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

Visit msnbc.com for Breaking News, World News, and News about the Economy

President Obama Addresses the Recent Passage of the Economic Stimulus Package

Today President Obama is celebrating the passage of the American Recovery and Reinvestment Act as a "major milestone on our road to recovery," while still emphasizing that we have many miles yet to go.

"This historic step won't be the end of what we do to turn our economy around, but the beginning," he says in his weekly address. To get us there, he invokes President Kennedy, who said, "Do not pray for easy lives. Pray to be stronger men. Do not pray for tasks equal to your powers. Pray for powers equal to your tasks."

President Obama acknowledges that some people are skeptical about the plan given how Washington has performed in the past, which is why he's encouraging people to check back at Recovery.gov -- the site where, once the plan is in action, you'll be able to track the funds.

"Utlimately, this is your money, and you deserve to know where it's going and how it's spent," he says.

SMALL BUSINESS HIGHLIGHTED ON THE VIEW

The Economic Stimulus and What's in it for Small Business

By Catlin McDevitt, Inc. Magazine

When President Barack Obama first lobbied for support for his economic stimulus plan in late January, he touted it as an immediate lifeline for struggling businesses across the country. "The businesses that are shedding jobs to stay afloat, they cannot afford inaction or delay," he said.

The President's urgent appeal has swayed enough members of the House to pass the $819 billion bill, and the Senate, yesterday approved their $838 billion-version of the bill. During his press conference on Monday night, President Obama said he hoped the two houses of Congress could hammer out their differences and present him with a final bill by the end of the week.

Embedded in both versions of the massive stimulus package—which include funds and relief allocated across various sectors—are some breaks for small business. Many small business owners struggling to get by are now wondering what this plan would mean for them and, even more, if the relief it promises would come soon enough.

"We expect most of these provisions to be relatively quick moving," says Rep. Nydia Velazquez (D-NY), chairwoman of the House Small Business Committee, who voted in favor of the stimulus. In particular, she says that targeted tax relief measures should help small business owners in the short term.

For those companies that have slumped recently but performed well in past years, both versions of the plan would allow them to file for cash refunds. Businesses with a net operating loss (expenses exceeding revenue) for this year could use the loss to offset profits made in the past five years, extended from two years, according to Barbara Weltman, an attorney who specializes in small business tax law. "It's a good thing because this applies for 2008, so businesses that haven't filed their returns yet will be able to go back five years with 2008 losses and recoup the size of that loss," she says.

Those business owners who are in a position to buy new equipment, such as computers, refrigerators, or machinery, are in luck – the House and Senate plans would allow them to immediately write off the cost of these purchases up to $250,000. Of course, many struggling companies may not be able to afford to invest in big-ticket items now anyway, says Weltman. "This is not meaningful to most small businesses," she says, "especially in a year when so many are struggling to pay the bills."

And in an attempt to thaw the frozen lending market that has made it difficult for many small businesses to get the capital they need, the stimulus will likely include measures to facilitate borrowing backed by the Small Business Administration. These provisions may include increased loan guarantees to appeal to risk-averse lenders, waived borrowing fees, and higher maximum loan limits.

"This should really help to open things up and to get the money flowing again," says Todd McCracken, president of the National Small Business Association, though he remains skeptical of whether that alone will be enough to jumpstart the economy. "It's a gamble," he says.

For more on the immediate benefits to small businesses due to the new economic stimulus package, visit http://www.sba.gov/stimulus/.

For more on this story, visit Inc.com.

Senate Approves $838 Billion Economic Stimulus Bill

Earlier Tuesday, the Senate sailed to approval of its $838 billion economic stimulus bill, but with only three moderate Republicans signing on and then demanding the bill's cost go down when the final version emerges from negotiations.

Negotiators were working with a target of about $800 billion for the final bill, lawmakers said.

Negotiators hoped to seal agreement on President Barack Obama's economic stimulus package today after making good progress in the first rounds of closed-door talks.

Obama's negotiating team insisted on restoring some lost funding for school construction projects as talks began Tuesday in hopes of striking a quick agreement, but by late in the day it appeared resigned to losing up to $40 billion in aid to state governments.

"That's in the ballpark," Senate Finance Committee Chairman Max Baucus, D-Mont., said of the $800 billion figure late Tuesday.

Baucus had said earlier that $35.5 billion to provide a $15,000 homebuyer tax credit, approved in the Senate last week, would be cut back. There was also pressure to reduce a Senate-passed tax break for new car buyers, according to Democratic officials.

Within hours of the 61-37 Senate vote, White House Chief of Staff Rahm Emanuel and other top Obama aides met in the Capitol with Democratic leaders as well as moderate senators from both parties whose support looms as crucial for any eventual agreement.

