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By Chickie Maxwell

For any business of any size, accounting is critical to know where assets are, how money is being spent, and to be able to explain the business activity for tax reporting and planning. Even a small business needs to have a good accounting process in place for many of the same reasons.

Small business accounting is unique in the fact that the owner or partner of a business is typically involved at a personal level in managing the details. Many small and micro businesses dont have the luxury to employ a dedicated accountant or bookkeeper to manage the dollar numbers. Further, many small businesses dont trust outsiders to manage their numbers either. With too many stories of part-time employees embezzling cash due to the immense power of having a business checkbook, small business owners are rightfully paranoid.

Given the number of aspects a small business accounting task involves, one would think the process is extremely hard and accounting degree is necessary. Fortunately, with todays off-the-shelf software packages, small business accounting is actually as easy as managing a personal checkbook. Todays package offerings such as Intuits Quickbooks, for example, make the process simple from the beginning. All the user needs to know is four things:

1.

Enter every transaction daily or as close to daily as possible since this cuts down the work and keeps the information current.

2.

Make sure to code each transaction with the appropriate cost or income category.

3.

Reconcile the various accounts with the real accounts they represent as often as possible.

4.

Dont fudge the numbers entered.

Following these basic rules, the information that can be generated from such software programs is immensely powerful as it is simple to use.

For taxes the software can generate tax reports that track every revenue, expense, and potentially deductible charge that occurs in a given tax year. The program simple takes all the income or cost categories and places the data in the report accordingly. It also crunches the math as well for the totals which then transfer to tax forms. The only way the information is incorrect is if the user entered the data incorrectly in the first place.

For business management, software packages use the same processes for taxes to generate additional reports small business accounting cash flow, income and expense statements, and dissection reports on which vendors or cost drivers pull the most money. Depending what particular information is desired, theres probably a report that can be generated at a basic level to data mine the entered cost figures. Such reports give a small business immediate status checks on whats going on with the operation. However, the information is only as good as the data entered, which is why its so important to keep the data fresh and up-to-date.

Business owners need to keep in mind using software to track small business accounting makes such systems official records of the business. As such, they have to be preserved in case the business is reviewed, for example in a tax audit. Additionally, the data in the software needs to match the figures in actual receipts, checks, statements, and balances. If the data is different, then the software tool become useless and it can create problems later on if questions arise. Reconciliation is critical for small business accounting to be useful and correct.

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Accounting Finance: The Heart of Any Successful Business

by

Yossarian Smythe

At the core of any successful business is a well organized management. Financial accounting is a very important tool for business. Aside from knowing strategies such as bookkeeping, marketing, advertising and production, a good and stable business must also have a competent system for accounting finance.

Whether you like it or not, accounting finance is one thing you cannot dispense with in the world of business. It is a very important tool in determining where and how exactly your money is being spent. Also, it is most important in terms of taxes and other pecuniary obligations.

Good Accounting Means Good Business

Accounting ensures you how much you have, how much you owe, and helpful in assessing the value of your business. Are you generating any profit or operating at a lost? Accounting records will answer your questions. Accounting serves as the proper recording tool of the financial status of any business. Fiscal dealings are best kept right on track with an effective accounting department.

A good accounting system within one s business is a great help in making business decisions. This also shows how credible you are with other companies. Accounting does not only place you in a very knowledgeable stance, but it gives you that confidence by being armed with the facts and figures revolving around your business. Knowledge is power.

Professional Accountants

It is to your advantage if you are an accountant by profession. But if not, you can still do your own accounting if you are operating a small-scale business. However, if you have a big company it is advisable to hire a professional accountant especially if you do not have the time and the skill for it. You must realize that there are various strategies in keeping various kinds of accounts in a business.

It is also best to check the accounting firm s competence, credibility and confidentiality issues. It is very important that in any business, you would be able to trust your accountant with sensitive information, including profits and sources of income your business is accumulating.

Accounting standards you should know

To the untrained and unsuspecting eye, accounting principles might seem hard, intimidating and complicated, but it is in reality very simple if you get past all those figures. All you have to know in accounting are these: Accounts are always divided into three types, namely assets, liabilities and equity. Each account is unique and simple yet forms part of the very foundation your business is operating on.

