Come 2014, the Patient Protection and Affordable Care Act, also known as Obamacare, will require all Americans to obtain health insurance. Small businesses with 50 or more employees will be required to provide full-time workers with affordable health insurance that complies with Obamacare’s standards. Small businesses with less than 50 employees will not have that same requirement, although any health care plan they offer must comply with Obamacare. All companies, big or small, must notify their employers, in writing, of the law and the ability to take advantage of state-based health insurance exchanges.
These requirements, along with the prohibition against barring any individual from health insurance due to preexisting conditions, may cause significant problems for small business owners. Entrepreneur.com writer, Dinah Wisenberg Brin reports that while some argue that Obamacare may save businesses money in the long run, many argue that the converse is true.
The National Federation of Independent Business (NFIB) contends that the law will make it “extremely difficult” for any small business to cross the 50-employee threshold. Also, businesses that go from 49 to 50 employees without extending health care insurance to the same could face a $40,000 penalty. The NFIB argues, “A business can avoid the penalties by firing employees, by not hiring new ones, by replacing full-timers with part-timers, or by outsourcing. Estimating the costs of hiring and expanding will be complex and confusing.”
Unfortunately many small business owners currently find themselves in the same position as their employees—uninsured. A Businessweek article by Karen E. Klein states a Kaiser Family Foundation study of insurance coverage found that “…small business owners are in similar straits as their employees: One-quarter are uninsured and half rely on a family member for coverage or buy private health insurance, if they can afford and qualify for it. Only 19 percent get insurance through their companies.”
Perhaps the insurance exchanges will eliminate some of these problems, as these marketplaces should be available in 2014 and allow individuals and small businesses to “shop” for plans among a variety of competitive options that must comply with Obamacare standards. Brin states that information on these plans should be available later this year.
Regardless, Obamacare has a fair number of small business owners concerned. The House Small Business Committee plans to hold a hearing on health-care reform which will address many of these issues. The committee has enabled small business owners to post their comments on Obamacare and how they think it will impact them and their small businesses:
Marsha Newberry, owner of a Texas small business posted, “The Affordable Care Act is certainly not affordable for us as a small business in America. …This has caused our company to examine our projects and reduce our employee numbers by eliminating the labor intense projects. All this to avoid mandated healthcare by the federal government. So we slow and/or reduce our company growth to avoid complete closure of the company. ”
A Nevada business owner posted, “We eliminated six jobs within the company, and we will continue downsizing. We will outsource the functions previously done in-house in order to stay afloat. We have no budget for this damage. If that doesn’t keep us afloat, we will close our business down by September 30 this year…”
The key here is in staying informed on Obamacare and how the issues will evolve and, eventually, impact your business. The ability to anticipate that impact will enable small business owners to make adjustments to their plans and projections in order to manage what is sure to be a significant learning curve.
Increase Your Business’s Profitability NOW!
Allen Bostrom, President and CEO of Universal Accounting Center, has a lot of experience helping small businesses become more lucrative, and he’s written a book about it called In the Black: Nine Principles to Make Your Business Profitable. Practical and easy-to-apply, you can finish this book in one day and begin implementing those principles the next. To learn more about this book and some of the principles he shares, visit his website today!
Resources
Brin, Dinah Wisenberg. “Obamacare 101: How Business Owners Can Prepare in 2013.” 22 January 2013 Entrepreneur.com
Brin, Dinah Wisenberg. “Small Businesses Continue to Air – and Vent – Obamacare Opinions.” 7 March 2013 Entrepreneur.com
Klein, Karen E. “What Obamacare Means for Small Employers.” 4 October 2012 BusinessWeek.com
Recently we posted an article updating you on the RTRP Court Ruling as of February 1st, 2013. The IRS continues to battle the ruling, attempting to advance its case as follows:
The IRS took advantage of its right to file an appeal within 60 days from the ruling, and on February 21st, 2013, the Department of Justice filed an appeal on their behalf, safeguarding the IRS’s right to fight the recent ruling on Living v. IRS, which could prevent the IRS from testing and regulating paid tax preparers.
