Get All Your QuickBooks® Questions Answered on May 28th

In the midst of a recovering economy, many small business owners are seeking ways to lower costs and maximize office software in-house. One of the most in-demand trainings sought by today’s business owners is how to maximize usage of their QuickBooks® accounting software program.

QuickBooks® is the premiere accounting software tool for today's small business. However, in spite of its ease of use, there are still many valued benefits that small businesses miss out on without proper training.

In an effort to help meet the demand for training of QuickBooks® Optimum Tax & Accounting Services - a Certified QuickBooks® ProAdvisor - is offering a full-day of training just for small business owners and bookkeepers. The training will take place Thursday, May 28th at 201 Shannon Oaks Circle, Suite 200 in Cary North Carolina. Registration will include breakfast, lunch and workshop materials. Registration before May 25th will be $125 - after that, training will be $150.

Those looking for full, yet affordable QuickBooks® Basics training will learn:

 The 7 costly mistakes your bookkeeper could be making
 How to save money and remain profitable in the tough economy
 How to set-up your QuickBooks® File
 Choosing and modifying your chart of accounts
 How to set-up bank accounts, loans, credit cards, enter beginning
balances, and reconcile accounts
 How to record and maintain Fixed Assets. What qualifies?
 How to set-up vendors, customers, jobs and items
 How to invoice, receive customer payments, and maintain accounts receivable
 How to record vendor invoices in the accounts payable module
 How to set-up and run a memorized group of custom reports
 How to run end of year reports and set-up 1099’s for sub-contractors
 20 Business Tips Every Business Owner Should Know

In addition, attendees will also have an opportunity to have specific topics addressed that they would like to add to the curriculum where all questions will be answered.

Registration can take place by calling 919-249-7110; by fax at 919-228-6501 or online at http://optimumtaxandacc.com/quickbooks_seminar. Checks for registration can be sent to Optimum Tax & Accounting Services, LLC, 1000 Green Way, Suite 20, Cary, NC 27513.

For more information, visit www.optimumtaxandacc.com or call 919-249-7110.

Small Business and the Economic Stimulus: What to Know to Get Help Now

Many – if not most -small businesses that are still in business are hanging on by a thread. Caught between a rock and a hard place, most small businesses are faced with finding enough cash to stay afloat and servicing existing customers while still trying to attract new business.

It is such a unique balancing act, even the greatest circus performers couldn’t pull it off. So what is it a small business person can do now? Where is the money? How does a small business owner make the stimulus package work for his or her business now?

Well, we’ve taken the time to do some investigative work and received some real answers designed to help the small business owner get a hold on what is really going on with the Economic Stimulus Package.

First of all, banks are lending! There are banks who have continued to lend during this entire economic crisis. Where are they? Well, start by contacting your local SBA office. We recommend you contact them by phone and ask which banks or financial institutions in your area are making loans. Outside of the traditional banks, there are SBA financial lending partners like community banks and non-profits such as credit unions that may be easier to borrow from.

Next, there are some key criteria you must be aware of when seeking a loan. Because you are a small business, you are more than your credit score. Many non-traditional financial lending institutions are willing to consider you even after you have been turned down by a traditional bank. There are lending institutions that are making loans to business owners with credit scores in the low 600’s and high 500’s with documented unique circumstances that can be explained. They will even make loans to a person with a bankruptcy – with a viable explanation. Usually, these loans are micro-loans ranging from $10,000 to $25,000. For many business owners, this is all they need to get through the next 6-8 months.

Also, update and revise your business plan and/or marketing plan. Demonstrate new, creative and innovative ways your business is generating new customers and/or a plan to attract new sales in this highly competitive, technological and ever-changing economic climate. Show what you’ve done to stay in business this long and what you are willing to do to make your business work for the long run.

SBA even has a new loan program that will help businesses catch up on past due payments.

Under the stimulus package, the SBA is now waiving applicant fees and guaranteeing up to 90% of the loan amount under such programs like 7(a). They are even entertaining start-ups.

Yet, in still, there are people who are not getting loans. Who cannot get a loan?

 Those with credit scores of 398 – 520. If you can’t pay or manage your personal credit, chances are you won’t pay or manage your business credit.

 Those who cannot offer or know someone who is willing to offer a personal guarantee to pay back the loan.

The types of businesses most difficult to get funding for are:

-restaurants
-transportation (i.e., limo companies)
-hotels
-small construction firms (primarily doing residential work)
-spas

Did you know the most popular type of business to fund is any business that is related to “green” technology and is creating energy efficient jobs.

For more information, check out http://sba.gov/recovery/index.html.

To receive technical assistance (i.e., financial statement creation, filling out loan applications, etc.) in applying for SBA funding and/or understanding the tax implications for accessing financing under the new SBA guidelines, contact Optimum Tax and Accounting Services at 336-854-7083 ext. 303 or visit our web site at http://optimumtaxandacc.com/.

PRESIDENT OBAMA COMMITS TO HELPING SMALL BUSINESSES

The President commits to helping small businesses through the economic recovery, and condemns the AIG bonuses recently reported as violating fundamental American principles, pledging to do all he can to ensure taxpayers do not have to pay for them.

Obama Announces Steps to Aid Small Businesses

WASHINGTON (Reuters) - U.S. President Barack Obama will announce steps on Monday to make it easier for small business owners to borrow money, using $730 million in stimulus funds to cut lending fees, boost loan guarantees and expand other programs, officials said.

"We know that small businesses are the engine of growth in the economy," said Christina Romer, chair of the White House Council of Economic Advisers. "We absolutely want to do things to help them."

Romer, speaking on the NBC program "Meet the Press" on Sunday, said the government would pump "a significant amount" of money into encouraging small business lending but did not give a total figure.

Lawrence Summers, head of the White House National Economic Council, told ABC's "This Week" the small businesses plan was part of the president's overall effort to "put in place a program that addresses the crucial problems and permits (economic) stability to be regained."

The Obama administration believes small businesses, which accounted for about 70 percent of new job growth over the past 10 years, will ultimately drive the recovery from the current recession, one of worst in decades, a U.S. official said.

The programs being announced on Monday build on the $730 million for small businesses included in the $787 billion economic stimulus package approved by Congress last month.

"There are already a lot of things to help them in the recovery package," Romer told NBC. "Some of what will be coming out are things that were in the recovery package -- increasing the SBA (Small Business Administration) loan guarantees, lowering fees."

For more, visit Reuters.com.

AVOID BECOMING A VICTIM OF INVESTMENT SCAMS

What the New Economic Stimulus Package May Do for You

Financing Working Capital Needs & Other Key Small Business Advice

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