December 2009
Employers work to find ways to survive economic downturn
Mon, 12/14/2009 - 2:40pm — adminRecession pressures have businesses spanning the economy discovering new ways to do more work with fewer workers, cutting payroll for good.
Employers became leaner and more efficient during the third quarter of 2009.
Clint Johnson, a University of Central Arkansas professor of economics, said that because of, not despite layoffs, productivity — output per hour of work — has jumped at the fastest pace in six years.
“Employers always try to counter declining sales revenue by substantial cost-cutting, both by layoffs — having fewer people doing the same work, boosting productivity — and by capital-for-labor substitution, replacing humans with machines or computers.”
Tax credits, deductions available for ‘going green’
Mon, 12/14/2009 - 2:36pm — adminLast spring, when the U.S. government was trying to revive the economy, you may recall all of the stimulus money that was approved by our federal government. Inside the American Recovery and Reinvestment Act of 2009 were some provisions designed to benefit the environment, the economy and also your pocketbook. Inside that bill is nearly $79 billion allocated for renewable energy, energy efficiency and green transportation (according to a final tally of the legislation by the nonprofit organization Environment California). A lot of that money will be in the form of grants to fund projects for things like solar, wind and geothermal energy on a broad sense with tax credits promised to companies who complete environmentally friendly projects.
Avoid tax filing problems, hire a professional
Mon, 12/14/2009 - 2:34pm — adminA small-business owner may be tempted to purchase an inexpensive software package to prepare his or her tax return and forgo enduring an annual audit from an outside CPA firm. After all, the small business may have a good product, good cash flow and few employee issues. The owners may not see the need for an annual audit because the business is family-owned, does not need bonding and does not anticipate having to borrow any money in the near future.
Good documentation key to simple tax filing
Mon, 12/14/2009 - 2:32pm — adminBusiness owners tend to think of documentation as a way to avoid trouble — and that’s absolutely true. But having good documentation does so much more than that. Good records help position a business where it can take advantage of profit opportunities when they present themselves. Good documentation is the thing that will provide the numbers you need to run your business. Numbers give you feedback. Without feedback, a business owner is blind when trying to make good business decisions.
Several agencies available to help small businesses
Mon, 12/14/2009 - 2:28pm — adminSmall businesses are the lifeblood of communities throughout Arkansas, and Conway is no exception. These small businesses provide a sense of personal service and a feeling of community with which larger corporations simply cannot compete. On the other hand, however, corporate businesses generally have access to much quicker and better funding. Fortunately, several agencies, including both federal and state, provide small businesses with resources to level the playing field.
Accountants share tax strategies for small businesses
Mon, 12/14/2009 - 2:25pm — adminLocal accountants recently shared how small businesses can save money on business taxes and use good accounting practices.
Michelle Phillips, CPA, said a good place to start is keeping organized records.
“The majority of businesses in Conway are small businesses,” she said. “They may not even know where they are (financially). They may think ‘If I still have money in the bank, I’m OK.’”
Phillips suggested having an accountant do quarterly or year-end planning. Many business owners do not see their CPA until tax time, she said.