T accounts can be managed by drawing a T like figure with a left and right section divided by a vertical line. On the left side, you can place all your debits or the so called assets. On the other side, you can list down all your liabilities or what we call credits.

The general rule is that for every liability, there must also be a corresponding asset so that a balance will be achieved. If the credit is more than your debit then perhaps you are already generating a loss in your business.

Mastering these simple accounting principles will help you in determining where your business stands. You will also be more confident in presenting these financial records even if federal agents pay you a visit for an audit. GP

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By Charles Phelan

Have you been told by a creditor that your debt is about to “charge-off”? Did the bill collector make it sound like you will be ruined financially if you allow this catastrophe to happen? If you’re behind on your bills, unable to keep up with payments on your credit cards and other debts, sooner or later you will hear a creditor representative threaten you with the dreaded “charge-off.” So what is a charge-off anyway? Should you be worried? What are the consequences of this mysterious event?

I’ll start by explaining what a charge-off is NOT. Because the term includes the word “charge,” many people mistakenly think it has to do with cancellation of the account by the creditor. In other words, you can’t “charge” anything on your credit card anymore. But it’s not the same thing at all, and most banks will revoke charging privileges around 2-3 months before the deadline we’re talking about here.

What banks and bill collectors call a “charge-off” is the point at which the creditor writes off the account balance as a “bad debt.” It usually happens after six months of non-payment. After that, they no longer count it on their books as an asset. You still owe the money, of course. And they will certainly make continued attempts to collect it from you. But the creditor has been forced by the rules of accounting to zero out the debt on their financial ledgers. For causing this loss, they will punish you by placing a derogatory mark on your credit report. A “charge-off” is a serious negative mark, to be sure, but it is not the financial ruination that debt collectors would like to have you believe it is.

Should charge-offs be avoided if possible? Certainly. Does the prospect of a charge-off mean you should panic if you have no way to pay the bill? No! Is it the end of the world if the account has already charged off? No! Too often, bill collectors make a charge-off sound so bad, and they apply so much pressure, that people cave in and make payment commitments they cannot keep. Collectors usually demand payment via post-dated checks, and this frequently leads to bounced checks and even worse financial problems. Most of us are brainwashed by the banks and media on the subject of credit. Sure, good credit is important. But committing to payments you really can’t afford just to preserve your credit is like watering the lawn while your house is burning down.

Here are a few simple rules to follow when trying to avoid a charge-off that hasn’t happened yet:

* Don’t be intimidated or threatened by pre-charge-off collection tactics. Keep a cool head and don’t take it personally when collectors try to get under your skin.

* Call your creditor to find out the minimum payment necessary to avoid the charge-off, and subsequent payments to keep the account current going forward. Don’t commit to this payment (or series of payments) unless you’re sure you can follow through.

* Negotiate a lump-sum settlement at 50% or less if you have the resources, or a workout plan for monthly payments that you can live with.

* Do not allow bill collectors to talk you into using post-dated checks, or providing your checking account details over the telephone. Instead, make payments via cashier’s check or money order.

* Do not make payments based on a verbal arrangement. Get the deal in writing and signed by a creditor representative who has authority to approve the workout plan.

What should you do if you simply don’t have the money to rescue the account from charge-off, or if the account has already been charged off by the creditor?

* Take a deep breath and relax; the sky won’t fall on your head just because you had a charge-off.

* Realize that you still have an opportunity to resolve the matter by dealing with the original creditor or the collection agency assigned to the account.

* Negotiate a lump-sum settlement with the creditor or collection agency. Again, aim for 50% or less, and ask for the charge-off to be deleted from your credit report as a condition of the settlement. (Most creditors will not agree to this, but it’s worth asking anyway. Do be sure that they will update your credit report to show that the matter has been resolved and the account has been satisfied.)

* If you can’t work out a deal with the collection agency assigned to your account, then wait until it goes to another agency! Eventually, it will either be assigned or sold to an outfit that you can deal with to get the matter cleared up.