Deputy Director of the Return Preparer Office, Preston Benoit, said that as a result of the injunction the IRS is currently unable to recognize nor endorse the RTRP credential. However, he also said there is nothing preventing tax professionals from displaying certification, although the IRS is not commenting on RTRP credential usage or the ongoing litigation. Speaking for the IRS, Benoit said they are trying to quickly resolve the matter and are considering instituting voluntary testing for those interested.
On February 26th, 2013, the Department of Justice, acting in behalf of the IRS yet again, filed a Government’s Motion for a Stay Pending Appeal. This motion is intended to reinstate the IRS’s testing and registration program for tax preparers during the appeals process. According to the NATP website, “The motion argues that the stay is in the best interest of the IRS, tax preparers and most importantly, taxpayers.” The motion states that “the greatest harm from the injunction will come in 2014, when the regulations meant to guard taxpayers from incompetent and unethical tax-return preparers are scheduled to become fully operational. The IRS estimates that fraud, abuse, and errors cost the taxpaying public billions of dollars annually.”
For more information, please visit the official website of the National Association of Tax Professionals.
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Register for Universal’s FREE Start Today Seminar
From DC to Texas and Canada to California—Universal travels the country providing free 3-hour seminars teaching the secrets to establishing a successful accounting and bookkeeping service. There you’ll learn how to enhance your service offerings while increasing your bottom lime! Look at our schedule and register for one of our seminars in a city near you. As attendee Dennis Shumway explained, “I have been involved in financial service for 20 years and have attended seminars all over the country. The quality of this class has been head and shoulders above any class that I have ever taken.”
Take advantage of this FREE opportunity now! Register today!
Have you dreamed of becoming the local tax superstar? Do you imagine clients praising your ability to submit returns faster than a speeding bullet and leap complicated tax issues in a single bound? While you might think professionals like that are freaks of nature, they are deliberate career creatures who approach every project, interaction, and task with purpose.
Want to become a professional superstar? Here are three things you could do in order to set yourself apart from the competition:
1. Develop a strategy. Superstars approach their workday with purpose: strategy. They look at their current projects as a way to expand their portfolios of experience and skills. They’re also aware of what the client wants, hitching their personal objectives to a client’s wagon in order to simultaneously advance their client’s businesses with their own.
2. Take initiative. When superstars look at their role as a tax preparer, they recognize the difference between fulfilling standard requirements and taking the initiative to go above and beyond the call of duty. Taking real initiative requires that you do the expected job well. Then you must exceed those requirements in some way. Are there other ways you can fulfill your clients’ financial needs? . Then you must see the task to successful completion.
3. Enhance your skills. Superstars are proactive in their approach to professional development. They look for ways to build their skill set, becoming more valuable tax professionals. Actively seek conferences and workshops you can attend, training you can complete, and/or designations you can earn. It will not only enhance your skills, but it will show just how serious you are about becoming the local tax superstar.
You too can be a professional superstar. All it takes is reflection on your current approach to your practice and the implementation of a few necessary changes.
Universal Accounting Helps Tax Preparers Succeed
At Universal, we believe it’s important to prepare for the future, and we’re interested in seeing your future success as a tax preparer. Our online tax training, the Professional Tax Preparer Program, is designed to help professionals like you enhance tax preparation skills by becoming efficient in the completion of individual and business returns while establishing a thriving home-based tax businesses. To learn more, or enroll now, call Universal at 1-877-833-7909 today!
You have probably heard the daunting news before: roughly 50% of new businesses fail within the first five years of operation. If you’ve ever considered launching your own practice, that statistic has probably given you pause. However, there are tangible things you can do to avoid the most common mistakes made by entrepreneurs.
In a recent Entrepreneur.com article, author Martin Zwilling lists the “10 Top Reasons Why First-Time Entrepreneurs Fail.” We share five of those reasons here:
1. No written plan. You’ve heard the old maxim, “if you fail to plan, you plan to fail.” Perhaps you’ve spent hours dreaming about your business, imagining your achievements, and talking with friends and family about your goals, but without a business plan you aren’t giving yourself the opportunity to truly plan all the necessary details and build a foundation for your success.
2. Limited business opportunities. Some entrepreneurs fail to perform the necessary market research that will help them determine whether or not the products and/or services they’ve selected are actually in demand. Thankfully, whether it’s tax preparation or small-business accounting, financial services are not only in demand, but generally required by law.
