Friday, December 27, 2013

Buying and Selling a Home in Milwaukee and Brookfield | Home Buying advice

 Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs.
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.
- See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.2kLpHV2a.dpuf
 - See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.2kLpHV2a.dpuf
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.
- See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.2kLpHV2a.dpuf




Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs. - See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.2kLpHV2a.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs. - See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.2kLpHV2a.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs. - See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.2kLpHV2a.dpuf
We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Tuesday, December 17, 2013

Individual Tax Changes for 2013 | Brookfield Accountant SBASGroup


 Individual Tax Changes for 2013

From personal deductions to tax credits and educational expenses, many of the tax changes affecting individuals were related to the signing of the American Taxpayer Relief Act (ATRA), which modified, made permanent, or extended a number of tax provisions that expired in 2010 and 2011. With that in mind, here's what individuals and families need to know about tax changes that took effect in 2013.
Personal Exemptions
The personal and dependent exemption for tax year 2013 is $3,900.
Standard Deductions
In 2013 the standard deduction for married couples filing a joint return is $12,200. For singles and married individuals filing separately, it's $6,100, and for heads of household the deduction is $8,950.
The additional standard deduction for blind people and senior citizens increases in 2013 to $1,200 for married individuals and $1,500 for singles and heads of household.
Income Tax Rates
Beginning in tax year 2013, a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates--10, 15, 25, 28, 33 and 35 percent--remain the same as in prior years.
Due to inflation, tax-bracket thresholds increased for every filing status. For example, the taxable-income threshold separating the 15-percent bracket from the 25-percent bracket is $72,500 for a married couple filing a joint return.
Estate and Gift Taxes
The recent overhaul of estate and gift taxes means that there is an exemption of $5.25 million per individual for estate, gift and generation-skipping taxes, with a top rate of 40%. The annual exclusion for gifts is $14,000.

Click here for the rest of the article

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop",  Our Accountants & CPAs provide accounting, tax preparation, bookkeeping and payroll services to small business owners in Southeast Wisconsin including Milwaukee, Greenfield, New Berlin, Muskego, West Allis & Waukesha.!

 Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Friday, December 13, 2013

Brookfield Accountants | Sbas Group


I had an accountant... then I became an accountant...
My name is Dan Milos, and here's what's important to know about me...
Before I became a CPA, I owned a small business.  We designed complex tooling and machinery and what often kept me up at night was worrying about cash flow and tax liabilites. It seemed like every time I turned around my bank account was being emptied out by the IRS. I hired good accounting firms, but often felt that I didn't understand their language. Consequently, I was often surprised with my tax position - and often watched as my bank account drained unexpectedly.
My trade moved overseas to China so I decided to reinvent myself. I was great with numbers and really thought I could help others understand what I didn't as a small business owner. I worked for very successful CPA firms in Southeast Wisconsin before opening my own business. I watched carefully, paying attention to what each of them did well - and finally opened my own practice using the best of what I learned.