To sum up, a charge-off is not the end of the world. It should certainly be avoided if possible, but not at the risk of making things worse by committing to payments you’re not sure you can keep up with. Just remember that the creditor doesn’t want to see a charge-off any more than you do, so use that knowledge to your advantage in working out a mutually acceptable arrangement. Get everything in writing, don’t disclose your checking account details, and follow up to make sure the creditor reports the matter correctly on your credit report. You’ll find that it’s easier than you think to resolve a charge-off situation before it happens, or clean it up if it’s already taken place.

About the Author: Charles J. Phelan has been helping people become debt-free without bankruptcy since 1997. A former executive in the debt settlement industry, he teaches the do-it-yourself method of debt negotiation. Audio-CD material plus expert personal coaching helps consumers achieve professional results at a fraction of the cost.

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By Jon Mroz

Top Lead Net Pro Team Announces LIVE Daily Prospecting Calls and Nightly Team Training Webinars:

In this brief article well review what Lead Net Pro offers to their members in the form of calls, presentations and webinars. Youll also learn about exclusive team training webinars and daily prospecting calls held for members of the Lead Net Pro Mastermind group.

Lead Net Pro hosts weekly training webinars exclusive to their members. In these training webinars youll learn about various ways to use your Lead net pro software and a few strategies that other Lead Net pro members are using to either generate leads, or resell the product.

Is The Weekly Lead Net Pro Webinar of Great Value to Their Members?

Many would argue that the weekly live lead net pro members training webinars are simply just not enough to help their users. Many marketing strategies are discussed however, with hundreds to thousands of members in attendance, these strategies are often over saturated the very next day as many members are Copying exactly what was taught in the training webinar the night before. This often leads to upset prospects receiving the same voice broadcast or e-mail campaign from hundreds of Lead Net Pro members. Its very possible that you may be a victim of receiving these calls or e-mails yourself.

What Have We Done To Combat The Lead Net Pro Copy-Cat Problem?

Simple well, I shouldnt say that simple. However, we did find a solution. If you have visited theleadnetproreview.com youll find that the lead net pro mastermind group likes to automate their marketing by leveraging the power of the Internet, making the most of their time and efforts. Although very powerful, Internet marketing comes with a slight learning curve. For the Lead Net Pro mastermind group to take full advantage of the compensation plan, it is their best interest to ensure their teammates are in profit as quickly as possible.

To help the Lead Net Pro mastermind groups teammates get into profit as quickly as possible, they now hold LIVE Lead Net Pro Webinars, and presentations twice daily, at 2:PM and 6:PM Eastern. These presentations are mainly there to explain the software to your prospects. In other words all the selling, telling and explaining is done for you. This is important, especially when first getting started as you might not fully understand the software and its capabilities. These presentations will allow your prospects to get all their questioned answered, while you continue to run your business. If you havent gotten on a call yet, be sure to jump on a Team Lead Net Pro Webinar by reviewing the call schedule below:

Lead Net Pro Prospecting Presentations:

712.432.0900 Pin 805103

Exclusive 8:PM EST Nightly Lead Net Pro Team Training Is Accessible to Teammates only

In addition to the twice daily prospecting calls, the Lead Net Pro mastermind group also holds exclusive team training at 8:PM Eastern Monday thru Friday. These trainings are all about thinking outside the box and deviate a bit from the generic once weekly Lead Net Pro members training. In these trainings, various ways of marketing your Lead Net Pro business are discussed along with how to bring in those all-important sales within your first days. One of the main goals in the 8:PM training call is to teach teammates how to send at least 10 to 30 prospects to the team daily prospecting call the very next day. There, the Team Presenters will do the selling and telling for you, and have your prospects get back in touch with you immediately after the webinar to purchase the software from you. You simply send them to the call, and answer any final questions before they get moving, giving you the true potential of immediate sales within your first days.

About the Author: Jon Mroz is a successful Internet Marketing Entrepreneur that has helped hundreds worldwide with his unique systems, training and resources. To read more on the

Lead Net Pro

Webinars and how you can pick up his training and systems for no additional cost, visit:

Lead Net Pro Review

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