Analyzing Customer's Credit

As the economy continues to bounce along the bottom, it has become more and more important for my clients to perform a thorough credit check of their customers. Depending on the size of your company there are a variety of methods for you to use to understand the credit worthiness of your customers. The following are some tools that you should consider using when evaluating how much of a credit line you should provide them. These tools include:

1. Credit Application for all new customers
2. Authorization to discuss bank information with financial institutions
3. At least 4 trade references
4. Customer Financial Statements
5. Z Score Analysis
6. Personal Financial Statements of Principles
7. D&B Reports

If you are interested in discussing these tools and any other financial matters, please contact our firm, Brian D Kurtz PC at (843) 971-5866 or e-mail me at brian@bkurtzcpa.com . Our firm specializes in providing a full range of financial services to Small to Medium size businesses in both South Carolina and North Carolina. We would enjoy the opportunity to help you manage your company risk!

Corporate & Partnership Tax Returns Extensions Due September 15th

Just a friendly reminder that your S corporation and C corporation tax returns for 2009 are due September 15th. Also, Partnership tax returns are also due on September 15th. It is time to get your packet of information to your tax preparer so that he/she can finalize your return. If you have questions about what information to send, e-mail me at brian@bkurtzcpa.com .



Our firm specializes in small business accounting and taxes. We service Charleston, SC and the Tri-County Region of Charleston, Dorchester, and Berkeley Counties. We provide a variety of services including:

• Bookkeeping and Accounting


• Quickbooks Support


• Business Start-up assistance


• Mergers and Acquisition Support


• Cashflow Management


• Loan Package Support


• Owner Exit Strategy

Give us a call today at (843) 971-5866 and set up an free initial consultation and discover how we can help you become a successful small business.

Top Tax Tips for the Small Business Owner

It's that time of the year for taxes. Since it only comes around once a year, I thought I would give you some tips on preparing for your tax accountant:

• If you are using a software program, make sure that you reconcile all accounts before sending a copy to your Tax Preparer.
• Good backup includes, bank statements for the year, receipts for major expenditures, previous 2 years of tax returns (if you are using a new Tax Firm), any correspondence with the IRS or SCDOR, check copies.
• Any estimated tax payments you have made during the year.
• If you are a retail store or have inventory, the year-end inventory listing at COST.
• A filled out checklist from your preparer.

Try to get this information to the CPA by the 15th of February. Remember, the deadline for filing is March 15th!

If you need help, contact our firm at kathy@bkurtzcpa.com or call (843) 971-5866 and set up an appointment.

Brian, Bella & Flora

Hump Day Break

Good Morning Everyone!! It's Wednesday and I am feeling like I need a little energy to make it through the rest of the week. My wife, Jan and my daughter Jeanna have me on a strict no preservatives no sugar, no alcohol, no caffeinne diet. What's left?! Oatmeal, prunes, nuts, vegetables, and fruits.... This is day three of 21 so we'll see how long I make it.

I am taking a break from my Starting a Small Business Series today. Bella & Flora are happily gnawing on their bones! They were the proud recipients of new dog beds this week. Jan traveled to Costco and picked up some new beds. The old ones had been soiled and tore up by the girls over the past year so they were definitely due.

The joy that we receive from Bella & Flora is hard to describe. They are always so very happy to see me in the morning. If I don't get up right away, Bella will start a quiet yelp every few seconds to remind me that it is time to get up and feed her! When I open their crates, they push open the door and race to the nearest bone, tails wagging and body shaking all over.

If you even look sideways at Flora, she will start wagging her tail furiously and plop down, roll over and demand a tummy rub. Bella on the other hand is more direct. She comes right up to you, sticks her snout between your legs and wants you to scratch her back while she nuzzles you. Sometimes when I am working at the desk they will gang up on me and stand on either arm of the chair with their front paws and lick my ears. What a mess they are!

I trust you will have a great day and we will get back to business tomorrow morning!

Starting your own Small Business Part II

The key to your success with your new venture is to stay focused and do the things that you do best. For example, if your specialty is roofing residential homes, then do not attempt to take on a framing job or a drywall job. You will undoubtibly fail in these other jobs. However, if you feel like you have to offer these services as a value add then create a relationship with an expert in these fields and have them as an option for your customer. Do not go into partnership with them! This is a mistake I see many small business owners make.

Partnerships are tough to make work. Each partner has his/her own agenda and goals. If you and your partner are not completely aligned then there is a chance for conflict to arise. I will discuss the dynamics of this in a later series.

OK, back to signing up your small business on-line with SC. If you haven't already done so, please read my previous Blog on January 11th. Once you have created a user name and password (remember to write this down and keep somewhere safe), you then go in and begin answering the questions. You will need a good hour to complete the process and make sure that your CPA or accountant is readily available for any questions you have as you navigate through the questions.

I typically keep my keyboard on ALL CAPS while I am going through the process. Make sure that you know what physical address and what mailing address you plan to use. I would recommend having a separate PO Box for mailing if you are working out of your home. One of the key decisions that you have to make in this process is what type of legal entity you want to be. I will discuss this in detail tomorrow.

As for Bella And Flora, it is now 4:45 a.m. and they have already been outside, barked a few times, had breakfast and are now chewing on a dental bone. Oh, the life of a dog!!

How do I start my business?

This is a common question I get asked all the time. I have an idea, I know what I want to sell, I know my customers I want to target, but I don't understand the steps to starting a new business. I even get the comment, "I need to do my taxes for my business, what paperwork do I need?" There is a lot packed into these questions. This week we will focus on different aspects of these questions.



Let me start by saying, yes it is absolutely wonderful if you have a detailed business plan that you have put together either by yourself or with the help of a professional. I consider this to be a sound approach that works for many people.



The reality though is that most small business owners dive into their business with both feet forward and no real plan in place. Fair enough. This is the reality and I can't very well change human nature. So if this is your case, let's get going....



First, you will need to register your new company with the state, federal government and local government. Since I deal with businesses in South Carolina, I will focus on the process for this state. Every state is different so your best bet is to contact the Secretary of State's office for the procedures.



In South Carolina, your first step is to check to see if the name that you want to give the new company is already taken. Go to http://www.scsos.com/ and on the left hand side of the webpage, click on corporation search. Type in the name that you are interested in and see if any similar ones show up. If not, you are ready to start applying with the state. If the name is taken, try adding something like Enterprise or XYZ Corporation of Charleston LLC. It has to be enough to differentiate yourself. Just changing or adding a pronoun won't work.



After you have a name, it is time to register with the state. For SC, you go to http://www.scbos.sc.gov/. You will need to set up a username and password. Keep this in a secure place for future use.



Tomorrow we will begin the process of setting up a company on-line.



If you would like to contact me directly, I can be reached at (843) 971-5866 or brian@bkurtzcpa.com .

Who are Bella & Flora?

As a new Blogger, I searched for something meaningful to use as a name for my Blog. I am typically most productive during the day from about 4:30 a.m. until 6:00 a.m. I grab a cup of coffee, fire up the computer, and begin to work. It is a very quiet time which allows me to focus.

Bella and Flora are two beautiful black lab dogs that we found at the Goose Creek, SC animal shelter. They are sisters and are a year and a half old. Every morning when I get up it's like Christmas for them! They whine, jump, and love to get petted for about 10 minutes. Their enthusiasm rubs off on me and gives me the energy to plow into the day.

Once they go outside, eat their breakfast, and take care of business in the yard we settle down to working. I start plucking away at the keyboard and they get to work on their rawhide bones! It's a special time for me and something I look forward to every morning!