tag:blogger.com,1999:blog-66577618781051706392024-03-07T03:46:01.572-05:00Accounting for Franchises and Small BusinessThis site is dedicated to helping Franchises and Small Business navigate the tax hurdles they face today.Small Business Grouphttp://www.blogger.com/profile/16608448199458333900noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-6657761878105170639.post-72652182996647099392020-02-11T16:27:00.001-05:002020-06-09T08:28:56.394-04:00To Safeguard Your Company's Data, Consider a Cybersecurity Assessment<br /> As data breaches continue to make headlines at an alarming rate, no business can afford to ignore cybersecurity. To ensure that your company is taking appropriate steps to protect sensitive information — both its own and that entrusted to it by customers and business partners — consider conducting a cybersecurity assessment or audit. An added benefit of these assessments is that it sends a message to your customers and others that you take their data security seriously, which can provide a competitive advantage. <br /><br /><div> The first step the auditor will take is to take inventory of all your data and determine where it's located. While much of your data is housed on your on-site network or private cloud servers, you might be surprised to learn how much of it resides on the networks of third parties — such as internet service providers, vendors, customers, financial institutions or business partners — or is accessible by them. The auditor will also take inventory of your hardware and software and map your network, data flows, and entry points. As the workforce becomes increasingly mobile, it's particularly critical to examine the ways in which your employees gain access to your network. As the number of entry points increases, so does your risk. <br /><br /></div><div> It's equally important, if not more so, to evaluate your policies, procedures, and internal controls related to information security. The majority of data breaches involve social engineering — that is, hackers who take advantage of weak passwords or lax security protocols or use phishing or other techniques to trick personnel into downloading malware. A cybersecurity assessment can help you identify potential vulnerabilities and implement policies, procedures, and controls designed to minimize the risks of a data breach and mitigate the damage should a breach occur. <br /><br /></div><div> Depending on your industry, you might consider going a step further and obtaining a certification that your company complies with an accepted cybersecurity standard. A number of organizations have promulgated such standards, including the National Institute of Standards and Technology (NIST) and the International Organization for Standardization (ISO). Getting certified can give your company a competitive edge. Plus, in some industries, the government and other organizations are increasingly demanding that their partners obtain such a certification as a condition of doing business with them. <br /> Once you conduct a cybersecurity assessment, you can't simply put it on a shelf and forget about it. Hackers and other cybercriminals are continually coming up with new, innovative techniques for bypassing companies' security measures, so it's important to monitor the performance of your information security system and periodically re-assess your risks. <br /> <br /><font color="#d52c1f"> Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business. <br /></font> <br /> <br /> <a href="https://www.blogger.com/#">http://www.smallbg.com</a> <br />(904) 731-2221 <br /><a href="https://www.blogger.com/#">http://www.smallbg.com/appointment.htm</a> </div>Small Business Grouphttp://www.blogger.com/profile/16608448199458333900noreply@blogger.com1tag:blogger.com,1999:blog-6657761878105170639.post-5277661939714656712020-02-11T16:23:00.002-05:002020-06-09T08:27:27.721-04:00What's Your Business Worth? Beware Rules of Thumb!<br />There are many reasons you may need to know the value of your business, such as pricing it for sale, seeking financing, tax and estate planning, or even divorce. Many business owners use rules of thumb to gauge their businesses' values. But while these “cocktail napkin” estimates can be a good way to get a general idea of what your business is worth and begin the planning process, they're no substitute for a thorough analysis by a valuation professional. <div><br /><b> The Trouble With Rules of Thumb </b></div><div><b><br /></b> Rules of thumb are easy-to-calculate valuation formulas, typically tied to some multiple of earnings before interest, taxes, depreciation and amortization (EBITDA) or some other measure of earnings, revenues or cash flows. Often they're derived from data about actual business sales in your industry, which gives them an air of legitimacy. <br /><br /></div><div> The problem is that rules of thumb are usually based on industry averages. But most businesses don't possess characteristics that are identical to the hypothetical “average” business, so applying a rule of thumb may lead to inaccurate results. <b>Consider this example: </b><br /><br /></div><div> Company A and Company B each have EBITDA of $2 million per year. According to a popular valuation rule of thumb in their industry, each company is worth five times EBITDA, or $10 million. The two companies are similar in many ways, but a closer look reveals that Company A relies on a single customer for more than 80 percent of its sales. Company B has a much more diverse customer base, with no single customer accounting for more than 10 percent of its sales. Any prospective buyer that does its due diligence would view Company A as a substantially riskier investment and adjust its valuation downward to reflect the additional risk. </div><div><b><br /> Professional Valuation: There is No Substitute </b></div><div><b><br /></b> The example above is a bit oversimplified, but it illustrates how rote application of rules of thumb can distort a business's value. In practice, each business possesses numerous characteristics that drive its value and may or may not be captured by a rule of thumb. Rules of thumb provide a handy way to get a rough estimate of your business's value or to serve as a “sanity check” against more sophisticated valuation methods. But only a professional valuation can provide the accurate information you need to achieve your goals.<br /> <br /><br /><font color="#d52c1f"> Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business.</font> <br /><br /> <br /><a href="https://www.blogger.com/#">http://www.smallbg.com</a> <br />(904) 731-2221 <br /><a href="https://www.blogger.com/#">http://www.smallbg.com/appointment.htm</a> <br /> <br />
</div>Small Business Grouphttp://www.blogger.com/profile/16608448199458333900noreply@blogger.com0tag:blogger.com,1999:blog-6657761878105170639.post-10307593655530789062019-07-31T12:30:00.000-04:002019-07-31T12:30:22.361-04:00Adding E-Commerce to Your Company’s Lineup<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK5js-dKKS8bPDsyzLDs_amg0yNX2bmVhjjfR-Fmm6zfnIwIo9DKha67JVmpnj6nYLhc1Q3Fs-rvGCT1JOUWLXHcwDHHkR0pj3tYLfb9BUuPq8jvu70XBMUqBsDZS0LCxma_O58LrzI0SY/s1600/shop+now+wikimedia.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="553" data-original-width="553" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiK5js-dKKS8bPDsyzLDs_amg0yNX2bmVhjjfR-Fmm6zfnIwIo9DKha67JVmpnj6nYLhc1Q3Fs-rvGCT1JOUWLXHcwDHHkR0pj3tYLfb9BUuPq8jvu70XBMUqBsDZS0LCxma_O58LrzI0SY/s320/shop+now+wikimedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://commons.wikimedia.org/wiki/File:Online-shop_button.jpg">wikimedia</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If you operate a small business, you no doubt always
look for a way to increase profits without increasing cost.<span style="mso-spacerun: yes;"> </span>While adding a new sales representative or a
new location is one way to increase cash-flow, the added expense of either can
sometimes lead to reduced cash-flow, especially in the short term.<span style="mso-spacerun: yes;"> </span>That’s because it takes time and money to
hire and train a new rep, just as it takes time and money to advertise a new
location.<span style="mso-spacerun: yes;"> </span>But what if there was a way to
add a new sales node onto your business that didn’t require you to add to your
payroll or even add to your rent and inventory costs?<span style="mso-spacerun: yes;"> </span>Do you think this could help your
business?<span style="mso-spacerun: yes;"> </span>One of the most efficient ways
to achieve this aim is by adding e-commerce to your lineup.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"></span></span></div>
<a name='more'></a><br />
<div class="MsoListParagraphCxSpFirst" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Location, Location, Location – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">While having a great location for either a retail or
a service business is one way to ensure success, it sometimes comes at a not
insignificant cost.<span style="mso-spacerun: yes;"> </span>That’s because the
best locations are the most sought after.<span style="mso-spacerun: yes;">
</span>Add to it, that no matter how good a location you have, there is only so
far that customers will travel to visit it.<span style="mso-spacerun: yes;">
</span>The beauty of e-commerce is that it can help you break out of your
neighborhood to access new customers on a regional or national basis.</span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">The ABC’s of E-Commerce – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If
being able to sell your wares to a much wider audience appeals to you, know it
doesn’t come without a cost.<span style="mso-spacerun: yes;"> </span>That’s the
bad news.<span style="mso-spacerun: yes;"> </span>The good news is it costs a lot
less to build, operate and manage a virtual store than it does to open a brick
and mortar one.<span style="mso-spacerun: yes;"> </span>All you need to get
started in e-commerce is a way to offer your goods for sale and a way to
process orders.<span style="mso-spacerun: yes;"> </span>Sounds simple, doesn’t
it?<span style="mso-spacerun: yes;"> </span>The problem is there’s a right way
and a wrong way to go about it.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Getting E-Commerce Wrong – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">You
can spend a lot of time and money commissioning a fancy new online store, only
to find out that it doesn’t do what you need it to do.<span style="mso-spacerun: yes;"> </span>That’s because while you may be a big wheel
in your industry, when it comes to understanding the way that e-commerce works,
you can feel like a duck out of water.<span style="mso-spacerun: yes;">
</span>By that, I mean that there are hundreds of purveyors of online shopping
systems which may or may not work for your business model.<span style="mso-spacerun: yes;"> </span>Choose a model that’s too restrictive, or too
hard to understand and you could wind up taking months to build out a store
that goes nowhere.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheDhknTwYOsit_JlK1_jDQcL7dbGM4dz8_Gi6bBScJ1j3JS9iBQH3kG_AO97Mi7T5CsExu3hYDkp2OI6mZrbw9bsKQSlp7M28-rW0wSRlGsI-xEKN7BRQ2jx2rI-5fGWWQWueSQfp57JTw/s1600/store+pixaabay.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="180" data-original-width="187" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEheDhknTwYOsit_JlK1_jDQcL7dbGM4dz8_Gi6bBScJ1j3JS9iBQH3kG_AO97Mi7T5CsExu3hYDkp2OI6mZrbw9bsKQSlp7M28-rW0wSRlGsI-xEKN7BRQ2jx2rI-5fGWWQWueSQfp57JTw/s1600/store+pixaabay.JPG" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/illustrations/online-store-shop-computer-store-1272390/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Are you only planning on offering
items for sale on your website? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">That
could be a mistake.<span style="mso-spacerun: yes;"> </span>Once you embrace
e-commerce, you want to have the ability to offer items for sale on everything
from websites and landing pages to blogs and social nets.<span style="mso-spacerun: yes;"> </span>To accomplish this, you want to work with an
e-commerce provider that allows this to occur.<span style="mso-spacerun: yes;">
</span>You also want to work with an e-commerce provider that has been serving
customers for many years, as opposed to some new and untested provider.<span style="mso-spacerun: yes;"> </span>You also want to make sure that any provider
you work with provides live training and support for their system.</span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">E-Commerce the Easy Way – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Unless
you are currently vending dozens or hundreds of products, you may not even have
to invest a lot of time and money to get started in e-commerce.<span style="mso-spacerun: yes;"> </span>That’s because PayPal can provide you with
everything you need to start selling products and processing orders without
having to invest in developing an online store.<span style="mso-spacerun: yes;">
</span>That’s right, you can simply plug your products and services into PayPal
and post them online with a great big BUY NOW button.<span style="mso-spacerun: yes;"> </span>Especially in the early going, this could be
one of the best ways to get plugged into e-commerce the easy way.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Why
isn’t everybody doing it?</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> – I know what you’re thinking.<span style="mso-spacerun: yes;"> </span>If plugging into e-commerce is so easy, why
isn’t everybody doing it?<span style="mso-spacerun: yes;"> </span>Or even worse,
maybe you tried e-commerce in the past only to find out that nobody bought
anything.<span style="mso-spacerun: yes;"> </span>Just as there is a right way
and a wrong way to go about starting a business, the same is true of any online
business.<span style="mso-spacerun: yes;"> </span>The secret to getting e-commerce
to work for your business is to understand what it takes to get it right.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: red; font-family: "Times New Roman",serif; font-size: 10.0pt; line-height: 107%;"><span style="mso-list: Ignore;">7.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">The
Field of Dreams School of Online Marketing – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">Build it and they will come may have worked in the late 90’s when there
wasn’t all that much competition online.<span style="mso-spacerun: yes;">
</span>Today there are billions of websites vying for people’s attention.<span style="mso-spacerun: yes;"> </span>Even worst, there are hundreds of millions of
websites that are poorly designed or hard to navigate.<span style="mso-spacerun: yes;"> </span>If you want to have any hope of succeeding
with an online business, you need to not only launch your online store, you
need to launch it right.<span style="mso-spacerun: yes;"> </span>That means
making sure there are no broken links or other missteps that can derail sales.<span style="mso-spacerun: yes;"> </span>You also need to make darned sure you do your
homework to find out what your audience needs, wants and is willing to
pay.<span style="mso-spacerun: yes;"> </span>Then you need to provide every
prospect with everything they need to know you, like you and trust you.<span style="mso-spacerun: yes;"> </span>That means putting more than just products on
your pages.<span style="mso-spacerun: yes;"> </span>It means including videos
and testimonials that shows them you are the person to do business with.</span><span style="color: red; font-family: "Times New Roman",serif; font-size: 10.0pt; line-height: 107%;"><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_hLISVCpyne6eTFIEmCghSbxDOl71j_JSe37PyTMm5_O9-4Li5dxrK4MyZziv6pAe1SImHLdG2Hr46JUx8O_6CVkbcm1ioP4pBEAc1gI4z5mw9chv5CZXmsGGAE33ofez-7XJHowMZkaP/s1600/shout+pxhere.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="529" data-original-width="887" height="190" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_hLISVCpyne6eTFIEmCghSbxDOl71j_JSe37PyTMm5_O9-4Li5dxrK4MyZziv6pAe1SImHLdG2Hr46JUx8O_6CVkbcm1ioP4pBEAc1gI4z5mw9chv5CZXmsGGAE33ofez-7XJHowMZkaP/s320/shout+pxhere.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pxhere.com/en/photo/1577307">PxHere</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpLast" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><span style="mso-list: Ignore;">8.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><b><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">It takes money to make money</span></b><span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;">. – Unless you have thousands of social
followers and registered customers, you are also going to need to advertise
your online store if you hope to generate a crowd of perspective
customers.<span style="mso-spacerun: yes;"> </span>This can be down with opt-in
email, social boosts, and pay-per-click ad campaigns that can steer customers
your way. Then all you have to do is learn from your audience what they want
and what makes them take the next step to go from prospect to customer.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 45.0pt; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="color: black; font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-themecolor: text1;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies
for your business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a></span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com4Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-15155411340832064092019-07-17T12:16:00.002-04:002019-07-17T12:16:55.530-04:005 Signs Your Small Business is In Trouble<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi74pPjNf_49bYDJ0NF0Om2f-6slYhlU5Vob3hGrc2ouPmazG3yoIMfSzzIVqDafDK3PMY7fj8MeJhd6DqScFQ5-2aUdgvbH5cI0dIiwlhNqdPbGMS9XHccrI9mlLcbCvj1MLJU3e1uxCHd/s1600/going+out.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="178" data-original-width="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi74pPjNf_49bYDJ0NF0Om2f-6slYhlU5Vob3hGrc2ouPmazG3yoIMfSzzIVqDafDK3PMY7fj8MeJhd6DqScFQ5-2aUdgvbH5cI0dIiwlhNqdPbGMS9XHccrI9mlLcbCvj1MLJU3e1uxCHd/s1600/going+out.JPG" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://pixabay.com/illustrations/sign-business-closing-closed-2411940/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">One thing that’s certain about owning a small business
is that it’s never boring.<span style="mso-spacerun: yes;"> </span>Whether your
business is a one-man band, a mom & pop shop, or you have graduated to the
point where you have a handful of employees to contend with, owning a business
is a challenge that many people never attempt.<span style="mso-spacerun: yes;">
</span>That being said, owning a small business means having to deal with
financial ups and downs.<span style="mso-spacerun: yes;"> </span>While most
business owners would rather deal with the issues of a business on its way up
rather than on its way down, both of these indicators can lead to disaster if
you don’t heed the warning signs.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><br />
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Is your business booming or busting?
– </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">Having a booming business sounds like a good thing,
doesn’t it?<span style="mso-spacerun: yes;"> </span>Yet many small businesses
hit the rocks if they aren’t prepared for growth.<span style="mso-spacerun: yes;"> </span>This is the case regardless of whether you
sell products or vend a service.<span style="mso-spacerun: yes;"> </span>If you
haven’t planned for growth, a sudden spurt of sales can lead to disaster if you
are ill equipped to deal with lots of new customers.<span style="mso-spacerun: yes;"> </span>What would you do if your suppliers are unable
to keep up with your demand or your staff was stretched too thin to be able to
successfully deal with an influx of new clients?<span style="mso-spacerun: yes;"> </span>Far from having a small delivery issue, this scenario
can lead to bad blood, bad reviews and a black eye from which your business would
be hard pressed to bounce back.<span style="mso-spacerun: yes;"> </span>This
kind of issue usually occurs to business owners who are still running their
firm by the seat of their pants, as opposed to more seasoned entrepreneurs who plan
ahead.</span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs9Y-rqoXvfR2es4J_mf6_PWo94s2gLBYXFHLUNZMb0cDedMfBXm3IcszDhreZ-KvG1zMjysCnw0knQGl9cbrAgYDZR3i0SSpd3aTfwo60AY_mJV4JbOAN1fr1PsyPE-Ka49EQSNupUx_y/s1600/for+sale+flickr.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="576" data-original-width="691" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs9Y-rqoXvfR2es4J_mf6_PWo94s2gLBYXFHLUNZMb0cDedMfBXm3IcszDhreZ-KvG1zMjysCnw0knQGl9cbrAgYDZR3i0SSpd3aTfwo60AY_mJV4JbOAN1fr1PsyPE-Ka49EQSNupUx_y/s320/for+sale+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/140641142@N05/42407146752">flickr</a></td></tr>
</tbody></table>
2.<span style="font: 7.0pt "Times New Roman";"> </span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">You spend all your time working in the
business and almost none working on the business. – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If
it seems like all you do is spend your time babysitting your staff and putting
out fires, your time isn’t being well spent as a business owner.<span style="mso-spacerun: yes;"> </span>This can all too easily happen if you are the
type of boss who insists on micromanaging employees, or if you have yet to
learn the fine art of delegation.<span style="mso-spacerun: yes;"> </span>The
secret to having a successful business as opposed to a glorified job is being
able to have your business work so you don’t have to.<span style="mso-spacerun: yes;"> </span>To accomplish this, you need to be able to get
others to do many of the tasks that rob you of valuable time.<span style="mso-spacerun: yes;"> </span>At first, this means being able to trust others
to do their jobs without you breathing down their necks.<span style="mso-spacerun: yes;"> </span>Eventually, this leads to hiring managers to
supervise your staff in order to free you up to do more strategic tasks, like
planning for the future of your growing concern.<span style="mso-spacerun: yes;"> </span>Face it, if Steve Jobs and Steve Wozniak didn’t
master these skills, Apple Computer never would have made it out of the garage.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Is cash getting tight? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">One
of the biggest hurdles for growing businesses is being able to deal with a cash
crunch.<span style="mso-spacerun: yes;"> </span>Whether this occurs as a result
of payroll problems or supply side issues, coming up short cash-wise is a
fairly common occurrence with small businesses.<span style="mso-spacerun: yes;">
</span>That’s because many small businesses work on a cash basis, which is the
first mistake.<span style="mso-spacerun: yes;"> </span>The second is not
courting lenders early on so your business can acquire the credit you may need
to sustain and grow a business through the inevitable ups and downs of the
marketplace.<span style="mso-spacerun: yes;"> </span>Before you find your
business struggling financially, it would behoove you to talk to your
accountant.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>A CPA can easily help you devise a sound
financial plan, as well as creating checks and balances that will let you know well
in advance whether the marketplace is heading up or down.<span style="mso-spacerun: yes;"> </span>Your accountant can also help position your
business for a line of credit by providing lenders with the financial records
they need to approve a small business loan.<span style="mso-spacerun: yes;">
</span>Don’t make the mistake of riding a wave of short-lived financial success
only to have your business wind up in financial difficulties during a market
downturn that you are ill-equipped to deal with.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZFSr216ASvcp6ONohL9rnlxiY6akqg-AD5Bw_4DDRIAxqTWA0GzDZ2IIZwqZ8xJZiYILB9YHvVT5dkPGUdvhH7YSHoWi2LCYquJtdrQsYi0xbK2P8d4g7fcUKdMQN1Xjd3S8meOXeY3zi/s1600/closing+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="583" data-original-width="706" height="264" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZFSr216ASvcp6ONohL9rnlxiY6akqg-AD5Bw_4DDRIAxqTWA0GzDZ2IIZwqZ8xJZiYILB9YHvVT5dkPGUdvhH7YSHoWi2LCYquJtdrQsYi0xbK2P8d4g7fcUKdMQN1Xjd3S8meOXeY3zi/s320/closing+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/jeepersmedia/16319748502">flickr</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Are you having trouble hiring and/or
keeping capable employees? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">Another
danger sign to any small business owner is having trouble finding and retaining
good help.<span style="mso-spacerun: yes;"> </span>Just as with financial
planning, it isn’t at all unusual for business owners to wing it when they seek
to hire.<span style="mso-spacerun: yes;"> </span>As a result, they find
themselves overwhelmed by applicants who are poorly qualified.<span style="mso-spacerun: yes;"> </span>This can many times result in high employee
turnover, either by being forced to fire under-performing employees, or having capable
staff members wooed away by competing firms.<span style="mso-spacerun: yes;">
</span>If high turnover is making you toss and turn in bed every night, it’s
time to formalize your hiring practices by creating a written HR system that
helps you better prequalify, interview and train employees.<span style="mso-spacerun: yes;"> </span>While it may take you a few weeks to analyze
and document what you expect of new hires, the time it saves you down the road will
be more than worth it.<span style="mso-spacerun: yes;"> </span>If you want some
suggestions, check out my previously published blogs, <a href="https://franchiseandsmallbusinessaccounting.blogspot.com/2019/05/its-not-hard-to-find-good-help-if-you.html">It's Not Hard to Find Good Help</a> and T<a href="https://franchiseandsmallbusinessaccounting.blogspot.com/2019/03/the-terrors-of-employee-turnover.html">he Terrors of Employee Turnover.</a> </span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Are your clients driving you crazy? –
</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Another
conundrum that many small business owners encounter is dealing with D-clients. <span style="mso-spacerun: yes;"> </span>These are the clients who suck up way more
time than they are worth. Plus, they are never happy, no matter how conscientious
you and your staff happen to be.<span style="mso-spacerun: yes;"> </span>In
short, they can disrupt your business while making you and your employees extremely
unhappy.<span style="mso-spacerun: yes;"> </span>While there could come a time
when you need to cut these black holes for time loose, the secret to avoiding D-clients
is to stop working with anyone and everyone who can afford you.<span style="mso-spacerun: yes;"> </span>Start screening potential clients the same
way you screen potential employees.<span style="mso-spacerun: yes;"> </span>While
this may cause you to walk away from some deals, if you don’t learn to weed out
the deadwood, all that will happen is you will slowly sap the positive energy
that can help you build a successful business.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies
for your business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a></span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com3Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-31667968526197872502019-07-04T13:47:00.000-04:002019-07-04T13:47:11.998-04:0010 Ways QuickBooks Can Help You Build Your Business<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_i59UmhId-bbJwd5GV2-R5CzpID92aeULbAuJjg05JHG4wBb2k0LcCE-8mJP4HcRmKhufx4iSY3VGCLp-KzXOeyJ1bjG8ClUXb8b4eACX31RysHHoOT5bSnk0cksnARjnnfSJIsMSglsc/s1600/quickbks1.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="133" data-original-width="329" height="129" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_i59UmhId-bbJwd5GV2-R5CzpID92aeULbAuJjg05JHG4wBb2k0LcCE-8mJP4HcRmKhufx4iSY3VGCLp-KzXOeyJ1bjG8ClUXb8b4eACX31RysHHoOT5bSnk0cksnARjnnfSJIsMSglsc/s320/quickbks1.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://commons.wikimedia.org/wiki/File:Intuit_QuickBooks_logo.png">wikimedia</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">While it’s true that the American Dream is still alive
and well, when it comes to realizing your dreams by owning a small business, you
sometimes have to wear a lot of hats.<span style="mso-spacerun: yes;"> </span>If
one of those hats you are forced to wear is as the company bookkeeper, let me
show you how QuickBooks can help make the task not more efficient, but more
profitable.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><br />
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Job #1 for successful business owners
is getting paid. – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">But when it
comes to sending and tracking invoices, it’s not always such an easy job.<span style="mso-spacerun: yes;"> </span>That’s one of the first ways QuickBooks can
come to the rescue.<span style="mso-spacerun: yes;"> </span>If you’re still
mailing invoices to clients, there’s a much better way.<span style="mso-spacerun: yes;"> </span>QuickBooks lets you create invoices that you
can email to clients.<span style="mso-spacerun: yes;"> </span>Better still, it
allows them to pay you via credit card or eCheck with a simple point and click
of their mouse.<span style="mso-spacerun: yes;"> </span>Last but not least, the
system automatically keeps track of who has paid and who has not, which makes
keeping tabs on customers a snap.</span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p> </o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOno21dJDkmfRoPUmQ1U-PyW_me4tUeOU0rqmAV6YUMB95TRyOFHKWssk0Y622HM8ZQpEmtJdY6ZhxlcDq3y1eL89WsjRheXHRDFZu_hY3ptQHyUEU_gWpNvnWy94-vqpclJ9zA9nXdxW2/s1600/time+picryl.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="566" data-original-width="653" height="277" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiOno21dJDkmfRoPUmQ1U-PyW_me4tUeOU0rqmAV6YUMB95TRyOFHKWssk0Y622HM8ZQpEmtJdY6ZhxlcDq3y1eL89WsjRheXHRDFZu_hY3ptQHyUEU_gWpNvnWy94-vqpclJ9zA9nXdxW2/s320/time+picryl.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy P<a href="https://picryl.com/media/clock-timepiece-seconds-253664">icryl</a></td></tr>
</tbody></table>
2.<span style="font: 7.0pt "Times New Roman";"> </span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Does managing accounts payable seem
like a black hole for time? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If keeping your vendors
happy makes you unhappy, let me show you a way to put a smile on your face without
falling behind on paying your bills.<span style="mso-spacerun: yes;">
</span>Instead of trying to determine who to pay when, QuickBooks allows you to
schedule and pay your bills either online or by printing checks when they are
due to be paid.<span style="mso-spacerun: yes;"> </span>This will keep you from
pulling your hair out trying to remember who to pay as the month goes on.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Do you work harder for your employees
then they work for you? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">QuickBooks can help you schedule and
monitor employee activity by creating calendar events or timesheets.<span style="mso-spacerun: yes;"> </span>Then it provides in-depth reports that will measures
employee productivity and job costs that help you make your business more
profitable. <span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Manage your payroll in-house. – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">If you’re currently paying a third party to manage
your payroll, did you know you can process your payroll directly in
QuickBooks?<span style="mso-spacerun: yes;"> </span>Even if you choose to keep
your current payroll provider, QuickBooks makes it a snap for your provider to export
files to your computer to properly record all payroll transactions for tax
purposes.<span style="mso-spacerun: yes;"> </span>Think of how much time and
trouble that could save you every month.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p> </o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">How would you like another way to get
paid?<span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If you aren’t
already accepting online payments, QuickBooks is one of the easiest ways to
access Intuit’s payment network.<span style="mso-spacerun: yes;"> </span>With
it, you can give customers the option of paying online for as little as fifty
cents per transaction, no matter how high the invoice amount.<span style="mso-spacerun: yes;"> </span>If you’re currently paying through the nose
for credit card transactions, this could save you a bundle.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYkQTPBLRO_kl4vxnF1Z3ZOkLsh1VdC-ORh1dxRfR9lWD9Uw7cT_7ouhHIzwZVCPEWOYuS6txIdRpdPTOMFCsKs71ZoHzvKKjjzvgYtb0dtLtJXjdjkmdWtG2NFL6j83TgJrL543TbKmCC/s1600/report+pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="510" data-original-width="478" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjYkQTPBLRO_kl4vxnF1Z3ZOkLsh1VdC-ORh1dxRfR9lWD9Uw7cT_7ouhHIzwZVCPEWOYuS6txIdRpdPTOMFCsKs71ZoHzvKKjjzvgYtb0dtLtJXjdjkmdWtG2NFL6j83TgJrL543TbKmCC/s320/report+pixabay.JPG" width="299" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/illustrations/accounting-report-financial-3076855/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Would quick, accurate financial