House Democratic leaders promised to fight to restore some of $16 billion for school construction cut by the Senate. Those funds could create more than 100,000 jobs, according to Will Straw, an economist at the liberal Center for American Progress.

The moderate senators — Olympia Snowe and Susan Collins of Maine and Arlen Specter of Pennsylvania — are demanding that the final House-Senate compromise resemble the Senate measure, which devotes about 42 percent of its $838 billion in debt-financed costs to tax cuts, including Obama's signature $500 tax credit for 95 percent of workers, with $1,000 going to couples.

The $820 billion House measure is about one-third tax cuts.

For more on this story, visit the Associated Press.

How To Flourish in a Tough Economy

Visit msnbc.com for Breaking News, World News, and News about the Economy

Recession-Battered Employers Eliminate Near 600,000 Jobs in January

A deepening global downturn has left more Americans unemployed than in nearly three decades, as businesses continue to cut back aggressively in order to survive tough times.

The Labor Department reported Friday that 598,000 private sector jobs were lost in January, pushing the American unemployment rate to a higher than expected 7.6%, up from 7.2% in December.

Economists had forecast that 540,000 jobs would be eliminated, pushing the unemployment rate to 7.5%.

December job losses were revised to 577,000, from 524,000. Since Dec. 2007, 3.6 million jobs have been lost. About half of these job losses occurred in the final three months of 2008. More than 11.6 million Americans are now unemployed, after jobs were eliminated across nearly all major industrial sectors.

The speed and scale of the January layoffs were staggering. In the past week alone, Macy's laid off 7,000. Eastman Kodak announced 4,500 job cuts. Starbucks shuttered 900 stores worldwide, letting go 6,700 workers in the process. Tech also felt the pinch. Microsoft and Intel dismissed 5,000 staff apiece. Sprint Nextel axed 8,000. Heavy industry hemorrhaged jobs, indicating the severity of the slowdown worldwide. Caterpillar cut 22,110 jobs; Alcoa laid off 13,500; and Boeing fired 10,000. Merrill Lynch and Citigroup began job cuts that will eventually add up to the tens of thousands. (See the Forbes Layoff Tracker.)

"Businesses are rushing to cut as rapidly as possible and the more they cut now, the less we will see being cut three or four months down the road. They are shortening the adjustment period," said Joel Naroff, an economist at Naroff Advisers. "Get it out of the way and let's move on."

But it is not just big firms that are sharply cutting back. On Wednesday, payroll manager Automatic Data Processing reported that 522,000 private sector jobs were lost in January, and more than half of the layoffs were at medium-sized firms that employ fewer than 500 workers. (See "ADP Says Half Million Jan. Jobs Frozen Out.")

Widespread job losses and a massive pullback in spending caused the U.S. gross domestic product to fall at the fastest clip in more than twenty years during the final quarter of 2008, as businesses and consumers react to the spasms of a deepening credit crisis and the housing quagmire that sparked it.

The Obama administration has reacted aggressively to surging unemployment and a seized-up economy with a nearly $900 billion economic stimulus package that now awaits Senate approval. The problem is that the money will not really have an impact on the job situation until summer, according to Naroff. "Businesses won't run out and invest [just] because they have a little bit of cash, and households are going to save. Households and businesses start spending when the economy gets jump-started," he remarked.

The other big problem is that the rescue bill itself has caught a lot of heat for building so-called bridges to nowhere and other projects billed as "shovel-ready" that may not foster real economic growth. "A lot of people are cynical about how effective it's going to be, and that's damaging. The hope had been that there would be some confidence bounce as a result, but I'm not [expecting] that's going to happen," said Naroff. "I don't write off the bill at once. I have some hope for it, but people have to believe. I think we'll get something from the stimulus package, but it's going to take awhile."

The already grim government data do not include the growing group of Americans who have given up on finding a job or who cannot land a full-time position and so settle for something part time instead. The number of workers considered underemployed in the United States "has been shooting through the roof," according to Michael Feroli, an economist at JP Morgan Chase. "Underutilization in the labor force is worse than it seems, and it seems pretty bad."

Among the unemployed, the number who ended up with temporary jobs increased to 7.0 million in January. This measure has grown by 3.2 million during the past year.

This story comes courtesy of Forbes.com.

Accounting & Marketing: The Winning Combination for Surviving in Business

Aside from offering a quality product and service and possessing and maintaining the proper capacity to service your customers, the two most essential components needed by any business to survive in economic times such as these are accounting and marketing.

If you have been in business more than two years, you need an accountant; preferably one that specializes in small business. Why? After awhile – especially if you are a one person shop – burnout is bound to set in.