3. Too much competition. Again, this problem could easily be overcome with a little market research. Before launching your business you must determine who your competition is and what makes them appealing. Is there something you could offer that they don’t? Only by studying your competition will you develop that necessary advantage.
4. Not enough marketing. We get it! Promoting services doesn’t come naturally to accountants and tax preparers. But the truth remains: regardless of how skilled you are, your business won’t generate revenue without clients, and you won’t secure clients without a marketing plan.
5. Can’t execute. As Zwilling explains, “When young entrepreneurs come to me with that ‘million dollar idea,’ I have to tell them that an idea alone is really worth nothing. It’s all about the execution. If you’re uncomfortable making hard decisions and taking risks, you won’t do well in this role.”
Above all, you must have the necessary skills and know-how to ensure your practice succeeds. If you’d like to launch your own startup, we’d ask you to consider acquiring additional skills that will attract more clients and enable you to secure that competitive advantage.
Small Business Accounting
Small business accounting is a valuable niche market. In fact, over 90% of accounting opportunities can be found in the small business arena. Universal Accounting Center (UAC) has been training professionals like you in small business accounting for over 30 years because they recognize what many do not; most universities and trade programs are teaching students corporate accounting which isn’t preparing them for the typical, real-world accounting experiences they will encounter.
Becoming a small business accountant doesn’t require years of your valuable time. UAC’s Professional Bookkeeper (PB) Program is not only reputable, but it’s self-paced, enabling a busy professional like you to take your time or complete the program quickly, in less than 60 hours.
Through this program, you will gain the confidence and skill necessary to start and manage nearly every client’s books, and when you have a question, our follow-up program enables you to call and ask one of our seasoned professionals.
QuickBooks Services
By why stop with accounting services? Increase your business’s appeal by offering QuickBook services as well. UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks will help you master this accounting software, and once you do, you can offer QuickBooks setup, help and consultation services, charging $45 to $75 per hour.
Becoming a QuickBooks Specialist would provide you with numerous ways to bring in more business, increase your income, and make your job easier. You’ll find companies who want to do their accounting tasks themselves, but need help configuring QuickBooks to meet their needs. And once you’ve helped a company set up its initial QuickBooks system, who do you think they’ll turn to for help? You, of course! After all, you’ll have the training and expertise they’ll need whenever they run into a problem.
By turning your tax service into a full-service financial provider, you get your game on, working year-round for clients that not only need your services, but value them enough to tell their friends and family about your business! Call 1-877-833-7909 to become the premier financial service provider your area!
Resource
Zwilling, Martin. “10 Top Reasons Why First-Time Entrepreneurs Fails.” 14 September 2012
October 24th, 2012 in
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Three years ago the Internal Revenue Service established the new tax preparer initiative requiring paid preparers to register and secure a PTIN, take a competency test, and engage in 15 hours of continuing education every year. These requirements were established to provide the IRS with more oversight of the preparer industry while enhancing taxpayer compliance and service.
Now, on this important anniversary, the IRS is urging tax preparers to take the competency test as soon as possible. And to remind taxpayers of the initiative highlights, the IRS has issued the following information in a recent press release.
Mandatory registration and use of a Preparer Tax Identification Number (PTIN): Anyone who is paid to prepare, or help prepare, all or substantially all of a federal tax return now has to register with the IRS and obtain a PTIN, as do all enrolled agents. The PTIN is valid for a calendar year and must be renewed annually. Almost 850,000 preparers have registered since the requirement began.
Competency Test: In November 2011, a 120-question basic competency test was launched. Certain preparers are required to take the test by Dec. 31, 2013, to stay in business. The IRS urges an estimated 340,000 preparers required to take the test to do so as soon as possible to give themselves more time if they have to retake the test and to avoid a potential flood of last-minute test takers. Certified Public Accountants, Enrolled Agents and attorneys are exempt from the test because they already have other testing requirements as part of their credentials. Certain non-signing preparers supervised by CPAs, EAs or attorneys are exempt, as are non-1040 preparers.
Continuing Education (CE): The roughly 340,000 preparers who have a testing requirement also have a new requirement to complete 15 hours of continuing education courses each year. The CE credits must include 10 hours in federal tax law, three hours in federal tax law changes and two hours in ethics. This requirement became effective January 2012 and it applies even if the preparer has not yet taken the test. There are now hundreds of outlets offering IRS-approved CE courses. Universal is an approved IRS continuing education provider.