reports help you get a bead on the bottom line?<span style="mso-spacerun: yes;">
</span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Of course, they would.<span style="mso-spacerun: yes;">
</span>The problem is, if you’re forced to wait until you next see your
accountant to see your financials, you could wind up out of business.<span style="mso-spacerun: yes;"> </span>QuickBooks is a demon when it comes to
crunching numbers and creating financial reports, flowcharts and graphs that
can show you the metrics of your business in real time.<span style="mso-spacerun: yes;"> </span>Want to know cashflow, profit & loss or
sales figures?<span style="mso-spacerun: yes;"> </span>Need to get a bead on
expenditures and payroll?<span style="mso-spacerun: yes;"> </span>QuickBooks
makes generating a report as simple as point and click.<span style="mso-spacerun: yes;"> </span>Not only are these reports a great way to
keep tabs on the pulse of your business, they are invaluable when it comes time
to pursue a business loan, woo an investor, or sell your business.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 7.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Does keeping track of inventory wake
you up in the dead of night in a cold sweat? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">If your business relies on keeping track of
inventory, the manual method is a lot like manual labor.<span style="mso-spacerun: yes;"> </span>QuickBooks can help you automate your
inventory much more efficiently than either the manual method or an Excel
spreadsheet.<span style="mso-spacerun: yes;"> </span>You’ll be able to
automatically track and update inventory on hand in real time every time you
make a transaction.<span style="mso-spacerun: yes;"> </span>You will save tons
of time every month by eliminating the time-consuming task of manually auditing
your inventory.<span style="mso-spacerun: yes;"> </span>Best of all, keeping the
right amount of inventory on your shelves at the right time will no longer be a
hit or miss guessing game, since you’ll be able to view past sales trends by
creating an instant report.</span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 8.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Is the IRS your best friend? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span>They aren’t if you’re receiving notices from them
warning you of fines, penalties or a dreaded audit.<span style="mso-spacerun: yes;"> </span>QuickBooks can help make sure you keep the
IRS happy by making your accountant’s job a lot easier and more accurate while saving
you the cost of hiring a bookkeeper.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>If your idea of keeping track of expenses is
to have a shoe box full of receipts, QuickBooks could change your life by
allowing you to scan and organize receipts. While QuickBooks won’t make you
love tax time, it can simplify tax preparation. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 9.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">You don’t have to be a bookkeeper to
use QuickBooks. </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">– It was designed from the ground up to be
user-friendly.<span style="mso-spacerun: yes;"> </span>This includes an easy to navigate
interface that’s easy for business owners to understand.<span style="mso-spacerun: yes;"> </span>It’s also easy to customize the interface to
your liking without having to hire a programmer.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 10.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Does the thought of learning a new
accounting system make your head spin? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">It shouldn’t.<span style="mso-spacerun: yes;"> </span>Because the learning curve on QuickBooks is short
and simple.<span style="mso-spacerun: yes;"> </span>Aside from online tutorials
and videos, we at Small Business Group offer QuickBooks training that’s
designed to help you maximize its uses while minimize the time it takes to
learn and use this outstanding accounting package.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpLast">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies
for your business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a></span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-26750315590733451402019-06-20T13:08:00.003-04:002019-06-20T13:08:56.920-04:00Surviving an IRS Audit<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSOybdY3LmoV250kAcZRpGtnL3VQJGkDHWI-vYWN_7rFLL7bLlWXZVUCtFWqAw2e5PMIVh6pjBpxqPN7LFuFqG0r2cgtPEhMETMwkirE4FkTq4EBspmBfWFTroaqIIYX6WKRBlnEFGkOWc/s1600/irs+wikimedia.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="300" data-original-width="561" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSOybdY3LmoV250kAcZRpGtnL3VQJGkDHWI-vYWN_7rFLL7bLlWXZVUCtFWqAw2e5PMIVh6pjBpxqPN7LFuFqG0r2cgtPEhMETMwkirE4FkTq4EBspmBfWFTroaqIIYX6WKRBlnEFGkOWc/s320/irs+wikimedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://commons.wikimedia.org/wiki/File:Blue-Eagle%2BIRS.png">wikimedia</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Business owners are used to dealing with stress.<span style="mso-spacerun: yes;"> </span>That’s because stress is part of the
job.<span style="mso-spacerun: yes;"> </span>Whether it’s dealing with difficult
clients, balky vendors or recalcitrant staff members, business owners are part
tycoon and part firefighter.<span style="mso-spacerun: yes;"> </span>But when it
comes to putting the fear of God into most business owners, nothing comes close
causing them to panic than to receiving a letter informing them that their
business is about to be audited by the IRS.<span style="mso-spacerun: yes;">
</span>To help keep you from going off the deep end should your business ever
wind up being audited, I have put together a list of steps to help you survive
this calamity. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><br />
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">The IRS will NOT send you an email or
phone you to threaten an audit. – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">But
scam artists might.<span style="mso-spacerun: yes;"> </span>If you get a call, a
text or an email purporting to come from the IRS, don’t you believe it.<span style="mso-spacerun: yes;"> </span>The only way the IRS sends a notification of
an audit is via the US Postal Service.<span style="mso-spacerun: yes;"> </span></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Do NOT panic. - </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When
most people receive a notification via mail of an impending audit, they act
like fleeing felons caught in a spotlight by assuming they must be.<span style="mso-spacerun: yes;"> </span>While it is true that an IRS agent may have
spotted something amiss on a business tax return, it is equally likely that the
business was chosen at random in a computerized screening of businesses.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8877i23DisaWVPGGBzfEem60zKgQFuKiypAScPRDG7eY9H-fFg4SX4naXQw9vIRpnSIlD28AIl2ZciB2_H2ojBZghhCBaXtef07E9KoYGAuBUPDnxnOaSf0krpR9xiM733r5bwzeiMFCA/s1600/irsbldg+flickr.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="466" data-original-width="696" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg8877i23DisaWVPGGBzfEem60zKgQFuKiypAScPRDG7eY9H-fFg4SX4naXQw9vIRpnSIlD28AIl2ZciB2_H2ojBZghhCBaXtef07E9KoYGAuBUPDnxnOaSf0krpR9xiM733r5bwzeiMFCA/s320/irsbldg+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/nostri-imago/3363068625">flickr</a></td></tr>
</tbody></table>
3.<span style="font: 7.0pt "Times New Roman";"> </span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">The three methods the IRS uses for an
audit. – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When you receive notice of an audit by the IRS, you
will be told to proceed in one of 3 ways: via mail, at your place of business
(otherwise known as a field audit), or you will be told to report to the local
IRS office.<span style="mso-spacerun: yes;"> </span>None of these should cause
you to break out in a cold sweat.<span style="mso-spacerun: yes;"> </span>No
matter what happens, the IRS isn’t going to slip on the handcuffs and lead you
off to jail. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">How should you prepare for an audit?<span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When it comes to
surviving an audit, it mostly comes down to being able to document and defend
your paper trail.<span style="mso-spacerun: yes;"> </span>This means you need to
get your books in order, as well as organizing all your receipts.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>If you
write off your home office, be prepared to show that you use the space
exclusively for business.<span style="mso-spacerun: yes;"> </span>Most questions
asked by an auditor come down to verifying the financial documents you used to
prepare your tax return.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Do I need to have my CPA attend the
audit?<span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">While
you aren’t required to have your accountant present during the audit, it’s an
option that I highly recommend.<span style="mso-spacerun: yes;"> </span>Since it’s
your CPA who prepared and best understands your tax returns, he or she is best
able to defend every line item and tax deduction documented.<span style="mso-spacerun: yes;"> </span>Your CPA also best knows the ways of auditors
and is unlikely to blurt out anything that could cause the IRS to levy additional
fines or penalties on a client.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-C1DRbijP9QZa7jzvthHN46_hPF_9bmzFuddJZN-w9ypZIdWTnU3jvsjtnYA7EWJxMseBFXCWQvfNyYObe_wD7Pw3GVLW8ARLS1MaZ8O7X7-qZJOwkMy5l16S1neL2YzAvlX-IPzDFpTZ/s1600/irsaudit+blue+diamond+gallery.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="580" data-original-width="868" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-C1DRbijP9QZa7jzvthHN46_hPF_9bmzFuddJZN-w9ypZIdWTnU3jvsjtnYA7EWJxMseBFXCWQvfNyYObe_wD7Pw3GVLW8ARLS1MaZ8O7X7-qZJOwkMy5l16S1neL2YzAvlX-IPzDFpTZ/s320/irsaudit+blue+diamond+gallery.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="http://thebluediamondgallery.com/legal/irs.html">Blue Diamond Gallery</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">May I appeal an IRS ruling? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Absolutely.<span style="mso-spacerun: yes;"> </span>If you and your tax adviser disagree with the
IRS determination, you have the right to take your case to tax court.<span style="mso-spacerun: yes;"> </span>Provided the amount you owe is less than
$25,000, there is a simple appeal process that gives you the right to
demonstrate how your return satisfied the letter of the law.<span style="mso-spacerun: yes;"> </span>No other criteria for reversing the IRS
determination will be taken into consideration and you will be required to pay a
tax attorney to represent you in tax court.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 7.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">How can I avoid being audited? </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">–
As Benjamin Franklin once said, “An ounce of prevention is worth a pound of cure.”<span style="mso-spacerun: yes;"> </span>The best way to stay off the IRS radar is to
make sure you use sound business practices, take reasonable and well-documented
deductions, and use a reputable CPA to process and submit your tax returns in a
timely manner.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 8.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">What do I do if I can’t find all my
receipts? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">While a solid paper trail is the best
evidence you can present to an auditor, if you are unable to put your hands on
some receipts, or if they have either faded, gotten lost or been destroyed, the
next best thing is to provide a logbook or diary that documents where and when
you made the transaction.<span style="mso-spacerun: yes;"> </span>The Cohan Rule
also works in your favor since it states that the IRS must allow a portion of
your deductions even without proof.<span style="mso-spacerun: yes;"> </span>However,
it doesn’t require them to honor the full expense, which means the auditor may
only credit you with the least amount you could have spent instead of the
actual amount.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 9.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">What if someone stole the receipts? –
</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If
a burglar were to sneak into your office and make off with all your receipts
for the past few years, that doesn’t necessarily get you off the hook when it
comes to documenting your deductions.<span style="mso-spacerun: yes;">
</span>Neither does flood or fire.<span style="mso-spacerun: yes;"> </span>That’s
why it’s important that you store your receipts somewhere safe.<span style="mso-spacerun: yes;"> </span>Failing that, you should present the auditor
with a police report and/or insurance documents that demonstrates the damage
that caused you to be unable to produce the receipts.<span style="mso-spacerun: yes;"> </span>My dog ate them isn’t going to cut it.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 10.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Talk to Your CPA – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Regardless
of the nature of the audit, your first step should you receive an audit notice
is to immediately consult your accountant.<span style="mso-spacerun: yes;">
</span>Not only will he or she be able to give you an idea of what was likely
to have triggered the audit, your accountant will also be able to help you prepare
for it like nobody’s business.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpLast">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies
for your business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a></span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com1Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-9813010890106960022019-06-06T12:29:00.000-04:002019-06-06T12:29:09.973-04:00All About Bookkeepers and Accountants<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYUc16KxtAES1dliaSQtk8kB18peoVHiS6DFerIP5BL7t5ByjL88O0R7qdqbYyMo6ahEIJNeSeAkiOvXPeWpzeoxUfgzBc7D4YZKzZ8JmabuUMt26AgiBqoonQ-ea2gnjBUkR_G28P1uXu/s1600/book+1+pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="583" data-original-width="531" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYUc16KxtAES1dliaSQtk8kB18peoVHiS6DFerIP5BL7t5ByjL88O0R7qdqbYyMo6ahEIJNeSeAkiOvXPeWpzeoxUfgzBc7D4YZKzZ8JmabuUMt26AgiBqoonQ-ea2gnjBUkR_G28P1uXu/s320/book+1+pixabay.JPG" width="291" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://pixabay.com/photos/bookkeeper-accountant-office-coffee-1016299/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">The first job or any business owner is to get
paid.<span style="mso-spacerun: yes;"> </span>The second is to make sure that he
or she is getting paid enough to turn a profit.<span style="mso-spacerun: yes;">
</span>Last but not least, if you want your business to grow, you need to make
sure you aren’t wearing so many hats that you wind up running yourself into the
ground.<span style="mso-spacerun: yes;"> </span>When it comes to charting,
planning and optimizing the metrics of a growing business, two of the most
important profit builders are the company bookkeeper and accountant.<span style="mso-spacerun: yes;"> </span>While neither of these individuals are
responsible for driving profits, they are both key when it comes to deriving business
profit.<span style="mso-spacerun: yes;"> </span>That being said, their jobs are
quite different.<span style="mso-spacerun: yes;"> </span>To give you a leg up on
what it is that they do, I thought I’d take the time to give you my short list that
charts their responsibilities.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><br />
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Bookkeepers are all about collecting,
noting and organizing. </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When it comes to charting financial transactions
as well as organizing and categorizing financial matters, nothing beats a
bookkeeper.<span style="mso-spacerun: yes;"> </span>Keeping the company books
has been a longstanding bookkeeping tradition that has lasted for hundreds of
years.<span style="mso-spacerun: yes;"> </span>The difference in the 21<sup>st</sup>
Century is the ‘books’ today are digitized, whether they are kept on a computer
or online.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQB33Mf94lbU_iNZbrUzUttduiTjghkxrdO99CpYSlYoW-9Fqqql0k0Qvce8Jc41d5Xg1A22bxOgmEaeNAMnsMD4b-1Jv6qR3Ww-hO4YS-x27qtOJRxWef6RedUQSYdultm2zVtkf35iC7/s1600/cash+flickr1.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="582" data-original-width="880" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQB33Mf94lbU_iNZbrUzUttduiTjghkxrdO99CpYSlYoW-9Fqqql0k0Qvce8Jc41d5Xg1A22bxOgmEaeNAMnsMD4b-1Jv6qR3Ww-hO4YS-x27qtOJRxWef6RedUQSYdultm2zVtkf35iC7/s320/cash+flickr1.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/pictures-of-money/17123250059">flickr</a></td></tr>
</tbody></table>
2.<span style="font: 7.0pt "Times New Roman";"> </span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Money in and money out – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Whether
we’re talking about accounts payable or receivable, bookkeepers are there to
record money received from customers as well as that paid to vendors, suppliers
and employees.<span style="mso-spacerun: yes;"> </span>They can also prove
instrumental in automating a company’s invoicing and check writing systems.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">How are we doing, coach?<span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Without reports, how do
you know if the business is profitable?<span style="mso-spacerun: yes;">
</span>Monthly, quarterly and yearly reports are a lot like the logbook of a
ship.<span style="mso-spacerun: yes;"> </span>They let the captain know if the
vessel is on course or on the rocks.<span style="mso-spacerun: yes;"> </span>A
good bookkeeper is adept at creating and explaining financial reports that lets
the business owner know how the business is doing as time goes on.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">How is your time best spent?<span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Many small business
owners try to do the bookkeeping themselves in order to save money.<span style="mso-spacerun: yes;"> </span>While this might work in the early stages of
a business, once it has evolved past the startup phase, the owner needs to ask if
this is the best use of their time.<span style="mso-spacerun: yes;">
</span>Since time is money, there comes a point where the added expense of
hiring a bookkeeper is far less than having a business owner spend hours
performing bookkeeping tasks.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">From good to great - </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">While
anyone can be trained in bookkeeping, there are differences between good
bookkeepers and great bookkeepers. <span style="mso-spacerun: yes;"> </span>A good
bookkeeper will learn the processes that are vital to running a business.<span style="mso-spacerun: yes;"> </span>A great one will ask questions that will help
them help you streamline your business to make it more profitable. <b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcfX-hkjqH4dxxEz_HnAjhQfXx0-3zW_dUt-ekt8DoHF6n_VXOlNi9H_Ohqs6sF6ct0bCP2KV7Ro9GpoKxkDSW4Rs6gWtSq4uYW1toEkLfhotvx5Cmh_1S1Fvdh7UiKxh_UEIfs2mxAIvG/s1600/beans+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="566" data-original-width="897" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgcfX-hkjqH4dxxEz_HnAjhQfXx0-3zW_dUt-ekt8DoHF6n_VXOlNi9H_Ohqs6sF6ct0bCP2KV7Ro9GpoKxkDSW4Rs6gWtSq4uYW1toEkLfhotvx5Cmh_1S1Fvdh7UiKxh_UEIfs2mxAIvG/s320/beans+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/davelevy/29604165724/">flickr</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Accountants are not bean counters </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">–
While a bookkeeper helps you count the beans, an accountant helps you analyze how
they got there and how to get more.<span style="mso-spacerun: yes;">
</span>These analyses include everything from your company’s cash-flow and cost
projections, to budgets, inventory and payroll.<span style="mso-spacerun: yes;">
</span>This helps keep busy owners apprised of business trends that can mean
the difference between success or failure.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 7.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Up or out? - </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Being
in business is like being in the army.<span style="mso-spacerun: yes;">
</span>It’s either up or out.<span style="mso-spacerun: yes;">
</span>Accountants are adept at producing Profit & Loss Statements, Balance
Sheets, Cash-flow Statements and other metrics that not only show where a
business is heading, but they can prove instrumental when it comes time to seek
a business loan or woo investors.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 8.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">What kind of corporation is right for
you? – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">This is a kind of trick question, since the correct answer
can change over time.<span style="mso-spacerun: yes;"> </span>While an S-Corp or
an LLC could be just the ticket for starting a business, there could come a
time when a C-Corp makes more sense.<span style="mso-spacerun: yes;"> </span>Your
accountant will be instrumental in not only telling you when it is time to
change your corporate structure, he or she will also be vital in helping you
make the transition without disrupting your business.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVQ1Pe_dPclDEaUkJx6hnHz78jtdrW44-YX8sGnMr2-nxuyAxzGb3sy7hTwTPrKx7iydSrpo4RTwNBv_J77Xg8BFv4uehKcVu3N04JxVgnP_ifWrMzXG8wfLncfduJYsYF1UxYhjKzGo2O/s1600/irs+wikimedia2.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="235" data-original-width="579" height="129" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVQ1Pe_dPclDEaUkJx6hnHz78jtdrW44-YX8sGnMr2-nxuyAxzGb3sy7hTwTPrKx7iydSrpo4RTwNBv_J77Xg8BFv4uehKcVu3N04JxVgnP_ifWrMzXG8wfLncfduJYsYF1UxYhjKzGo2O/s320/irs+wikimedia2.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://commons.wikimedia.org/wiki/File:Blue-Eagle%2BIRS.png">wikimedia</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 9.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">The Taxman – </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">One
of the most important reasons to work with a seasoned accountant is to find and
exploit every legitimate tax shelter possible. <span style="mso-spacerun: yes;"> </span>While any competent accountant can help you
prepare your business tax filings, a great one will tell you how to shelter
your income, how to maximize your compensation while minimizing your tax burden
and even when it’s time to buy an office instead of continuing to pay rent.<span style="mso-spacerun: yes;"> </span>A great accountant will also help you stay
within the guidelines established by the IRS whenever you use independent
contractors.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 10.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Which accountant is best for you? - <span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When it comes finding the
right accountant, it all comes down to asking the right questions.<span style="mso-spacerun: yes;"> </span>Just like most doctors, many accountants
specialize.<span style="mso-spacerun: yes;"> </span>That means that most
accountants are more comfortable working with one or two business sectors as
opposed to others.<span style="mso-spacerun: yes;"> </span>Before you sign up
with an accountant, it’s a good idea to find out how much experience the firm
has with businesses like yours.<span style="mso-spacerun: yes;"> </span>Since finding
the right accountant could be one of the most important business decisions you
make, take the time to check out their credentials, clients and reputation
before you trust your financial future to anyone.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies
for your business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a></span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt;"><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com3Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-3452903502790787582019-05-22T14:17:00.000-04:002019-05-22T14:17:24.764-04:00How Valuable is Your Time?<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHS70GG03wYTqNy5KoKURpfLWXuO1dqrNcbC3EFMTB4ALew9-GsvQAJpniisPy0hIpY1qXssHaKvLafF5H06kUTipVxIwDyiLv_fKtSmgmYFWObQXxPaUOPnwcxyYo0cn6Wo0M8LzP0MwF/s1600/timepiece+max+pixel.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="575" data-original-width="752" height="244" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHS70GG03wYTqNy5KoKURpfLWXuO1dqrNcbC3EFMTB4ALew9-GsvQAJpniisPy0hIpY1qXssHaKvLafF5H06kUTipVxIwDyiLv_fKtSmgmYFWObQXxPaUOPnwcxyYo0cn6Wo0M8LzP0MwF/s320/timepiece+max+pixel.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.maxpixel.net/Antique-Old-Timepiece-Clock-Ancient-Golden-3171261">Max Pixel</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">When business owners ask me for advice that can help
them enhance their profit potential, one of the first things I bring up is the
matter of time control.<span style="mso-spacerun: yes;"> </span>While you can’t
buy more time, what most small business owners and managers manage to do is
squander what little they have.<span style="mso-spacerun: yes;"> </span>Since
time is money, as a result this winds up affecting the bottom line.<span style="mso-spacerun: yes;"> </span>To help you get a handle on managing your
time, I’ve come up with my top-10 time wasters which will show you how to stop losing
time. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><br />
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Digital distractions in the workplace
cost you plenty. </span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">While every business owner needs to check
their emails and scan their social nets these days, sometimes it’s a case of
too much of a good thing that can quickly devour your day.<span style="mso-spacerun: yes;"> </span>If you find you’re spending more and more
time attending to digital media, you need to either set a time limit that can
keep you from frittering away your valuable time needlessly, or you need to
delegate the social side to your staff.<span style="mso-spacerun: yes;"> </span><b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Are you taking too many meetings? </span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">While
meetings have their time and place in any growing business, they can quickly
become black holes for time if you aren’t careful.<span style="mso-spacerun: yes;"> </span>If you find you’re wasting an inordinate amount
of time taking meetings, you need to decide if you really need to be there in
the first place or if you can reduce either the amount or the duration of scheduled
meetings to help free up some time.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRBTFi-RpoPo8u5R7tvqKWfItNv4WtyKeotIymxtgMEkTWYIIszalwS4wTQtdbfE-MN5BztBryqt6s1RXSV6UTOTwOFn2lvrH7BteIgk6ZXKlRMgwNLW4ssNKa4OHX7KLIqnXokfDbE90C/s1600/windshield+pixnio.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="546" data-original-width="863" height="202" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRBTFi-RpoPo8u5R7tvqKWfItNv4WtyKeotIymxtgMEkTWYIIszalwS4wTQtdbfE-MN5BztBryqt6s1RXSV6UTOTwOFn2lvrH7BteIgk6ZXKlRMgwNLW4ssNKa4OHX7KLIqnXokfDbE90C/s320/windshield+pixnio.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixnio.com/transportation-vehicles/cars-automobile/dashboard-car-interior-vehicle-windshield-rain-speedometer-driver">Pixnio</a></td></tr>
</tbody></table>
3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Windshield time can be extremely
unproductive. <span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">In
the digital age, do you really need to spend time driving across time to
interface with every client when there are free teleconferencing tools like gotomeeting,
freeconferencecall, Google Hangout and Zoom that can allow you to go eyeball to
eyeball with any client in real time?<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><o:p> </o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">How well does multi-tasking really
work? <span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Many executives think
that cramming as many tasks into a workday as possible increases
efficiency.<span style="mso-spacerun: yes;"> </span>They’re the type who sends
texts during meetings, make calls while doing desk work, and texting while
commuting.<span style="mso-spacerun: yes;"> </span>The problem with
multi-tasking is that research has proven that far from saving time, what it
tends to do is distract from the task at hand.<span style="mso-spacerun: yes;">
</span>It also is likely to produce numerous errors that can harm to a
business.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Has micromanaging managed to make your
income micro? </span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">One of the biggest problems some business
owners have is being able to delegate tasks to their subordinates.<span style="mso-spacerun: yes;"> </span>That’s because after spending years learning
how to hone business operations, they quickly come to realize that their
employees aren’t doing the job as well as they could.<span style="mso-spacerun: yes;"> </span>As a result, the boss either hovers over the
shoulder of employees, or they jump in and perform the task that the employee
was hired to do.<span style="mso-spacerun: yes;"> </span>This is a huge waste of
time for both the owner and the employee.<span style="mso-spacerun: yes;">
</span>The solution for this is to either increase the training for employees
or to let them do the job as they see fit. <span style="mso-spacerun: yes;"> </span>To do otherwise negates the reason for hiring employees
in the first place.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Are you a perfectionist? </span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The
reason I ask is that since nobody is perfect, being a perfectionist is an
exercise in futility.<span style="mso-spacerun: yes;"> </span>If you want to
keep this trait from being a black hole for time, you need to ask yourself if
spending the time to make tiny course corrections is worth the effort. <span style="mso-spacerun: yes;"> </span>If it isn’t, then you need to make good enough
the goal.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEig7itkjhyphenhyphenarfIpuiYw7LdYkWxEN-Y2HL3yXOv06dS3bcGiLQ0I0Chqc5v0a7v9dwi1ySlV7ENKZtg_Cgv8nrCplZ0s3POqTLLGr7CTi5LovFS1A144QYBHBUn-PRRX_nOog4vWn6J9ALie/s1600/hats+pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="576" data-original-width="864" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEig7itkjhyphenhyphenarfIpuiYw7LdYkWxEN-Y2HL3yXOv06dS3bcGiLQ0I0Chqc5v0a7v9dwi1ySlV7ENKZtg_Cgv8nrCplZ0s3POqTLLGr7CTi5LovFS1A144QYBHBUn-PRRX_nOog4vWn6J9ALie/s320/hats+pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/photos/hats-fashion-hat-woman-girl-3405948/">Pixabay</a></td></tr>
</tbody></table>
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 7.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">How many hats can you wear? </span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Being
an entrepreneur means having to wear a lot of hats.<span style="mso-spacerun: yes;"> </span>The problem is the more hats you don, the
more of a workload you put on your shoulders.<span style="mso-spacerun: yes;">
</span>This can pose a problem that can quickly cause entrepreneurs to wind up
working 80-hours a week.<span style="mso-spacerun: yes;"> </span>The solution
for even the smallest of businesses is to look for ways to outsource some tasks.<span style="mso-spacerun: yes;"> </span>This is way cheaper than hiring additional
employees.<span style="mso-spacerun: yes;"> </span>Today, you can outsource
writing, bookkeeping, computer programming, IT and more to independent
contractors.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 8.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Are you a paper pusher? </span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The
saying is that the job isn’t done until the paperwork is completed.<span style="mso-spacerun: yes;"> </span>While proposals, work orders and business
reports are necessary to keeping a business profitable, there is such a thing
as too much paperwork.<span style="mso-spacerun: yes;"> </span>Especially when
there are paperless solutions that can add to the bottom line.<span style="mso-spacerun: yes;"> </span>It can also be a time-saver for both you and
your staff. If you’ve been dragging your feet over going paperless, or at least
substantially reducing the amount of paperwork it takes to run your business,
there’s no time like the present.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 9.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Are you Mr. Fixit? </span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Are
you handy with computer issues?<span style="mso-spacerun: yes;"> </span>I know I
am.<span style="mso-spacerun: yes;"> </span>The problem is, so do my
employees.<span style="mso-spacerun: yes;"> </span>As a result, when they have
