Archive for March, 2007

Looking for do-it-yourself (DIY) financial management information? There are lots of ways to get low cost financial management help. Notice I didn’t say “free”. Learning on your own takes time, and time is perhaps your most valuable commodity. Below are a few places to get started, and please let us know about your favorites, too.

The Help Index…
…of your software i.e. Excel or QuickBooks desktop or QuickBooks Online (and QuickBooks Online’s e-mail support). Funny place to start? Maybe, but many people overlook this highly targeted learning opportunity that they’ve already paid for in the software. Most vendors have help integrated into their software and an online space with templates, user groups/community forums, and more how-to articles.

Your industry peers
Your industry peers can provide valuable information that’s difficult to obtain anywhere else. Pricing, margins, best practices, interpretations of “gray area” laws, local bankers or investors friendly to your type of business – if you can get this kind of insider’s information without compromising your competitive position – it’s golden!

General internet resources:
Wall Street Journal Start-up Journal
National Association of Women Business Owners
http://www.inc.com/
http://www.toolkit.cch.com/
http://www.allbusiness.com/
http://www.nolo.com/
http://www.accountingcoach.com/
http://www.mybusinessmag.com/
Free e-mail advice from SCORE executives
http://www.buzgate.org/
U.S. Small Business Administration

Business permits, tax and license
IRS/small business | California | Phoenix | Arizona | IRS all 50 states link

Economic Development Centers

Phoenix, Arizona
http://www.sba.gov/az/
http://www.maricopa.edu/mccdsbdc/ 

San Francisco Bay Area
San Francisco - http://www.rencenter.org/
Oakland - http://www.eastbaysbdc.org/
Oakland - http://www.obdc.com/
San Jose

Southern California
Los Angeles, Ventura, Santa Barbara
San Diego

“Prudent business owners can greatly reduce their chances of being audited, tax experts say, while keeping the time and costs to a minimum should it happen.”

Learn how in this recent article in the New York Times by Jan Rosen. It’s a quick read that’s well worth it.

Are you off to a fast or a slow start in 2007? Here’s a quick reality check: multiply your 2007 sales goal by 16%. That’s how much revenue you should see on a P&L through February 28th. Scale this calculation up or down for your company’s size, of course, and adjust if your industry is highly seasonal. But the message is clear: if you miss your sales target one month, it puts a lot of pressure on your business the rest of the year.

What else should the think-ahead small business CFO do in March?

• Close the books. It never hurts to review End of Year QuickBooks Tips.
• Report results to your banker and/or investors. Money usually comes with strings, so you might need to send year-end reports to the sources of your debt (loans, lines of credit, promissory notes) and equity (investors) financing.
• Pay attention to tax deadlines. This is from the IRS tax calendar:

Corporations. File a 2006 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporations. File a 2006 calendar year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe.

S corporation election. File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2007. If Form 2553 is filed late, S treatment will begin with calendar year 2008.

Electing large partnerships. Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date is effective for the first March 15 following the close of the partnership’s tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.