Meet President and CEO, Allen Bostrom

Last summer, Universal Accounting Center updated their website and added a video tour to better introduce visitors to the UAC mission and to key Universal players. At the beginning of the video you’ll find Allen Bostrom, President and CEO of Universal Accounting Center.

Allen, Son of UAC Founder, Alf Bostrom

Allen is the son of Alf Bostrom, founder of UAC. In the 1960’s, Alf decided to venture into business for himself, and he started a management company. For a percentage of potential future profits, he managed failing businesses, many on the brink of bankruptcy, and promised to turn them around using his own capital and lines of credit. Alf managed 22 businesses in the course of his career, 8 together at one time. He became known as “The Turn-around King” and learned a thing or two about why small businesses fail and what they can do to succeed.

Alf learned how to make any business successful by adhering to basic principles in production, marketing, and accounting. He also learned that most individuals with accounting degrees lacked the proper training to do the accounting for the small business. Accounting professionals also didn’t seem to know how to market themselves. So to fill the gap, Alf created and wrote a small business accounting program. He opened his doors in 1979. UAC was formed to teach CPA’s, accountants, and business owners the proper method of small business accounting.

In 1992, Allen (a practicing CPA) and his brother Ken, joined the company and helped UAC to become an international institution with campuses located across the nation and a large online presence with multiple websites.

Allen, President and CEO of Universal Accounting Center

Allen is the first to tell you that he owes much of his business sense to his father, Alf. As a young man, Allen often accompanied his father to work where he observed powerful management principles in play. “These principles are even more important today than they were thirty-five years ago due to increased competitive pressures,” says Allen.

Allen himself has over 30 years experience working with businesses of all sizes and has taught over 25,000 people different aspects of accounting and business management. He has authored countless business management articles for publication and distribution. His weekly e-zine boasts a circulation of nearly 15,000 readers. And his blog offers his personal insight on accounting and other business issues. Additionally, he has developed coursework that is used in Universal campuses across the country.

He has refined and added to his early training that is contained in his latest release, In the Black: Nine Principles to Make Your Business More Profitable. It’s a quick read that can dramatically change the way a business owner looks at his or her business.

Allen is a much sought-after speaker and presenter promoting the importance of using accounting information in business decision-making. He has taught and practiced the Nine Principles in many industries, in all economic conditions.

Allen lives in Sandy, Utah, with his wife Sheri and their four children.

Allen’s Introduction to the UAC Video Tour

Allen himself introduces the video tour, explaining what Universal has to offer accountants, tax preparers, and small business owners.

Welcome to Universal [audio script]

Hi. My name is Allen Bostrom, CPA and President of Universal Accounting Center.

Welcome to the Universal tour. Since 1979 we have focused on the practical day-to-day application of the accounting process within small business.

We recognize that in the business world profit margins are too tight to let the bookkeeping, accounting and tax be ignored. In the next few minutes you’ll learn about the performance tools and curriculum Universal created to help businesses reduce taxes, increase profits, and put more money in the bank.

During this presentation you will be invited to access additional information about the great opportunities Universal offers. Below you will see different icons that will be mentioned during the tour; if there are any you would like to learn more about, click on them at any time.

Each of the icons below will transfer you to a new page providing more information on the corresponding topic. If you wish to return to the tour, just exit that screen and you’ll be brought right back to where you left off.

Now, to learn more about Universal, click Continue.

Everyone’s doing it! Mergers, product development, and additional services are the “name of the game” in virtually every industry. Why? Because that’s where we find the greater profits. Services like the following are excellent companions to a traditional bookkeeping service and can be terrific money makers.

There are two reasons why you should offer more than the traditional bookkeeping service:

1. More services mean more revenues. Any fees you earn on additional services to existing customers/clients comes to you virtually free. You’ve already earned the money that you have spent finding the client. Any additional services are gravy.
2. The one-stop-shop concept applies here. Why do people hire a general contractor to build a home, rather than deal with the subcontractors themselves? First, they don’t know how, and secondly, it’s a hassle. The same principle exists with their financial concerns. They don’t know what needs to be done, plus they appreciate it when someone who does can remove the bother.

Traditional bookkeeping is the core to financial services. Certainly, you will offer to provide those services yourself. However, you can provide these other services, or you can sub-contract them out to others. In other words, you do not have to be an expert in everything. And, even though you contract these out does not mean they’re not profitable to you since MOST PROFESSIONALS WILL PAY YOU A FINDER’S FEE OR COMMISSION on the service.