an IT issue, guess who they call on?<span style="mso-spacerun: yes;"> </span>Me,
that’s who.<span style="mso-spacerun: yes;"> </span>As a result, I found myself
wasting gobs of time trying to help my employees fix their computer
problems.<span style="mso-spacerun: yes;"> </span>If your staff has nominated
you as Mr. Fixit, the solution is to make it a policy to delegate the fix to
someone else as quickly as possible. Or else the only person in a fix at your office
is likely to be you.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 10.<span style="font: 7.0pt "Times New Roman";"> </span></span></span></b><!--[endif]--><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">When it comes to employee schedules,
do you feel like an air traffic controller? </span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The solution is to
switch from manual scheduling to a software-based scheduler that allows employees
to manage their time while letting you keep track of them without putting a ton
of time into the process yourself.<b style="mso-bidi-font-weight: normal;"><o:p></o:p></b></span><br />
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies for
your business.</span><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "arial" , sans-serif;"> </span><span style="background: white; color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "arial" , sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a></span><span style="font-family: "times new roman" , serif; font-size: 12.0pt;"><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com1tag:blogger.com,1999:blog-6657761878105170639.post-29873151965085317462019-05-09T10:56:00.001-04:002019-05-09T10:56:56.723-04:00It’s Not Hard to Find Good Help if You know How<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSLFku0DoJX0I4TrgbGW81eyL6fSzIkxbH9p0PMJy7W1NpTLPjrCaOuvem5Ved74BAwx2rkYkEweR4KzHwGWJ2Fc2zbiZWHFeId_CpcQi2lbDcE2iw-hl0bUlZeaGZ7E4r-SlCMlZwMM1D/s1600/help+wanted+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="546" data-original-width="698" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSLFku0DoJX0I4TrgbGW81eyL6fSzIkxbH9p0PMJy7W1NpTLPjrCaOuvem5Ved74BAwx2rkYkEweR4KzHwGWJ2Fc2zbiZWHFeId_CpcQi2lbDcE2iw-hl0bUlZeaGZ7E4r-SlCMlZwMM1D/s320/help+wanted+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/andjohan/5644714850">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When it comes to small businesses there are several
complaints that are almost universally expressed by owners.<span style="mso-spacerun: yes;"> </span>They hate paying one penny more in taxes than
they absolutely have to.<span style="mso-spacerun: yes;"> </span>They can never
be too credit worthy.<span style="mso-spacerun: yes;"> </span>And they all agree
that it’s hard to find good help.<span style="mso-spacerun: yes;"> </span>While
most CPAs can help small businesses solve the first two of these conundrums, I
thought I’d go the extra mile to help you handle the third.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><br />
<div class="MsoNormal">
<b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">What
is Good Help?</span></b></div>
<div class="MsoNormal">
<b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Just as with most business goals, if you can’t
describe it you can’t achieve it.<span style="mso-spacerun: yes;"> </span>When
it comes to small business owners, if you ask them to define what is meant by
“Good Help,” they will be hard pressed to come up with an answer.<span style="mso-spacerun: yes;"> </span>Some owners will say that they seek employees
who are energetic, punctual and courteous to customers.<span style="mso-spacerun: yes;"> </span>Others add that when they hire, they’re
looking for staff who are more committed to helping the company than they are
in watching the clock.<span style="mso-spacerun: yes;"> </span>If you’re looking
for superlative help, it helps if you first set down in writing exactly what it
is you seek in employees.<span style="mso-spacerun: yes;"> </span>If you have
been having problem either hiring new employees or retaining them, what you
need to do is stop making the same mistakes that are derailing your efforts.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Which
is more important, aptitude or attitude?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDyzP3YJ3yCARai3a6MTWsZUYJlMUCCtq65CqKZTeATY0teY7suQ-midNhnHpzWnUlHVl4q02X_fayEuR74jRz4v9c4yUExsG12RM-V2WtOMg-UStpKpuouEULW0oLfSq-eb-ZuLNzjvEG/s1600/hiring+pixabay.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="575" data-original-width="865" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDyzP3YJ3yCARai3a6MTWsZUYJlMUCCtq65CqKZTeATY0teY7suQ-midNhnHpzWnUlHVl4q02X_fayEuR74jRz4v9c4yUExsG12RM-V2WtOMg-UStpKpuouEULW0oLfSq-eb-ZuLNzjvEG/s320/hiring+pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/images/search/job%20search/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">While most employers focus on hiring based on the
ability of an employee to perform the job at hand, if this is the only
qualification, you could quickly find yourself in hot water.<span style="mso-spacerun: yes;"> </span>This is true whether you’re hiring a plumber
or an executive, since both represent your company.<span style="mso-spacerun: yes;"> </span>The problem for most businesses isn’t getting
a position filled, it’s getting the right person in the right slot.<span style="mso-spacerun: yes;"> </span>What I mean by that is hiring a warm body
isn’t the same thing as hiring a motivated, dedicated individual who will solve
more problems than they create.<span style="mso-spacerun: yes;"> </span>The only
way to avoid hiring a poor employee is to describe your concept of one that is
ideal.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When
it comes to placing a help wanted ad, do you desire quantity or quality? </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span>Once you’ve defined your dream hire, the next
step is to craft a help wanted ad that will attract this elusive applicant.<span style="mso-spacerun: yes;"> </span>If you can convey this concept correctly, it
will not only help you attract the best qualified candidates, it will also help
you keep from being buried alive by responses.<span style="mso-spacerun: yes;">
</span>Translated, this means the job of the ad is not to cast a net over
anyone who is remotely qualified.<span style="mso-spacerun: yes;"> </span>Its
job is to help you weed out the people who may have the skills but don’t have
the character that help define an applicant who has the right stuff. <span style="mso-spacerun: yes;"> </span>This vital step is the pre-qualifying process.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-f1sOylowCIf_p5U7LmGo2Q1y680R93bvJVLWUTvOsie7tlpA7WobOza-kKeZbzugNOb7VkIl9ydbksP1VTggO7csuog8OsAsFwOgAqrHt9nmrNF5Ffg7FkPfjt1pQBcpI4Nw_NOGlKnH/s1600/applicants+blue+diamone+gallery.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="582" data-original-width="871" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-f1sOylowCIf_p5U7LmGo2Q1y680R93bvJVLWUTvOsie7tlpA7WobOza-kKeZbzugNOb7VkIl9ydbksP1VTggO7csuog8OsAsFwOgAqrHt9nmrNF5Ffg7FkPfjt1pQBcpI4Nw_NOGlKnH/s320/applicants+blue+diamone+gallery.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="http://www.thebluediamondgallery.com/typewriter/j/job-applicants.html">Blue Diamond Gallery</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If
you make the process too easy on the applicant, it will make the job hard on
you. <span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If you find
yourself inundated by responses from a help wanted ad, you haven’t crafted the
ad properly.<span style="mso-spacerun: yes;"> </span>You will know this is the
case if your phone suddenly starts ringing off the hook or your email box gets
flooded with resumes shortly after you place an ad.<span style="mso-spacerun: yes;"> </span>The way to avoid this is to put a speed-bump
in front of all applicants that makes them give something before they get
something. One of the best ways to weed out the chaff from the wheat is to
create a form that every applicant is required to fill out before they can
qualify for an interview.<span style="mso-spacerun: yes;"> </span>The form
itself should not only ask the applicant to detail their qualifications for the
position, but it should require them to answer questions that relate to such
things as personality, social skills, willingness to learn and follow
directions.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">(Below is a sample ad for painters posted by Steve
Burnett the <a href="https://dybcoach.com/how-to-find-good-help">DYB Coach</a>.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial",sans-serif;">If you’re the painter we’re looking
for…You are described by your references as very neat and clean, friendly,
enthusiastic, conscientious, as well as courteous, mature and a relaxed team
player who holds yourself to high standards.<span style="mso-spacerun: yes;">
</span>You present yourself as a trustworthy and punctual person who always has
a smile on their face.<span style="mso-spacerun: yes;"> </span>You are eager to
learn and grow with a caring team with high expectations.<span style="mso-spacerun: yes;"> </span>You will be responsible for prepping and
painting interior and exterior surfaces without direct supervision. <o:p></o:p></span></i></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial",sans-serif;"><br /></span></i></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial",sans-serif;">ABSOLUTE MUST – You have your own
personal truck, a driver’s license, smartphone and email.<o:p></o:p></span></i></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial",sans-serif;">PLEASE DO NOT CALL! If you call, you
will disqualify yourself by not following instructions.<o:p></o:p></span></i></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "Arial",sans-serif;">If this is YOU…be ready to tell me why
by filling out the form below.<o:p></o:p></span></i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Not only did this ad help Steve hire qualified,
motivated painters, it also helped him build and eventually sell his painting
business.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Weed
them and reap. </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span>By
taking the time to prequalify applicants, not only will this reduce the sheer
volume of responses, it will let you know who is really motivated to go the
extra mile to work for you.<span style="mso-spacerun: yes;"> </span>The next way
to cull the herd even more is by understanding how to interview applicants on
the telephone.<span style="mso-spacerun: yes;"> </span>Just as with the
prequalification part of the process, if you want to wind up with a consistent
result, you need to start with a consistent phone interview.<span style="mso-spacerun: yes;"> </span>That means you need to write down the
questions you want to ask all applicants who have made it through the prescreening,
so you can ask all applicants the same questions.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Just as with the form, the objective of the telephone
interview isn’t to decide who to hire.<span style="mso-spacerun: yes;">
</span>Its designed to help you weed out the candidates to a precious few who
you will schedule to meet at your office. That means it should take you only
10-15 minutes per phone interview.<span style="mso-spacerun: yes;"> </span>It
also means if you accomplish the task successfully, the remaining few
candidates you do call into your office should make the job of finding the
right person for the right slot a lot easier than it is now.<span style="mso-spacerun: yes;"> </span>Even better, if you run out of candidates
before you schedule an office visit, all you need to do to find good help is
repeat the process.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies for
your business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-64292328036414059992019-04-25T11:27:00.000-04:002019-04-25T11:27:19.235-04:00Bulletproofing Your Digital Domain<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipNublf3b7QHl8diZUW_ZHE50WrGW3_h9t-Tg77bqz6zt2LZWYknESpbIXS4flI6FJZDPeWy-MpYsCmgTNHyVR_hOw5nQBlWpPOvSuf7AEpLC2oGjBP4N9dwZbjEEKQ8aFUuHIlS-Y0iFz/s1600/hacker+wikimedia.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="582" data-original-width="738" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipNublf3b7QHl8diZUW_ZHE50WrGW3_h9t-Tg77bqz6zt2LZWYknESpbIXS4flI6FJZDPeWy-MpYsCmgTNHyVR_hOw5nQBlWpPOvSuf7AEpLC2oGjBP4N9dwZbjEEKQ8aFUuHIlS-Y0iFz/s320/hacker+wikimedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://commons.wikimedia.org/wiki/File:Cliche_Hacker_and_Binary_Code_(26946304530).jpg">wikimedia</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">In my previous blog, I detailed all the ways in which online
reviews and ratings can make or break a business.<span style="mso-spacerun: yes;"> </span>This week I’d like to delve into the other
dangers that lurk just below the surface of your digital domain.<span style="mso-spacerun: yes;"> </span>Specifically, I’d like you to take a hard
look at the part of your business that resides in Cyberspace.<span style="mso-spacerun: yes;"> </span>You know, your website, landing pages, blog, in-house
server and social sites.<span style="mso-spacerun: yes;"> </span>The problem
with many business owners is that they don’t have a handle on just how
vulnerable their digital assets are.<span style="mso-spacerun: yes;">
</span>While most business owners would never think of heading home after the
day is done without first locking their office, many leave their digital domain
woefully ill-equipped to deal with hackers, industrial espionage or disgruntled
employees.<span style="mso-spacerun: yes;"> </span>As I pointed out in my last
blog, if you don’t police and secure your digital assets, it’s quite possible
that some fine day you may arrive at the office to find your business in
serious financial straits. <span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"></span></span></div>
<a name='more'></a><br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">The
Big Hack Attack<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></b><br /><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><a href="https://www.inc.com/will-yakowicz/cyberattacks-cost-companies-400-billion-each-year.html">A recent article on Inc Magazine’s website</a>, pointed
out two salient facts:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Companies lost more than $400 billion to
hackers in 2018.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">In the same year, companies spent an
additional $170 billion shoring up their digital defenses. <o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Now I don’t know about you, but $570 billion in lost
revenue doesn’t sound like something to sneeze at.<span style="mso-spacerun: yes;"> </span>Especially when you consider that these costs
are only going to go up year in and year out.<span style="mso-spacerun: yes;">
</span>If you don’t believe your company could be targeted by hackers, think again.<span style="mso-spacerun: yes;"> </span>It’s all too easy for hackers to infect small
businesses with ransomware or denial of service attacks that leave the business
owner with two choices: Pay up or have the company server rendered useless.<span style="mso-spacerun: yes;"> </span>If you and your employees suddenly find you can’t
use your computers, how long will it be before your business is out of
business? A week?<span style="mso-spacerun: yes;"> </span>A month?<span style="mso-spacerun: yes;"> </span>If you do get hacked, don’t expect the police
or the FBI to come to your rescue either.<span style="mso-spacerun: yes;">
</span>That’s because hacking is an international business.<span style="mso-spacerun: yes;"> </span>And brother, business is booming.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span><br /><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzsMjabGfrYtoqhLySMnLSPbhC6WV20CCkXcDa13glQOgUuaJPNSBeSOweBlX9WVNHdpu5VyaM-KrelXFFoySknJ8QKWKbnxfnvw1wBmpIvrbLyqEgPTOFwlqbnQdQoeiNnGagU5giSEyX/s1600/hacker+pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="574" data-original-width="838" height="219" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzsMjabGfrYtoqhLySMnLSPbhC6WV20CCkXcDa13glQOgUuaJPNSBeSOweBlX9WVNHdpu5VyaM-KrelXFFoySknJ8QKWKbnxfnvw1wBmpIvrbLyqEgPTOFwlqbnQdQoeiNnGagU5giSEyX/s320/hacker+pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/photos/anonymous-hacktivist-hacker-2755365/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><b>Here’s another newsflash</b> – Hackers don’t have to shut
you down to harm your business.<span style="mso-spacerun: yes;"> </span>They can
simply pilfer valuable data from your computer.<span style="mso-spacerun: yes;">
</span><span style="mso-spacerun: yes;"> </span>If you store customer records
that includes credit card numbers, any hacker can turn these into cold, hard
cash.<span style="mso-spacerun: yes;"> </span>That’s if they don’t steal your
bank account information from your machine only to wipe out your company
account in the blink of an eye.<span style="mso-spacerun: yes;"> </span>(The Inc
Magazine article mentioned the fact that the FBI admitted recent thefts from
financial institutions by hackers added up to more than $1 billion.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span><br /><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Industrial
Espionage</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> is also on the rise, and not only for Fortune 500
companies.<span style="mso-spacerun: yes;"> </span>If your company does any kind
of competitive bidding, just think of how much it would be worth to a
competitor if they had advance knowledge of your proposed bids.<span style="mso-spacerun: yes;"> </span>Or, think of what it would mean to your
competition if they were privy to the schedule of your company’s sales
meetings.<span style="mso-spacerun: yes;"> </span>How would they find out, you ask?<span style="mso-spacerun: yes;"> </span>When was the last time you policed your
company’s social nets, or those of your employees?<span style="mso-spacerun: yes;"> </span>Just as loose lips sink ships, if you haven’t
laid down the law about the dos and don’ts of social networking, you’d be
surprised at what your staff could be posting to one and all.<span style="mso-spacerun: yes;"> </span>(It’s more common than you think.)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span><br /><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ7BCNQzsGEw-_U44pv_z9OIkV1LBNDu8RZ1vKLBIL6xW8koF2zd2a9BUg3puey2GbSgS5lMgm4mF8yC8-pku0ZdAuOmWpF438uvG3jw5l92s1fORHzno7FM9vrxW-WX8eOKLAeUw_gUWL/s1600/hacker+flickr.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="596" data-original-width="660" height="288" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ7BCNQzsGEw-_U44pv_z9OIkV1LBNDu8RZ1vKLBIL6xW8koF2zd2a9BUg3puey2GbSgS5lMgm4mF8yC8-pku0ZdAuOmWpF438uvG3jw5l92s1fORHzno7FM9vrxW-WX8eOKLAeUw_gUWL/s320/hacker+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/30478819@N08/30643267165">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Speaking
of employees, </span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">how much access do they have to your
digital domain?<span style="mso-spacerun: yes;"> </span>While your staff may not
have root access to your server, they don’t need it in order to damage your
company.<span style="mso-spacerun: yes;"> </span>All a disgruntled employee has
to do is post spurious remarks about your business on the social nets.<span style="mso-spacerun: yes;"> </span>Even worse, employees can post comments online
about others in the company, which could potentially get the company dragged
into a lawsuit.<span style="mso-spacerun: yes;"> </span>The clear way around
this danger is to take the time to educate every employee on the potential
risks and hazards of social media.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Error
by omission</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> can occur if your business doesn’t have a
bulletproof means of protecting your digital assets. This should include multiple
layers of anti-malware software, as well as an unhackable way of backing up your
data and software.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>By
unhackable, I mean a backup system that isn’t connected full-time to your
machine.<span style="mso-spacerun: yes;"> </span>If it is connected, it can be
hacked right along with your digital devices.<span style="mso-spacerun: yes;">
</span>A bulletproof backup is one that can be unplugged from your devices and
stored in a secure location.<span style="mso-spacerun: yes;"> </span>This way if
you get hacked and your data is either corrupted, encrypted or erased, you can
rebuild it all in a hurry and keep your business humming along in this wired
world.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">The bottom line is if you want to protect your bottom
line against digital disruption, you’d best get cracking before the bad guys
start hacking you.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies
for your business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com1Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-58550879376805628812019-04-10T11:38:00.000-04:002019-04-10T11:38:11.183-04:00Are Online Reviews Helping or Hurting Your Business?<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFfRdAhOh89kybU7VjFTT5x5fWSzzYCTLax4vl88cYuZZrCnaJjlu-UqBnEDCcZDDn6v7dHiLdzxa3X7dNyMHJCKKUDIe0ee9Tai3duWClVpaB4_-p_dLD0hP3enjUCe3GanzaQJTELTrS/s1600/Rep+manage+vimeo.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="434" data-original-width="696" height="199" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFfRdAhOh89kybU7VjFTT5x5fWSzzYCTLax4vl88cYuZZrCnaJjlu-UqBnEDCcZDDn6v7dHiLdzxa3X7dNyMHJCKKUDIe0ee9Tai3duWClVpaB4_-p_dLD0hP3enjUCe3GanzaQJTELTrS/s320/Rep+manage+vimeo.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://vimeo.com/channels/content7/53974802">Vimeo</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Every business owner knows that a business is only as
good as its reputation.<span style="mso-spacerun: yes;"> </span>When it comes to
judging a business’ reputation nowadays, that means going online.<span style="mso-spacerun: yes;"> </span>Most consumers and other business owners
scope out review sites and customer testimonials long before they walk through
your door.<span style="mso-spacerun: yes;"> </span>If they like what they see
online, chances are they’ll give your business a go.<span style="mso-spacerun: yes;"> </span>On the other hand, if they don’t like what
they see, good luck getting them to buy your products or services.<span style="mso-spacerun: yes;"> </span>More and more, an online reputation makes or
breaks most businesses.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When’s
the last time you checked your online reputation?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If you’ve noticed a sudden slow down in your business
that has nothing to do with seasonal variations, negative reviews could be to
blame.<span style="mso-spacerun: yes;"> </span>If you have an unexplained drop-off
in customer volume or client’s start unexpectedly cancelling appointments with
you, the first place you should check are review sites like Angie’s List, Yelp,
Google My Business and Facebook to see if you have any negative reviews.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">When it comes to online reviews you need to take a
lesson from Johnny Mercer to accentuate the positive and eliminate the
negative.<span style="mso-spacerun: yes;"> </span>The problem with most business
owners is they don’t have a tried and true method of accomplishing either of
these goals.<span style="mso-spacerun: yes;"> </span>Since customers are ten
times as likely to post a negative review as a positive one, if you haven’t
made the process of gathering positive reviews for your business part of your
corporate culture, odds are it’s likely that one or more negative reviews are
gumming up the works.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXeOeM0pbpc0WwRHS7LRU5M24f_upJKaPXT4b1lLcwvN5oPtf_rLfsV-29papdvHtdou8kRS09aKbCSOZC8SHgokHYNLWl4TrEmCbYsrlyMEE2Cik566d4aMwStgjHvo_HUHdw8_ne9Cpz/s1600/neg+review+pixabay.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="178" data-original-width="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXeOeM0pbpc0WwRHS7LRU5M24f_upJKaPXT4b1lLcwvN5oPtf_rLfsV-29papdvHtdou8kRS09aKbCSOZC8SHgokHYNLWl4TrEmCbYsrlyMEE2Cik566d4aMwStgjHvo_HUHdw8_ne9Cpz/s1600/neg+review+pixabay.JPG" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/illustrations/bad-review-bad-customer-review-2813741/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Negative
reviews</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> are like a cancer that eats at your business from the
inside.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>I don’t care how conscientious of a business
owner you are, sooner or later you or one of your employees is going to rub a
customer the wrong way.<span style="mso-spacerun: yes;"> </span>While in the
past this may have resulted in the loss of a customer, in the Internet age the
results can be far worse.<span style="mso-spacerun: yes;"> </span>Not only is it
a snap for a disgruntled customer to tell the world how your business wronged
them, it’s just as easy for a competitor to post fraudulent complaints to
undermine your business.<span style="mso-spacerun: yes;"> </span>That’s right,
an unscrupulous competitor can easily create bogus negative reviews to do your business
harm.<span style="mso-spacerun: yes;"> </span>Since it’s all too easy to post anonymous
complaints on many review sites, this could quickly lead to a loss of
business.<span style="mso-spacerun: yes;"> </span>Unless you scrupulously
monitor the most popular review sites to make sure your good name isn’t being
besmirched, it’s child’s play for the competition to put a shot across your bow.<span style="mso-spacerun: yes;"> </span>The other side of the coin is since one bad
review is worth ten good ones, you need to do everything in your power to
redress any wrong that a customer feels you did if you ever hope to get them to
remove the negative review.<span style="mso-spacerun: yes;"> </span>Sometimes
this might mean taking a hit and losing money on a transaction to make the
negative review go away, but it’s worth it.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Positive
reviews</span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"> must be cultivated like crops.<span style="mso-spacerun: yes;"> </span>That means that you shouldn’t assume that
they will magically appear.<span style="mso-spacerun: yes;"> </span>You need to
actively plant the seeds with your customers if you hope to generate positive
reviews.<span style="mso-spacerun: yes;"> </span>Again, it comes down to making
the effort to garner good reviews and testimonials part of your corporate culture.<span style="mso-spacerun: yes;"> </span>This means asking happy customers to provide
reviews and testimonials and then rewarding them for it.<span style="mso-spacerun: yes;"> </span>Simply asking a customer to post a review is a
waste of time, since as soon as the customer leaves your store or office, they
will invariably forget to follow through.<span style="mso-spacerun: yes;">
</span>Better to ask a happy customer to say a few words while you hold your
smartphone up to shoot a video than to let them walk out the door.<span style="mso-spacerun: yes;"> </span>Better still is to hand them a postcard with
a QR code that takes them to Google My Business, Yelp or Angie’s List and offers
for 10% off their next order to get them to post a positive review on their
own.<span style="mso-spacerun: yes;"> </span>It’s the squeaky mouse that gets
the grease these days.<span style="mso-spacerun: yes;"> </span>I have even had
clients throw a party for their customers, during which they asked them to post
reviews and shoot testimonial videos on the spot.<span style="mso-spacerun: yes;"> </span>Whatever it takes to get your customers to
tell everyone how much they love doing business with you is worth its weight in
gold.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCm2vM_EtiHWwm5uAir6GST3GCYJl7KSpiO-KOyKMfWdexZlgPGMgEasQLkpg9-vKpLGIz6rPANPRM9c6Af969P0pzGq6PenKFQBJdKXsd7ccSEn1nuOeclJkzFb_dR0Pg9o-wrCpCcodX/s1600/seo+pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="497" data-original-width="926" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCm2vM_EtiHWwm5uAir6GST3GCYJl7KSpiO-KOyKMfWdexZlgPGMgEasQLkpg9-vKpLGIz6rPANPRM9c6Af969P0pzGq6PenKFQBJdKXsd7ccSEn1nuOeclJkzFb_dR0Pg9o-wrCpCcodX/s320/seo+pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/illustrations/seo-google-search-engine-896175/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Once
a negative review is published, the damage is already done. <span style="mso-spacerun: yes;"> </span></span></b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">If you haven’t begun
actively soliciting positive reviews, you know what that leaves, don’t
you?<span style="mso-spacerun: yes;"> </span>Negative reviews.<span style="mso-spacerun: yes;"> </span>Since it takes 10 positive reviews to
eliminate one negative one, the bad reviews will soon eclipse the few good ones
you have accumulated.<span style="mso-spacerun: yes;"> </span>Even worse is the
fact that as soon as a negative review is posted, the damage is done.<span style="mso-spacerun: yes;"> </span>Not only do negative reviews damage your
reputation, they also hurt your websites SEO.<span style="mso-spacerun: yes;">
</span>That’s right, any 1-star review against your business is registered by
search engine spiders that decide what businesses are displayed on page-1 and
which ones are relegated to page-10.<span style="mso-spacerun: yes;"> </span>Don’t
think you can game the system by having your friends and family pile on bogus
reviews either. The search engines have become pretty savvy at determining fake
reviews from the real deal.<span style="mso-spacerun: yes;"> </span>While fake
reviews may increase your website visibility for a short period, eventually you
could find your site delisted by search engines like Google.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">Even sites like Angie’s List and Yelp use reviews to
determine how often your business is seen online.<span style="mso-spacerun: yes;"> </span>A report by BreezeWorks.com had this to say
about Yelp:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="background: white; color: black; font-family: "gotham-light",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-font-weight: bold;">Perhaps one of the most
surprising findings of our Yelp study was the fact that on average, a
whopping 99.2% of businesses are hidden from search results anytime a Yelp user
sorts results by “Highest Rated” or “Most Reviewed”. These frequently-used search
options display the top 40 highest-rated businesses in any given category, or
those that have received the highest number of reviews by Yelp users, obscuring
the remainder of businesses from results.</span><o:p></o:p></i></div>
<div class="MsoNormal">
<a href="https://www.breezeworks.com/blog/yelp-study-online-review-infographic/">https://www.breezeworks.com/blog/yelp-study-online-review-infographic/</a><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;">In large metropolitan areas like Jacksonville, Florida,
negative reviews could not only affect a company’s ability to rank highly, it
could literally result in a company being nearly impossible to find
online.<span style="mso-spacerun: yes;"> </span>Armed with this knowledge, any
prudent business owner needs to make a concerted effort to cultivate positive
reviews and testimonials while doing everything in their power to eliminate
negative reviews if they hope to stay in business.<span style="mso-spacerun: yes;"> </span>In our wired world, online reviews can either
help or hurt your business.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben Kinsey, CPA of Small Business Group works with owners of closely
held corporations in the Northeast Florida region. If you work in the
North Florida area we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies
for your business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: normal; margin-bottom: .0001pt; margin-bottom: 0in;">
<span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-37045082812074206352019-03-29T13:52:00.000-04:002019-03-29T13:52:50.015-04:00The Terrors of Employee Turnover<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisz0MOIVMWc8y9KYh-4MlF-OnJGgZz1yVuQT17KA2lRuIdABas7Sty74dsCyIDj4qiHuvEEklxvmjgDOg6dQ0MOuh8ROktdgXMw_fcrzrNtC9wHDm-Za1jc3jgKaD10bbMCqXk9rYqFKFw/s1600/hirefired+pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="149" data-original-width="255" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisz0MOIVMWc8y9KYh-4MlF-OnJGgZz1yVuQT17KA2lRuIdABas7Sty74dsCyIDj4qiHuvEEklxvmjgDOg6dQ0MOuh8ROktdgXMw_fcrzrNtC9wHDm-Za1jc3jgKaD10bbMCqXk9rYqFKFw/s1600/hirefired+pixabay.JPG" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/illustrations/termination-setting-1538207/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Ask any business owner what’s
one thing that keeps them awake at night and nine times out of ten they’ll say
their employees.<span style="mso-spacerun: yes;"> </span>Whether it’s a fear of
having their employees do something that harms the business or sweating the
fact that all too many employees simply punch the clock while others are all
too easily swayed to jump onto a competitor’s ship, the credo of many a