Ethics and Tax Compliance: Ethical requirements that previously applied only to CPAs, EAs and attorneys now apply to all paid return preparers. All paid preparers also will undergo a tax compliance check and are subject to the standards for practice outlined in Treasury Department Circular 230.
Registered Tax Return Preparer: Preparers who pass the competency test and tax compliance check are given a new credential: Registered Tax Return Preparer. To date, over 4,800 people have become Registered Tax Return Preparers. Beginning in 2014, only Registered Tax Return Preparers, Enrolled Agents, Certified Public Accountants, and attorneys will be authorized to prepare individual income tax returns for compensation.
Public Database: The IRS also will create a publicly searchable database that will allow taxpayers to see if their tax preparers have met IRS standards or to find a tax preparer in their zip code area. The IRS will have a public education campaign to inform taxpayers to use only CPAs, EAs, attorneys or Registered Tax Return Preparers if they pay to have their taxes prepared.
The database will also show any credentials held by the preparer, including the new RTRP credential, as well as those who are EAs, CPAs and attorneys.
Paid tax preparers can take the RTRP competency test from more than 260 vendor testing centers around the nation. To determine whether or not you have a test requirement, visit your PTIN account at the IRS.
Universal Accounting Helps Tax Preparers Succeed
At Universal, we believe it’s important to prepare for the future, and we’re interested in seeing your future success as a tax preparer. Our online tax training, the Professional Tax Preparer Program, is designed to help professionals like you master tax preparation, become efficient in the completion of individual and business returns, and establish thriving home-based tax businesses. If you would like to learn more, visit Universal for a free video today!
An Undying Profession
Accounting is an industry that has existed for hundreds of years, even before the Italian Renaissance. In fact, experts credit accountants with facilitating the development of cities, trade, and the concepts of wealth and financial management since Luca Pacioli literally wrote the book on accounting in 1494.
Summa de arithmetica, geometria, proportioni et proportionalita was used as a textbook in Northern Italy and included instructions on the bookkeeping method used by merchants at the time: double-entry accounting. In fact, Pacioli’s writings covered the accounting cycle most of us are familiar with today. It’s no wonder Luca Pacioli is considered the Father of Accounting.
What does this mean to you and me? Accounting has existed since the dawn of enlightened man. It continues to be a necessary element of business today. This means accounting is a stable profession that will continue to exist for many more years to come, regardless of the specific job you choose.
A Necessary Occupation
One of the reasons accountants and bookkeepers are valuable is because they can analyze fiscal data and provide managers and business owners with crucial information that can improve their businesses.
Regardless of the recession, accounting and bookkeeping jobs continue to grow at a rapid pace. The US Department of Labor has reported that accounting jobs will increase by 22% between 2008 and 2018! They explain, “As the economy grows, the number of business establishments will increase, requiring more accountants and auditors to set up books, prepare taxes, and provide management advice. As these businesses grow, the volume and complexity of information reviewed by accountants and auditors regarding costs, expenditures, taxes, and internal controls will expand as well.”
Seize this opportunity to join an industry that has been in existence as long as commerce itself.
Become a Small-Business Accountant
Remember that 20% increase in accounting jobs? The largest number of these jobs will be in smaller sized businesses with less than 100 employees. And while universities do teach accounting, providing students with an academic accounting background, Universal Accounting Center provides students with practical application of accounting in the day-to-day affairs of the small business.
Universal’s Professional Bookkeeper (PB) Program is the premier training course in small-business accounting. For more than 30 years, Universal Accounting Center has specialized in small-business accounting, honing our training materials to become the most complete and competitive on the market.
Convenient and Self-Paced Training
Rather than require endless hours of seat-time, the PB program is a course you complete independently, at your own time and pace. In less than 60 hours, you can have the expertise necessary to advance your accounting career or start your own practice.