For instance, say that a business owner approaches you and asks for your accounting help for his business. Then he asks, “Do you do taxes?” If you haven�t prepared taxes in the past, you may be inclined to say, “No, I don’t.” Wrong! Instead, simply say, “I have an associate that is an expert at tax preparation. I’ll take care of it. No problem.”

I’m sure you would admit that the latter response sounds much better, and will provide better results than your first thought. Then, all you need to do is contact your associate.

Consider the services above, then determine which ones you can and want to do. Find associates that are interested in doing the others.

Most of these services can be performed by people you already know. For instance, you probably know a tax preparer, a payroll accountant, a notary public, and a typist. I’m sure they would love additional business. By the way, if you don’t know somebody in these areas, you can find them listed in the yellow pages.

They will gladly share their fees with you.

When you contact them, explain your purpose in calling, and ask them if they are looking for more business.  If so, do they offer a discount, or “finder’s fee”, for referrals. If their answer is “no”, you probably want to look elsewhere. Not because of greed, but it is usually an indication that they are not experienced, sophisticated or networked enough to be an asset to you.

For the more pricey services like income tax preparation, or loan applications you should expect between 15% to 30% of their anticipated revenue to come back to you. For less expensive services, such as notary public, getting a finder’s fee is unusual and not enough to worry about anyway.

Your associates are a marketing tool!

In addition to the finder’s fee, there is another great advantage about having associates — the client resource. Each of these professionals is a potential resource for referrals for your business. You should fully expect to find business from each of them. I have gone as far as changing associates simply because one is better at referring potential clients to me than another.

Tax preparers are an excellent source of new business. Most tax preparers don’t know a debit from a credit; and they don’t need to. Their job is to transfer information to the right forms, and calculate the taxes. They can do this very successfully with a set of financial statements prepared by an accountant. Without the financial statements, they are often like a fish out of water in an area they know little about.

Tax preparers, as much as anyone, understand the value of well-prepared information they can use to complete the taxes. They will gladly refer business to you, if they feel comfortable you�ll refer business back to them.

With a little ‘know-how’, you can provide all of these services yourself.

You can offer everyone of these additional services, yourself.  Although they may require a little training, none require a special license - not even incorporating a business.

Let’s consider loan applications, for instance. After you’ve completed a couple, you can normally prepare a loan application in eight to ten hours and charge $700 (which is about one-third of what a CPA firm would charge). Many of the forms are simply ‘fill-in-the-blank’ once you’ve created them the first time.

Here’s just a quick glance at what you would include in an average application:

At first gaze, these might appear a bit intimidating. But like most things, after you’ve done a couple, they’re a piece of cake. Like I mentioned above, most are simply changing the information to fit the new business.

One student of mine was making $7,000 each month just doing loan applications part-time! Once she learned how it was done, she completed the forms for her husband’s jewelry business, and was successful in getting the loan for him. Then a neighbor approached her asking for help, so she did the same for her neighbor.

That’s when it clicked. She put an ad in the newspaper: “If you are having trouble getting a loan, call me 555-5555.” THE PHONE BEGAN RINGING WITH 12 TO 14 NEW PROSPECTS EACH DAY. She narrowed it to the best ten each month, and charged an average of $700 each. The last time we heard from her, her husband had sold the jewelry store, and began helping her in the business.

I’m not suggesting you do loan applications exclusively like she did. There’s more money to be made providing accounting and bookkeeping services. I’m simply suggesting it can be another source of income.

If you’re not familiar with the loan application forms listed above, there’s a terrific book called, “Financing A Small Business,” that leads you step-by-step through the loan application process. You’ll learn how to market your service, work with clients, and calculate the fee for this part of your business. It even has the forms with blanks to fill in, so that you can get all the information at the first interview with the client. The system is so simple that anyone can do it. I don’t know of any book that’s better, or more complete, for small business loan applications than this one. The cost is only $69 and you may order it over the phone by dialing (800)343-4827.

By the way, for information on how you can get this book for FREE, see “Accounting Made Easy.”

Noteworthy Financial Events and a Little “How-to”

Universal Accounting Center has heard your requests for more accounting news and tips. Here are a few timely financial events we thought might interest you.

QuickBooks Time Tracker: A Feature That May Save You Time
This QuickBooks Add-On is intended to make tracking timesheets much easier. For those accountants who manage payroll for small businesses, this will eliminate the need to retype timesheet information; the employees track their own time and it gets transferred into QuickBooks automatically. Data can be collected over the internet, allowing you to accomplish timely billing with fewer errors. A 60-day trial is included with the 2007 versions of QuickBooks Pro and Premier. For more information visit Intuit’s QuickBooks website.