business owner is, “It’s hard to find good help.”<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"></span></span></div>
<a name='more'></a><br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">That being said, if you
want to keep employee turnover from scuttling your ship of commerce, you also
need to step back and take a look at how your employees perceive you.<span style="mso-spacerun: yes;"> </span>Just as no employer wants to hire deadwood,
no employee wants to work for Captain Ahab who beseeches his employees to
commit body and soul into hunting that accursed white whale.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">A Job is a Job<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Even if a business
owner does all the right things during the hiring process, that doesn’t mean he
or she will wind up with employees that are going to be ready, willing and able
to complete the tasks at hand.<span style="mso-spacerun: yes;"> </span>This is
particularly true if the owner doesn’t take the time to initially train and
supervise new hires.<span style="mso-spacerun: yes;"> </span>(And by supervise,
I don’t mean micromanage.)<span style="mso-spacerun: yes;"> </span>Some
employers complain that they don’t have enough time in the day to train, much
less supervise all their employees.<span style="mso-spacerun: yes;"> </span>To
that I say hogwash.<span style="mso-spacerun: yes;"> </span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Sure, it takes time
to hire and train, but with modern conveniences like podcasts and video, even a
working boss with little time on his or her hands can take the time to teach
one employee the ropes while a video camera is running.<span style="mso-spacerun: yes;"> </span>Then they can sit the next hire down to have
them watch the video, with a short Q&A session afterwards.<span style="mso-spacerun: yes;"> </span>When Ray Kroc began franchising McDonald’s
restaurants, he quickly realized that the only way to give customers a quality
product was by instituting a mandatory training class that made sure all their
franchisees did the same things the same way.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Three Kinds of Employees<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH8lyJqwS7U0NJ5fBsmIFW7BvE3XTeURITmV1khzq_AcOeeoGfg9w5Nz7SwvcdWEAZK4PhmwlfXWFBK8gKzG6HS9L-oNZaJmtbCsiMObl72a1VZSV0Jti7Kj4KsGNJuOh6wGh7tbOloYUo/s1600/employees+pixabay.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="576" data-original-width="848" height="217" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH8lyJqwS7U0NJ5fBsmIFW7BvE3XTeURITmV1khzq_AcOeeoGfg9w5Nz7SwvcdWEAZK4PhmwlfXWFBK8gKzG6HS9L-oNZaJmtbCsiMObl72a1VZSV0Jti7Kj4KsGNJuOh6wGh7tbOloYUo/s320/employees+pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/photos/men-employees-suit-work-greeting-1979261/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">When it comes to
employees, there are only three types.<span style="mso-spacerun: yes;">
</span>1.Those that put body and soul into the job.<span style="mso-spacerun: yes;"> </span>2.<span style="mso-spacerun: yes;">
</span>Those that do the least effort for the greatest gain and 3. Those that
actively undermine a business.<span style="mso-spacerun: yes;"> </span>The
problem is a 1 can quickly turn into a 2 and eventually into a 3 if you aren’t
careful.<span style="mso-spacerun: yes;"> </span>That’s right, even ta well-intentioned employee can backslide down an all too slippery slope in a
hurry if they feel their efforts aren’t being appreciated.<span style="mso-spacerun: yes;"> </span>While many employers feel that things like
salaries, benefits and bonuses should be appreciation enough, employees don’t
feel the same way.<span style="mso-spacerun: yes;"> </span>Sure, they want to be
compensated for their efforts.<span style="mso-spacerun: yes;"> </span>Who
doesn’t?<span style="mso-spacerun: yes;"> </span>But if the compensation comes
at the crack of a whip, it won’t be long before frustration leads to
dissatisfaction which leads to subversion.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Lead or Drive?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">One of my favorite TV
sitcoms of all times was Taxi.<span style="mso-spacerun: yes;"> </span>Who can
forget little Louie DePalma who derived pleasure only when he was turning the
screws on his cabbies?<span style="mso-spacerun: yes;"> </span>While his character
was fictional, there are all too many real-life Louie’s out there whose only
contact with their employees is to point out what they’ve done wrong.<span style="mso-spacerun: yes;"> </span>Believe it or not, it’s just as easy to give
your employees a pat on the back as it is a kick in the butt.<span style="mso-spacerun: yes;"> </span>More importantly, if your employees seldom
get praised, the only thing they’ll remember are all the times you scolded
them, which can cause a rift that can soon become impossible to close.<span style="mso-spacerun: yes;"> </span>If your business seems to experience higher
than normal turnover, the first thing you have to ask yourself is if you’re
leading or driving your employees.<span style="mso-spacerun: yes;"> </span>It
also doesn’t hurt to build into your corporate culture a few diversions
designed to breed camaraderie and foster esprit de corps.<span style="mso-spacerun: yes;"> </span>While business meetings are important, when
was the last time your company sponsored a Blue Jeans Day or gathered your
staff together for a pizza or to watch a sporting event together?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">My Way of the Highway?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm5GmsnX7xZPZy_fzvs9tWPV1mYLBJaTfneI4hYZO1R3SFyi8bNnvE7RMLELuVN1MsASK3BeyjUYsncsCyhYJ3VKSo05MY8roSe6engSKxUYzwzBKpuO_OWcLvBqybCjuFb1HTPIpwcRZz/s1600/hiway+pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="494" data-original-width="770" height="205" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm5GmsnX7xZPZy_fzvs9tWPV1mYLBJaTfneI4hYZO1R3SFyi8bNnvE7RMLELuVN1MsASK3BeyjUYsncsCyhYJ3VKSo05MY8roSe6engSKxUYzwzBKpuO_OWcLvBqybCjuFb1HTPIpwcRZz/s320/hiway+pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/photos/gil-road-highway-nature-landscape-2854284/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Even if your company
prides itself on being a great place to work, do your employees have a ready-made
ladder to success or a slide down the chute to oblivion?<span style="mso-spacerun: yes;"> </span>Forbes Magazine pointed out that employees
can stagnate if left in the same job for too long.<span style="mso-spacerun: yes;"> </span>Burnout leads to disappointment which leads
to searching for a better position with another (possibly competing) firm.<span style="mso-spacerun: yes;"> </span>Business owners who wish to minimize employee
turnover go out of their way to make sure their employees have a clear path
forward that leads to advancement and career satisfaction.<span style="mso-spacerun: yes;"> </span>Even if a move is only a lateral one, helping
employees feel empowered can make them strive to do better and stay longer with
their existing firm.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Another motivating
factor for many employees is to feel they have some control over their work
schedule, particularly if they have a family.<span style="mso-spacerun: yes;">
</span>One of the quickest ways to help an employee achieve job satisfaction is
to allow them to create a work-life balance that allows them to have a job and
a life at the same time.<span style="mso-spacerun: yes;"> </span>While flexible
schedules aren’t possible in all businesses or even in certain job descriptions
within a business, those who can offer employees more control over their work
schedule find these employees are much more likely to stay in their employ
longer while feeling more job satisfaction than those who are chained to a
rigid schedule.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Just as in Herman
Melville’s tale, if you really want to experience terror, what all you
captain’s of industry should really be worried about is whether your crew is
going to help you bag your whale or whether they plan on turning their harpoons
against their master.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben
Kinsey, CPA of Small Business Group works with owners of closely held
corporations in the Northeast Florida region. If you work in the North
Florida area we offer a FREE initial Consultation at our office, please contact
Small Business Group if you would like to know more about strategies for your
business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif; font-size: 11.0pt;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif; font-size: 11.0pt;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a><span style="color: black; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-55931401026933375552019-03-13T08:19:00.000-04:002019-03-13T08:19:51.862-04:00Can the Right CPA Add Value to Your Business?<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWb61zZxPeRu6MgGEgM89c6TdxIYMPUhcZyPxNrB8BIruBk9jYi4NYdQxUpVY1ST1f_t5qeeudeT2wdTYZtEvuFvCHldXAOJHDl7vAE5z6Tea1G5saVUaCJonM5g4dRA2i4VLayE3w1LI2/s1600/accounting+max+pixel.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="344" data-original-width="546" height="201" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgWb61zZxPeRu6MgGEgM89c6TdxIYMPUhcZyPxNrB8BIruBk9jYi4NYdQxUpVY1ST1f_t5qeeudeT2wdTYZtEvuFvCHldXAOJHDl7vAE5z6Tea1G5saVUaCJonM5g4dRA2i4VLayE3w1LI2/s320/accounting+max+pixel.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.maxpixel.net/Finance-Calculation-Calculator-Insurance-Accounting-385506">Max Pixel</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Every business owner is
always looking to add value to their business.<span style="mso-spacerun: yes;">
</span>That’s why they spend so much money on everything from fancy offices to
first class business cards and brochures.<span style="mso-spacerun: yes;">
</span>As they say, perception is reality.<span style="mso-spacerun: yes;">
</span>While most business owners employ a CPA, what many don’t realize is that
all CPAs aren’t created equal.<span style="mso-spacerun: yes;"> </span>What I
mean by that is CPAs are like doctors in that many of them tend to
specialize.<span style="mso-spacerun: yes;"> </span>While they are all capable
of helping a business maintain and reconcile its accounts, prepare financial
statements and do basic tax prep work, some of them are more adept at helping a
business find every tax loophole, while others are better at showing clients
how to improve their processes to either save or make money.<span style="mso-spacerun: yes;"> </span>Depending on the type of business you operate
or the stage of development that your business currently is at the moment,
finding the right CPA could have a huge effect on your bottom line.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"></span></div>
<a name='more'></a><br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Getting Started on the Right Foot<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Even startups need
accounting help.<span style="mso-spacerun: yes;"> </span>When many small
businesses begin, most of the emphasis is placed on the owners whose skills are
the backbone of the business.<span style="mso-spacerun: yes;"> </span>While most
startup owners are skilled at selling and servicing their accounts, what many
of them lack are the skills necessary to help them price their services with an
eye toward growing the business.<span style="mso-spacerun: yes;">
</span>Moreover, since startups entail wearing a lot of different hats, the
last thing most startup owners have time for is keeping track of the
numbers.<span style="mso-spacerun: yes;"> </span>This sometimes puts them in the
unenviable position of selling their business into the ground.<span style="mso-spacerun: yes;"> </span>Even fledgling business who have the
wherewithal to invest in accounting software to record transactions and make
sure they are getting paid for their efforts on a timely manner, few of them
know how to break these numbers out into meaningful reports that can show them
whether their efforts are leading them to reward or ruin.<span style="mso-spacerun: yes;"> </span>CPAs who specialize in working with startups
can not only help a fledgling business owner make sense of the numbers they
generate, they can also help them improve profits, cut costs and foster growth.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Here We Grow Again<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDNmYPQmkjbrZmj4M_dx3t2HcEdMs-JgP_KWG9vo2q9llxxHm03g6V5VYq9jwj2hJswTKO7xIpzU3yZVOwoAHKtmuuK9Lm-MyotSeO1CEyey3OlDUFs3BcVzDTg_psu9oyulr4g5MskTck/s1600/annual+report+pixaba.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="413" data-original-width="542" height="243" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDNmYPQmkjbrZmj4M_dx3t2HcEdMs-JgP_KWG9vo2q9llxxHm03g6V5VYq9jwj2hJswTKO7xIpzU3yZVOwoAHKtmuuK9Lm-MyotSeO1CEyey3OlDUFs3BcVzDTg_psu9oyulr4g5MskTck/s320/annual+report+pixaba.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://pixabay.com/illustrations/silhouettes-businessmen-man-woman-816487/">pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">While it’s true that
two thirds of businesses fail in the first two years, what cripples a fair
portion of the remaining third are growing pains.<span style="mso-spacerun: yes;"> </span>That’s right, some businesses are actually
undermined by their own success.<span style="mso-spacerun: yes;"> </span>The
realities of scaling a business up are sometimes more daunting than getting a
business off the ground in the first place.<span style="mso-spacerun: yes;">
</span>Everything from staffing considerations to scaling up production and
supplies can put a business on the rocks in a hurry if preparations aren’t made
in advance. <span style="mso-spacerun: yes;"> </span>Sometimes these preparations
include detailed forecasts that let the owners know in advance the steps they
need to take to keep their business going and growing.<span style="mso-spacerun: yes;"> </span>Other times, it also includes proving to a
bank that the business is credit worthy so a banker will approve a credit line
or loan that allows a business to grow.<span style="mso-spacerun: yes;">
</span>Having the right CPA who knows how to handle a business’ growing pains
could make or break a firm that’s poised for growth.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">The Taxman Cometh<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuoOD2netHAZDAZLlV0eeSXogabaUYF9xy6Dtao0h8Qpb6e1VJ5yczb7C1ABKNePEo_Y9qae_kXAwt8F2lMkwZgZgXtrvRq9JKFGL-dgOZjBX5csqakjQ2_vamnBXqArZob33bF_yqH6fP/s1600/irs+wikimedia.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="300" data-original-width="561" height="171" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiuoOD2netHAZDAZLlV0eeSXogabaUYF9xy6Dtao0h8Qpb6e1VJ5yczb7C1ABKNePEo_Y9qae_kXAwt8F2lMkwZgZgXtrvRq9JKFGL-dgOZjBX5csqakjQ2_vamnBXqArZob33bF_yqH6fP/s320/irs+wikimedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://commons.wikimedia.org/wiki/File:Blue-Eagle%2BIRS.png">wikimedia</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Another way in which
the right CPA can help businesses grow is by minimizing their tax burden.<span style="mso-spacerun: yes;"> </span>While all CPAs know how to prepare tax
statements, some are more adept than others in helping companies reduce their
tax burden.<span style="mso-spacerun: yes;"> </span>That’s because keeping up
with all the changes in the tax code is practically a full-time job in
itself.<span style="mso-spacerun: yes;"> </span>Plus, some CPAs are more
comfortable helping contractors or business professionals find tax shelters,
while others are more adept at helping retailers or manufacturers reduce their
tax burden.<span style="mso-spacerun: yes;"> </span>Finding out the kind of
businesses a CPA prefers to work with can many times lead a business owner to
look for another CPA.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Can You Outgrow Your Current CPA?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Even if your CPA is a
perfect fit for your business today, if your company grows dramatically in the
next few years, you could find yourself in a position where you can outgrow
your CPA. <span style="mso-spacerun: yes;"> </span>That’s not a bad thing,
provided you plan for the transition in advance and begin your hunt for a new
CPA long before you drop your current one.<span style="mso-spacerun: yes;">
</span>While no CPA likes to lose an account, most are more than happy to
accommodate a business owner who is obviously moving up into a class that the
CPA is not set up to handle.<span style="mso-spacerun: yes;"> </span>The best of
them will even help a client choose the right CPA, then make the transfer of
accounting data easy for a business owner.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Depending on how far
and how fast a business grows, it isn’t uncommon for the owners to switch CPAs
several times.<span style="mso-spacerun: yes;"> </span>It’s all part of the
learning curve through which businesses go as they strive to beat the odds and
best the competition.<span style="mso-spacerun: yes;"> </span>When it comes to
understanding the math of the game, who’s better than a CPA to help your
business gain a competitive advantage?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben
Kinsey, CPA of Small Business Group works with owners of closely held
corporations in the Northeast Florida region. If you work in the North
Florida area we offer a FREE initial Consultation at our office, please contact
Small Business Group if you would like to know more about strategies for your
business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<a href="http://www.smallbg.com/"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com</span></a><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif; font-size: 11.0pt;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif; font-size: 11.0pt;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><a href="http://www.smallbg.com/appointment.htm"><span style="background: white; color: black; font-size: 11.0pt;">http://www.smallbg.com/appointment.htm</span></a><span style="color: black; font-size: 13.5pt;"><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com1Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097499999983 30.770686299999998 -81.010204499999972tag:blogger.com,1999:blog-6657761878105170639.post-30416983941206332442019-02-27T16:07:00.000-05:002019-02-27T16:07:45.612-05:00Is Healthcare Reform in 2019 Healthy for You & Your Business?<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrpg_8IVvUciNQh2Ew3etWeKt9Utn5ENLxd5UON_5ton13842We9fXTq_9IgBWpIwb0CKI2m9MgBiF-bXKExrObJWLQhDnZzKW4H72qGm7Nnt6C6lLZQGfhslDKReEgeGLC9-KT25um-XX/s1600/healthcare1+bluediamond.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="455" data-original-width="694" height="209" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrpg_8IVvUciNQh2Ew3etWeKt9Utn5ENLxd5UON_5ton13842We9fXTq_9IgBWpIwb0CKI2m9MgBiF-bXKExrObJWLQhDnZzKW4H72qGm7Nnt6C6lLZQGfhslDKReEgeGLC9-KT25um-XX/s320/healthcare1+bluediamond.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><a href="http://www.thebluediamondgallery.com/highlighted/h/health-care-reform.html">Image courtesy Blue Diamond Gallery</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">It’s been said that the
only things in life that are guaranteed are death and taxes.<span style="mso-spacerun: yes;"> </span>Well, I’d like to add another codicil to that
tenet called Healthcare Reform.<span style="mso-spacerun: yes;"> </span>I say this
because ever since the so-called Affordable Care Act was signed into law back
in 2010, it has been kicked around like the mother of all political
footballs.<span style="mso-spacerun: yes;"> </span>Even as 2019 had barely
begun, US District Court Judge Reed O’Conner declared the ACA unlawful.<span style="mso-spacerun: yes;"> </span>He ruled the mandate requiring the American
public to buy health insurance was unconstitutional.<span style="mso-spacerun: yes;"> </span>Back in 2012, the Supreme Court ruled that
the law fell under the Senate’s taxation powers, rendering it
constitutional.<span style="mso-spacerun: yes;"> </span>As the football and the
buck is being passed back and forth while the issue is being decided by the
Fifth Circuit Court of Appeals. I thought I’d take the time to write about
what’s in store for businesses in the coming year. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"></span></div>
<a name='more'></a><br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Healthcare Spending by Businesses will Increase<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Big surprise there,
right.<span style="mso-spacerun: yes;"> </span>Ever since the ACA was enacted,
the costs to employers and employees has steadily risen.<span style="mso-spacerun: yes;"> </span>The only question is how much.<span style="mso-spacerun: yes;"> </span><a href="https://www.mercer.us/what-we-do/health-and-benefits/strategy-and-transformation/mercer-national-survey-benefit-trends.html">A report on healthcare benefit trends</a> notes
that while costs to employers rose on average 3.6% in 2018, they are expected
to rise by 4% in 2019. The report also points out that even those figures don’t
show the true increases faced by small businesses, since employers with less
than 500 employees reported their costs increasing by more than 10% in 2018.<span style="mso-spacerun: yes;"> </span>This forced many smaller employers to do such
things as increase PPO deductibles to keep their health costs from
skyrocketing.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Why are Small Businesses Feeling the Pinch?</span></b></div>
<div class="MsoNormal">
<b><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUhvo15YgAqbcWkYkF23PFwaL_lx9h8NceDrR7obhM9iunCYyPs3k5ousBJvxwlfSct5QvQBXQlj7FK0KWDtdwombAhsKRbVBCIumizJadT6VWk4_KfiCocEBAykZ0xXKW40PWn_MTD-sW/s1600/healthcare1+wikimedia.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="584" data-original-width="452" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUhvo15YgAqbcWkYkF23PFwaL_lx9h8NceDrR7obhM9iunCYyPs3k5ousBJvxwlfSct5QvQBXQlj7FK0KWDtdwombAhsKRbVBCIumizJadT6VWk4_KfiCocEBAykZ0xXKW40PWn_MTD-sW/s320/healthcare1+wikimedia.JPG" width="247" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://commons.wikimedia.org/wiki/File:23.HealthCareReformProtests.SupremeCourt.WDC.27March2012_(7022914175).jpg">wikimedia</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">When it comes to buying
power, big businesses have it and smaller firms don’t.<span style="mso-spacerun: yes;"> </span>This means organizations with less than
10,000 employees are going to be required to spend more for healthcare than big
multinational corporations.<span style="mso-spacerun: yes;"> </span>As a result,
many small businesses are offering employees currently on traditional PPO plans
the option of switching to consumer-driven health plans (CDHPs).<span style="mso-spacerun: yes;"> </span>The reason they do this is obvious when you
compare the cost.<span style="mso-spacerun: yes;"> </span>High-deductible CDHPs
cost an average of 13% less than comparable PPOs.<span style="mso-spacerun: yes;"> </span>The other popular alternative is for smaller
employers to join professional employer organizations in order to leverage the
buying power usually reserved for much larger businesses.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Is there a Doctor in the Mouse?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Another way in which
small employers are trying to offset rising healthcare costs is by leveraging
technology.<span style="mso-spacerun: yes;"> </span>Offering employees access to
such things as telemedicine, interactive condition monitoring, and other hi-tech
solutions designed to target health issues like diabetes can help keep
employees healthier which reduces the number of times they choose to go to the
doctor’s office.<span style="mso-spacerun: yes;"> </span>Online health education
and other preventative medical alternatives have also been proven to be a way
to lower costs without eroding benefits.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Can You Negotiate Your Way to a Cure?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">The problem with most
small business owners is they believe when their annual premium arrives, that’s
all she wrote.<span style="mso-spacerun: yes;"> </span>Instead of spending a lot
of time searching for more affordable solutions, they simply bite the bullet
and pay up since they don’t believe that have much of a choice.<span style="mso-spacerun: yes;"> </span>Even worse, the insurers themselves think
nothing of bullying small employers into accepting rising costs, especially if
their workforce is aging or the firm processed a number of large healthcare
claims the previous year.<span style="mso-spacerun: yes;"> </span>What these
employers don’t realize is unless their healthcare insurance broker points out
to the insurer factors that can mitigate these liabilities, the writing is on
the wall. If your company has been successful at keeping your employees healthy
or some of your more mature employees have retired, don’t expect the insurance
company to point these out to you.<span style="mso-spacerun: yes;">
</span>That’s when you need your insurance broker to go to bat for you.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">SHOP til You Drop<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwQ59Rek-dyq3snj37i9WwhAkN5BhXvq6VFcUbcDxyBlKMiLtWnUzuz7OCEu8GfqxXo6nTvvQttM-utLoQzb8FrJACfEASdVB6I79SdElPigAPhx11CVrkKER80j4UU7VKFCi1WJ045-6J/s1600/health4+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="543" data-original-width="975" height="178" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwQ59Rek-dyq3snj37i9WwhAkN5BhXvq6VFcUbcDxyBlKMiLtWnUzuz7OCEu8GfqxXo6nTvvQttM-utLoQzb8FrJACfEASdVB6I79SdElPigAPhx11CVrkKER80j4UU7VKFCi1WJ045-6J/s320/health4+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/taedc/26870892450">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">The federal government
has a way for smaller businesses to shop for better healthcare options.<span style="mso-spacerun: yes;"> </span>In fact, the program is called SHOP, which
stands for the Small-Business Health Options Program.<span style="mso-spacerun: yes;"> </span>The program is designed for small businesses
with 50 or less full-time employees.<span style="mso-spacerun: yes;"> </span>(Those
with 25 or less employees who opt for SHOP, may even qualify for the Small
Business health Care Tax Credit.) What’s even better about SHOP is you don’t
have to shop alone.<span style="mso-spacerun: yes;"> </span>That’s because the feds
also allows you to shop the program through a SHOP-registered agent or
broker.<span style="mso-spacerun: yes;"> </span>Some of the benefits of SHOP
are:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">You control the coverage and the cost.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">You get to choose from a number of private
health insurance plans.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">You may opt for health-only or add dental
coverage as well.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">You can start coverage for your employees at
any time of year.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">The only other
requirement to shop your insurance with this program is that at least 70% of
your employees must opt for SHOP and you must have an office or employee work
site in the state whose SHOP you want to use.<span style="mso-spacerun: yes;">
</span>For more information on SHOP, clock on the link below.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><a href="https://www.cms.gov/CCIIO/Programs-and-Initiatives/Health-Insurance-Marketplaces/SHOP.html">SHOP Website</a></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">The bottom line if you
wish to keep both your employees and your business healthy, is you need to roll
up your sleeves to dig into the health options available to help you find the
plan that best fits your needs.<span style="mso-spacerun: yes;"> </span>Or, at
lease you do until the powers that be step back to punt this particular political
football down the field again in 2020.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben
Kinsey, CPA of Small Business Group works with owners of closely held
corporations in the Northeast Florida region. If you work in the North
Florida area we offer a FREE initial Consultation at our office, please contact
Small Business Group if you would like to know more about strategies for your
business.</span><span style="color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<span class="MsoHyperlink"><span style="background: white; color: black; font-size: 11.0pt;"><span style="color: black;">http://www.smallbg.com</span></span></span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif; font-size: 11.0pt;"> </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif; font-size: 11.0pt;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span class="MsoHyperlink"><span style="background: white; color: black; font-size: 11.0pt;"><span style="color: black;">http://www.smallbg.com/appointment.htm</span></span></span><span style="color: black; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-27144990871233033062019-02-15T12:56:00.000-05:002019-05-08T10:13:07.955-04:00Are Business Meals Feeding Your Face or Eating Your Lunch?<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCpkQvnBz2414rmUdjiU9jsAW4wGtgYiuDu8-9xjOWQxJ5GOP5ZOzEsdrXmpxb2_08e2efm6W4Sp9YkZByKrV4NArQiKwZZurNbKZaMp6kETR8Afkm8t_-Zujt5xwAk9EutoqZlun6dPzN/s1600/biz+lunch1+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="692" data-original-width="840" height="263" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCpkQvnBz2414rmUdjiU9jsAW4wGtgYiuDu8-9xjOWQxJ5GOP5ZOzEsdrXmpxb2_08e2efm6W4Sp9YkZByKrV4NArQiKwZZurNbKZaMp6kETR8Afkm8t_-Zujt5xwAk9EutoqZlun6dPzN/s320/biz+lunch1+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/138128908@N06/31527832764/in/photolist-Q31ogw-Qacr24-Cpt6uV-24fW8bt-a35mbd-e5k1Z4-f2hBYx-bGfTpc-dZ6ibq-S9vCff-BS3XU-SfFGV5-bW5Lyq-QJ1D6e-dwYcFd-9TKGN9-dCJFPh-nyVddc-bihNgZ-29wJVD1-e6HSat-YUkQyr-SNSQU9-GZpFF2-5s9xFK-ZFEFvt-7qea7D-9DPkiq-iuihcY-aDLj69-2726w3s-7SefsN-D4uu4-hxEpMW-egkzwD-9WCHEq-oSmdzN-j1P7Ao-2fajr2-7ZHA64-8Utv2b-czgRV1-4xZPq9-pwMqgk-7GobWP-bqcaaP-bxu86M-c4FNps-6eJ26k-bn9WpM">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">One of the perks of
being a business owner is being able to write off meals when you travel for
business or take a client out for lunch.<span style="mso-spacerun: yes;">
</span>That’s the good news.<span style="mso-spacerun: yes;"> </span>The bad
news is that the IRS rules for deducting meals are complicated.<span style="mso-spacerun: yes;"> </span>Get them right and you can enjoy that free
lunch you’ve always heard about.<span style="mso-spacerun: yes;"> </span>Get it
wrong and you can wind up running afoul of those same regulations, which could
cost you deductions or even give the IRS cause to begin an audit that could
well eat your lunch.<span style="mso-spacerun: yes;"> </span>Below is some food
for thought regarding meals.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">First Course: Travel Meals<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">When you travel for
business purposes, the expenses incurred are indeed deductible.<span style="mso-spacerun: yes;"> </span>The cost associated with lodging for business
trips is 100% deductible, as are the miles driven to reach your destination.<span style="mso-spacerun: yes;"> </span>Meals, on the other hand, are only 50%
deductible when you travel for business.<span style="mso-spacerun: yes;">
</span>This deduction does however include the cost of the meal, tax and tip.<span style="mso-spacerun: yes;"> </span>The caveat for leveraging this deduction
requires you to be far enough out of town to require lodging.<span style="mso-spacerun: yes;"> </span>So, day trips from Jacksonville to Orlando do
not apply.<span style="mso-spacerun: yes;"> </span>You also need to be able to
prove to Uncle Sam that there was a legitimate business reason for the
trip.<span style="mso-spacerun: yes;"> </span>This means the reason for going
needs to have been to attend a trade-show, training session or business
conference, or to visit a client or prospect.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Second Course: Entertaining Clients <o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">When it comes to wining
and dining clients, I have good news and I have bad news.<span style="mso-spacerun: yes;"> </span>The good news is the IRS allows you to take
clients and prospects out to eat, as long as there’s a legitimate business
connection.<span style="mso-spacerun: yes;"> </span>What I mean by that is as
long as the person being wined and dined is a current client, a prospect or
current employee, you may claim a deduction provided you talk business before,
during or after the meal.<span style="mso-spacerun: yes;"> </span>The rules also
stipulate that the reason for your largess has to be related to the
expectation of a substantial business benefit being generated as a result of
the meal. <span style="mso-spacerun: yes;"> </span>The bad news is that like
travel-related meals, you are only permitted to deduct 50% of the meal for tax