As one starts his or her business, it is easy to get lulled (or fooled) into thinking you can do everything yourself. However, the reality is that you cannot; particularly if there are plans to grow and expand the business. This is why, prior to starting your business, you should be duly mindful of what your business model preference is: do you want to serve as an independent contractor/consultant - just serving a finite number of clients at any one time or do you envision duplicating your product/service and processes to grow into a high net worth organization? As they say, "more money, more problems." It is up to you to do the hard work and examine whether or not you possess the emotional maturity and threshold for risk (pain) to withstand the ebbs and flows of operating a business and managing people on a daily basis.

So, while you are in the throws of generating sales and servicing your customers, who do you trust to manage your finances, set budgets, alert you with your debt to income ratio is upside down, provide you with realistic cash flow projections based on your business and/or marketing plan and is able to do a full-fledged interpretation of numbers that are most important to any bank, creditor or - God-forbid - IRS agent? You owe it to yourself to have a trusted financial advisor with a consistent and demonstrated track record in the arena of small business –especially if you possess plans of not being a small business forever.

Like accounting, marketing is a crucial part of any business right from the start. Once you have determined the product and/or service you are to provide; coupled with the processes for delivery of said products and/or services, you have to find a way to let people know that you exist. Solely advertising or just putting up a web site is not the way. You need a mix of marketing strategies that work together simultaneously that help build your brand while providing you with the optimal number of impressions – exposure in front of people multiple times in your most likely market.

Armed with a marketing budget – based on a designated market niche - the business owner needs to employ strategies that encompass, SEO (Search Engine Optimization), in-person as well as social networking, strategic sponsorships and partnerships and low-cost advertising that provides a high rate of exposure – especially to your prime target market – all designed to give you a substantial return on your investment (ROI). Ideally, you want to identify a reputable marketing and business development expert or firm that has a proven track record of marketing success for itself as well as other businesses similar in size and scope to yours. Like your accountant, if they are having success for themselves and their existing clients, chances are they’ll be able to provide the same type of service for you.

For more information on how to optimize the combination of accounting and marketing in ways that will work for your small business, contact Optimum Tax and Accounting.

The Small Business Survivor: Four Things You Can Do Now to Weather the Economic Downturn

It’s no secret that these are tough economic times – especially for small businesses. However, guess what? People are still buying. The question is, are you selling what people are buying?

Take Apple Inc. for instance. While most manufacturers and retailers struggled through the past holiday shopping season, Apple managed to shatter analysts estimates for profit and sales last quarter in spite of the U.S. having its worst shopping season in 40 years.

What was the key to Apple’s success? Apple had what the market demanded: updated Macintosh notebook computers and revised and reduced iPod designs and prices. While stock in Apple declined (like most companies) last year by 57%, its stock price shot up 8% on the announcement of its most recent milestone.

So, you are not an Apple. That doesn’t mean you two can’t have business success in these tough economic times. Here’s how:

1) Establish, tweak and build your brand online. With the advance in technology, there is no reason anyone with the right idea that can meet a market need and demand cannot be successful – even in these economic times. The best and most cost effective way is to do this via the Internet. Build and/or reconfigure your web site. Make regular updates and changes as often as possible no matter how basic your site. Develop a blog and establish yourself as an expert in your area of focus and service. Utilize and maximize social networking tools designed to drive traffic to your site. Build your contact list and engage in a regularly scheduled e-mail marketing campaign.

2) Maintain a commitment to high quality standards. It’s been said that these times will result in a “natural and healthy thinning of the heard" where only the strongest businesses will survive. To remain fresh and relevant, quality customer service must be a priority. Ensure you have and are creative in managing essential capacity so that your customers don’t feel the pinch just because you do – even if it means moving your business back into your home.

3) Negotiate and re-negotiate. Everyone is feeling the pinch. Therefore, finding ways to cut-back on your greatest expenses can be a big help. Among the two greatest expenses of any business are payroll and lease/mortgage payments. Daily we hear about the sky rocketing unemployment, so clearly businesses are letting go of staff to save money. However, how many are going to their landlord or mortgage holder and seeking to re-negotiate the terms of their lease or mortgage contract? Don’t be afraid to ask for such a consideration. An occupied building with some money is far better than an unoccupied building with no money any day.

4) Team up with other small businesses to create a network. Convene a meeting with your web developer/IT person, marketing person, and accountant. See about forming a virtual corporation that enables you to share resources, make referrals and engage in strategic networking. No man (or woman) is an island. While as a stand alone business, neither of you may have the capacity of an Apple, yet, with a little creative thinking and the formation of strategic partnerships with other small business people whom you trust, who have a demonstrated track record and are as motivated as you are to stay and thrive in business, you might just create a winning combination.