The IRS Announces a Formula for Calculating Telephone Excise Tax Refunds
In May of 2006 the Treasure Department announced that beginning April 1 the government would no longer collect federal excise tax on long-distance telephone service. They also announced that taxpayers could request refunds for telephone excise tax collected after February 28, 2003. To avoid the troublesome task of calculating 41 month’s worth of long-distance telephone taxes, the IRS recently released a formula intended to help individuals, business owners, and non-profit organizations to calculate their refunds.

To request a refund, business owners and non-profit organizations should complete Form 8913, Credit for Telephone Excise Tax Paid and attach it to their regular return. In order to calculate their refund, they must use the new IRS formula. First compare two telephone service statements: April, 2006 and September, 2006. Calculate the tax percentage of each bill (April contains a tax on local and long-distance service while September only includes a tax on local telephone service). The difference between these two percentages must then be applied to the quarterly or annual phone charges to determine their refund. You can find more information on the federal telephone excise tax refund in your 2006 tax return materials, or visit the IRS.gov.

More Affluent Women Need Financial Services
All business owners want to increase their client base. If you were aware of a new target market in need of your services, you would alter your sales approach in order to better promote your business. AICPA reports that there are more affluent women in 2006 then ever before; this means there are more affluent women in need of financial services than ever before. For the most part these women are well-educated, between the ages of 45 and 54, self-made, and financially conscientious. These women are interested in preparing for retirement and taking good care of their families. Understanding these potential clients will enable you to better market your services and respond to their financial needs.

Helping Clients Prepare for a Bank Reconciliation
At some point you’ll have a client request help with a bank reconciliation, or perhaps you’ll feel the process is necessary to ensure that the business’s records and the bank’s records are correct. Whoever requests it, you’ll need to compare the bank’s statement with company records and note adjustments: outstanding checks, bank fees, deposits in transit, etc. The company then needs to note the balance on their current records. If the adjusted balance per the bank and the adjusted balance per the company match then the bank reconciliation is complete. If not, the difference needs to be identified. And any difference needs to be noted in the company records with corresponding journal entries. Bank reconciliations can be tedious, but accountants and bookkeepers must become comfortable with the task in order to best serve their clients, ensuring that company records are accurate and complete.

Get the training that is the difference with gaining the accounts for your accounting and bookeeping practice.

Start at the Beginning

Of Course My Business Is In The Black! Isn’t It?

My experience was pretty common. Having spent time at the helm of a small business, I know how touchy this question really is. Like many small business owners, I took my successes and failures very personally. And yes, I thought I had a real handle on what was going on financially within my business.

Allen Bostrom, President of Universal Accounting Center, was a friend of mine and we would talk about what I was doing in my business and where I thought my greatest profits and losses came from. As a small business financial expert, he always made himself available to offer insight and suggestions into things I might do to build my business.

Later, I’ll tell you how my lack of knowledge painfully taught me something that will make you very valuable to small business owners.

My Background Wasn’t In Accounting… and it Hurt My Business

Like most small business owners, my background didn’t include any accounting. I could read a profit and loss statement and a balance sheet. I could interpret the information and make financial decisions based upon its information, but I didn’t completely understand the accounting process and where those numbers came from or how they related to each other.

I Didn’t Know if the Information on My Balance Sheet Really Reflected What Was Going On in My Business - What’s Worse… I Didn’t Know that I Didn’t Know!

I fell into the trap most small business owners do… I believed the software company when they told me I didn’t need an understanding of small business accounting to use their software to do my books. That was a mistake. Without an understanding of the accounting process, I couldn’t know whether or not the information I was getting was the right information. You know you have the right information when it helps you confidently make better business decisions.

The software programs most small business owners use are only as good as the data entry. Let me show you how your expertise as a small business bookkeeper will make you an important and valuable part of making any small business profitable.

A Software Program is No Substitute for a Qualified Bookkeeper

Allen probably offered a dozen times to look at my books and offer his help. Of course, I felt like I had it handled and declined his offers.

A qualified small business accountant has an understanding of the bookkeeping process allowing him or her to offer insights into the information the accounting software reports to the business owner.

Learning the software is only the first part of becoming a small business accounting expert. At the end of this article, I’ll explain how you can learn these valuable skills and become worth your weight in gold to any small business owner.

OK… Who Are These Small Business Accounting Experts? How Do I Become One?

Many of these real experts worked in small businesses for years. They accumulated knowledge of small business accounting issues through years of successes and mistakes, by trial and error. Many of them work for small businesses who celebrate every day the contribution they make to their businesses.