purposes.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Third Course: Feeding Your Employees<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDBRAJPYljXetdoCOcbZrYYsTjhz_OBICELs-obZVbh1ylFZ_9aari6LLtj0KMnwt-0pBqSCaLEvj_FNbn7hqAbKf0Ovs7CrJ4H5D0LUMfFYi5qk8EJRWxsOWQI8cHDQhdrXVJpsyTFH45/s1600/employeees+eating+flickr.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="420" data-original-width="622" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDBRAJPYljXetdoCOcbZrYYsTjhz_OBICELs-obZVbh1ylFZ_9aari6LLtj0KMnwt-0pBqSCaLEvj_FNbn7hqAbKf0Ovs7CrJ4H5D0LUMfFYi5qk8EJRWxsOWQI8cHDQhdrXVJpsyTFH45/s320/employeees+eating+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/27968130@N02/2610138896/">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Here’s a meal deduction
every business owner will appreciate.<span style="mso-spacerun: yes;">
</span>That’s because it entails a 100% write-off.<span style="mso-spacerun: yes;"> </span>I’m talking about feeding your employees
onsite.<span style="mso-spacerun: yes;"> </span>By onsite, I mean any time you
spring for lunch that is brought to your office for your employees, it’s 100%
deductible.<span style="mso-spacerun: yes;"> </span>So too are snacks, donuts
and coffee purchased for your employees.<span style="mso-spacerun: yes;">
</span>The only caveat is that the food has to be consumed by your staff, not
just by yourself.<span style="mso-spacerun: yes;"> </span>So, get the thought
out of your head that you can write off your own in-office lunches, unless you
invite your employees to join you.<span style="mso-spacerun: yes;"> </span>That
doesn’t mean if you and your staff are working late to meet a deadline that you
can’t spring for pizza.<span style="mso-spacerun: yes;"> </span>That would be
100% deductible.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Fourth Course: Feeding the Masses</span></b></div>
<div class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">As part and parcel of
doing business, sometimes you will want to throw a party, or invite clients,
prospects, employees and their families to an event.<span style="mso-spacerun: yes;"> </span>Whether we’re talking an annual Christmas
party, or an open house designed to improve camaraderie as well as showing appreciation
to your clients and staff, the IRS allows you to write off 100% of the food and
beverages.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Just Desserts: The Job isn’t Done Until the
Paperwork is Complete<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib4NNczVHlwpCIXaGDP1-uj0AUtYmuRDZRiTaSRer7-7kfNhcNQxBIIEXpsuJ0ehMKYJKmEX2IJVfbmiA-g0Hda1r97BGWXvI0c-JWEU__OMTwhwxYW6zoguiUU4OgXkFUSPPYtUVEIBVZ/s1600/irsaudit+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="695" data-original-width="917" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEib4NNczVHlwpCIXaGDP1-uj0AUtYmuRDZRiTaSRer7-7kfNhcNQxBIIEXpsuJ0ehMKYJKmEX2IJVfbmiA-g0Hda1r97BGWXvI0c-JWEU__OMTwhwxYW6zoguiUU4OgXkFUSPPYtUVEIBVZ/s320/irsaudit+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/sudergal/2311794190/in/photolist-4whxSw-U4RGr9-muXQ6p-pWyRfe-eR1wFi-eRcTWJ-B54RX-eR6GMU-eR6HFQ-eRcN5f-25hEWm-nFMYo8-QrkoJT-5oBn1R-cpBFUw-RNrtob-eR6Hvj-jnfb1-fasdgt-nH9sLS-cxwJ7b-eRcTHW-UfRw9n-7SrQWv-eR6GRh-eRcSuN-eRcPeE-3XD5A-4i3qQK-eR6Hm1-eR6HQb-cpBG2A-eRcTzj-dkYb6V-eR1xVt-Rx57wA-8eNdhU-emNfif-25X9wA9-JomJnp-anubST-xe9qc-odvE3d-oeZogL-VGJRra-SF5pDs-b87DfT-8eMUJo-antXfF-eRcRS1">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Here’s where some
business owners run afoul of the IRS.<span style="mso-spacerun: yes;"> </span>If
you want to claim a deduction, you have to document the transaction.<span style="mso-spacerun: yes;"> </span>Sounds simple enough, doesn’t it?<span style="mso-spacerun: yes;"> </span>The problem is, if you think the IRS is going
to accept your credit card statement as proof, you’re dead wrong.<span style="mso-spacerun: yes;"> </span>That means anytime you take a client,
prospect or employee out for lunch or dinner, you need to keep a copy of the
bill of sale you receive at the restaurant.<span style="mso-spacerun: yes;">
</span>If you cater lunch in for your employees, you’d better be able to
provide a printed receipt.<span style="mso-spacerun: yes;"> </span>Last but not
least, if you intend to throw a party or event, for goodness sake, request and
file an invoice with the caterer of your choice.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">As they say, “There’s
no such thing as a free lunch.”<span style="mso-spacerun: yes;"> </span>Even if
you follow all the rules as to where and when you are allowed to write off
business-related meals, you had better be able to back it up with the proper documentation.<span style="mso-spacerun: yes;"> </span>Fortunately, there’s a simple way for you to
do that.<span style="mso-spacerun: yes;"> </span>Before you wind up getting
caught in the wringer by Uncle Sam, you owe it to yourself to bone up on the
current rules and regulations that permit businesses to write off travel,
entertainment, gift and auto expenses.<span style="mso-spacerun: yes;"> </span>In
fact, there’s an IRS publication that is designed to do just that: <a href="https://www.irs.gov/publications/p463">IRS Pub 463</a>.
<span style="mso-spacerun: yes;"> </span>In it you will find everything you need to
satisfy the IRS rules and regulations.<span style="mso-spacerun: yes;"> </span>Who
knows, you may even find a few deductions you had previously missed, such as
how to write off a round of golf.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: red; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;">Ben
Kinsey, CPA of Small Business Group works with owners of closely held
corporations in the Northeast Florida region. If you work in the North
Florida area we offer a FREE initial Consultation at our office, please contact
Small Business Group if you would like to know more about strategies for your
business.</span><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<span class="MsoHyperlink"><span style="background: white; color: black; font-size: 11.0pt;"><a href="http://www.smallbg.com/"><span style="color: black;">http://www.smallbg.com</span></a></span></span><span style="background: white; color: #1f497d; font-family: "arial" , sans-serif; font-size: 11.0pt;"> </span><span style="background: white; color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "arial" , sans-serif; font-size: 11.0pt;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><br />
</span><span class="MsoHyperlink"><span style="background: white; color: black; font-size: 11.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="color: black;">http://www.smallbg.com/appointment.htm</span></a></span></span><span style="color: black; font-size: 13.5pt;"><o:p></o:p></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-41677861698591514122019-01-21T14:57:00.000-05:002019-01-21T14:57:07.911-05:0010 Ways to Improve Cash-flow<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZH70JKECqq_61zB1whyheX4_uwNnrYcWBgLLz9Nep2oVxzk9XEAOFgac_r0WptNe1kc_NvmbRQ98QZfc1QGEwCIXvBzbXiOeQtDxl9VaWricpJlak61UzOJZeanp6rAyMq7sURmnPlhCY/s1600/cashflow+picpedia.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="585" data-original-width="873" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgZH70JKECqq_61zB1whyheX4_uwNnrYcWBgLLz9Nep2oVxzk9XEAOFgac_r0WptNe1kc_NvmbRQ98QZfc1QGEwCIXvBzbXiOeQtDxl9VaWricpJlak61UzOJZeanp6rAyMq7sURmnPlhCY/s320/cashflow+picpedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="http://www.picpedia.org/clipboard/cash-flow.html">Picpedia</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Now that everybody is
up to their necks preparing their yearly taxes, I thought I’d take the time to
help you take the steps to improve your business cash-flow in 2019.<span style="mso-spacerun: yes;"> </span>Cash-flow is like the old Mark Twain ditty
that goes, “Everybody talks about the weather, but nobody does anything about
it.”<span style="mso-spacerun: yes;"> </span>By that I mean, most business
owners are always asking CPA’s like me to give them tips on how to improve
their cash-flow.<span style="mso-spacerun: yes;"> </span>Then they rail at the
advice, since it usually requires them to take the time to assess their policies
and procedures, as well as changing some of the ways that they do
business.<span style="mso-spacerun: yes;"> </span>Below is a list of 10 ways to
improve your business’ cash-flow:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"></span></div>
<a name='more'></a><br />
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Streamline your invoicing – The single most
important thing a business owner can do to keep their business off the rocks is
to make sure their clients pay them in a timely manner.<span style="mso-spacerun: yes;"> </span>Sometimes this means using automation to make
sure every client gets billed on time every month.<span style="mso-spacerun: yes;"> </span>Other times, a business may need to adjust
the types of payment it accepts or the terms it offers clients.<span style="mso-spacerun: yes;"> </span>Last but not least, it necessitates
identifying slow paying customers and coming up with a strategy that penalizes
them if they pay late.<span style="mso-spacerun: yes;"> </span>When it comes to
accounts receivable, failure is not an option if you want to keep your business
in business. <o:p></o:p></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiNbWVV4oa-MPfE8Rr2S19aOjmsJrNMY_FgcvIqLdWWECLub2KF1lnJCvG14jKOrl3SpEhmUzteJY58Twpsw9YevrrsYg-FYiOEiqKWvRh2OnAvckUbDtQ5c9or7YAt3PShyphenhyphenbbQa7AEuLJ/s1600/cash+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="685" data-original-width="914" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhiNbWVV4oa-MPfE8Rr2S19aOjmsJrNMY_FgcvIqLdWWECLub2KF1lnJCvG14jKOrl3SpEhmUzteJY58Twpsw9YevrrsYg-FYiOEiqKWvRh2OnAvckUbDtQ5c9or7YAt3PShyphenhyphenbbQa7AEuLJ/s320/cash+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.flickr.com/photos/68751915@N05/6355299665">flickr</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Offer cash discounts – If you see an imminent
cash crunch approaching, don’t panic.<span style="mso-spacerun: yes;">
</span>Get creative.<span style="mso-spacerun: yes;"> </span>One way to generate
additional cash is to offer existing customers or new prospects a discount if
they pay in advance.<span style="mso-spacerun: yes;"> </span>While you may wind up
giving up 10% over the life of the contract, generating a lump sum payment
instead of having to wait months to get paid can definitely help you avoid red
ink that you will have to make up by tapping your credit line.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Consider leasing – While leasing can sometimes
prove costlier than purchasing, if used with discretion, it can improve
cash-flow by allowing you to make small payments instead of having to come up
with a lump sum.<span style="mso-spacerun: yes;"> </span>Since lease payments are
also considered a business expense, you’ll get to write them off.<span style="mso-spacerun: yes;"> </span>You will also save on sales tax when you
lease.<span style="mso-spacerun: yes;"> </span>This can add up to substantial
savings on larger purchases such as vehicles or expensive office equipment. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Renegotiate contracts with vendors – Here’s
another area that can mean a substantial reversal of fortunes.<span style="mso-spacerun: yes;"> </span>If accounts payables are eating your lunch,
it’s time to talk to your vendors to see if you can renegotiate a better
deal.<span style="mso-spacerun: yes;"> </span>Like you, vendors don’t want to
lose customers, particularly those that pay promptly and have been buying from
them for years.<span style="mso-spacerun: yes;"> </span>This gives you some
leverage which can be used to reduce the payments you make for goods and
services.<span style="mso-spacerun: yes;"> </span>(Also consider asking for a
discount if you pay up front.)<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzdP1KJbzHuGWArwNz-_BEf8UcM42iLxmO4hCZwaz5bfAR-lsydSFIEET9P7SEru0FtBmsIvt5Rm0cYnFyUjEiL1mVRMeGuwFKQBrrFjv29hZfcx4pkU19utSr9M7kXBUETRAhWEgYYqZs/s1600/inventory+USAF.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="565" data-original-width="755" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzdP1KJbzHuGWArwNz-_BEf8UcM42iLxmO4hCZwaz5bfAR-lsydSFIEET9P7SEru0FtBmsIvt5Rm0cYnFyUjEiL1mVRMeGuwFKQBrrFjv29hZfcx4pkU19utSr9M7kXBUETRAhWEgYYqZs/s320/inventory+USAF.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.macdill.af.mil/News/Photos/igphoto/2001903364/">USAF</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Reduce your inventory – Assess your inventory
to determine what products move and which sit on the shelves.<span style="mso-spacerun: yes;"> </span>Rather than tying up your money on products
that do little more than gather dust, consider selling them in bulk to make way
for inventory that moves off the shelves.<span style="mso-spacerun: yes;">
</span>Above all, never get emotionally attached to any product.<span style="mso-spacerun: yes;"> </span>This is one check your ego can write that
your body can’t cash.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Eliminate the dead wood – This tactic can mean
everything from reducing expenditures for non-essential items, to laying off
unnecessary personnel.<span style="mso-spacerun: yes;"> </span>The secret to
eliminating the dead wood is identifying what and who is necessary to the
success of your business and what’s not.<span style="mso-spacerun: yes;">
</span>From a supply-side standpoint, look hard at the things your company
spends money on monthly.<span style="mso-spacerun: yes;"> </span>Do you really
need all those magazines that needlessly clutter up your waiting room?<span style="mso-spacerun: yes;"> </span>Is there a more cost-effective inkjet printer
on the market that won’t eat your lunch when it comes to consumables?<span style="mso-spacerun: yes;"> </span>How often and how much do you spend to
entertain clients?<span style="mso-spacerun: yes;"> </span>Reducing or
eliminating waste is one of the most efficient ways to improve cash-flow.<span style="mso-spacerun: yes;"> </span>So too is reducing the workforce.<span style="mso-spacerun: yes;"> </span>While most employers hate to admit it, many
of their full-time staffers can be outsourced for far less.<span style="mso-spacerun: yes;"> </span>Perhaps it’s also time to talk some of the
employees who’ve been with the firm for years into retiring.<span style="mso-spacerun: yes;"> </span>The bottom line is a reduction in payroll is
one of the fastest ways to improve cash-flow. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">7.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Increase your prices – If you want to increase
cash-flow, think of increasing your prices.<span style="mso-spacerun: yes;">
</span>Even a bump of as little as 5-10% could make a huge difference in
profitability.<span style="mso-spacerun: yes;"> </span>If a customer balks at
the increase, you can always offer to give them a discount if they pay in
advance.<span style="mso-spacerun: yes;"> </span>You can also offer value-added
benefits that will help you sell the increase.<span style="mso-spacerun: yes;">
</span>What you may find is that few if any of your customers balk at the
increase, which should tell you that you’ve been selling yourself short for
quite some time.<o:p></o:p></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDcW-dj6lnpl67Au2Q84_R4RPE7VwroKhYSOk763Pb8TWdhP7EZDe2shkfPkTxjKm7E8qDBDAiUGwz-nd3Vz4M_PF_WFb-JWTmMRbMB51nt4DAq88vSh6gwzG9AkbXKPFLfPWwJqu_nWz3/s1600/co-op.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="187" data-original-width="189" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDcW-dj6lnpl67Au2Q84_R4RPE7VwroKhYSOk763Pb8TWdhP7EZDe2shkfPkTxjKm7E8qDBDAiUGwz-nd3Vz4M_PF_WFb-JWTmMRbMB51nt4DAq88vSh6gwzG9AkbXKPFLfPWwJqu_nWz3/s1600/co-op.JPG" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://en.wikipedia.org/wiki/Co-op_Food">wikimedia</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">8.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Pool your resources –A co-op is another way to
increase your busying power without having to spend one extra dime.<span style="mso-spacerun: yes;"> </span>Everything from goods and services to
advertising and marketing expenses can be reduced if you have more buying
power.<span style="mso-spacerun: yes;"> </span>By pooling your resources with
other non-competing businesses, you could find yourself saving 10-20% over going
it alone. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">9.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Recycle your customers – The two hardest things
for any business to do is acquire new customers and keep existing ones.<span style="mso-spacerun: yes;"> </span>The problem is most small businesses don’t
realize that the best way to improve cash-flow and profitability is by going
back to the well.<span style="mso-spacerun: yes;"> </span>Just as with invoicing,
the most efficient way to resell and upsell customers is to create an automated
system that keeps your firm top of mind and reaches out to them without running
you and your staff to ground.<span style="mso-spacerun: yes;"> </span>One of the
most cost-effective ways to do this is to publish a weekly blog and a monthly
or quarterly newsletter. <span style="mso-spacerun: yes;"> </span>If you don’t
take the time to keep your clients in the loop, what’s to keep them from
jumping ship? <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">10.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">Incentivize your sales force – If sales are
languishing or it’s a traditionally slow time of year to sell your wares, you
should consider creating a contest for your sales force that lights a fire
under them to go the extra distance.<span style="mso-spacerun: yes;">
</span>You’d be surprised at the effort a sales rep will make to win a tablet
PC or a weekend cruise that costs you little to procure.<span style="mso-spacerun: yes;"> </span>Offering a contest to your customers can be
another way to produce more sales when the going gets tough.<span style="mso-spacerun: yes;"> </span>Either way, the real winner will be your
business.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;">The beauty of having
ten tactics for improving cash-flow is you can pick and choose the ones that
work best for you.<span style="mso-spacerun: yes;"> </span>If you’re still
reluctant to change your ways, let me leave you with one last quote from the
late, great Samuel Clemons:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><br /></span></div>
<div class="MsoNormal">
<em><b><span style="background: white; border: none windowtext 1.0pt; color: #666666; font-family: "inherit",serif; font-size: 10.0pt; line-height: 107%; mso-bidi-font-family: "Times New Roman"; mso-bidi-theme-font: minor-bidi; mso-border-alt: none windowtext 0in; padding: 0in;">“Twenty years from now, you’ll be more
disappointed by the things you didn’t do than by the ones you did.<span style="mso-spacerun: yes;"> </span>So, throw off the bowlines, sail away from
the safe harbor and catch the trade winds in your sails.”</span></b></em><span style="font-family: "Times New Roman",serif; font-size: 12.0pt; line-height: 107%; mso-bidi-theme-font: minor-bidi;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: red; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">Ben
Kinsey, CPA of Small Business Group works with owners of closely held
corporations in the Northeast Florida region. If you work in the North
Florida area, we offer a FREE initial Consultation at our office, please
contact Small Business Group if you would like to know more about strategies
for your business.</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif; font-size: 11.0pt;"> <o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;">http://www.smallbg.com/<br />
</span><span style="background: white; color: #1f497d; font-family: "Arial",sans-serif; font-size: 11.0pt;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "Trebuchet MS",sans-serif; font-size: 10.0pt;"><br />
</span><span class="MsoHyperlink"><span style="background: white; color: black; font-size: 11.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="color: black;">http://www.smallbg.com/appointment.htm</span></a></span></span><span style="color: black; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-60645724398456253492018-12-28T16:13:00.000-05:002018-12-28T16:13:21.001-05:005 New Year’s Resolutions for Businesses<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmmiOePdrC6IxpOcgGip2pahGT-AHon5dAFBYoyd8qNyUJBoRE7ovujEnWT1s1WlnXGesNTx-eadEIH5qdVdMAQwLGTw-NqdW562LBKwHDxBCc_j2BB9KQcq-uVp2Xjb-YJKwCCZYGgMJS/s1600/new+year+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="578" data-original-width="582" height="198" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmmiOePdrC6IxpOcgGip2pahGT-AHon5dAFBYoyd8qNyUJBoRE7ovujEnWT1s1WlnXGesNTx-eadEIH5qdVdMAQwLGTw-NqdW562LBKwHDxBCc_j2BB9KQcq-uVp2Xjb-YJKwCCZYGgMJS/s200/new+year+flickr.JPG" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/free-images-flickr/37481321156">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">With January less than
a week away, I thought I’d take the time to remind you that not only
individuals should consider making resolutions for the new year.<span style="mso-spacerun: yes;"> </span>So should every business owner.<span style="mso-spacerun: yes;"> </span>That’s because if you start off the new year
with the right goals in mind, it will only make it easier to help you keep your
cash-flow positive and make the bumps in the road smaller.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Resolution #1: Cover Your Assets</span></b><br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">As hard as it is to
build a successful business, it can prove even harder to sustain it through the
ups and downs that every business goes through.<span style="mso-spacerun: yes;">
</span>The first thing you have to realize is that there are others out there
who would seek to undermine your business.<span style="mso-spacerun: yes;">
</span>Whether competitors or criminals, these individuals covet what you have
and are prepared to do whatever it takes to help themselves to your good
fortune by undermining your efforts.<span style="mso-spacerun: yes;"> </span>Of
particular interest are the following:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Show me the money – There are several ways that
your bank account can be bled dry.<span style="mso-spacerun: yes;"> </span>One
way is by having your account hacked, a second is by paying bogus accounts
payable invoices and the third is through the actions of any employee who has
access.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Data into dollars – Either through the theft of
your valuable data or by holding your office machines hostage via ransomware,
it’s all too common for hackers to get their hooks into your business
online.<span style="mso-spacerun: yes;"> </span>Often the costs associated with
recovering lost data can cripple or even sink a small business.<span style="mso-spacerun: yes;"> </span>If you haven’t had your computers, server and
smartphones surveyed by a competent security specialist, it’s like leaving your
cash register open. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Have you thanked your employees lately? – The
reason I ask is that happy employees help your business grow, while unhappy
ones can do more damage to your business than a wily competitor.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l2 level1 lfo3; text-indent: -.25in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Resolution #2: Improve Your People Power <o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj53DDMxq5dnKcH8CgHHJUYuY6LE-zs4AiTIa5nkKCSex7JywD9KdMKyAQnZpboE0IuoaXGaMfgqlRd5Zqg2pzxv7i7dBjzTDg8evgpos-UUaOOe8raQawIk-9aWtPBfOWXi8nipZonFi3P/s1600/employees+flickr.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="411" data-original-width="647" height="203" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj53DDMxq5dnKcH8CgHHJUYuY6LE-zs4AiTIa5nkKCSex7JywD9KdMKyAQnZpboE0IuoaXGaMfgqlRd5Zqg2pzxv7i7dBjzTDg8evgpos-UUaOOe8raQawIk-9aWtPBfOWXi8nipZonFi3P/s320/employees+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/dhsgov/16981613075">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Speaking of employees,
one of the best resolutions you can make next year is to improve the quality of
life for those who help your business best the competition.<span style="mso-spacerun: yes;"> </span>Here are a few ideas that are proven to put
the power to your people.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Clear out the dead wood – While capable,
motivated employees can be worth their weight in gold, underperforming,
dissatisfied ones can cost you big money.<span style="mso-spacerun: yes;">
</span>If you haven’t done performance reviews on your staff in a long while,
January is a perfect time to assess what you have in terms of manpower.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Train those you retain – Once you eliminate
those in your employ who aren’t ready, willing and able to row the boat in the
same direction as the rest of the crew, the best thing you can do to up the
ante on all those who make the cut is to continue to educate them.<span style="mso-spacerun: yes;"> </span>This will not only make them even more
valuable, but it can help raise the motivation level of your staff by taking
the time to help them improve.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Resolution #3: Delegate to Elevate<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Here’s another idea to
help improve cash-flow; instead of taking on more and more responsibility on
your own, delegate and even consider outsourcing tasks.<span style="mso-spacerun: yes;"> </span>One of the biggest mistakes that many
business owners make when they try to grow their business is to try to do more
and more, or to micromanage employees.<span style="mso-spacerun: yes;">
</span>Both of these can hurt your business, since there is only so much you
can do and employees who are micromanaged tend to resent the fact.<span style="mso-spacerun: yes;"> </span>The secret to improved cash-flow is to improve
your workflow, as well as those of everyone down the line.<span style="mso-spacerun: yes;"> </span>Just as you can take the time to survey
employee performance, you can also survey the performance of your business and
all the tasks it performs.<span style="mso-spacerun: yes;"> </span>Once you do
this, you will discover several ways to increase productivity and save
money.<span style="mso-spacerun: yes;"> </span>If you don’t know how to conduct
a business performance survey yourself, consider delegating that task to a
business consultant. </span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Resolution #4: Recycle Your Customers<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div style="text-align: right;">
</div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYlhoMaaOjCRp5ztNCdWbGT34GrQ2P2zJY40VxwZ-C6X6tqkIiBVuilQKjahPWh6wtXaD8JL83PBBoHspsMx-h2k9EmFw6SRlNCXe6IABqb32ingyNXLp5K3GUDU1eCnhmdjz8T4sAJKT-/s1600/cust+max+pixel.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="579" data-original-width="846" height="219" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYlhoMaaOjCRp5ztNCdWbGT34GrQ2P2zJY40VxwZ-C6X6tqkIiBVuilQKjahPWh6wtXaD8JL83PBBoHspsMx-h2k9EmFw6SRlNCXe6IABqb32ingyNXLp5K3GUDU1eCnhmdjz8T4sAJKT-/s320/cust+max+pixel.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.maxpixel.net/Customers-Gears-Centered-Center-Customer-Consumer-2064919">Max Pixel</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">As hard as it is to
land new customers, the many companies miss the boat is because they don’t try
to recycle their customers.<span style="mso-spacerun: yes;"> </span>What I mean
by recycle in this case is to coddle, cajole and contact customers after the
sale in order to make them buy more of your products and services.<span style="mso-spacerun: yes;"> </span>If you communicate with and entice your
current customers, odds are they will buy more often.<span style="mso-spacerun: yes;"> </span>Even better, satisfied customers can be a
gold mine when it comes to referring their friends your way.<span style="mso-spacerun: yes;"> </span>By enticing, I don’t mean you should bombard
your customers with coupons and advertisements.<span style="mso-spacerun: yes;">
</span>I’m talking about providing them with information that helps keep your
business top of mind.<span style="mso-spacerun: yes;"> </span>Blogs and social
posts are great ways to engage customers without aggravating them.<span style="mso-spacerun: yes;"> </span>An occasional event, party or contest doesn’t
hurt either.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Resolution #5: Keep Your Eyes on the
Competition<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">While most business
owners spend most of their time working in the business, the ones who succeed
the fastest are those who make the time to work on their business.<span style="mso-spacerun: yes;"> </span>One of the ways you can assess and improve
the performance of your business is by keeping track of your top five
competitors.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Online the emperor wears no clothes – If you
want to see how you rate versus the competition, do a web search.<span style="mso-spacerun: yes;"> </span>Not only will you quickly be able to
determine who is generating the greatest exposure online, you can also check
out offers and product releases, as well as online reviews.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">How does the size and scope of your online
audience stack up to the competition?<span style="mso-spacerun: yes;">
</span>While you can’t see how much traffic a competitor’s website is
generating, you can easily see how big of a social following they have, as well
as how many people have viewed their YouTube videos.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">What kind of marketing are your competitors
doing offline compared to your business?<span style="mso-spacerun: yes;">
</span>If you don’t have the time to scour the airwaves and local print venues
for competing ads, feel free to delegate the task to an employee.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: .75in; mso-add-space: auto; mso-list: l1 level1 lfo2; text-indent: -.25in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Just remember that New
Year’s Resolutions are easier to make than they are to fulfill.<span style="mso-spacerun: yes;"> </span>If you want them to be more than just notes
on a napkin, you need to take the steps to make them part of your company’s
business plan for the coming year.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<span style="color: red; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;">Ben
Kinsey, CPA of Small Business Group works with owners of closely held
corporations in the Northeast Florida region. If you work in the North
Florida area we offer a FREE initial Consultation at our office, please contact
Small Business Group if you would like to know more about strategies for your
business.</span><span style="color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><o:p></o:p></span></div>
<div style="background: white; margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<span class="MsoHyperlink"><span style="background: white; color: black; font-size: 11.0pt;"><a href="http://www.smallbg.com/"><span style="color: black;">http://www.smallbg.com</span></a></span></span><span style="background: white; color: #1f497d; font-family: "arial" , sans-serif; font-size: 11.0pt;"> </span><span style="background: white; color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><br />
</span><span style="background: white; color: #1f497d; font-family: "arial" , sans-serif; font-size: 11.0pt;">(904) 731-2221 </span><span style="background: white; color: #666666; font-family: "trebuchet ms" , sans-serif; font-size: 10.0pt;"><br />
</span><span class="MsoHyperlink"><span style="background: white; color: black; font-size: 11.0pt;"><a href="http://www.smallbg.com/appointment.htm"><span style="color: black;">http://www.smallbg.com/appointment.htm</span></a></span></span><span style="color: black; font-size: 13.5pt;"><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com3Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-23208576872368631382018-12-04T14:24:00.000-05:002018-12-04T14:24:20.033-05:00How Far Will You Go When You Need to Grow?<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0cXi5HgGMwjmMHdXBtnyKgPWOAdmkK7CVh1_jBsN-KfKMVEFxN_cD6HNpvkGN35RBrXWDfDgbQe3e4qWAF4SnShf8YuRwikaKPDY4zbLCFIQN_eqF7-I3tQFIGyFNLROpRAHXKE3MjFnH/s1600/growing+biz+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="572" data-original-width="558" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0cXi5HgGMwjmMHdXBtnyKgPWOAdmkK7CVh1_jBsN-KfKMVEFxN_cD6HNpvkGN35RBrXWDfDgbQe3e4qWAF4SnShf8YuRwikaKPDY4zbLCFIQN_eqF7-I3tQFIGyFNLROpRAHXKE3MjFnH/s320/growing+biz+flickr.JPG" width="312" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/free-images-flickr/36426625465">flickr</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Being in business is a
lot like being a dinosaur.<span style="mso-spacerun: yes;"> </span>If you don’t
evolve, you’re doomed to become extinct.<span style="mso-spacerun: yes;">
</span>If you believe Fortune Magazine, they stated that 9 out of 10 startup businesses
are doomed to fail.<span style="mso-spacerun: yes;"> </span>While that statistic
is shocking, what’s even worse is that the top three reasons startups fail is
because there is either little or no demand for their product, they run out of
funds, or they don’t have the right team.<span style="mso-spacerun: yes;">
