SMALL BUSINESS & ENTREPRENEURS
A great deal of press has been given to the fact that small businesses (from mom-and-pop stores to Internet start-ups) are the backbone of the economy and the largest creators of new jobs in the United States. However, despite these well publicized statistics, small businesses receive the least amount of support of any other business groups. It’s no secret that from day one, small business owners face never-ending obstacles such as shortage or lack of access to capital, onerous tax and governmental regulations, and the inability to hire competent staff and compete with larger companies. Some don’t survive. Yet many others do despite these insurmountable odds and grow into very profitable and reputable businesses. Most of those who make it attribute their success to a combination of hard work, good luck and rock-solid professional advice.
Skody Scot & Company, CPAs is proud of the part it has played in helping companies “make it.” Their unique blend of accounting, tax and business know-how has helped countless businesses stay clear of pitfalls and ride the rough currents of the marketplace without capsizing. Many businesses come to them with little more than an idea or a handful of customers and ask them to help with:
- Choosing a business structure (partnership, corporation, etc.)
- Designing or setting up an easy-to-maintain accounting system
- Obtaining start-up capital or a bank loan
Then after several years of progressive growth they ask for assistance with:
- Hiring staff and obtaining affordable insurance
- Opening a second location or store
- Tax planning and long-term budgeting
The good news today – with all the changes in technology (low-cost, high speed computers, photocopiers, internet connection, etc.), many smaller companies can now provide big company services at competitive prices. Many can do this even better and faster than companies many times their size. Skody Scot & Company, CPAs is acutely aware of these changes and how recent technology has been the great equalizer for small business. Their experience has helped many businesses take advantage of these changes and use it to their advantage.
For example, a small rental business client was advised to take advantage of tax breaks for purchasing new equipment. the company in turn purchased new computers, color printers and a voice-mail telephone system. With these changes it produced all promotional materials in-house (cutting costs), responded more efficiently to customer telephone orders, and increased revenue five-fold in three years. Another small business client was advised to purchase an OCR scanner and implement a point-of-sales cash register/accounting system. This change improved inventory tracking, reduced losses due to error and theft and improved profits significantly.