These business owners understand that their bookkeeper is worth more than what he/she is paid because of the benefit he/she brings to the business. These “profit experts” forge an important link in the chain of business profitability.

To learn how a small business bookkeeper is really a small business profit expert click HERE

I’m Not a Bookkeeper. How Does this Help Me?

You may not be a bookkeeper yet, but with the help of Universal Accounting’s Professional Bookkeeper Program, you’re not far away. You’ll be surprised at how quickly you’ll learn the ins-and-outs of small business bookkeeping. And you won’t have to learn by trial and error either, because you’ll learn best practices developed over many years of real-world accounting and bookkeeping experience.

At Universal Accounting, we’ve taught small business bookkeeping and accounting for over 25 years. You’ll find that experience will greatly reduce your learning curve. You’ll be a small business profit expert in no time.

To learn more about options for bookkeeping and accounting training click HERE

Universal Accounting Trains 100’s of “Profit Experts” Every Year

Universal has trained people for this important and satisfying profession since 1979. We have small business bookkeeping down to a science. Many experts consider us the “Small Business Accounting Experts.”

Hands-On Learning is Hands-Down the Best

At Universal Accounting, years of experience proved to us that hands-on learning is the most effective way to learn the exciting and rewarding skill of small business bookkeeping. You’ll learn accounting by doing the books for a variety of small businesses. Examples include a frame shop, a construction company, a bakery and a motorcycle shop, to mention just a few.

You won’t just read about accounting, you’ll be doing it. You’ll have the confidence you need to start your bookkeeping and accounting business from the very beginning.

To Learn How to Pick the Best Bookkeeping and Accounting Training click HERE

Sir Francis Bacon said, “Knowledge is power.”

It has never been more true than in small business bookkeeping and accounting. Become a small business profit expert. You’ll be worth your weight in gold.

A Great Deal On the Most Complete Small-Business Accounting Training Available Anywhere!

Having a solid understanding of the Accounting and Bookkeeping methods and procedures is a great first step in learning the concepts behind Financial Business Analysis. You will learn to do books for small to mid-sized companies and how to analyze the books to prepare reports. You will learn to interpret reports so that you can advise your clients how to reduce costs and to better understand their financial standing and profitability. Your clients will look to you as an invaluable source of information about the financial health of their organization.

Depending on Where You Live and Work… The Most Stable Career on Earth Just Got Even More Profitable

A sign of good times. Did you know that one of the five hot job sectors today is in accounting? In fact, according to Paul Kaihla, in an article published in CNN Money, “Accountants in Southern California today are a hotter commodity than IT workers were during the tech boom…”

The accounting department has always offered a stable career with a good income, but now more than ever before it’s earning skilled accounting professionals in all disciplines, a better income. And if you live and work in the right area, you can demand even more.

Over 550,000 New Businesses Start Every Year

So many new businesses, so few bookkeeping and accounting professionals. According to an article published in Business 2.0, “Spot labor shortages in a handful of hot regional markets are triggering salary windfalls for select workers.”

“Windfall” is a very powerful word. With the number of new businesses growing every year, the need for skilled and qualified bookkeeping and accounting professionals has never been better. According to Robert Half International, (The worlds largest staffing agency for accounting professionals), if you work in the accounting department, you can expect a raise this year. It doesn’t matter where you work in the department, your services are in demand and in short supply. In fact, depending on where you live and work, you could be looking at a substantial increase.

Haven’t We Seen this Before?

We sure have. According to Mr. Kaihla, “Today’s economy is practically a mirror image of one a decade ago that foreshadowed the biggest job boom since World War II.”

“The [labor shortages] of 1995 soon spread to other locations and occupations — and by spring of 1996, when the national jobless number was still higher than it is today, more than 100 cities had fallen below the 4% mark. The trend hit its peak in April 2000, when U.S. unemployment bottomed out at 3.8%, the lowest in three decades. Today more than 100 metropolitan areas — about a third of all cities in America — boast unemployment rates at under 4%. Only 41 regions could make the claim in January 2004.”

What Does This All Mean for Me?

I may not be able to guarantee that we’ll see the same kind of across-the-board job growth of the last five years of the 90’s, but I can guarantee you a stable career with a real potential for income growth. All you need are the right skills.

For over 500 years bookkeepers and accountants have been a critical member of the team in any business. Accounting professionals have been keeping businesses profitable and made a good living doing it for a long time. Now it’s your turn.

Where Do I Find the Bookkeeping and Accounting Skills that I Need?

