Small Business Success: Have an accounting system!

I had a great time today at the Pinellas Park Chamber Lunch and Learn workshop on small business accounting and taxes. We covered a lot of material including: "Do you need an accountant", how to develop an accounting system, financial statements, taxes and considerations for choosing a business organization (S-Corp, C-Corp, LLC?). We had a mix of established businesses (using Quickbooks) and start-up businesses (no process/system yet). I discovered that each topic we covered could have been expanded to more detail but there really is only SO much we can absorb in one sitting! I was impressed that the entire group was engaged and added comments based on their own experience and asked good questions. It is always encouraging to see how much businesses can learn from each other! It's toubh to give your accounting system the time and attention it deserves because you are so busy working ON your business! Keep this in mind -- I found this quote from a NY Times Article Jan 5, 2011: Top Ten Reasons Businesses Fail -- “Reason # 4: Poor accounting. You cannot be in control of a business if you don’t know what is going on. With bad numbers, or no numbers, a company is flying blind, and it happens all of the time. Why? For one thing, it is a common – and disastrous – misconception that an outside accounting firm hired primarily to do the taxes will keep watch over the business. In reality that is the job of the chief financial officer, one of the MANY hats an entrepreneur has to wear until a real one is hired.” I ask you, have you had your financials reviewed recently? Have you considered your upcoming quarter's goals (or yearly goals) and checked-in to see how you are doing financially?

Let your accountant help you get organized!

With all the beautiful weather we are having, it's easy to procrastinate on organizing your files and getting your taxes done. If you are feeling overwhelmed by this project, let your accountant/tax preparer do it for you! We are able to quickly sort out the tiny pieces of paper and summarize them. We are also able to ask you questions that are relevant to your tax return filing. A lot of people aren't sure what to keep and what is relevant. You can put all your items in a file folder and work with your tax preparer to sort it all out. Get outside and enjoy this beautiful weather. Schedule an appointment with your accountant so their skills and experience can get to work helping you have more time for other things.

Out and about: Pinellas Park Chamber Breakfast

Yesterday I attended the monthly Pinellas Park Chamber breakfast. What a great bunch of people! Attendance was 60+ business owners and Home Income Tax Service was a sponsor. I got a chance to promote the business and meeet new people. There is a lot happening in this community and it's a relaxed grouop -- but they are committed to helping each other. I've had to choose the groups I join wisely because time is limited -- especially unbillable time! When you are starting a business and getting the word out about your services and your business it can be challenge to know how much time to spend on "non-billable" time. I appreciate your comments on how you balance the business development time with "billable" time. I do believe that time invested in a Chamber is a great way to get involved and get the word out. It takes commitment! You've got to show up!

Get ready to file!

The IRS says it's ready for everyone to file! If you haven't been able to file because the IRS hasn't been ready -- no need to wait any longer!

Business Networking Pinellas County FL

Getting ready for 2 great business networking meetings: Tonight the Belleair Bluffs Business Association 5:30 at Home Income Tax Service and tomorrow a.m. 7:30 a.m. Anona UMC Business Accountability Group. Hope to see you business owners at one of these events around town. The BBA meeting tonight is at our office 261 Indian Rocks Road N. in Belleair Bluffs. The Anona UMC meeting is at Anona UMC 13233 Indian Rockas Road in Largo.

No need to rush!

One of my New Year's resolutions (which I don't formally track!) is to stop rushing. Well, for those of you who like to get your tax returns filed early and beat the rush...no need to rush! The IRS has to update its computer programs to process the last minute tax changes. Here's the official word from the IRS:

The IRS has announced that it will need time to reprogram its processing systems for the three provisions that were extended with the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Specifically this means that anyone claiming the state and local sales tax deductions, higher education tuition and fees deductions, educator expense deductions, or any taxpayer that itemizes deductions via a Schedule A, will need to wait to file their tax returns until the processing system is ready, which the IRS projects will be completed in mid- to late February.

What's the point?

‎"A business that makes nothing but money is a poor business." (Henry Ford) -- As I evaluate my business plan and daily " to do list", it is clear to me that relationships are a top priority that aligns with my values and beliefs. Money pays the bills, allows me to have more choices and expands my ability to help others. If I can't help someone, what's the point?