When you enroll in the Professional Bookkeeper Program you have access to the following:
- Flexible training you complete on your own schedule
- Rich and engaging online training materials you can view again and again
- Hands-on instruction and practice sets through which you gain much-needed experience
- Training in building and marketing your new practice
- 6 months of valuable follow-up support
- The opportunity to earn professional certification
- Our iron-clad risk-free guarantee
Now is the time to change your professional future by becoming a small-business accountant. To enroll in the PB program, or to learn how Universal’s training can advance your career, call 1 -877-833-7909 now!
Resource
—. “Luca Pacioli.” Wikipedia
If you’re a self-employed tax preparer, you’ll encounter many situations where you must negotiate a favorable outcome for your small business. These may be large or small deals and could occur with clients, colleagues and other businesses. In order to be a successful negotiator you must know how to achieve a win-win situation. Selling yourself short or taking too much from the negotiating party can be damaging long-term. Here are a few things to remember the next time you find yourself planning a negotiation:
1. Know what you want. First you must know what you want. Many negotiations fail because one or both parties did not determine beforehand what their objectives where. It’s difficult to hit the mark when you’re not even sure what your own target is. Don’t be too vague (“a favorable outcome”) and don’t be too rigid (“X amount or nothing”). Negotiation is all about modifying terms so that both parties can feel satisfied with the deal.
2. Come to the negotiation with different options. Negotiation requires flexibility. Come to the negotiation with different options in order to illustrate your willingness to achieve a favorable outcome for both of you. Perhaps you’ll be asked to lower your fee in order to get a larger company as a client. Don’t lock yourself into a situation where you’re not getting paid what you’re worth, but recognize that you can agree to a lower fee in the beginning which can be increased at a predetermined time.
3. Leave room to bargain. Be sure that you’ve determined a bottom line, or what you must see happen in order to accomplish your purposes, and then aim high. Seasoned negotiators recognize that they must aim high in order to get what they want. Determine your bottom line and pad it. If your initial offer is your bottom line you’ve left no bargaining room. Ask for more than what you expect to get and realize that the party you’re negotiating with is doing the same thing. But there’s a fine line between insulting the party by asking too much and low-balling yourself by asking too little.
4. Get to know the party you’re negotiating with. It’s important to not only know what you want but why you want it. You’ll probably be asked to express your objectives and why they are important to you. It’s equally important that you get the same information from the negotiating party. You should know them and understand their motives and objectives. When you know these things, you’ll be able to work a deal that’s favorable for them while being profitable for you.
5. Be patient. Good negotiations can require a series of meetings, phone calls, and email exchanges, so don’t feel pressured to reach an agreement after just one appointment. And sometimes it’s necessary to take a break and evaluate what has already been presented. Don’t feel pressured to end a negotiation too soon; often that means you’re getting the short end of the stick. Holding firm and allowing the negotiation to carry out a bit will demonstrate just how serious you are.
Negotiations are sometimes a frightening but necessary part of business. Don’t let the fear paralyze you. As long as you take these steps and follow your instincts, you’ll find yourself securing more and more favorable negotiations. Practice makes perfect and you have to start somewhere. Happy Negotiating!
Universal’s IRS-Approved Tax Training Will Help Meet IRS Regulations
Universal Accounting recently announced its approval as an IRS Continuing Education Provider, enabling individuals desiring to become Registered Tax Return Preparers to fulfill their CE requirements through Universal’s self-study and online tax courses.
The IRS oversees the approval of all CE providers. Because Universal’s tax training was already recognized as a sponsor of Quality Assurance Service (QAS) self-study courses, after meeting the National Association of State Boards of Accountancy’s (NASBA) rigorous standards, the Professional Tax Preparer program was easily adopted by the IRS. Universal is happy to join the ranks of IRS-approved Continuing Education Providers and is confident that their tax training will enable countless graduates to advance their careers in the finance industry.
If you would like to learn how the Professional Tax Program can enhance your career, call Universal Accounting at 1-877-833-7909.
Income tax preparation is a dynamic and fast-moving field. Each year, the IRS makes a number of adjustments to the tax code, including significant alterations tax professionals must be aware of. It can be difficult to stay current with those changes which impact tax preparers and their clientele.
Universal Accounting’s tax course, the Professional Tax Preparer (PTP) Program, consists of four volumes that cover over 95% of the tax issues a preparer will likely encounter when completing returns. While this course does help students master the tax code, eventually some of the information becomes outdated. Purchasing a new version of the course each year would be too expensive for most students. But the alternative—having a set of manuals that are a year behind—is equally unthinkable.