Entrepreneurs Optimistic About 2009

Sixty percent of small business owners say 2009 will be better than 2008, according to a survey by Microsoft Inc.

The poll, conducted by Microsoft Office Live Small Business and Elance Inc., indicated that 37 percent of small business owners are worried about 2009, but believe their businesses will weather the current economic storm.

In the survey, 86 percent said they are happier running their own businesses than working for someone else. And more than half said they will maintain their current staffing levels. One-third said they may need to hire contract or freelance help.

The survey of 600 small-business owners was conducted online between Dec. 10-16, according to Microsoft (NASDAQ: MSFT).

Story comes courtesy of Nashville Business Journal.

TARP, Obama and Small Business Bailout: The Struggle to Survive the Mess of Our Financial Crisis

With the turn of a New Year and on the eve of the swearing in of a new administration, the financial condition of the United States is still a mess. It's hard not to feel like Leonardo DiCaprio near the end of the movie The Titanic where is his holding on to the remains from a sinking ship in the freezing ice cold waters of the Atlantic while trying to stay alive.

This pretty much define the financial circumstances of many in the U.S. today, particularly small businesses.

During the darkest days of the credit crisis last October, Congress granted President Bush's urgent request to address growing problems in the credit and financial markets by passing the Emergency Economic Stabilization Act of 2008 (EESA).

A centerpiece of EESA is the $700 billion Troubled Assets Relief Program, also known as TARP. The government is supposed to use the money to purchase failing bank assets. The goal is to free up reserves so banks can start lending money again. To date, nearly all of the TARP's initial $250 billion appropriation has been distributed. So where has the money gone?

Not to small businesses.

Most of the nation's 8,000 community banks, which provide loans to 48 percent of all small businesses, have yet to receive any TARP money. Of those, 3,000 community banks have been declared ineligible for the program simply because they are Subchapter S corporations or mutual institutions.

In times past, community banks, a traditional conduit for SBA lending programs, could serve as a counterbalance to tight credit for small firms. But just the opposite is happening. In the first quarter of the government's 2009 fiscal year, which ended Dec. 31, the number of flagship SBA 7(a) loans dropped by 57 percent compared with the first quarter of FY2008 and by 62 percent compared with the first quarter of FY2007.

Lending through the SBA's Community Express program, which targets low- and middle-income areas and firms owned by minorities, women, and veterans, has been hit even harder. Loans are down 76 percent from a year ago.
Most of this blog post comes courtesy of Keith Gerard of AllBusiness.com.

MSNBC's Your Business

Visit msnbc.com for Breaking News, World News, and News about the Economy

Small Business Advice Courtesy of MSNBC's Your Business.

Optimum Financial Solutions Premiers on BlogTalkRadio

Greensboro, North Carolina - On the heels of a year riddled with economic uncertainty, people are hungry for strong, reliable financial advice designed to help them weather what some refer to as the worst economy yet to come.

To help people begin to re-build their financial lives for the New Year, Optimum Financial Solutions recently premiered on BlogTalkRadio. Featuring Pamela Murray, President & CEO of Optimum Tax & Accounting Services based out of Greensboro, North Carolina, Optimum Financial Solutions is a BlogTalkRadio program focused on offering solid tax and accounting advice with the small business owner and potential small business owner in mind.

“Americans are ready for immediate financial remedies to stop the damage done by and within our financial markets in 2008,” said Murray. “As someone who has been in finance and accounting for over 12 years, I feel strongly that in order to keep people empowered when it comes to their money, they must first be armed with quality, sound financial information. The Optimum Financial Solutions internet radio program is one way by which we can begin to do this.”

Embarking upon its fifth year of operation, Optimum Tax & Accounting Services spent the last quarter of 2008 executing a newly devised market strategy designed to educate as well as secure an increased client base.

Over the last three year, Optimum Tax & Accounting has expanded its services to include: monthly bookkeeping and banking, payroll management, tax and accounting services for non-profit organizations, financial statement preparation, support services to CPAs and small business and non-profit organization accounting and marketing consultation.

To kick-off the new year and the beginning of tax season, Optimum Tax and Accounting is offering 15% off all tax preparation services to its new clients who sign up before February 15th.

“Since there is no apparent government bailout for the small business owner or individual tax payer, we at Optimum are just looking to do our part to help ease the minds of Americans and provide solid financial management advice while delivering quality tax, accounting and bookkeeping services to our clients,” said Murray.

For more information, visit http://www.optimumtaxandacc.com/.