</span>It isn’t until numbers four, five and six that Fortune points out that
some businesses fail because they are outgunned, overpriced or they ignore
their customer’s needs.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<a name='more'></a></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">What the article stops
short of pointing out is that even if there is a huge demand for a product,
unless the company that produces it hits the ground running, it won’t be long
before the competition shows up.<span style="mso-spacerun: yes;"> </span>The sad
fact is, no matter how revolutionary your product is, it won’t be long before
similar products hit the market that will soon try to eat your dust. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Case In Point: When Steve Jobs introduced the
iPhone back in 2007, Apple literally had the smartphone market to itself.<span style="mso-spacerun: yes;"> </span>However, within a couple years, Google
introduced the Android and the race was on.<span style="mso-spacerun: yes;">
</span>Even after threatening to take the battle thermonuclear, Apple was not
only unable to dominate the smartphone market, it’s share of smartphone sales
steadily dropped until it now only commands a paltry 17% of the market it
started.</span></i><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span>(Quote by DazeInfo)<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWvrln0z34MpIsur4z3e5KfVkL9FH6Ygt-DPUkGuLPMz-tqRt5EUEwJ4A7fxrWZy-rt4rqU2bWme9rr-wP0egEp-3HBCvL0FnHtUuF3kbplSXO1w6bc6kgAuJS9qlshEMj2RKqFd-Njp90/s1600/goople+flickr.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="220" data-original-width="633" height="111" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjWvrln0z34MpIsur4z3e5KfVkL9FH6Ygt-DPUkGuLPMz-tqRt5EUEwJ4A7fxrWZy-rt4rqU2bWme9rr-wP0egEp-3HBCvL0FnHtUuF3kbplSXO1w6bc6kgAuJS9qlshEMj2RKqFd-Njp90/s320/goople+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/joeybones/5579824900">flickr</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">While companies like
Apple and Google can weather most any storm, the question is can yours?<span style="mso-spacerun: yes;"> </span>Even more telling is the fact that the longer
your company survives, the more it must be prepared to make changes to address
threats both near and far.<span style="mso-spacerun: yes;"> </span>I say near,
because not only do well-established companies need to consider crossing swords
with the competition, as a company grows it also needs to deal with growing
pains from within as well.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">How new are you? <o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The first mistake many fledgling
business owners make is to think they are going to set the world on fire by
bringing a new product to market.<span style="mso-spacerun: yes;"> </span>If
that fails to happen, many times this discovery quickly turns into a death
knell that quickly spells doom.<span style="mso-spacerun: yes;"> </span>The
reason many startups fail to thrive is simply because their founders didn’t
take the time to sufficiently research the market they were looking to get
into.<span style="mso-spacerun: yes;"> </span>Better established businesses can
also fall into this trap when they try to expand their reach into new
markets.<span style="mso-spacerun: yes;"> </span>The bottom line is in business,
if you don’t look before you leap, don’t complain if you discover it’s a long
way down.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If you want to avoid the
agony of defeat, you need to do your homework:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Research the market and your target audience
before you develop a new product or market.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Make sure you test the water before you jump in
with both feet by test marketing.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Analyze the results of the test and tweak the
product, the marketing or both before you launch your ad blitz.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Only forge ahead when the numbers favor it, not
by gut instinct alone.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Here we grow again.<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTnwbZfrk7GXolT3L0swR5zbA8flMdah3_Vc9d7QtXghNlGfLhcU1U_vHXql9PIzBxgknCQC9TfSubpW8vDl1HkYlO4CnpR2Z-R6Uf-vOgCeQFhzDN1Cyf4bvjDld7ekWG39Vf9GdYDPir/s1600/redwood+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="565" data-original-width="437" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTnwbZfrk7GXolT3L0swR5zbA8flMdah3_Vc9d7QtXghNlGfLhcU1U_vHXql9PIzBxgknCQC9TfSubpW8vDl1HkYlO4CnpR2Z-R6Uf-vOgCeQFhzDN1Cyf4bvjDld7ekWG39Vf9GdYDPir/s320/redwood+flickr.JPG" width="246" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/brighton/45087824254">flickr</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Far from having an idea
crash and burn, one of the quickest ways to tank a business is to have a new
market take off like a shot, only to leave the business owners floundering to
deliver the goods.<span style="mso-spacerun: yes;"> </span>If your business were
suddenly to double overnight, would that be a good thing or a bad thing?<span style="mso-spacerun: yes;"> </span>It all depends if you’ve done your homework
that included formulating a plan that would enable your firm to take on a lot
more business in a short period of time.<span style="mso-spacerun: yes;">
</span>Fail to deliver the goods and the negative publicity could not only kill
your new product but your business too.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Even if your business sustains
sure and steady growth, don’t for a minute think it will always be smooth
sailing.<span style="mso-spacerun: yes;"> </span>Just as there are a number of
shoals and reefs waiting to suck an unsuspecting sailor down, in business there
are also many common pitfalls waiting to trip up a well-oiled business plan.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Here are some of the
most common problems: <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">What would your business do if one of the key
members of your team quit, retired, died or was hired away by a competitor.<span style="mso-spacerun: yes;"> </span>If there is a single individual or a handful
of key technicians that your business relies on, you need to have a plan in the
event any of these providers suddenly departs the company.<span style="mso-spacerun: yes;"> </span>Far from having to duke it out head to head
with your firm, a wily competitor could cause your business irreparable harm
simply by wooing one or more of these key employees away from you.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Does your company have a written policy
manual?<span style="mso-spacerun: yes;"> </span>If the answer is no, your
growing company can face an onslaught of potential litigation from
employees.<span style="mso-spacerun: yes;"> </span>In this litigious society,
everything from sexual harassment to being passed over for promotion can put
the crosshairs on your company in a hurry if you don’t have any set guidelines
to help steer the treacherous in-house waters. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPnFL2AwQdcria1YNM-K5P2QHeZd0fR4s2bEbOM1lb4LDIePcFBVPPB1k8gOeo2OD0GzWWaMWRQPT0ryGG8E2efiW1pkPVG3tBxpSisO0a07SeCerq9V_bfwoI84RaO2HQoZAIZQV6TB5q/s1600/lineofcredit+picpedia.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="732" data-original-width="1102" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPnFL2AwQdcria1YNM-K5P2QHeZd0fR4s2bEbOM1lb4LDIePcFBVPPB1k8gOeo2OD0GzWWaMWRQPT0ryGG8E2efiW1pkPVG3tBxpSisO0a07SeCerq9V_bfwoI84RaO2HQoZAIZQV6TB5q/s320/lineofcredit+picpedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="http://www.picpedia.org/clipboard/line-of-credit.html">picpedia</a></td></tr>
</tbody></table>
3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">How much credit can your company tap into when
the need arises?<span style="mso-spacerun: yes;"> </span>All too many growing
firms are suddenly brought to their knees when a cash-flow crises arises.<span style="mso-spacerun: yes;"> </span>Sometimes even a short-term cash crunch is
enough to disrupt or destroy a company that is undercapitalized.<span style="mso-spacerun: yes;"> </span>The bottom line is you need to actively seek
more credit as your company grows if you hope to keep from drowning in a sea of
debt that you didn’t see coming.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Poor planning prevents peak performance.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>There’s
a lot to be said about the 5 pees.<span style="mso-spacerun: yes;">
</span>Especially once a business progresses beyond the startup phase.<span style="mso-spacerun: yes;"> </span>While you may have been able to get away with
winging it at the beginning of your business life, once your business grows,
you need to take the time to plan, analyze and occasionally reorganize the way
your business does business.<span style="mso-spacerun: yes;"> </span>Do you
really think the 5-year plan you laid down as the basis for your startup is
still valid 2-3 years later?<span style="mso-spacerun: yes;"> </span>Don’t find
out the hard way that you missed the forest for the trees.<span style="mso-spacerun: yes;"> </span>I recommend you sit down with management at
least twice a year to chart the direction your business is heading.<span style="mso-spacerun: yes;"> </span>To avoid this step is to flirt with disaster.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Can your business go on without you?<span style="mso-spacerun: yes;"> </span>Nobody should be indispensable in a business,
not even the founders.<span style="mso-spacerun: yes;"> </span>If a business
can’t go on without you, there’s no sense in calling it a business.<span style="mso-spacerun: yes;"> </span>It’s a job.<span style="mso-spacerun: yes;">
</span>If you’re going to hire and train capable people to work in your
business, you also need to give them the opportunity to do their jobs without
micromanaging their every move.<span style="mso-spacerun: yes;"> </span>You also
have to give your employees a voice in the company.<span style="mso-spacerun: yes;"> </span>Far more important that monetary compensation
is respect. <span style="mso-spacerun: yes;"> </span>If your staff feels it has
no voice in how they do their jobs, then it won’t be long before they seek
employment elsewhere.<span style="mso-spacerun: yes;"> </span>Even worse, if
your staff feels overworked, underpaid and unappreciated, it won’t be long
before they begin to undermine or even sabotage the business you have worked so
hard to build.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Many CPA’s and CFO’s
say that being in business is a lot like being in the Army.<span style="mso-spacerun: yes;"> </span>It’s either up or out.<span style="mso-spacerun: yes;"> </span>If you hope to keep your ship of business
sailing smoothly ahead, realize that you need to face the facts that growth not
only require the business to evolve, you also need to change the way you
participate in the business.<span style="mso-spacerun: yes;"> </span>The most
important question you need to ask yourself before you charge headlong to
growing your business is, “How far are you willing to go when you need to
grow?’ <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<div class="MsoNormal">
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "trebuchet ms", trebuchet, verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;">Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "trebuchet ms", trebuchet, verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;"><br /></span></div>
<span style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.12px;"><span style="mso-spacerun: yes;"><span style="background-color: white; color: #666666; font-size: 12pt; line-height: 17.12px;"><span style="font-size: 12pt; line-height: 17.12px;"><span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/" style="color: #888888;"><span style="color: black; font-family: "times new roman" , serif;">http://www.smallbg.com</span></a> </span><br style="font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 15.6933px;">(904) 731-2221 </span><br style="font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="color: red; font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 15.6933px;"><span style="color: black; font-family: "times new roman" , serif;"><a href="http://www.smallbg.com/appointment.htm" style="color: #888888;">http://www.smallbg.com/appointment.htm</a></span></span></span></span></span></span><br />
<div>
<span style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 17.12px;"><span style="mso-spacerun: yes;"><span style="background-color: white; color: #666666; font-size: 12pt; line-height: 17.12px;"><span style="font-size: 12pt; line-height: 17.12px;"><span style="color: red; font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 15.6933px;"><br /></span></span></span></span></span></div>
</div>
</div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-54225542892246956142018-11-28T09:41:00.000-05:002018-11-28T09:43:53.995-05:00Are Your Customers Ruining Your Business?<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span><br />
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAQP59JZEynY8PijCRe2uPUomL4qE7hgO_rkzMnbwgDtQfxg2TWNJphegvHq3oov2OGuMFzx8RQYcr6-wU82e-DdI8c1oCJX0EYUwxmtXV8MOXOVyZMH_UTrYob2hDs1vBC_QhjaKhuN_a/s1600/customers+max+pixel.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="579" data-original-width="826" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAQP59JZEynY8PijCRe2uPUomL4qE7hgO_rkzMnbwgDtQfxg2TWNJphegvHq3oov2OGuMFzx8RQYcr6-wU82e-DdI8c1oCJX0EYUwxmtXV8MOXOVyZMH_UTrYob2hDs1vBC_QhjaKhuN_a/s320/customers+max+pixel.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.maxpixel.net/Men-Workplace-Customers-Company-Silhouettes-142329">Max Pixel</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">When it comes to owning
a business, most owners and managers are looking to find one thing above all
else: More customers.<span style="mso-spacerun: yes;"> </span>More customers
mean more revenue. That’s got to be good if you hope to build your business, right?<span style="mso-spacerun: yes;"> </span>Not necessarily so, as you’ll find out
shortly.<span style="mso-spacerun: yes;"> </span>Just as with many things in
life, quantity doesn’t always trump quality.<span style="mso-spacerun: yes;">
</span>In fact, too many clients can be a death knell for a business if you
aren’t careful.<span style="mso-spacerun: yes;"> </span>Don’t believe it?<span style="mso-spacerun: yes;"> </span>Read on and learn.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<a name='more'></a></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Can you sell your business right into the
ground?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">To get started, let’s
address my last statement first.<span style="mso-spacerun: yes;"> </span>Is it
possible to have too much of a good thing?<span style="mso-spacerun: yes;">
</span>Can a business have too many customers and can that cause a business to fail?<span style="mso-spacerun: yes;"> </span>The answer on both accounts is Yes!<span style="mso-spacerun: yes;"> </span>Depending upon the type of business you run,
you and your staff can only handle so many customers at any one time. If you
were to suddenly double the number of people who wish to do business with you,
neither they nor your employees are going to be happy.<span style="mso-spacerun: yes;"> </span>Unlike retailers who routinely add more staff
to handle the holiday rush, what would it take for your business to do the same
overnight?<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjny8e-kYm0U1QYfhx6xqCg_6hWK_qA7cThX35C-WwsHbzAPw7hiOdpjD-Pj_LzAg4OFll2J73BAH8VDIB6335y254KAAgBgg8b1lmZrPo0rFlHeBmG_oKU3UmxXG-6D_rbmvtHUfIgYKt_/s1600/retail+wikipedia.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="499" data-original-width="714" height="223" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjny8e-kYm0U1QYfhx6xqCg_6hWK_qA7cThX35C-WwsHbzAPw7hiOdpjD-Pj_LzAg4OFll2J73BAH8VDIB6335y254KAAgBgg8b1lmZrPo0rFlHeBmG_oKU3UmxXG-6D_rbmvtHUfIgYKt_/s320/retail+wikipedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://he.wikipedia.org/wiki/%D7%A7%D7%95%D7%91%D7%A5:Aroma_on_Hilel_Street,_Jerusalem_-_Point_of_Sale.jpg">wikipedia</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Speaking of retailers,
even they can run afoul of their customers if they advertise a special and too
many people show up to buy the listed product.<span style="mso-spacerun: yes;">
</span>I have heard of companies being inundated with so many people after
running a Groupon that they were forced to turn them away at the door once they
ran out of stock.<span style="mso-spacerun: yes;"> </span>If you think it’s hard
to woo customers into your store to begin with, try to get them back after you
turn them away even once.<span style="mso-spacerun: yes;"> </span>You can rest
assured every one of these disgruntled customers will tell all their friends
about it on Facebook and Twitter.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">How to sell your business right into the ground
without working up a sweat.<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Another thing that gets
many businesses into a financial jam is pricing their work too low.<span style="mso-spacerun: yes;"> </span>Sure, you want to be able to compete with the
big guys.<span style="mso-spacerun: yes;"> </span>But if price is the only way
you can think to gain a competitive edge, you could quickly find yourself going
broke, no matter how well your salespeople do.<span style="mso-spacerun: yes;">
</span>Especially if your competitors are well-financed and you aren’t, it
won’t take long for them to let you sell yourself into the ground.<span style="mso-spacerun: yes;"> </span>A better approach is to find a unique sales
proposition or value-added-benefit that will allow you to offer prices at or
above those of the competition.<span style="mso-spacerun: yes;"> </span>Just as
there’s a big difference between a Nissan Versa and Mercedes S-Class, if you
find your coffers are empty even though you have plenty of clients, you should
think about your price structure and how you can change the way customers view
your business so you can find a way to upsell your services.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Customers from hell <o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRW77BevAFsW4NsPVmpBafbRgPW6KEj-aJNS8JMtJXJjZ3mZq_aH4f0uHttByRXJlTfo6PJqxjc-KlDvDcUZpeB4vxgBtuNHXHiTlIz3UWKOAZpl-7PyQ7FYBRx6pZtC8UWMqojtO3hmNz/s1600/bill+murry+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="561" data-original-width="602" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRW77BevAFsW4NsPVmpBafbRgPW6KEj-aJNS8JMtJXJjZ3mZq_aH4f0uHttByRXJlTfo6PJqxjc-KlDvDcUZpeB4vxgBtuNHXHiTlIz3UWKOAZpl-7PyQ7FYBRx6pZtC8UWMqojtO3hmNz/s320/bill+murry+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/paul_sherwood/3914013218">flickr</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If you remember the
Bill Murray/Richard Dreyfuss flick What About Bob, you’ll appreciate this next
tidbit.<span style="mso-spacerun: yes;"> </span>In the movie, a psychiatric
named Bob manages to pester his psychiatrist to the point where he drives his
shrink nuts.<span style="mso-spacerun: yes;"> </span>If you own or manage a
business for any length of time, sooner or later you will come into contact
with clients who will try to do the same to you.<span style="mso-spacerun: yes;"> </span>Called “D-Clients,” these vampires don’t
drink your blood.<span style="mso-spacerun: yes;"> </span>They waste your time
by calling you and your staff endlessly.<span style="mso-spacerun: yes;">
</span>They are never satisfied with the quality of your work no matter how
diligently you serve them.<span style="mso-spacerun: yes;"> </span>In short,
they will put you in a no-win situation that can soon spiral out of control to
affect the rest of your business. <span style="mso-spacerun: yes;"> </span>Give
them enough rope and they’ll hang you, then<span style="mso-spacerun: yes;">
</span>tell everyone they know what a sorry excuse for a business owner you
are.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If you want to defang
D-Clients and other financial vampires, here’s what you need to do:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Raise their prices.<span style="mso-spacerun: yes;"> </span>Instead of simply dropping the bomb and
telling the client you don’t ever want to hear from them again, a more
diplomatic solution is to raise your prices such that the client will choose
not to work with you any longer. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Tell them you’ve decided to either retire or
move to Bora Bora.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Refer them to your biggest competitor.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Customers from hell part 2 – Slow pay or no pay
<o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Back in the mid-1990’s
search engines used to give their advertising clients 90-days to pay for online
ads.<span style="mso-spacerun: yes;"> </span>In fact, at the time, it was pretty
standard for advertisers to offer 90-day net rates.<span style="mso-spacerun: yes;"> </span>The problem was, it didn’t take long for some
advertising clients to take advantage of the fact to run up huge advertising
bills, then refuse to pay.<span style="mso-spacerun: yes;"> </span>Today if you
want to start a Google Ads account, you’re required to give them your credit
card information before a campaign begins.<o:p></o:p></span><br />
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If you have noticed
lately that some of your clients are slow to pay, here is what you need to
know: <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You need to get a better accounts receivable plan
in place.<span style="mso-spacerun: yes;"> </span>Since selling your services
without getting paid is never a good thing for a business, if you find yourself
selling your business into the ground because of slow or no pays, it’s the
system that’s broken.<span style="mso-spacerun: yes;"> </span>While you can
always hire a collection agency to chase after delinquent clients, this usually
doesn’t work well for either party.<span style="mso-spacerun: yes;"> </span>I
suggest either changing your policy by limiting a client’s ability to buy on
credit or do what all the search engines did by getting your clients to pay up
front.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOuG3IF4zQe1HNh9RLJx7BOYAPo8YswRPxpjgOGqPQxKpcU-C9IaYSTwCEgdLX78M_5F99OoGs9JRY7DOb3MulusheZ4kxJXNmc1yyY-Y2K5ZIICaZNpIx7RMaImEXhkRQnGPEVU7z1k9q/s1600/cash+public+domain+pictures.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="399" data-original-width="344" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOuG3IF4zQe1HNh9RLJx7BOYAPo8YswRPxpjgOGqPQxKpcU-C9IaYSTwCEgdLX78M_5F99OoGs9JRY7DOb3MulusheZ4kxJXNmc1yyY-Y2K5ZIICaZNpIx7RMaImEXhkRQnGPEVU7z1k9q/s200/cash+public+domain+pictures.JPG" width="170" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.publicdomainpictures.net/en/view-image.php?image=164817&picture=dollars-background">Public Domain Pictures</a></td></tr>
</tbody></table>
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">One way to encourage clients to pay in advance
is by offering a cash incentive.<span style="mso-spacerun: yes;"> </span>By
offering a 5% discount for paying 6-months in advance or 10% off for paying for
a full year, this policy could radically improve cash-flow and customer
longevity while giving clients an incentive to pay now to save later. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: .25in; mso-add-space: auto; mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;">3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If credit card fees are eating your lunch,
consider other options. One of these is available to Quickbooks
subscribers.<span style="mso-spacerun: yes;"> </span>Instead of paying a
percentage of the sale when a client uses a credit card, QB gives you an option
that allows clients to pay via wire transfer.<span style="mso-spacerun: yes;">
</span>For a flat 50-cents per transaction, this is a payment option that’s
hard to beat if you want to offer a point-and-click method of payment that
won’t bleed you dry.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If you’ve noticed your
client base is increasing and your profits aren’t following suit, you owe it to
yourself to plug the leak by considering whether the problem is yours or
whether you’re letting your clients ruin your business.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;">Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;"><br /></span></div>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><span style="background-color: white; color: #666666; font-size: 12pt; line-height: 17.12px;"><span style="font-size: 12pt; line-height: 17.12px;"><span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "times new roman" , serif;">http://www.smallbg.com</span></a> </span><br style="font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 15.6933px;">(904) 731-2221 </span><br style="font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="color: red; font-family: "calibri" , sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/appointment.htm" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "times new roman" , serif;">http://www.smallbg.com/appointment.htm</span></a></span></span></span></span></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-30938783682434328722018-11-20T10:19:00.001-05:002018-11-20T10:19:10.123-05:00So, You Want to Sell Your Business<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAgaBz0FG6-c_D3B2ZzAgJO1joOx-n1USRms7onYkEtZg0cWi-cL-d9MwjdGAEgndV4B7JIPpa4dpMVIPhljgHexvW92z58At_aMSea0nqz83CNeX1FcmuSaDGLoZijX1DiKflK6u0RqlH/s1600/biz+for+sale+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="574" data-original-width="440" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAgaBz0FG6-c_D3B2ZzAgJO1joOx-n1USRms7onYkEtZg0cWi-cL-d9MwjdGAEgndV4B7JIPpa4dpMVIPhljgHexvW92z58At_aMSea0nqz83CNeX1FcmuSaDGLoZijX1DiKflK6u0RqlH/s320/biz+for+sale+flickr.JPG" width="245" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/viriyincy/4644083734">flickr</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">One of the reasons to
own a business is to eventually sell it.<span style="mso-spacerun: yes;">
</span>Whether the motivation to sell is to retire or simply to start another
business is immaterial.<span style="mso-spacerun: yes;"> </span>The most salient
thing you need to consider if you hope to consummate a sale is to make the sale
appealing to the buyer.<span style="mso-spacerun: yes;"> </span>To accomplish
that, you need to understand the process involved, the mistakes to be avoided
and the time it takes to create a sellable business.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<a name='more'></a></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">That’s right, it takes time
and lots of it to properly position a business for sale. <span style="mso-spacerun: yes;"> </span>All too many business owners put off thinking
about selling their business until the last minute.<span style="mso-spacerun: yes;"> </span>This can be a huge mistake.<span style="mso-spacerun: yes;"> </span>Selling a business definitely isn’t an
afterthought. It’s also not something to attempt out of fear.<span style="mso-spacerun: yes;"> </span>What I mean by that is if your business has
been on a roll for the past few years and your only motivation to sell is to
try to strike while the market is hot, this is a mistake.<span style="mso-spacerun: yes;"> </span>Selling a business simply because the economy
is good is no way to get top dollar.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Even worse is setting
your expectations too high.<span style="mso-spacerun: yes;"> </span>Just because
a business broker or another business owner tells you your business could
command a million dollars if you sold now, that doesn’t mean that’s what your
business is really worth.<span style="mso-spacerun: yes;"> </span>More
importantly, there are a number of factors that could either reduce the
perceived value of your business or even derail a sale.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Do You Plan to Sell? <o:p></o:p></span></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilFG4IVch2kYFLxUCr1hy-OU2a-jNnjfknvHPkXBYUX01kl5XarCf26W-QjSGQV-xgJ_jph50S2NA3xwVW9_-PnXeObXwN_f1PzwyB-PjR-GFBGs63oOr2ql7SeGtKEM7kyLpODC6lWPu5/s1600/biz+plan+max+pixel.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="510" data-original-width="804" height="202" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEilFG4IVch2kYFLxUCr1hy-OU2a-jNnjfknvHPkXBYUX01kl5XarCf26W-QjSGQV-xgJ_jph50S2NA3xwVW9_-PnXeObXwN_f1PzwyB-PjR-GFBGs63oOr2ql7SeGtKEM7kyLpODC6lWPu5/s320/biz+plan+max+pixel.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.maxpixel.net/Business-Idea-Business-Planning-Business-Plan-2988085">Max Pixel</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The first mistake many
business owners make is to think that they can wait until the last minute to
position their business for sale.<span style="mso-spacerun: yes;"> </span>Just
as it may have taken you years to make your business a profitable enterprise,
don’t expect it to take 6-months or less to get it ready to sell.<span style="mso-spacerun: yes;"> </span>It’s more like a 2 to 3-year plan. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If you want your plan
to work, you have to factor in a number of parties:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You have to deal with the banker<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You have to deal with the accountant<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You have to deal with the broker<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Then you have to deal with the buyer<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">God forbid you go to
the SBA to try to get a loan when you are unprepared, or have an independent
accountant look through your books.<span style="mso-spacerun: yes;"> </span>You
could suddenly find your business isn’t worth what you thought it was worth.<span style="mso-spacerun: yes;"> </span>Just because you make $200,000 a year doesn’t
mean a buyer is going to give you $1,000,000.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">On the other hand, even
if your business is wildly profitable, it could still prove unsellable if it
can’t operate without you.<span style="mso-spacerun: yes;"> </span>A buyer
doesn’t want to acquire a business that requires the owner to work 80-hours a
week.<span style="mso-spacerun: yes;"> </span>On top of that, if your business
can’t operate without you, then you don’t have a sellable business, since it
would take two people to replace you.<span style="mso-spacerun: yes;"> </span>No
buyer wants to be saddled with a bigger payroll without being able to increase
the bottom line.<span style="mso-spacerun: yes;"> </span>That’s a deal
killer.<span style="mso-spacerun: yes;"> </span>Being able to service the debt
load is a make or break figure when it comes to selling a business. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The process required to
prepare a business for sale takes a lot of time. There are also several prerequisites, including:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1pjehm6hT0-JATnZgJc4b2tGkwbGVlAG6OclriQF0WoT875TS2GuDBDa-bpYzTIIzs9wPWQ9rT1KdBuAqfsZMixU-sYbT7XnBeUcwK8VApiZnICSxGTCHKGe9nksUYFf_Ze5aKIUgcEkX/s1600/bizmgmt+picpedia.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="727" data-original-width="1083" height="214" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1pjehm6hT0-JATnZgJc4b2tGkwbGVlAG6OclriQF0WoT875TS2GuDBDa-bpYzTIIzs9wPWQ9rT1KdBuAqfsZMixU-sYbT7XnBeUcwK8VApiZnICSxGTCHKGe9nksUYFf_Ze5aKIUgcEkX/s320/bizmgmt+picpedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="http://www.picpedia.org/highway-signs/b/business-management.html">picpedia</a></td></tr>
</tbody></table>
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You need to get management in place, so the new
buyer isn’t chained to his desk.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You need to have an incentive plan that will
keep your current employees in place.<span style="mso-spacerun: yes;">
</span>The last thing a new owner wants to find out is that one or more of your
key employees isn’t going to be there 6-months to a year from now. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Cash-flow is king.<span style="mso-spacerun: yes;"> </span>If you don’t have enough cash-flow to service
the debt and pay the new owner a substantial salary, you’re not for sale. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You can’t sell a business without healthy tax
returns. The bank won’t talk to you if your business shows a tiny profit or
even worse a loss during the past couple of years.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Your business can’t have any liens against
it.<span style="mso-spacerun: yes;"> </span>Nobody is going to buy your business
or lend you money if you have a federal tax lien or an unsettled debt on a
credit card.<span style="mso-spacerun: yes;"> </span>I’ve seen deals blow up at
the last minute because the underwriters get cold feet after discovering some
