Time for a midyear financial tune-up for small businesses

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Business - Business Services - Cherry Communications

Release Date: July 07, 2008

Time for a midyear financial tune-up for small businesses

By Cherry Communications
July 07, 2008

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Professional Bookkeeper offers suggestions on how to increase revenue & reduce costs.

PR9.NET July 07, 2008 - NORWOOD, MA - With today's financial climate, small business owners should focus on reviewing their financial strategies midyear. That's according to Jessica Reagan Salzman, a professional bookkeeper for small businesses.

"July is the perfect time to re-evaluate and start thinking about new ideas to increase revenue and reduce expenses," says Salzman. A Certified QuickBooks ProAdvisor, Salzman is the founder of Behind the Scenes LLC (www.behindthescenesLLC.com), a virtual bookkeeping firm. She is also a member of the American Institute of Professional Bookkeepers (AIPB) and the National Society of Accountants (NSA), and a recipient of the E-Myth Embark E-Learning Scholarship.

Salzman suggests business owners should consider steps to lower their energy bills, not just for this year, but for the long term. She also points to some changes the government has made to the tax laws that owners should review:
0. Mileage deduction increase. Effective July 1, the IRS increases the mileage deduction for vehicles used for business purposes, to 58.5 cents from 50.5 cents.
0. Economic stimulus package provisions for small businesses. The first is a near doubling to $250,000 of what's known as the Section 179 deduction. The second is a bonus depreciation allowance under which businesses of any size can depreciate 50 percent of the cost of equipment bought and placed into service this year.

"The first step in a midyear financial tune up should be an appointment with an accountant or other financial professional," says Salzman. "Besides making sure your numbers are in sync, your bookkeeper can suggest ways to improve your cash flow and how to best take advantage of these new tax laws."

A midyear tune up should also mean checking in with clients and customers. Salzman suggests owners increase their marketing efforts not just geared toward prospective customers, but to established ones as well. "The key is to stay in touch," he said. "Everyone's looking at pricing, but they are also looking for more value."

For more information, visit www.behindthescenesLLC.com.

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Time for a midyear financial tune-up for small businesses

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