AUGUST 2005

August 18, 2005 - Backing Up Your QuickBooks Data

Earlier this month I posted a thorough article on backing up your data in QuickBooks.

Every so often a client loses all of their data because they forgot to back-up so use this article as a reminder.

The newsletter can be found on my San Jose CPA firm site at: www.4cpa.biz/newsletter/aug_05/index.html.

August 13, 2005 - Going Into Business With A Partner

The following question came up recently and I thought I would share it with the readers of this site:

Question: I am going into business with a long-time friend. If there is a dispute, is there anything we can build into our business to protect ourselves?

Answer: This is a great question and a very important one. Generally, I don't recommend having a partner for a business venture. There are just so many things that can and do go wrong.

If you are sold on having a partner, yes, a buy-sell agreement should be put in place. A good business attorney can help you prepare the agreement. It is best to have the agreement in place prior to starting your business BUT if you forgot get it done, do it now so you can avoid any potential problems.

August 7, 2005 - Should I incorporate?

Deciding to incorporate is much more than just a tax decision. Before you select the type of entity that is right for your business, you shoud consider issues such as these:

Do you need liability protection?

Will you be the sole owner?

How much profit are you forecasting in the near future?

Do you need to present your company more formally to customers or vendors?

These are just some of the issues I discuss when a client is considering incorporating. If you are considering incorporating, I highly recommend you talk with a good business attorney and CPA to help you determine the best short-term and long-term choice for your business.

August 2, 2005 - A little About Business Plans

Most business owners never take the time to understand or develop a business plan. A thorough and well written business plan can be used for raising capital or growing your company.

A business plan can help you focus by:

Clarifying strategy when making tough decisions.

Developing a regular business review and course correction process.

Defining goals and programs to achieve forecast

Determining the strength of competitors and analyzing market changes

In May 2005, my San Jose CPA firm site featured an article about developing a business plan in QuickBooks. You can find the newsletter by following this link: www.4cpa.biz/newsletter/05_05.html.

Tyler Martin is a San Jose CPA with a tax and QuickBooks practice in Willow Glen.