There is good news. Although you need a specialized and professional set of skills, you don’t need a college education to join the accounting profession. In fact, with the right education, in as little as a month or two you can learn all the skills you need to become a small business bookkeeper. Skills that will allow you to advance in the accounting department where you work right now or find the perfect job in accounting someplace new. Click HERE if you’d like to learn more about some of the skills you need to be a successful small business bookkeeper.

We’ve taught small business bookkeeping and accounting since 1979. And we do it better than anyone else. How can I say that? For over 25 years we’ve been considered the small business accounting experts by thousands of graduates of the Professional Bookkeeper program. People just like you and me who have started successful careers as small business bookkeepers and accountants.

What are the Opportunities In Small Business Accounting?

There are many opportunities in this exciting and lucrative field. Click on the link below and learn just what kind of opportunities there are.

Click Here to Learn About Career Opportunities in Small Business Accounting

Your education with Universal Accounting will not only provide you with an incredible opportunity to improve and advance your present career, but it’s 100% guaranteed.

Our No-Risk Guarantee

We feel so confident that you will find our course invaluable in your new career that we offer this guarantee: “If, after completing all of the practice sets, you do not feel that you have received your money’s worth, simply return the materials to Universal Accounting Center, for a complete refund.”

When you last took a class at a college, how did their money-back guarantee read? Did they give any kind of assurance at all that their course would help you succeed in the real world? We stand behind our product and put our money where our mouth is. We take all of the risk because we know that the system works! Thousands just like you have completed our course and have gone on to successful careers in accounting and bookkeeping.

We make a career in accounting achievable and stand behind you 100%. You have nothing to lose and your successful new career to gain!

You Don’t Have to Take My Word For It

Click Here to Learn About What Some of Our Graduates are Saying

If you’re ready to advance your career, there’s never been a better time than now and there really isn’t a better place than Universal Accounting. For the best small business accounting education, the best guarantee in the industry and a program that will support you with a live voice at the other end of the phone for 12 months after graduation, contact Universal Accounting today.

Regardless of your background,
IT WORKS!

It doesn’t matter if you have 20 years experience in accounting, or have never worked in the field before, the course is designed to provide practical, hands-on training for everyone!

Bookkeepers and accountants must continuously strive to stay current in their field; it’s what enables clients to trust the integrity of their work. There are associations in our profession that will help you become even better at what you do. These professional organizations allow you to associate with peers facing the same challenges you do. But of all the associations that exist, which should you choose to associate with? Because we know your time is valuable, we would like to help you find those groups that would best suit your needs.

Universal Accounting Center recognizes the value of the National Society of Accountants (NSA) membership and encourages its students and associates to join NSA’s elite association in order to enjoy valuable benefits. This is one organization that we know will contribute to your success.

What is the National Society of Accountants (NSA)?
The NSA is an association of over 30,000 accounting professionals who provide accounting, tax, auditing, financial and estate planning, and management services to millions of individuals and businesses. NSA currently boasts of having 12,000 members and provides current accounting information, resources, and professional support. The NSA requires its members to adhere to a strict Code of Ethics, ensuring that all NSA accountants and bookkeepers keep the best of standards.

Membership Benefits
When you join NSA you receive $800-worth of member benefits including NSA Help Desk access; a custom software search, member-only discounts on CPE, practice management tools; one free copy of NSA’s Tax Implications of a Divorce Booklet; a customized NSA Membership Certificate, and much more.

NSA Newsletters
Membership benefits also include subscriptions to two of NSA’s email newsletters: NSAlert and MemberLink. Both are bi-weekly emails and contain timely, valuable information. NSAlert is devoted to timely legislative, tax, and law updates. MemberLink, is filled with ideas, tools, and news.

NSA and UAC’s Partnership in Excellence
Just this year, Universal Accounting Center partnered with the National Society of Accountants (NSA) to make accounting and tax education more accessible. UAC and NSA offer accounting and tax professionals the highest quality accounting resources available.

UAC will provide NSA members free and specially priced training programs, including the Professional Tax Preparer Certification, Professional Bookkeeper Program and Professional Bookkeepers Guide to QuickBooks Program. These proprietary courses offer financial professionals skill enhancement and expanded opportunities.

In turn, NSA will provide UAC students with all association benefits including discounted membership rates, a voice in the accounting community, 6 issues of NPA Magazine, 8 issues of NSA Technology Advisor, and an online business card in NSA’s “Find a Professional” directory. To learn more about NSA and their member benefits, visit http://www.nsacct.org/benefits.asp. Or Join by Clicking Here

UAC’s Professional Bookkeeper Program
If you’d like to learn more about Universal’s training programs, which NSA recognizes to be valuable professional advancement opportunities, visit Universal Accounting Center today. Did you know that over 85% of the opportunities in the accounting field are within small businesses? Universities prepare their students for corporate accounting which doesn’t address small business needs. Our Professional Bookkeeper Program will allow you to add a professional designation to your name and learn small business accounting. We’re so confident that our program will work for you that we offer a 100% money-back guarantee.