Universal Accounting has created a reasonable solution. We provide our students with a concise volume of tax updates to supplement the course many purchased in 2011. This year’s edition, 2012 Changes to the Federal Tax Code, will bring the 2011 Professional Tax Preparer Program current, as far as Form 1040 is concerned (corresponding with Modules I and II of the course).
We have made this volume available online or via PDF, which students can print off and keep as a hardcopy reference. The changes are broken down by module, chapter, and part so that it aligns with the PTP course outline. Here we also summarize the new rules that will affect student learning and, more importantly, federal income tax preparation activities in the coming year. If chapters or parts from the student version of the course do not appear in this volume, it is because no meaningful changes were made to those sections for the 2011 tax year.
It is important to note that Universal Accounting refers to the versions of its tax publications, including this one, by the year in which they are published, as do most other reputable publishers. But because the IRS only updates the tax code at the end of the year for which the changes apply, it refers to those changes by their tax year, which is therefore a year behind the calendar. Thus, the 2012 Changes to the Federal Tax Code is written in reference to TY2011, the most current year for which tax laws exist.
Universal invites its students to refer to this new resource as they complete their training and/or prepare tax forms for their clients.
If you are interested in enrolling in the Professional Tax Preparer Program, please call Universal at 1-877-833-7909 for more information.
In a recent Entrepreneur.com article, author Michelle V. Rafter shares “10 Workplace Trends to Watch in 2012.” Whether you work fulltime for an employer, part-time for yourself or overtime in your own practice, it’s important that you be familiar with evolving workplace practices, because only then can you take advantage of those that will best benefit your career.
In this article we share 5 of Rafter’s 10 trends—those which we feel are most applicable to the finance industry:
1. Mobile Devices. Just about everyone has a smartphone these days. In fact, you’d be hard-pressed to find a selection of traditional cellphones in any provider showroom. And while many employers may worry about confidentiality and employee time wasted on Facebook, mobile devices like iPhones, iPads and other portable electronics are quickly becoming mainstream in just about every profession.
2. Telecommuting. A decade ago, you’d find most employers weary of allowing their workers to telecommute. But what many of them have since discovered is that, when managed properly, allowing employees to telecommute often saves them money in office expenses while, in many cases, increasing productivity.
3. Instant communication. Gone are the days when email was the fastest way to communicate. Regardless of what you do, your clients, colleagues, coworkers and bosses are generally coming to expect to hear back from you more quickly than they have in the past. This may require you to take advantage of social networks and texting as a quicker means of engaging with business associates.
4. Web-based software. Web-based software enables individuals to work collaboratively on day-to-day operations. And if you manage your own practice, taking advantage of online financial management software tools, like those offered via Intuit’s QuickBooks, will enable you to always have access to the current data.
5. Independent contractors. Rafter explains, “It’s the age of the free agent, and not just in sports. Many people are working as independent contractors, not because they can’t find permanent fulltime corporate positions but because they want to.” This means many businesses are more open to outsourcing things like their accounting and tax planning and preparation. If you’ve considered becoming an independent contractor yourself, now is the perfect time.
The professional workplace is evolving, and many of the current trends will prove to be beneficial to your career, as long as you are aware of what they are.
Start Your Own Bookkeeping Service
Are you interested in quitting your day job to become an independent contractor offering bookkeeping services? Designed to train individuals in small-business accounting, the Professional Bookkeeper Program enables students to gain the expertise necessary to launch their own accounting practice. Here are what a couple graduates have to say about the program:
I can honestly say that the hands-on training from Universal Accounting Center was far more helpful than that of my degree program. The training I received in you class was superb, exactly what I needed for the type of accounting business I was trying to start. I have been so pleased with the training I received from you, that my two part-time employees are currently taking your course. – S.A. Ivins
As an average for each client I am making about $30 – $50 an hour, I’ve been able to quit my full-time job. Thanks again to everyone at Universal Accounting Center! It has created for me a brighter outlook financially, as well as more free time in my personal life. And, I didn’t have to go to college for years and pay thousands of dollars for an education. — S. Thomas
In four weeks, your course taught me everything, and I mean everything, I would need to know about starting my home bookkeeping business. I am making more money than I did when I was employed full-time and I arrange my schedule to fit my needs, not arrange my life to fit my job’s. I can honestly say, this was the best investment I have ever made in my life! – S. Myers
For 30 years Universal Accounting Center has been demonstrating just how easy it can be to launch your own bookkeeping serivces as long as you have the knowledge and skills necessary. Let us share them with you. They can make a difference in your life and the life of your family.