old debt that wasn’t paid in the past<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1ziRDJCQH4w0kOisVtiHhCmWdTKs5SMuJFFjU3H8WOhe4kjuPIG_TsGKONEDrsGucb2tjnXZITTCeRe6Ww5nzHMRkxXlEfsiFNpBXLksU5FpYINFYv3tIYeZbTByZRKJIdC3SKx8jQaJD/s1600/timeismoney+maxpixel.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="634" data-original-width="952" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi1ziRDJCQH4w0kOisVtiHhCmWdTKs5SMuJFFjU3H8WOhe4kjuPIG_TsGKONEDrsGucb2tjnXZITTCeRe6Ww5nzHMRkxXlEfsiFNpBXLksU5FpYINFYv3tIYeZbTByZRKJIdC3SKx8jQaJD/s320/timeismoney+maxpixel.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy <a href="https://www.maxpixel.net/Euro-Time-Is-Money-Currency-Coins-1601988">Max Pixel</a></td></tr>
</tbody></table>
6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Time is money.<span style="mso-spacerun: yes;">
</span>To get your business ready for sale is like having a second job.<span style="mso-spacerun: yes;"> </span>The last thing you want to do is to invest
months and months into preparing a business for sale only to have the deal fall
apart at the last minute.<span style="mso-spacerun: yes;"> </span>That’s time
and money down the drain that you can’t get back.<span style="mso-spacerun: yes;"> </span>You have to take the time to make the buyer,
the broker, the banker and the accountant believe you have a business worth
buying before a sale can proceed. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 7.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You can’t sell a business simply because you’re
burned out.<span style="mso-spacerun: yes;"> </span>A burnt-out business owner
doesn’t present themselves or their business well.<span style="mso-spacerun: yes;"> </span>Burn out can kill a sale.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 8.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">A shotgun sale where you’re selling the
business to get out from under the debt load isn’t going to work for either you
or a potential buyer.<span style="mso-spacerun: yes;"> </span>Nobody wants to
buy a business from an owner whose only motivation is to build a business, get
a check and leave.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle">
<br /></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 9.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Do you have a business or a job?<span style="mso-spacerun: yes;"> </span>If you haven’t taken a vacation in years
because the business can’t function without you, you don’t have a sellable
business.<span style="mso-spacerun: yes;"> </span>You have a glorified job.<span style="mso-spacerun: yes;"> </span>If you are the only person in the business
who can make decisions, you don’t really have a business.<span style="mso-spacerun: yes;"> </span>If you have to jump on the truck as well as
book the sale, nobody is going to want to pay you to take over your
position.<span style="mso-spacerun: yes;"> </span>If you can’t walk away from
your business for 2-3 weeks without feeling confident that your business will
be in as good or better shape then when you left, you don’t have a sellable
business.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Far from discouraging
business owners from selling their business, I believe this should be one of
the prime reasons to start a business in the first place.<span style="mso-spacerun: yes;"> </span>That being said, if you want to eventually
sell your business for top dollar, you need to be prepared to take the time to
make sure that the business is profitable and that all the systems, personnel
and processes are in place to seal the deal.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span><br />
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;">Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;"><br /></span></div>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><span style="background-color: white; color: #666666; font-size: 12pt; line-height: 17.12px;"><span style="color: #1f497d; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "Times New Roman", serif;">http://www.smallbg.com</span></a> </span><br style="font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="color: #1f497d; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;">(904) 731-2221 </span><br style="font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="color: red; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/appointment.htm" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "Times New Roman", serif;">http://www.smallbg.com/appointment.htm</span></a></span></span></span></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-42284870732867165852018-11-14T13:11:00.000-05:002018-11-14T13:11:15.997-05:00New Rules Benefit Contractors and Retailers<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span><br />
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Calling all small contractors!</span></b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"> <span style="mso-spacerun: yes;"> </span><o:p></o:p></span><br />
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhP3S935G9iQlZuwPntxmfDJ9fFnPkx4IQdGYtZZT2Q-44YXW4CA3SXsF-oHF5CMETGYNk1RnTogp-0XD_lvWKNpoCD8uFDnxv4oBuL9DQu9-aQWOjROVkO_ijNSSmuAy03wbpU9eQZt3cM/s1600/contractor+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="526" data-original-width="386" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhP3S935G9iQlZuwPntxmfDJ9fFnPkx4IQdGYtZZT2Q-44YXW4CA3SXsF-oHF5CMETGYNk1RnTogp-0XD_lvWKNpoCD8uFDnxv4oBuL9DQu9-aQWOjROVkO_ijNSSmuAy03wbpU9eQZt3cM/s320/contractor+flickr.JPG" width="234" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/usacehq/6280602400">flickr</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">I have good news for
contractors concerning long term construction contracts.<span style="mso-spacerun: yes;"> </span>The 2017 Tax Act can save you money and
reduce your accounting hassles. As long as your business does less than $25
million in gross receipts and the contract duration is over a year in length,
you will be able to use cash accounting as opposed to the percentage of
completion method you are currently forced to embrace.<span style="mso-spacerun: yes;"> </span>In the past, long term construction contracts
had to be reported using the percentage of completion method.<span style="mso-spacerun: yes;"> </span>This method was very cumbersome to employ,
since it required the contractor to even out the reporting of income over the
life of the contract, regardless of the income collected. To use this method, all
contractors were required to keep detailed accounting records of each period
during the contract.<o:p></o:p></span><br />
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<a name='more'></a></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The new rules for long
term contracts started after December 31, 2017, can now be accounted for using
the cash accrual basis instead of percentage of completion as long as your
business reports under $25 million in gross receipts. The only downside is you
will have to keep using the percentage of completion method for any long-term
contracts started prior to January 1, 2018 that are still in effect.<span style="mso-spacerun: yes;"> </span>This means you will be forced to ease your way
into the cash accrual method of accounting for 2018. That’s the bad news.<span style="mso-spacerun: yes;"> </span>The good news is come 2019, all your
accounting headaches concerning percentage of completion reporting will go
away.<o:p></o:p></span><br />
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">What this means over
the long haul is this new ruling is going to ease some of the complications for
small contractors when it comes to filing tax returns. <span style="mso-spacerun: yes;"> </span>That’s not to say your bonding company isn’t
going to require you to keep some sort of percentage of completion records to
keep them happy.<span style="mso-spacerun: yes;"> </span><span style="mso-spacerun: yes;"> </span>That’s a separate issue. </span><span style="font-family: "times new roman" , serif; font-size: 12pt;">In addition, some of
the capitalization rules have been eased, including cost capitalization, and
inventory.</span><span style="font-family: "times new roman" , serif; font-size: 12pt;"> </span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Changing Retail Rules<o:p></o:p></span></b></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirrwQ8N7JDwKeORmyqNW6rdN4xxN8y39IsS9SzHkmGsIywE722b0BNHT-bueOxbO_OUAaeCkpUkVRypPxhcqG8NfHSKsohPKzvFdjGxPAxfzIfmwVn-xUhEvQIYt_NtVPyTBJJ6SMTncTm/s1600/retailbiz+foursquare.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="441" data-original-width="584" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirrwQ8N7JDwKeORmyqNW6rdN4xxN8y39IsS9SzHkmGsIywE722b0BNHT-bueOxbO_OUAaeCkpUkVRypPxhcqG8NfHSKsohPKzvFdjGxPAxfzIfmwVn-xUhEvQIYt_NtVPyTBJJ6SMTncTm/s320/retailbiz+foursquare.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://foursquare.com/v/ms-outlet/513360ebe4b038ff01b46a14/photos">Foursquare</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If you are a retailer
that grosses less than $25 million, the rules for inventory accounting have
changed.<span style="mso-spacerun: yes;"> </span>The new rules provide you with
the choice of getting rid of your inventory altogether.<span style="mso-spacerun: yes;"> </span>This is a good thing for tax purposes,
because if that $1 million in inventory suddenly went to zero, you probably wouldn’t
have any income to report this year. To make it legal though, you have to do
this correctly:<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You have to make a filing.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You have to make an election.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -.25in;">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">When performed
properly, not only will this be a good move from a taxation point of view, it
could also be a good cash-flow move for you and your business.<span style="mso-spacerun: yes;"> </span>If you had a great year this year, you can
expense your inventory in the future.<span style="mso-spacerun: yes;">
</span>This is a great way for small retailers to help level the playing field
a bit when it comes to competing with the big boys.<span style="mso-spacerun: yes;"> </span>Especially now that Amazon and Walmart have
entered the online marketing realm with local pickup, this could be a godsend
for retailers trying to defend their niche and pay down some debts while saving
on taxes at the same time. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Just as with
contractors, if you want to take advantage of the new tax rules, you will be
required to change to a cash accrual method of accounting if the production,
purchase or sale of merchandise is a profit-producing factor for your
business.<span style="mso-spacerun: yes;"> </span>Additionally, the 2017 Tax Act
allows retailers to expense improvements to their business including roofs,
HVAC, security and alarm systems, provided the business is not run from your
home.<span style="mso-spacerun: yes;"> </span>The Act also allows retailers to
expense 100% for select business machinery, as opposed to the 50% previously
allowed by law. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The downside is that
these deductions will only be in effect as currently stated until December 31,
2022.<span style="mso-spacerun: yes;"> </span>After that, a planned phase-out
for property purchased in 2023 onward, as well as other planned reductions on
select deductions beginning in 2026 mean the time is sooner rather than later
to take advantage of these IRS benefits while they last.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;">Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;"><br /></span></div>
<span style="background-color: white; color: #666666; font-family: "times new roman", serif; font-size: 12pt; line-height: 17.12px;"><span style="color: #1f497d; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "Times New Roman", serif;">http://www.smallbg.com</span></a> </span><br style="font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="color: #1f497d; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;">(904) 731-2221 </span><br style="font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="color: red; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/appointment.htm" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "Times New Roman", serif;">http://www.smallbg.com/appointment.htm</span></a></span></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-37225913164658597002018-11-06T13:53:00.000-05:002018-11-06T13:54:30.259-05:00Sales Tax Shuffle<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmCoOnDK4gyN_3dqYDCOlGn-NNvz2C1rtf6l2Eqq5dsW2PVzVuiU8B22pLYyCCGUsDBCpyvCHaZzhyphenhyphen_POBU9IuwOh6A374NkVmzWKFaMqgC09TUo4YtLRLgZ2eDvTMc66pTlwpQK6imyOk/s1600/death+and+taxes+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="558" data-original-width="802" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjmCoOnDK4gyN_3dqYDCOlGn-NNvz2C1rtf6l2Eqq5dsW2PVzVuiU8B22pLYyCCGUsDBCpyvCHaZzhyphenhyphen_POBU9IuwOh6A374NkVmzWKFaMqgC09TUo4YtLRLgZ2eDvTMc66pTlwpQK6imyOk/s320/death+and+taxes+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/investmentzen/29008620165">flickr</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Ben Franklin said it best when he coined the phrase, "In this world nothing can said to be certain, except death and taxes." But as all business owners know, while death calls but once, there are many different kinds of taxes they are expected to pay at different times of the year. While income taxes are paid but once a year, business owners are required to frequently pay sales tax on many of the things they sell, as well as a number of things
they buy.<span style="mso-spacerun: yes;"> </span>The second kind of sales tax
is referred to as Use Tax.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span></div>
<a name='more'></a><b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">What’s the Use?</span></b><br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Use tax in Jacksonville
is normally 6% to the state and 1% to Duval county.<span style="mso-spacerun: yes;"> </span>However, this year they’ve dropped the use
tax for commercial rental properties to 5.8% plus a ½ a percent or 1% county
tax depending on the county the property is located. In many cases to get the
taxation right, commercial property owners may have to redo their lease agreements.
While taking advantage of a .2% lower tax rate isn’t going to make them rich,
it’s still the property owner’s responsibility to charge the correct amount of
tax.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Internet Sales Tax<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The biggest difference
to any business owner who does business online is that they are soon going to
be required to collect and remit sales tax to any state in which they sell
taxable goods.<span style="mso-spacerun: yes;"> </span>It used to be that they only
had to collect and remit sales tax to any state in which they had a physical
location. <span style="mso-spacerun: yes;"> </span>Until recently, if you were a
Florida corporation with an office in Florida, you only had to collect and
remit Florida Sales tax.<span style="mso-spacerun: yes;"> </span>If you had a
second office, say in Georgia, you were also required to collect and remit
Georgia sales tax.<span style="mso-spacerun: yes;"> </span>Regardless of where
else you sold your goods, you weren’t required to collect and remit sales tax
to any other state in the Union.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxUCwUYMLM3zWalXGyMZTd0Ydzwxs2tSXDB8hQvcROwjqi1-6wQEUPj-S6Ssn3882QWC6eCuIKE1MwxipoOlxUfwimwRHhUHilVGtW4OOCBQpmnzuGUeACyYUMyLnzVV4P-c9q7osUZI6n/s1600/cookies+pixabay.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="762" data-original-width="678" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjxUCwUYMLM3zWalXGyMZTd0Ydzwxs2tSXDB8hQvcROwjqi1-6wQEUPj-S6Ssn3882QWC6eCuIKE1MwxipoOlxUfwimwRHhUHilVGtW4OOCBQpmnzuGUeACyYUMyLnzVV4P-c9q7osUZI6n/s320/cookies+pixabay.JPG" width="284" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://pixabay.com/en/cookies-chocolate-chip-cookies-1264263/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">New legislation has
recently been enacted that states if your website deposits cookies, this will
be considered a physical presence in that state, requiring you to collect and
remit sales tax for any of the states that have legislated this change.<span style="mso-spacerun: yes;"> </span>Now I know what you’re thinking.<span style="mso-spacerun: yes;"> </span>How can a cookie be considered a physical
presence, and won’t it only be a short time before a corporation challenges
this ruling in court?<span style="mso-spacerun: yes;"> </span>To that I have
good new and I have bad news.<span style="mso-spacerun: yes;"> </span>The good
news is that Wayfair Inc. has already taken the matter to the Supreme Court.<span style="mso-spacerun: yes;"> </span>The bad news is the court overturned the
ruling set down in 1992 which required a retailer to have a physical presence
in a state in order to collect sales tax. <span style="mso-spacerun: yes;"> </span>Wayfair did not have a physical office in the
state of South Dakota, but the Supremes ruled 5 to 4 that the test was met through
the use of cookies. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">An article in the
Journal of Accountancy sums up the situation below:</span></div>
<div style="background: white;">
<i style="mso-bidi-font-style: normal;"><span style="color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;">“In 2016,
South Dakota enacted a law, S.B. 106, requiring out-of-state sellers that
annually delivered more than $100,000 of goods or services into the state or
engaged in 200 or more separate transactions for the delivery of goods or
services into the state to collect and remit sales taxes to South Dakota.
Because South Dakota’s Legislature was aware that its new law would be
unconstitutional unless <span style="mso-bidi-font-style: italic;">Quill </span>was
overturned, it included a provision for expeditious judicial review if the law
was challenged. Therefore, South Dakota filed a declaratory judgment action in
state court against Wayfair Inc., Overstock.com, and Newegg Inc., all large
internet merchants that have no employees or real estate in South Dakota and do
not collect sales tax for the state. The state also sought an injunction
requiring these companies to register for licenses to collect and remit sales
taxes as required under the act. The companies moved for summary judgment in
state court, arguing that the act is unconstitutional. After the law was
declared unconstitutional by South Dakota courts, the Supreme Court
granted <span style="mso-bidi-font-style: italic;">certiorari</span>.”<o:p></o:p></span></i></div>
<div style="background: white;">
<span class="MsoHyperlink"><i style="mso-bidi-font-style: normal;"><span style="font-family: "arial" , sans-serif; font-size: 11.5pt;"><a href="https://www.journalofaccountancy.com/news/2018/jun/supreme-court-sales-tax-decision-201819203.html">https://www.journalofaccountancy.com/news/2018/jun/supreme-court-sales-tax-decision-201819203.html</a></span></i></span><i style="mso-bidi-font-style: normal;"><span style="color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;"><o:p></o:p></span></i></div>
<div style="background: white;">
<span class="MsoHyperlink"><i style="mso-bidi-font-style: normal;"><br /></i></span></div>
<div style="background: white;">
<span style="color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;">As a result of this ruling, thirty additional states have jumped
on the bandwagon by requiring out of state companies to collect and remit sales
tax for internet sales.<span style="mso-spacerun: yes;"> </span>This means not
only major online etailers are going to be subject to this law, so is any
internet vendor that uses a platform that deposits cookies.<span style="mso-spacerun: yes;"> </span>If you run an eBay store, you will be
required to collect sales tax in states other than the one in which your
business operates.<span style="mso-spacerun: yes;"> </span>Do you vend products
on Amazon?<span style="mso-spacerun: yes;"> </span>The same law applies.<span style="mso-spacerun: yes;"> </span>In fact, if you use most any ecommerce engine
on the market today to transact sales, you will be on the hook to collect and
remit sales tax in 31 states.<span style="mso-spacerun: yes;"> </span>(This
number is expected to rise as the rest of the states in the Union quickly
follow suit.)<o:p></o:p></span></div>
<div style="background: white;">
<span style="color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7e0f3z_qRJl4GYciGb0cuy1y52dAHECBxhfPhOJrQRZVRRFhy6MrALgQsQFV6u4M0P2lmq4OwLjP1IbBapHpixXz-mW8OpQ8IAmEYmzdeHJdwlQfKnJvZXsh1YyCewvejxtVxe7XFjg7p/s1600/radar+pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="576" data-original-width="576" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7e0f3z_qRJl4GYciGb0cuy1y52dAHECBxhfPhOJrQRZVRRFhy6MrALgQsQFV6u4M0P2lmq4OwLjP1IbBapHpixXz-mW8OpQ8IAmEYmzdeHJdwlQfKnJvZXsh1YyCewvejxtVxe7XFjg7p/s320/radar+pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://pixabay.com/en/radar-screen-green-dot-41443/">Pixabay</a></td></tr>
</tbody></table>
<div style="background: white;">
<span style="color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;">The reason for this sea change has to do with the losses in
taxable income that online commerce has wrought.<span style="mso-spacerun: yes;"> </span>In 1995, online sales amounted to only $16
million.<span style="mso-spacerun: yes;"> </span>It was barely a blip on the
radar. But by 2016, that number had jumped to more than $3 trillion. Since
2016, online sales during the Christmas holidays have actually exceeded those
of brick and mortar retailers.<span style="mso-spacerun: yes;"> </span>And those
numbers are only expected to increase.<span style="mso-spacerun: yes;">
</span>Since out of state etailers were not required to pay sales tax to states
other than the ones they had an office in, this left state legislatures
scrambling to find a way to fill their coffers.<span style="mso-spacerun: yes;">
</span>South Dakota vs. Wayfair Inc. was the first successful shot across the
bows of the online retail industry.<o:p></o:p></span></div>
<div style="background: white;">
<span style="color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;"><br /></span></div>
<div style="background: white;">
<span style="color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;">Here’s the way the Supreme Court interpreted the law:<o:p></o:p></span></div>
<div style="background: white;">
<i style="mso-bidi-font-style: normal;"><span style="background: white; color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;">“In deciding to overrule <span style="mso-bidi-font-style: italic;">Quill </span>and <span style="mso-bidi-font-style: italic;">Bellas
Hess</span>, the Supreme Court found that the rule banning sales tax collection
when businesses lack “physical presence” in a state was an incorrect
interpretation of the Commerce Clause. The Court criticized the <span style="mso-bidi-font-style: italic;">Quill</span> decision on several
grounds. First, the physical presence rule is not a necessary interpretation of
the “closely related” nexus requirement from <span style="mso-bidi-font-style: italic;">Complete Auto Transit v. Brady</span>, 430 U.S. 274 (1977)<span style="mso-bidi-font-style: italic;">. </span>Second, the Court found
that <span style="mso-bidi-font-style: italic;">Quill</span> creates,
rather than resolves market distortions, calling it a “judicially created tax
shelter for businesses that decide to limit their physical presence and still
sell their goods and services” to a state’s residents.”</span></i><i style="mso-bidi-font-style: normal;"><span style="color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;"><o:p></o:p></span></i></div>
<div style="background: white;">
<i style="mso-bidi-font-style: normal;"><span style="background: white; color: #444444; font-family: "arial" , sans-serif; font-size: 11.5pt;"><br /></span></i></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">While the supposed
intent of the court was to level the playing field by providing states the
opportunity of avoiding being bled dry by an ever-expanding online retail
industry, the results may prove to be devastating to small mom and pop
etailers.<span style="mso-spacerun: yes;"> </span>While collecting sales tax in
a number of states is not that high of a hurdle for etailers, remitting those
same taxes on a monthly basis could wind up being the straw that breaks the
camels back.<span style="mso-spacerun: yes;"> </span>This is no easy task when
you consider what to takes to meet sales tax requirements in the state of
Florida, with all it’s many counties.<span style="mso-spacerun: yes;">
</span>Multiply this task by 30-50 states and it’s probable that many small
etailers will be forced to close up shop, since the added cost needed to
satisfy each and every state they do business in could prove to be too much to
take.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">What it comes down to
is only time will tell whether the online sales tax shuffle will level the
playing field or simply be a game ender for many small online retailers.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;">Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;"><br /></span></div>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="background-color: white; color: #1f497d; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "Times New Roman", serif;">http://www.smallbg.com</span></a> </span><br style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #1f497d; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;">(904) 731-2221 </span><br style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: red; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/appointment.htm" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "Times New Roman", serif;">http://www.smallbg.com/appointment.htm</span></a></span></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<br />Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com1Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-90189941765005555782018-11-01T15:18:00.000-04:002018-11-01T15:18:36.796-04:00Can Professionals Capitalize on the Same 20% Deduction as Other Businesses?<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By Ben Kinsey, CPA<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwSZCwxhBpSn_QIPY0dOhsZc1_NaqsZRjlvOk4UdY0LXVW1_cGbzk01n1n3p6TRaAos7Al3HUyipTbmyLWBxhnHzZceMg6hJ9klh3ei981vbutnGHgn1vXQ8q7p2wBm2ugRM3VNCVn1xrX/s1600/20%2525+Pixabay.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="473" data-original-width="871" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwSZCwxhBpSn_QIPY0dOhsZc1_NaqsZRjlvOk4UdY0LXVW1_cGbzk01n1n3p6TRaAos7Al3HUyipTbmyLWBxhnHzZceMg6hJ9klh3ei981vbutnGHgn1vXQ8q7p2wBm2ugRM3VNCVn1xrX/s320/20%2525+Pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://pixabay.com/en/twenty-20-percent-statistic-money-706886/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">In my previous blog, Do the Right Thing & Save
20%, I covered the new tax laws in effect that allow many businesses to
capitalize on deductions that apply to overflow income (business income minus
your salary). The only rub is this deduction specifically excludes
professionals. That’s the bad news. The good news is in today’s blog I will
reveal how realtors, accountants, doctors, dentists, CPAs, engineers and any
other business owners that provide a service may still have an opportunity to
capitalize on this 20% deduction.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"></span></span></div>
<a name='more'></a><br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">On the other hand, depending upon the amount of income
you and your spouse collectively receive, you could potentially miss out on
this deduction if you are unaware of the new tax laws.<span style="mso-spacerun: yes;"> </span>Below are three considerations you need to
take into consideration if you hope to beat the tax man at his own game:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You
can and should shelter some of your income through a Health Savings Account.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You
should also maximize your contributions to your IRA or 401K plans.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">You
need to consider the income your spouse makes. (If you make $200K and your
spouse makes another $200k, you’re probably going to be out of luck with
regards the 20% deduction.)<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l1 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">That being said, if you would have consulted with your
CPA and found out how to max out some of your legitimate deductions at the
beginning of the year, you probably could have saved 20%.<span style="mso-spacerun: yes;"> </span>The problem is, there’s no way you can wing
this kind of tax planning or wait until the last minute if you hope to
guarantee it’s going to work.<span style="mso-spacerun: yes;"> </span>You need
to do a best guess of your income at the beginning of the year if you hope to
create a plan that can shelter the amount of income necessary to qualify for
the 20% deduction.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwDOBa2jpOSZYO2IdqawIAaFCKqjIxIA1Knwy15zjtb9CYc9l9Zy3tlXljlY9mdu1f4Pllqm8DvKKAUf47etkjqyYGVcIuUrWXE4UxxxDGvg79l4aGqcWpJuB0sHjQeH-bDfIvoMnrHRzg/s1600/plana+pixabay.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="568" data-original-width="759" height="239" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwDOBa2jpOSZYO2IdqawIAaFCKqjIxIA1Knwy15zjtb9CYc9l9Zy3tlXljlY9mdu1f4Pllqm8DvKKAUf47etkjqyYGVcIuUrWXE4UxxxDGvg79l4aGqcWpJuB0sHjQeH-bDfIvoMnrHRzg/s320/plana+pixabay.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://pixabay.com/en/planning-plan-adjusting-aspirations-620299/">Pixabay</a></td></tr>
</tbody></table>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Once the plan is created, the second most important
factor is to adhere to the plan without exception.<span style="mso-spacerun: yes;"> </span>While you could get lucky, odds are you will
wind up shooting yourself in the foot if you wait too late to enact a
plan.<span style="mso-spacerun: yes;"> </span>Particularly if you (and your
spouse) are making a lot more money this year than you did during the past year
or so, you need to act now if you want to claim a tax deduction that was meant
for the middle class.<span style="mso-spacerun: yes;"> </span>To stay in the
middle class, you have to make less than $350,000 as an individual, or $400,000
as a married couple on paper.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Other than HSA’s and IRA’s, there are other investments
you can make as a professional to shelter some of your income.<span style="mso-spacerun: yes;"> </span>The problem is, your bookkeeper isn’t going
to be able to tell you about them.<span style="mso-spacerun: yes;">
</span>Neither are some accountants.<span style="mso-spacerun: yes;"> </span>It
takes an experienced tax planner help you find ways to shelter your income.<span style="mso-spacerun: yes;"> </span>Here are a few of them:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoListParagraphCxSpFirst" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 1.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Depreciation
is your friend – There are ways of putting in $50,000 to generate
$100,000-$200,000 worth of depreciation.<span style="mso-spacerun: yes;">
</span>This is another one of those tactics where you can’t pull the rabbit out
of your hat at the end of the year if you want it to work. <o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 2.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Charitable
deductions are not the answer – While being charitable is noble, it doesn’t
affect your gross income.<span style="mso-spacerun: yes;"> </span>So, that big
check you’re planning on writing to charity is not going to help you qualify
for the 20% deduction.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 3.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Buying
a building is another way to shelter income. – If you’re currently paying rent,
why not consider paying rent to yourself instead of to your landlord.<span style="mso-spacerun: yes;"> </span>This one move could help you not only shelter
your income this year, it also allows you to depreciate the building for an
additional 29 years.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjf7w5IdT22bjbR2TKEqZ71pXLWXN353vQ3f9r6kqAefHQotL2EN2yJ5NeL_n5HYS_D-SNdsUa_KPeJQY-tJYE2hch4UcBuMrZCKCqRG041Z5NRAbhjv50akepaQJXdzYlyrnfE3VENRSw/s1600/workers+pxhere.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="589" data-original-width="813" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjf7w5IdT22bjbR2TKEqZ71pXLWXN353vQ3f9r6kqAefHQotL2EN2yJ5NeL_n5HYS_D-SNdsUa_KPeJQY-tJYE2hch4UcBuMrZCKCqRG041Z5NRAbhjv50akepaQJXdzYlyrnfE3VENRSw/s320/workers+pxhere.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://pxhere.com/en/photo/878831">PxHere</a></td></tr>
</tbody></table>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 4.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-spacerun: yes;"> </span>You can also shelter income by repairing an
existing building you own.<span style="mso-spacerun: yes;"> </span>The only
caveat is that the repairs have to both be completed and paid for by year end
in order to qualify. <span style="mso-spacerun: yes;"> </span>They also have to
be a leasehold improvement made to the interior of a non-residential building.
