New data obtained by CPA Trendlines shows that 84 percent of small-business owners are now paying an independent tax practitioner or accountant to handle their taxes. In addition, an increasing number of small business taxpayers appear to be taking advantage of Sec.179 expensing and bonus depreciation. The new report available from CPA Trendlines includes information on: the number of small business owners who use an outside tax or accounting service how many hours per week a small business spends on payroll tax administration average cost for using a payroll agency hours spent on federal tax various tax burdens how to download complete report (PDF, 13 pages)
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Sage’s one-brand cloud strategy is built on a tidal wave of change…
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Small business survey serves up clues for accountants. “Passion to be an entrepreneur” is the top reason for wanting to start a business for nearly half (48.5 percent) of aspiring business owners.
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40% of small businesses shun accountants. The reason: They’d rather handle accounting on their own. Instead of working with an accountant as a full business partner, most small businesses only look to them for specific services and support, such as accounting, bookkeeping, and taxes.
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Many expect to work ’til 70 and never retire, others hope to sell. The nation’s small business owners’ views regarding retirement are radically shifting, with many seeing themselves working 20 years or longer – or never formally retiring at all. As a result of longer life expectancies and the impact of the recession, the majority of small business owners can no longer embrace a traditional view of retirement, in which individuals stop working in their mid-60s for a life of leisure – something fewer than 10 percent foresee themselves doing, according to a new study by The Guardian Life Small Business Research Institute.
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Signs of resignation among sellers. In what may come as mixed news for tax and accounting professionals, the pace of small businesses sold accelerated 8 percent in the second quarter of 2011, but it may be because owners are accepting that their businesses aren’t as valuable as they used to be.
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Small business optimism slumps in March, according to SurePayroll. The index fell two percentage points from February to 69 percent in March, with hiring is down 2.2% year-to-date. “While large businesses, medium-sized businesses and even larger small businesses may be seeing improvements in hiring, the smallest of businesses aren’t,” the company said.
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And ADP has an app for that. Good news for accountants and payroll providers alike: small business owners say in a new survey from ADP that they need to spend less time managing their businesses in order to grow. “In today’s economy, small business owners are watching cash flow more closely than ever. That reality, combined with ever-growing time pressures, means small business owners are looking to spend more time growing their businesses and less time on the administrative burdens of running them,” said Regina Lee, President of ADP’s Small Business Services and Major Account Services.
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“Online presence” tops business strategies for this year. Interestingly, a list of CPA firms’ plans wouldn’t look much different. See Accounting Firms Dive into Digital Marketing.
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Signed into law by President Obama on March 18, the HIRE Act has the potential to be a direct boost to a business’ bottom line because it will both help employers and at the same time encourage job creation. by Gary Butler President and CEO of ADP Far too many Americans are currently unemployed, yet many small- and medium-sized businesses remain at the cusp of resuming hiring. It is hoped that the HIRE Act will serve as a catalyst that will help our economy recover. I believe this jobs bill is a good piece of legislation that comes at a very opportune time. The HIRE Act provides incentives for businesses to hire new employees sooner rather than later. The incentives [...]
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If you ask your clients, you might be surprised. How do accountants define success? Join the survey, get the results. Accountants often define success in terms of revenue, net income, or maybe client service. But the Enterprise Council on Small Business surprisingly found that “satisfaction” was the primary way that they defined success, followed by “growth.” They asked business owners to define what satisfaction means to them. Business owners said maintaining a healthy work/life balance was the single biggest factor in their definition of success. Keep that in mind when you’re considering how to help your clients achieve their goals. Their goals may not be what you think. “Also,” the researchers say, “give some thought to the types of promotions [...]
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Census data shows 25% increase in home-based entrepreneurs. The number of people who worked at home increased by nearly 2 million, from about 9.5 million in 1999 to about 11.3 million in 2005, according to new data released by the U.S. Census Bureau. Nearly half of these home workers had college degrees and nearly half of them earned $75,000 a year or more.
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They’re thinking “short-term.” Do you know what that means and how to use it? A huge 45% of small business owners consider their focus to be short-term rather than long-term. Additionally, when the Executive Board asked business owners what they consider to be “short-term,” 50% of them said one to three months. So how can accountants use this “focus” to capture business owners’ attention? The Executive Board advises: Keep it fresh: Because half of small businesses think short-term, practitioners should tweak positioning every three months to keep their messaging fresh. Emphasize a different service in each communication, consistent with the time of year. Take a short-term focus yourself: In advertising and communications with small business owners, emphasize the short-term advantage [...]
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Even if the economy isn’t helpful, businesses can start planning now on how to improve their operations. “The main goal is to manage cash flow more efficiently,” says Leigh Lones, Risk Director, Bibby Financial Services, a factoring company. “With some forward thinking and planning, businesses can implement important changes to their operations to improve their bottom lines, even if the economy remains lifeless.” 10 New Year’s Resolutions for Businesses 1. Pay your employees first, they are your highest priority and don’t forget the IRS – keep current with payroll taxes. 2. Pay attention to the credit worthiness of your customers so you are confident your will get your money. Remember a sale is not a sale until you have been [...]
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Aliign offers one-stop shop for integrated and flexible tax and accounting services Indianapolis-based Blue & Co. is reportedly launching an independent business unit aimed at small business called Aliign LLC in the Indiana and Ohio markets. Kentucky is due to follow in the first quarter of 2010. Aliign’s website lists seven directors and five offices. The firm says: “Aliign provides an integrated suite of tax and accounting services offered within a highly advanced technology platform—providing clients with 24/7 web-based access to their financial documents and data.” “Our vision with Aliign is to offer small businesses a single source for all their accounting needs—including tax planning, full-service payroll, outsourced bookkeeping, and general accounting,” stated Jerry Hammel, director at Aliign. “Striving to [...]
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The ARRA federal recovery program could add 1.6 million jobs to small businesses. Local and regional accounting firms — the backbone of the profession — stand to reap a small windfall, if not a lifeline, from the federal spending plan. As we’ve been reporting, they are already outperforming the rest of the profession and all but a few economic sectors, like healthcare and education. Mark Koziel at the AICPA reports today that smaller firms are expecting “marginal growth in the upcoming year and some are even expecting double digit growth.” And now, a new research report underwritten by SAP software suggests why: The American Recovery and Reinvestment Act, a $787 billion initiative, is generally expected to create 3 to 4 million jobs over [...]
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