Enroll now and save $368! And remember, if it’s about accounting, it’s universal!

A business may be profitable, but without cashflow, it won’t survive. Sales and profits don’t necessarily coincide with their associated cash inflows and outflows. Your clients may experience all the sales in the world, but if cash receipts lag, the business might experience a short-term cash shortfall. This is why it is essential to forecast cash flows as well as project likely profits.

By offering your clients advice that will help them increase their bottom-line profitability and fiscal health, you’ll be in a better position to grow your Bookkeeping and Accounting business. Let’s take a few minutes and talk about what cashflow is, how to forcast it and control it.

Cash flow! Cash flow! Cash flow!

In his book, In the Black:Nine Priciples to Make Your Business Profitable, Allen Bostrom-President of Universal Accounting Center, says, “Cash flow is the lifeblood of business. For new businesses, immediate cash is needed to create future cash flow. The first time the payroll is missed, you will know exactly how bad it is to be short of cash. How do you know how much cash to have in the business? Keep a check register. Call the bank! They can tell you very quickley. By the way, your accounting system should be able to match what the bank says. This needs to be the first place for improvement.”

Having cash is not the only answer. Iit needs to be the right amount of cash. Enron had millions of dollars in the bank, but they still were still forced to shut down. Having enough cash to meet this months financial obligations isn’t enough. Mr. Bostrom goes on to say, “Cash anyalysis is more than a current, monthly calculation.”

How do I calculate cash flow?

Althogh most cash inflows to small businesses come from sales, loans and interest earned, the biggest cash inflow is coming from sales income.

Cash outflows include payments to suppliers, payroll, and interest payments on loans or in other words, paying the bills.

Net cash flow is the difference between the inflows and the outflows. A positive cash flow would indicate that the business was healthy enough to have more than enough cash to pay the bills. Just as a negative cash flow would indicate the need of additional cash to pay the bills and keep the business healthy.

Cash flow planning is crutial to the health of your client’s businesses as well as your own Bookkeeping and Accounting Practice.

Forecasting and totalling all significant, regular cash inflows relating to sales, bank loans, interest income and other income and then analyzing in detail the projected needs and timing of cost of goods, payroll and other payments is what cash flow planning entails. The more detailed the anaylisis, the better the information is for the business owner. When this net cash flow is added to or subtracted from the opening bank balances, any likely short-term shortfalls can be projected and planned for.

As you can see, accurate accounting records are very important in this process and put the bookkeeper/accountant in a position to really impact the fiscal health of any small business. As the provider of this information to your clients, you become a more valuable to them.

How do I control cash flow?

Mr. Bostrom offers five suggestions to help you manage cash flow.

1) Even in small businesses, establish separate accounts for business and home. “It’s too easy to intermingle funds, and spend the cash for personal reasons, when it is needed to pay business debts. Profitability does not reflect cash-this could be called the ‘High Profit-No Cash’ syndrome.”

2) Manage your cash appropriately. “You can have too much cash in your business. Cash is an asset that should be working at all times, gaining interest.”

3) Businesses should work within budgets–leaving some cash in the bank at all times. “Work with your vendors so that your cash account does not fluctuate with highs and lows but is somewhat consistent through the year.

4) Every new business owner should expect to invest at least 50% of necessary capitol into the company. “This lessons the amount of cash that will be needed from other costly sources.”

5) Leverage money effectively. “When you start a new business, you will usually receive unfavorable terms from vendors… After establishing a good relationship with your vendors, ask them to extend your credit to 60 days, and eventually to 90 days.”

If you are interested in additional ways to control cash flow, click on the link below and download an MS Word document with a checklist for improving cash flow.

Download checklist for improving cash flow.

Cash flow is King.

My dad used to always say, “Cash flow is King.” Cash flow may be king, but with the right information and planning, you can control him. Managing cashflow is just part of the financial picture a qualified bookkeeper/accountant counsels the business owner about. There’s never been a greater need for trained and qualified bookkeepers and accountants than right now. Businesses are more than willing to pay for the advice and skill of a professional who can save their business money. As you provide this type of analysis to your clients, you become and asset to their business, not an expense. Best of all, there’s never been a better place to find that traing than Universal Accounting.

