after the end of the period.
Making business decisions has always been difficult. Small business owners without the resources of large firms have always needed to stretch beyond the limit of their expertise in making many decisions. That's what makes managing a small business so exciting. That's what makes it so dangerous too!
Seminar participants say, "My accountant knew all the answers, "but I didn't know all the questions". Time after time our new clients tell us that they are seeking an accountant who will give them good advice when they need it - not when they ask for it!
But in a small business the buck stops with you, if you are not receiving the service you want - don't just ask for it ? insist on it!
One of the problems is knowing what to ask for! Your advisors should anticipate your need and supply you with what you need before you need it.
A new trap for small business proprietors that is becoming increasingly prevalent is for those who computerize for the first time. Many of the packages claim that you do not have to have any accounting knowledge to operate them and sales people use this as a selling tool. It is a half-truth at best!
Just knowing how the pieces move doesn't mean you can play chess and we are seeing an increasing number of proprietors who have computer generated financial statements which are meaningless for tax purposes and give misleading information for management purposes.
This isn't the fault of the computer package or the operator using it. It happens because the operator doesn't know or understand some of the accounting principles necessary to make the system work.
Computers are supposed to make it easier but they are like any other tool which relies on the skill and knowledge of the operator. Your accountant should be involved in the initial planning regarding the requirements of the business. He/she should also be involved in the installation and training of the operator so that this valuable tool is used to the advantage of your business.
Remember, good advice doesn't cost, it pays!
About the author Kelvyn Peters CPA is one of Australia's longest serving Tax Agents. He was registered in 1962 and accepted as a CPA in 1964.
He is well-known speaker and educator and is famous for his ability to rescue ailing small businesses.
The End -- Fireworks or Fizzle?
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Get In Touch With Your Competition!
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Australian Workplace Agreements - How They Work For You
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Becoming Recession Proof
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Franchises: How to Find the Best Franchise Opportunity for You
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Patient Records - Your Responsibilities
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Small Business Marketing Secrets: Look Like Sizzle, Be The Steak
You've heard marketing and advertising gurus quip, "Sell the sizzle, not the steak." Advertising initiatives best reach their target audience with benefits and the "wow" effect, not the value or features of their product or service. This may work well to get customers in the door. But once they're in, you better have some substance. How can you ensure you uphold the integrity of your business and still maintain the "Wow Effect"? It just takes well executed strategic steps for business AND personal development:
How to Prepare for Your Start-Up Venture!
When you awoke this morning, you found yourself buzzing with a fantastic idea for starting a new business and you hadn't a doubt in your mind that you could turn it into a huge success. But now what? All those great ideas floating around in your head and you're excited about making them happen, but at the moment you don't know where to begin. What is the first thing you should do as you contemplate your plan of action?
One Of The Best New Business Opportunities May Be Right In Your Home - A New Daycare Business
The day care industry is expanding. There are now more than 100,000 licensed child-care centers and 250,000 licensed family day care homes across the United States.
A Key to Success: Be Consistent
Over the years I heard the best way to learn something is to to teach it. Well, this week's topic, practicing consistent behavior, is definitely something I need to learn and practice more effectively.
Firing Underperforming Employees in Your Small Business
Here are a few tips on how to hand out pink slips when it comes time to terminate an employee.
Sample; Territory Reduction Policy for a Franchise Company
I propose this thought on the subject of Franchisee territory reduction based on performance for a Mobile Business Model. Please read the sample policy below as it explains the reasoning and methodologies considered to extend brand without risking underdeveloped territory. We will use a Mobile Car Wash Franchise Business for this discussion. This sample is speaking from the Operation Manual of the franchisor to the franchised unit:
Boat Cleaning Business Case Study: Entrepreneurship 101
How do marine type businesses start? Have you ever thought of turning a hobby into a business? Let me tell you a story of how I got into the Boat Detailing Business when I started our in the car cleaning business which grew into a franchise system. So often we read in business books to study markets and develop business plans when in reality it does not exactly work that way. Let me tell you a story of how sometimes the entrepreneur just falls into opportunity.
Business Scents - Do They Work?
You see it often in large shopping complexes. Customers seem to be flocking to a certain stall in large droves. There is a special attraction that cannot be explained.
3.5 Million People And A Possible UK Home Business Opportunity
Has this ever happened to you... 'John, you have a lot of mail this morning dear'. Stunned as a goldfish you walk over to the kitchen table and pick up the envelopes. Each one is a quality envelope that has an address label with your name on it. You flick through them and the labels are more or less identical. You open one, then another and you can then start to feel what the others are about. More UK home business opportunity!
Pressure Washing; How to Bid Concrete Cleaning Jobs
Remember the cleaning business is all about time ratio to money. You want to be making at least a $1 a minute when doing concrete work at a minimum and aim for $100 to $200 per hour if you can get it. If you are not achieving this income level then you work too slowly or you did not bid correctly on the accounts you are taking. You need to have a work order form. This form should have an area for time it took to do the job, how many people were on the job, gas to get to the site and mileage to get to the site. If you need a sheet like this the trainers we believe the best program to create this in is the new Microsoft Word, it has some incredible new features which make the formatting so easy you might think of yourself as a graphic designer.
Build Credibility with Expertise
As an Investment Representative you've worked hard to build trust with your pension clients. Now, you can solidify that long term relationship with your expertise on one of the greatest fears of small business retirement plan sponsors.
Tips and Tricks for Legal Debt Collections
If a customer owes your local business money, it's hard not to feel angry, like you want to do anything possible to get your money back. But the days of going all out to collect on a debt over. The Fair Debt Collection Practices Act, designed to protect consumers from harassment or intimidation, sets firm limits on what you can do to collect a debt from a consumer. The federal debt collections law even prohibits practices that were once standard, and that you might not consider harassment at all.
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