There’s no time like the present to change your future and achieve greater professional satisfaction. Enjoy the freedom of self-employment, including the ability to achieve an increased salary, an improved lifestyle and the chance to do what you’ve always dreamed. Call Universal at 1-877-833-7909 to enroll in the Professional Bookkeeper program now!
Resource
Rafter, Michelle V. “10 Workplace Trends to Watch in 2012.” 4 February 2012 Entrepreneur.com
Businessweek.com author Karen Klein reported that startup rates increased nearly 60% in 2011, according to a survey performed by Global Entrepreneurship Monitor. She explained, “More than 12 percent of US adults reported starting a business or running a new business last year.” This is a 50% increase in entrepreneurial activity from what was seen in 2010, demonstrating that the recession has not prevented individuals from launching their own businesses.
Some entrepreneurs may be scared off by the recession, but reports like these demonstrate that startups can succeed even in the worst economic markets. In fact, for those interested in starting a financial practice, there’s no time like the present; the recession may be the best time to get your accounting and tax practice up and running.
While there are many benefits to launching your startup now, here are just five for you to consider:
1. Tax benefits. You’ll enjoy the tax benefits associated with owning and operating your own business. Some of your expenses will be recouped, and if you participate in year-round tax planning, you can increase those benefits.
2. Supplies come cheap. If there’s one thing about a recessive market, it’s decreased costs. Whether you’re looking for office supplies, office furniture, or computer equipment, you can find good deals if you just look long enough. Also, you can get much of what you need through auctions for failing businesses.
3. Good marketing angle. People respect individuals who buck tradition and go against the grain. Entrepreneur.com author Brad Sugars said, “The media loves aberrations… That means you can generate some great PR by demonstrating your ‘alternative’ view of the market.” Starting a business during a recession is an act of confidence which can inspire confidence in prospective clients as well. You can use this angle to market your services, indicating that you are so confident in the value of your services even a recession won’t deter you.
4. Hiring pool is saturated. If you would like to start your business with a support staff, now is a good time to hire. The pool of potential applicants is saturated with talented and skilled individuals who would be grateful for a steady job.
5. Your full-time job may be in jeopardy. While unemployment rates are currently on the decline, the recession is still in full force indicating that those rates are unlikely to stabilize anytime soon. If you currently work full-time, you may be worried that your job is at risk. One way to prepare for job loss is to start a home business.
You can take advantage of the recession by starting your own accounting and tax practice. With a little incentive, training, and drive, you can weather the economic storm as an entrepreneur, changing the forecast of your future.
Start Small by Mastering QuickBooks
More than 80% of small businesses use QuickBooks to manage their accounting. Becoming a QuickBooks Specialist would provide you with numerous ways to bring in more business, increase your income, and make your job easier. You can start small by offering QuickBooks set-up and consultation services for $65-$95 per hour. You’ll find companies who want to do their accounting tasks themselves, but need help configuring QuickBooks to meet their needs. With QuickBooks expertise, YOU can provide that help.
Universal Accounting Center’s self-paced program enables you to complete the parts that interest you and skip over the parts that don’t. Even if you have used the software for years, this program teaches you shortcuts and methods you may not have previously known. You will be impressed by the simple flow and completeness of UAC’s Professional Bookkeeper’s Guide (PBG) to QuickBooks. For a small price you can purchase the QuickBooks software and the PBG, enabling you to become a QuickBooks Specialist. Take advantage of the recession and prepare to become a financial professional. Call Universal at 1-877-833-7909 to enroll in the PBG Program today!
Resources
Klein, Karen E. “Startup Rates Surge in the US and Abroad.” 19 January 2012 Businessweek.ccom
Sugars, Brad. “Top 10 Reasons to Start a Business in a Recession.” 25 February 2009 Entrepreneur.com