The Professional Bookkeeper Program has everything you’ll need to know to help your clients strengthen the financial health of their businesses and will also provide the income and lifestyle that you might be looking for. But that’s not all, with access to some of the most innovative and effective marketing methods found anywhere, methods that have been proven successful time after time, you will be one of the extraordinarily happy. Simply follow the link below for more information on the Professional Bookkeeper Program.

Click here to learn how to take the first step towards a successful career in Bookkeeping and Accounting.

A Great Deal On the Most Complete Small-Business Accounting Training Available Anywhere!

Having a solid understanding of the Accounting and Bookkeeping methods and procedures is a great first step in learning the concepts behind Financial Business Analysis. You will learn to do books for small to mid-sized companies and how to analyze the books to prepare reports. You will learn to interpret reports so that you can advise your clients how to reduce costs and to better understand their financial standing and profitability. Your clients will look to you as an invaluable source of information about the financial health of their organization.

If you are considering adding Tax Preparation and Planning to your Financial Services business at some point, you get a great price by purchasing both programs as a bundle.

Seize the Great American Dream of Owning Your Own Business

I know people who won’t work for anyone but themselves. They find owning their own business not only very profitable, but also very satisfying. Some of them describe it a lot like being a parent and watching a child grow. It might not always be easy, but they wouldn’t trade it for a million dollars.

Starting a business provides challenges, but if you know upfront what makes it easier, you’ll find the satisfaction of watching “your baby” grow into a thriving business. A business that will provide the type of income you and your family are looking for.

Entrepreneurs make 5 common mistakes that make it difficult for their businesses to succeed. Let’s talk about what they are and how to avoid them.

1.Examine the Three “Ts”- Time, Temperament and Talent.
Be honest and assess yourself. If you work a 60-hour a week “day job” and coach little league while volunteering on the PTA Board, you might not have enough time to start your own business. Most business ventures begin part-time. You have to be realistic about how much time you can devote to your new business. You may need to let someone else take over the little league team and the PTA.

Sometimes it’s hard to evaluate our own temperament. “I’m always logical and reasonable; surely I can start my own business.” Sometimes friends and family are in a good position to help evaluate us. Listen to their advice and comments, but realize that having weaknesses isn’t always a liability if you are aware of and compensate for them.

Before you start any business you need to make sure that you have the expertise and tools that will be required. To start a bookkeeping and tax business, you’ll need to make sure you have the right education. The Professional Bookkeeper Course will teach you everything you need to know to do the books for small businesses. But we’ll talk more about that later.

2. Find Your Market Niche.
The key to a successful business is to find a need and then fill it. The need for skilled and qualified bookkeepers has never been greater. Over 500,000 new businesses start-up in the United States every year. All of these businesses require a bookkeeper or accountant, someone who can be their profit expert. From the flower shop down the street to the bike shop around the corner, they all must do accounting. In fact, it’s the law.

3. Make Sure You Have Enough Capitol.
Many wonderful businesses have eventually failed because they didn’t have enough capitol to operate. That doesn’t have to happen to you. Fortunately, a bookkeeping or tax practice doesn’t require a lot of capitol. You can operate your business out of your home, (which is what we would recommend, even for seasoned professionals). With a good computer and some office supplies, you’re ready to go. If you’d like to know more about what you’ll need to start a viable home office, click HERE.

4. Break That Corporate Mentality.
Operating a small business isn’t the same is the same as working in mid-level corporate America. You won’t have the same resources that large corporations do. You will be your own secretary and you will probably answer your own phone. The corporate mentality is, “Do your job.” The entrepreneurial mentality is, “Do whatever needs to be done.” There may be a big difference, but the personal and professional rewards are great.

5. Don’t Underestimate the Amount of Work and Passion Required.
If I told you it would be easy, you wouldn’t believe me anyway. It will take some effort. You’ll have to work hard, especially in the beginning. But the return is well worth it. I have met many people who have not only found success in their bookkeeping and tax practice by earning a better income, but they’ve been able to semi-retire after 12 months. They now work 20 hours a week and make $4000 to $5000 every month. They spend time with their family and do the things they want to do.

The US Bureau of Labor Statistics and Robert Half International, the largest accounting placement agency in the world, reports that the field of bookkeeping and accounting will continue to offer more and more opportunities to people like you and me. The accounting field has always offered a stable income. And now it’s offering you a wonderful business opportunity. If you have the passion to create the kind of lifestyle that you and your family deserve and are willing to work to get it, you will find a professional bookkeeping and tax practice to be incredibly satisfying.

