15 Practical Ways for Small Business Owners to Cut and Contain Their Costs…
…And 1 thing to NEVER compromise on.
Alyssa Lebovic, CPA
Partner
Keller & Lebovic CPAs
Fair Lawn, N.J.
1. Look over all your expenses with a fresh eye. Don’t accept “that’s just what it costs.” If costs in any area have been climbing or if something is a major expense, consider shopping around for less expensive, but reliable vendors.
2. Consider buying supplies or merchandise in greater quantities if prices are discounted and you’ll use it up in a reasonable period of time.
3. Consider joining forces with other businesses to buy in quantity for a discount. READ MORE →
A lifetime ago, two mentors set a young student straight.
Salvatore A. Inserra, CPA
Partner, Porter Keadle Moore, LLP
At 20 years old the world was a blank canvas with vast opportunities and yet it looks like a map without road references. Even after staring at the map you cannot quite figure how to get to your goal or where you goal is. All that said, I thought I knew exactly the path to take. Until I was set straight.
In college I was employed by JP Morgan. Just a part time employee who transferred from department to department. It did not bother me much because I enjoyed the change. At the time, I was enrolled in the City University of N.Y. pursuing an economics degree. The department I was working in, when I met my mentors, was the accounting and analysis group. I basically had 12 bosses. If I was going to be honest about it I should name all 12 as mentors but there were two that stuck out – Diane Makoujy and Lou Vitali.
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Three surefire strategies for managing small business in a downturn.
by Belinda Fuchs, CPA
Own Your Money LLC
Boston
1. Systemize, systemize, systemize. More money is literally thrown away every day as small businesses often self-impose customization on every process. Instead, READ MORE →
Four good ideas for managing small business in a slowdown.
by Donald J. Snyder, CPA
Partner
Green Hasson & Janks LLP
Los Angeles
1. Scrutinize The Budget. Review yearly budget on a monthly basis, comparing actual and budget amounts – challenge all variances.
2. Manage Cash Flow. Stretch your payables to manage your cash flow. If you’re used to paying within 15 or 30 days, READ MORE →
…then why aren’t starting salaries increasing?
“The current average salary offer to accounting majors—$47,429—is literally just a few dollars higher than the average these grads posted in Spring 2007—$47,421,” according to the annual survey by the National Association of Colleges and Employers.
Meanwhile, many other technical disciplines are seeing salary offers increase substantially. For example, the average offer to computer science graduates skyrocketed 14.7 percent to $59,873 this year. Also: construction science/management (13.4 percent, to $52,745); aerospace engineering (11.3 percent increase, to $57,999); and agricultural business and management (11.2 percent increase, to $42,299).
And hefty increases aren’t limited to the technical fields: “The average offer to psychology graduates rose 10.7 percent from $30,751 to $34,054,†says a spokesperson.
This, despite the fact that accounting firms are among the most voracious recruiters on campus this year.
So, what’s to blame? NACE’s best guess: “the effects of changes in the economy.” Now, that doesn’t sound good.
Top 10 Tips For Surviving an Economic Downturn
Kevin Ryan, CPA
Partner
Citrin Cooperman
Philadelphia
Many Citrin Cooperman clients are noticing a growing concern among their customers, and consequently, are beginning to prepare for tougher times.
Our clients are asking us what they should be doing now to prepare for an economy that goes south. As CPAs, we’re always worried about volatility in the marketplace, so the advice we provide now is the advice we’ve provided to businesses all along. Look at 9/11. Many companies weren’t prepared when the economy sank then, and frankly, many companies didn’t make it.
There are steps owners of privately held businesses can take now to prepare for a sluggish economy. They include: READ MORE →
Web-based accounting startup teams with CPA2Biz.
Bill.com, a Software as a Service (SaaS) company that provides businesses on-demand accounts payable software, has forged a strategic alliance with the CPA2Biz unit of the AICPA.
The deal provides Bill.com with a one-stop solution to its accounting marketing and gives the AICPA the opportunity to partner with a Silicon Valley star to develop some long-sought-after projects, including a CPA “dashboard.â€
For accountants, it provides a simple and innovative accounting service to gain and retain clients.
The announcement was timed for the AICPA Information Technology Conference this week in Las Vegas.
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