They can neither include any expenses relating to enlarging the structure, nor
can the expenses relate to an elevator, escalator, or the internal structural
framework of the building. (For more details on the laws pertaining to the
purchase or repair of a building, refer to my previous blog entitled Building
Your Future by Buying a Building.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoListParagraphCxSpMiddle" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 5.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Change
your corporate structure - If you own an LLC or Subchapter S corporation and
expect to make a huge amount of money this year, you might want to consider
changing your corporate status.<span style="mso-spacerun: yes;"> </span>C Corps only
pay 26% in Florida. <span style="mso-spacerun: yes;"> </span>If it looks like you
are going to pay higher taxes in an S Corp or LLC, consider changing your
corporate structure.<o:p></o:p></span></div>
<div class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo2; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><span style="mso-list: Ignore;"> 6.<span style="font: 7.0pt "Times New Roman";"> </span></span></span><!--[endif]--><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Buying
equipment or vehicles for the company – Depreciable assets is the number one
way for a business to shelter income.<span style="mso-spacerun: yes;"> </span>If
you expect a big wave of income, the best time to buy equipment is now.<span style="mso-spacerun: yes;"> </span>If you wait until next year, the tax
deduction you need this year won’t be there for you.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">What it boils down to is that professionals can
capitalize on the same 20% deduction as other business owners if they plan
ahead to maximize their use of legitimate tax shelters that can reduce their
gross income.<span style="mso-spacerun: yes;"> </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;">Ben Kinsey, CPA of Small Business Group works with owners of closely held corporations in the Northeast Florida region. If you work in the North Florida area we offer a FREE initial Consultation at our office, please contact Small Business Group if you would like to know more about strategies for your business.<o:p></o:p></span></div>
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="color: red;"><br /></span></div>
<span style="background-color: white; color: #1f497d; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "Times New Roman", serif;">http://www.smallbg.com</span></a> </span><br style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: #1f497d; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;">(904) 731-2221 </span><br style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;" /><span style="background-color: white; color: red; font-family: Calibri, sans-serif; font-size: 11pt; line-height: 15.6933px;"><a href="http://www.smallbg.com/appointment.htm" style="color: #888888; text-decoration-line: none;"><span style="color: black; font-family: "Times New Roman", serif;">http://www.smallbg.com/appointment.htm</span></a></span>Carl Weisshttp://www.blogger.com/profile/06403691587433567111noreply@blogger.com2Jacksonville, FL, USA30.3321838 -81.65565099999997829.8936813 -82.301097999999982 30.770686299999998 -81.010203999999973tag:blogger.com,1999:blog-6657761878105170639.post-2480415320599442762018-04-01T08:50:00.001-04:002018-12-09T11:04:59.211-05:00Do the Right Thing & Save 20%<div class="MsoNormal">
<span style="font-family: "times new roman", serif; font-size: 12pt;">By Ben Kinsey</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPgvGMJ0IOaT54r1XclMXj1LI5RH_fB6GoR2vuaxi_BDLaOCB8QPl-ebtzsPC2mBKKldF-aDiIydWp28cBlRh9n8e3smWPQK4WDr5P599H9d2SMDxJ02ohKtVm_ZeIA2M1WsMI31JS0iqj/s1600/save+wikimedia.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="307" data-original-width="718" height="136" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPgvGMJ0IOaT54r1XclMXj1LI5RH_fB6GoR2vuaxi_BDLaOCB8QPl-ebtzsPC2mBKKldF-aDiIydWp28cBlRh9n8e3smWPQK4WDr5P599H9d2SMDxJ02ohKtVm_ZeIA2M1WsMI31JS0iqj/s320/save+wikimedia.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://commons.wikimedia.org/wiki/File:Logo_SAVE.JPG">wikimedia</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">For all active business entities in the US that are
not rental properties or hobbies, there is a new 20% business deduction that
applies to your overflow income. (This is your income minus your salary) Salary,
in this case, is important since the only
way you can take the 20% deduction is if you take a salary, or in the case of a
partnership, a guaranteed payment. The
term the IRS uses to describe this is Qualified Business Income. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<a name='more'></a></div>
<div class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The
Shape of Things to Come<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The way things used to work is you were taxed on 100% of your income with no
deduction other than what was referred to
as the production deduction. This
deduction was only available to manufacturers and businesses that built new
construction. Whether you were the
engineer, the planner or the manufacturer of new materials, you were able to
take a production deduction of up to 9%.
All other types of businesses were ineligible for this deduction.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<i><span style="font-family: "times new roman" , serif; font-size: 14.0pt; line-height: 107%;"><b>Starting
on January 1, 2018, there is an opportunity for all business owners to take
advantage of a 20% savings on their qualified business income. </b><o:p></o:p></span></i><br />
<i><span style="font-family: "times new roman" , serif; font-size: 14.0pt; line-height: 107%;"><br /></span></i></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmYCpbZqgb2V3NYnjvtswSWHHHy3YnQCKaH3TCRUrqADQCJ3yx8lKktLfn89DSONqegm-q2aIVcb4vbcMi0hyjzTt8qBmGYAfv_K_Mn_3KA9n9CYaleSeNODFGqZX2JeEr3d7RVMA3ErKC/s1600/corp+picsaver.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="570" data-original-width="869" height="209" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmYCpbZqgb2V3NYnjvtswSWHHHy3YnQCKaH3TCRUrqADQCJ3yx8lKktLfn89DSONqegm-q2aIVcb4vbcMi0hyjzTt8qBmGYAfv_K_Mn_3KA9n9CYaleSeNODFGqZX2JeEr3d7RVMA3ErKC/s320/corp+picsaver.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of P<a href="http://www.picserver.org/highway-signs2/c/corporation.html">icserver</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Let’s say your S Corp brings in a million dollars and
expenses are 80%. This would produce a $200,000 net profit in 2018 before the owners get paid. If the owners got paid $80,000 in salary,
this would leave $120,000 in net profit.
This would mean when the business
files its taxes at the end of the year; it
would qualify for 20% of the $120,000, which is a $24,000 deduction. The kicker is, in order to take the deduction, the owners would have to take either
50% of the $80,000, which is $40,000 or 20% of the $120,000, whichever is less.
In this case, the business would only qualify for a $24,000 deduction. On top of that, the new deduction only
applies if the owners take a salary.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The trick to maximizing your savings under the new
rule is to make sure you take enough in salary.
If this same business only paid out $40,000 to the owners in salary,
then the deduction that would apply would only amount to $20,000, since 50% of
the owner’s salary would be less than 20% of the qualified business income,
which in this case would be $32,000. ($200,000-$40,000=$160,000 x 20%=$32,000) The trick is to choose the salary that works best
within the formula, which in this, for instance, would be in the neighborhood
of $60,000. ($200,000-60,000=$140,000 x 20%=$28,000 & 50% of 60,000=$30,000)<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The
Rules of Engagement<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">They say the only thing sure in life is death and
taxes. Yet
the new deduction was born because of an
insecurity in the amount of taxes collected. The reason the federal
government decided to provide the 20% deduction was to get business owners to
contribute their fair share into FICA and Medicare. That’s why you are required to take an
adequate salary in order to take full
advantage of the deduction. This is why planning is vital to maximizing
your results when it comes to the new rules.
Never before has there been a straight deduction for paying the owner just
for performing services for a corporation.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjeCcU6PKVOd6_SyZ2PUk1AR6jp8hYgVD07heKj6ju4Ckw9vkQ3BSk50IV0V8Y5frK44-PdQU5Tp_je1zXY9cBLBNOpV-YHbnDm5_Uoh19sl1SrmFg6U28L7XECCIvH5hb-sNecfUiCEdz/s1600/stack+of+money+flickr.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="567" data-original-width="1000" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhjeCcU6PKVOd6_SyZ2PUk1AR6jp8hYgVD07heKj6ju4Ckw9vkQ3BSk50IV0V8Y5frK44-PdQU5Tp_je1zXY9cBLBNOpV-YHbnDm5_Uoh19sl1SrmFg6U28L7XECCIvH5hb-sNecfUiCEdz/s320/stack+of+money+flickr.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of <a href="https://www.flickr.com/photos/teegardin/5912877757">flickr</a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">There have long been rules for S Corps and
partnerships when it comes to taking “reasonable” salaries. When the owners or partners don’t take a
reasonable salary, they don’t contribute their fair share to FICA and
Medicare. This, in turn, starves FICA and Medicare of the 15% taxation due to these entities. The IRS decided instead of having to go
through the time and trouble of hunting down all the companies in this country
that are taking unfair advantage of the system;
the federal government instead decided to give every business owner an
incentive by offering a 20% deduction to everybody who plays by the rules. Better still is the fact that these new rules
are in effect until 2025 to qualified businesses.<o:p></o:p></span></div>
<div class="MsoNormal">
<i><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">(FYI:
If you don’t want to take a $60,000 salary, there is a way for you to look like
you are taking a salary by channeling the payment to your 401K and still
qualify for the deduction.)<o:p></o:p></span></i></div>
<div class="MsoNormal">
<i><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></i></div>
<div class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Who
Qualifies?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">All business owners with certain limitations described below. A qualified business is
defined as any trade or business other than businesses or professionals
engaged in providing services to clients.
Those limited by income from taking this deduction include accountants,
lawyers, doctors, actors, consultants, brokers, engineers, financial advisors,
actuaries, and stock or commodities traders. If you are unsure if your business is excluded, talk to your CPA. On the other hand, if you do qualify for the
deduction, there is no limit on the use of this deduction.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">For instance, let’s say you own a retail business that
does $5 million in revenue with a 10% margin.
This would net you $500,000 before
salaries for the business owners. With
this big of a net profit, if you want to maximize the benefits, you would need
to pay out $140,000 in salaries to the owners, since 50% of $140,000 is $70,000
and 20% of $360,000=$72,000<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Since you can’t make these calculations retroactively,
the bottom line is if you want to maximize your tax deductions, you need to
plan your strategy by talking to a CPA right away. If
your business qualifies and you play by the rules, you’ll have the satisfaction
of doing the right thing while saving 20% at the same time. <o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="color: red;">Ben Kinsey, CPA of Small Business
Group works with owners of closely held corporations in the Northeast Florida
region. If you work in the North Florida
area we offer a FREE initial Consultation at our office, please contact Small
Business Group if you would like to know more about strategies for your
business.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="color: red;"><br /></span></div>
<span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11.0pt; line-height: 107%;"><a href="http://www.smallbg.com/"><span style="color: black; font-family: "times new roman" , serif;">http://www.smallbg.com</span></a> </span><br />
<span style="color: #1f497d; font-family: "calibri" , sans-serif; font-size: 11.0pt; line-height: 107%;">(904) 731-2221 </span><br />
<span style="color: red; font-family: "calibri" , sans-serif; font-size: 11.0pt; line-height: 107%;"><a href="http://www.smallbg.com/appointment.htm"><span style="color: black; font-family: "times new roman" , serif;">http://www.smallbg.com/appointment.htm</span></a></span>Small Business Grouphttp://www.blogger.com/profile/16608448199458333900noreply@blogger.com01804 University Blvd W, Jacksonville, FL 32217, USA30.2605592 -81.64016520000001330.2603447 -81.640480200000013 30.260773699999998 -81.639850200000012tag:blogger.com,1999:blog-6657761878105170639.post-55098494662075106862018-03-19T10:13:00.002-04:002018-11-01T15:26:34.799-04:00Come Hell or High Water – New Disaster Tax Relief Provisions<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH4vv02fyBuVmnVz6xQ97Sumdg1mJG7aFljdEEhsQTPLHzae7dV6BUVtlc-H_7gEKe3OjkykUM5_4Hjz_fO9FY0WfrPeSKM_6G9FQ_KeBJ73qk7RGjx8KQy3_u6qOwnT2gpBYxDRs1ZNo/s1600/Amazing-natural-disasters.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="375" data-original-width="500" height="148" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH4vv02fyBuVmnVz6xQ97Sumdg1mJG7aFljdEEhsQTPLHzae7dV6BUVtlc-H_7gEKe3OjkykUM5_4Hjz_fO9FY0WfrPeSKM_6G9FQ_KeBJ73qk7RGjx8KQy3_u6qOwnT2gpBYxDRs1ZNo/s200/Amazing-natural-disasters.jpg" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Courtesy of <a class="o5rIVb irc_hol i3724 irc_lth" data-noload="" data-ved="2ahUKEwjagOPqx_jZAhXjguAKHXZ1AnkQjB16BAgAEAQ" href="https://commons.wikimedia.org/wiki/File:Amazing-natural-disasters.jpg" jsaction="mousedown:irc.rl;keydown:irc.rlk" rel="noopener" style="cursor: pointer; font-family: Roboto, arial, sans-serif; font-size: 13px; text-align: start;" tabindex="0" target="_blank"><span class="irc_ho" dir="ltr" style="background-color: white; margin-right: -2px; padding-right: 2px; unicode-bidi: isolate;"><span style="color: blue;">Wikimedia Commons</span></span></a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">By now, most Americans have heard of the devastating wildfires that have destroyed property and claimed lives in California. What many are not aware of is the fact that President Trump recently signed into law the Bipartisan Budget Act of 2018, which among other things was designed to help Californians hardest hit by fire damage. Normally a personal casualty loss incurred by wildfire is an itemized deduction. Under the new Act, qualified losses are now deductible as well.</span><br />
<a name='more'></a><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">What’s even better is that the provisions of this Act and the</span><span style="font-family: "verdana" , sans-serif; font-size: 12pt; line-height: 107%;"> </span><span style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 107%;">Disaster Tax Relief and Airport and Airway Extension Act of 2017 may also help </span><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">homeowners and business owners in the Florida/Georgia area get some relief from the devastation caused by Hurricanes Irma and Matthew.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">In years past, the rules were such that if you made $150,000, your hurricane losses had to total over $15,100 for you to make a claim. Fortunately, that has recently changed. If you live in an area that has been declared a disaster zone, you can now declare whatever you lose minus $500 as an itemized deduction. However, this only applies to individuals, not corporations. This provision not only applies to your home but your property as well.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Let’s say your dock was damaged or destroyed by Irma. Provided the damage was not covered by your insurance carrier, you can deduct the cost to repair or replace the dock minus $500. Bear in mind; you were required to have paid for the repair out of pocket for this to apply. You are not able to take a deduction based on an estimate given to you by a contractor. (Not even if the estimate was provided by FEMA.)<o:p></o:p></span></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAGjdjGWfmUbRSYvvwXJ3f7BrWZVkR8t1aTdBVo6_P76lc3RPcvQEBjef71LuzbSruQMWTPX1dmGS847M7xCVFhYO2uAlXcKdV-iuO_oBmR0Be5-Rxa8DjfR3SiOwyntK9dNSFnTEPUTQ/s1600/Washington_Dulles_International_Airport_at_Dusk.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="950" data-original-width="1600" height="118" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAGjdjGWfmUbRSYvvwXJ3f7BrWZVkR8t1aTdBVo6_P76lc3RPcvQEBjef71LuzbSruQMWTPX1dmGS847M7xCVFhYO2uAlXcKdV-iuO_oBmR0Be5-Rxa8DjfR3SiOwyntK9dNSFnTEPUTQ/s200/Washington_Dulles_International_Airport_at_Dusk.jpg" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Courtesy of <a class="o5rIVb irc_hol i3724 irc_lth" data-noload="" data-ved="2ahUKEwie9uaiyPjZAhXnT98KHUdmBQ8QjB16BAgAEAQ" href="https://en.wikipedia.org/wiki/Washington_Dulles_International_Airport" jsaction="mousedown:irc.rl;keydown:irc.rlk" rel="noopener" style="cursor: pointer; font-family: Roboto, arial, sans-serif; font-size: 13px; text-align: start; text-decoration-line: none;" tabindex="0" target="_blank"><span class="irc_ho" dir="ltr" style="background-color: white; margin-right: -2px; padding-right: 2px; unicode-bidi: isolate;"><span style="color: blue;">Wikipedia</span></span></a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The same rule can also be applied to the cost of removing trees that were downed on your property. If you wound up paying $10,000 to have damaged trees removed and were not reimbursed by your insurance carrier, you can post a $9,500 deduction from your income taxes. If, on the other hand, you were reimbursed by the insurance company or by FEMA for the loss, you do not qualify for a deduction.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">That’s the bad news. The good news is, if you incurred a non-reimbursed loss after last 2016’s Hurricane Matthew and your home was in the area declared a disaster zone, you may still be entitled to a deduction this year. When it comes to making up for qualified losses, time is on your side.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">The important point is that your home had to be in the area declared to be a federal disaster zone. When it came to 2017’s Hurricane Irma, the zone encompassed all of Florida. For Hurricane Matthew, the disaster zone only included the east coast of Florida. If you are unsure if your county was listed as a disaster zone in 2016, you can find out by going to either of the following links:<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><a href="https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-matthew-in-florida">https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-matthew-in-florida</a><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><a href="https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-matthew-in-georgia">https://www.irs.gov/newsroom/tax-relief-for-victims-of-hurricane-matthew-in-georgia</a><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Whether the damage caused to your home, your dock, your car, or your second home was caused by either Irma or Matthew, you may still be entitled to a deduction. The exception is if your second home is a rental property. In that case, you will, unfortunately, be forced to eat the loss. If you are unsure of whether a loss is covered under the disaster relief provisions, contact your CPA or call me at (904) 731-2221.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Back in Business<o:p></o:p></span></b></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">When it comes to businesses that were affected by either Irma or Matthew, there are some losses you can deduct as an operating expense. For instance, businesses in the San Marco area of Jacksonville were decimated by flooding that not only resulted in property loss but the loss of income incurred from the 6-months it took to get these businesses open for business again. Some of these losses are deductible.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">Not only is a loss of revenue an issue for many businesses that were closed down due to Hurricane Irma or Matthew, but some businesses also took a hit due to their payroll. If you paid your employees while your business was closed down due to hurricane damage, you might be entitled to a credit on your tax return. This ruling is so new that many business owners are not even aware it exists. The only exception is when it comes to the owner’s wages, which is not included in the tax credit.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span></div>
<div class="MsoNormal">
<b><span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">When is FEMA NOT Your Friend?<o:p></o:p></span></b></div>
<div class="MsoNormal">
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-bZEExtjnZ01TzbIS4z6jn6yPFePpKKQLmW1eU9qKBjuT3AH5LmnYsUVugoXqLOAQ6SrECag2lJ2WbNRTnXl6VDle5XQgSeKTnKkJIKJVw7grapQAUuoksz5RfRh-Nc_lmr38EUu53jA/s1600/ngb_2.png" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" data-original-height="413" data-original-width="623" height="132" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-bZEExtjnZ01TzbIS4z6jn6yPFePpKKQLmW1eU9qKBjuT3AH5LmnYsUVugoXqLOAQ6SrECag2lJ2WbNRTnXl6VDle5XQgSeKTnKkJIKJVw7grapQAUuoksz5RfRh-Nc_lmr38EUu53jA/s200/ngb_2.png" width="200" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Courtesy of <a class="o5rIVb irc_hol i3724 irc_lth" data-noload="" data-ved="2ahUKEwjiv9LNyPjZAhUih-AKHXPWBDwQjB16BAgAEAQ" href="https://www.fema.gov/news-release/2017/09/25/federal-agencies-continue-hurricane-maria-response-and-relief-operations" jsaction="mousedown:irc.rl;keydown:irc.rlk" rel="noopener" style="cursor: pointer; font-family: Roboto, arial, sans-serif; font-size: 13px; text-align: start; text-decoration-line: none;" tabindex="0" target="_blank"><span class="irc_ho" dir="ltr" style="background-color: white; margin-right: -2px; padding-right: 2px; unicode-bidi: isolate;"><span style="color: blue;">FEMA.gov</span></span></a></td></tr>
</tbody></table>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">If you’re a business owner, don’t expect FEMA to charge to the rescue. For local businesses that were forced to shut down for months on end, FEMA provided no federal assistance of any kind. I had one client who was renting space that was decimated by flood waters caused by Hurricane Irma. When it comes to compensating residents hardest hit by either hurricane, FEMA support could be a boon for homeowners. But when it came to business owners, they were left out in the cold by FEMA.</span></div>
<br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;">While the past couple of years have spelled disaster born of water and wind in the Sunshine State, Florida is no stranger to wildfire. In 1998, 4,899 wildfires burned more than 500,000 acres and claimed 342 homes in Florida. If history were to repeat itself and wildfire or hurricane should visit our area again, it’s nice to know that Floridians can expect some tax relief come hell or high water.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"><br /></span>
<span style="font-family: "times new roman" , serif; font-size: 12.0pt; line-height: 107%;"></span><br />
<div class="MsoNormal" style="background-color: white; color: #666666; font-family: "Trebuchet MS", Trebuchet, Verdana, sans-serif; font-size: 13.2px;">
<span style="font-family: "calibri" , sans-serif; line-height: 14.124px;"><span style="font-size: xx-small;"><i>Article content provided by Paul S. Hamann & Jack Salewski, CPA, CGMA. If you would like help with these kinds of accounting and tax questions, call Ben Kinsey, CPA of Small Business Group at 904 731-2221. He works with closely held corporations in the Northeast Florida region. Contact Small Business Group if you would like to know more about strategies for your business. To make an appointment click here.<span style="color: black; text-decoration-line: none;"><a href="http://www.smallbg.com/appointment.htm" style="color: #888888; text-decoration-line: none;">http://www.smallbg.com/appointment.htm</a></span></i></span></span></div>
<div>
<span style="font-family: "calibri" , sans-serif; line-height: 14.124px;"><span style="font-size: xx-small;"><i><br /></i></span></span></div>
</div>
Hector Cisneroshttp://www.blogger.com/profile/04255670636628647262noreply@blogger.com1Downtown, FL, USA30.3276337 -81.65556070000002430.2728077 -81.736241700000022 30.3824597 -81.574879700000025