The Education and Skills You Need to Start a Successful Bookkeeping and Tax Practice

At Universal Accounting, we’ve taught small business bookkeeping and tax accounting for over 25 years. Since 1979, the Professional Bookkeeper Program has provided the most comprehensive small business bookkeeping and accounting course you can purchase anywhere. And that includes any franchise you can purchase. (A franchise, by the way, could cost as much as $80,000 to start. That’s 53 times as much as the Professional Bookkeeper Program.)

You don’t need a college education to run a very successful bookkeeping and tax practice. You do need some specialized training and skills, skills that you will learn in the Professional Bookkeeper Program.

It Doesn’t Stop With Your Purchase of the Professional Bookkeeper Program

Once your course arrives, you’ll not only have the finest distance learning educational materials available, you’ll have a personal coach who keeps you on track each and every step of the way. Your coach will help answer questions and offer encouragement to help you achieve the most out of the Professional Bookkeeper Program.

At Universal Accounting, we don’t succeed unless you do. Our commitment to you extends through the first 6 months following your completion of the course. To make sure you get your new professional bookkeeping service on its feet and thriving, you’ll continue to have access to your personal coach to answer questions regarding your clients and their books and help finding and keeping new clients.

Universal Accounting has some of the most talented marketing professionals in the accounting industry to help you succeed. And they are waiting and available to help you for the first 6 months after you’ve completed your course. (This additional level of support is provided at no additional cost.) I don’t know of any other course anywhere that provides the level of support after you’ll receive after enrolling in the Universal Accounting Professional Bookkeeper Program.

5 Small Business Do’s and Don’ts :

A Marketing Tool you can pass on to current and potential customers

Note: We’re all about driving business into your doors. The following article is a marketing piece that you could use when you are out “beating the streets” for new clientele. This is also good to have available for networking opportunities that you can attend. It is designed to be able to give something of value to those you are talking business with, to give you a natural in with the potential customer and to make that cold lead warm up to you as quickly as possible.

One through four should provide you with some helpful tips, but ultimately we hope it works as an effective marketing tool. Not only will it provide potential clients with practical information, but it’s a good way to introduce the value of your services (see number 5). Copy and paste this piece onto your computer, delete this “note,” and make sure you add your contact information at the bottom. Could possibly put this on your letterhead for a touch of flair and professionalism (especially if you have a color printer). Then hand out copies to small business owners and use it as a follow up call to getting in the door.
1. Charge what you’re worth.

First you need to do your research to see what your competition charges. And based on that knowledge, charge what your products and/or services are worth. Sometimes small business owners feel a little self-conscious about their fees; never compromise your value in order to get business.

Do: Communicate the value of your services.

Don’t: Be apologetic and tentative when talking about fees.

2. Be visible.

Often small business owners are not as good at PR as they are with their business specialty. But that’s no reason to become a hermit. As awkward as it may feel, you need to get out there and be both seen and heard. Attend community functions, meet your costumers, and spend time socializing; the more you interact with others, the greater your networking opportunities. Remember, everyone is a potential costumer.

Do: Make appearances and talk about what you do.

Don’t: Be pushy and overbearing.

3. Be Helpful.

Small business owners can live or die on one account or customer. By keeping the business “Golden Rule” you will be able to capture the big sales with the little sales. There’s just something about knowing you have had a positive effect on those you do business with everyday.

Do: Make each interaction with customers the best one they have had.

Don’t: Be arrogant and unresponsive.

4. Have a marketing plan.

Remember Field of Dreams? If you build it, they will come. When it comes to your business you have more in common with Costner’s character than you might think: If you publicize, they will purchase. You need to get the word out in order to get costumers through your front door, because without costumers, you won’t make any money. Assign yourself a marketing budget and

Do: Research marketing methods that work for your particular business niche.

Don’t: Spend lots of money on an unproven marketing technique.

5. Hire an accountant or bookkeeper to help with your finances.

More than 50% of small businesses fail, and the majority of those failures can be attributed to poor financial management. Why draw yourself away from what you do best: producing your product. You may think that you’ll be saving money by doing your own accounting, but the truth is that a good accountant will save you money, and possibly your business, in the end.

Do: Find someone who will do more than just keep your books; find someone who knows how to make your business more profitable.

Don’t: Be cheap.

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Know the Accounting and Bookkeeping business from the ground up! In Universal Accounting’s Professional Bookkeeper’s training you will be able to hit every facet of success in the business. Knowledge, Production and Marketing! You’ve waited long enough to make the move to getting for your future the difference between success and mediocrity. The easiest decision you can make is enrolling in The Professional Bookkeeper’s Course. Make the difference in success, the PB designation, work for you. Don’t delay!