I learned that business owners want us to listen to them, guide them and not surprise them with fees and tax liabilities. It's personally important to me to have a relationship with each client - and to communicate clearly in a language that everyone understands. I want my clients to reach their goals - and want to do more than just crunch numbers for them.
We Listen...
It's important to really listen to someone if you want to help them. We need to understand each Client's unique goals if we're really going to help them succeed - so we listen carefully. We encourage our Clients to communicate with us as often as they'd like - and don't bill them for their phone calls and questions. 
We Guide...
We guide our Clients once we understand their goals. We help them develop a plan for profit using simple budgeting tools.  We also help them understand their tax position throughout the year by reviewing their financial statements - to avoid surprises at tax time.
You Smile...
We measure our success by how happy our Clients are. It's a simple measure - but it's really the most important one. Clients can smile when they know that they're really in control of their financial future. Clients can smile when tax time rolls around and they find themselves prepared - rather than surprised. Clients can smile knowing that they can call us with any question at any time - and there's no added cost...
My Firm...
All Associates in our office are educated and dedicated to our Clients.
Sarah is our Accounting Services Director. She has superior skills when it comes to attention to detail and organization. In other words - nothing falls through the cracks once it hits Sarah's desk! She's earned a four year degree in accounting and is currently working on her Master's degree so that she's eligible to take the CPA exam.
Diane is our Payroll and HR Director. She's an incredible problem solver - and when things get tough Diane steps up to the plate. Clients love her direct and no-nonsense approach. She's earned a four year degree in accounting, a Master's degree in HR and is pursuing an MBA.
Jean is our Client Services Director. She has great  integrity and is truly  one of the most dedicated people you'll ever know. Jean keeps our entire office focused on keeping our Clients happy. She works hard to introduce Clients to our firm and takes her reputation as seriously as I take the reputation of our entire firm.
Whitney is apprenticing as our Bookkeeper. She's an incredibly fast learner and has matched Sarah's attention to detail (which is really quite an accomplishment!). Whitney is currently attending college while pursuing a degree in accounting.
Please feel free to call us any time to learn more...
Dan Milos, CPA

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Wednesday, December 11, 2013

Small Business Accounting Brookfield | Sbas Group CPA's and Accountants


Small Business Accounting Solutions LLC serves Milwaukee, Waukesha, Brookfield, and Southeastern Wisconsin.  As your Business Accountant, we take care of your books for you. Call us today at 262-547-6000.


As a small business owner you have more important things to do than to keep your own books. We take care of your books for you, so you can get back to the job of running your business and generating profits!
Each month or quarter we'll do the following things for you...
These tasks form the solid foundation of your small business accounting system. You can customize the package of services you receive by adding payroll, tax planning, tax preparation, or any of our other services.

Bank Reconciliation

Reconciling your business checking account each month allow us to keep your bank account, accounting, and taxes up-to-date.
Having us reconcile your account each month allows you to...
  • Identify lost checks, lost deposits and unauthorized wire transactions.
     
  • Detect and prevent excess/unjustified bank charges and ensures transactions are posted correctly by your bank.
     
  • Detect and prevent embezzlement of funds from within your company.
     
  • Know how your business is doing? You can't really know unless all accounts are reconciled and properly accounted for on your financial statement.
     
  • Manage your cash more effectively. Proper management of funds not only saves money, it makes money for you.
     
  • Protect yourself. By timely reconciling and promptly objecting to your bank about any unauthorized, fraudulent or forged checks presented to your bank and paid by that bank, you can relieve your agency of responsibility for the shortfall and transfer the risk to the bank. This reason to reconcile alone should be enough. Crime exists.
     
  • Sleep Better. You will sleep more peacefully at night knowing your bank accounts are reconciled, in balance and that all escrow funds, accounts, checks and disbursed funds are properly accounted for.
 
Income StatementAn income statement, otherwise known as a profit and loss statement, basically adds an itemized list of all your revenues and subtracts an itemized list of all your expenses to come up with a profit or loss for the period.
An income statement allows you to...
  • Track revenues and expenses so that you can determine the operating performance of your business.
     
  • Determine what areas of your business are over-budget or under-budget.
     
  • Identify specific items that are causing unexpected expenditures. Like phone, fax, mail, or supply expenses.
     
  • Track dramatic increases in product returns or cost of goods sold as a percentage of sales.
     
  • Determine your income tax liability.

Balance Sheet

A balance sheet gives you a snapshot of your business' financial condition at a specific moment in time.
A balance sheet helps you...
  • Quickly get a handle on the financial strength and capabilities of your business.
     
  • Identify and analyze trends, particularly in the area of receivables and payables. For example, if your receivables cycle is lengthening, maybe you can collect your receivables more aggressively.
     
  • Determine if your business is in a position to expand.
     
  • Determine if your business can easily handle the normal financial ebbs and flows of revenues and expenses?
     
  • Determine if you need to take immediate steps to bolster cash reserves?
     
  • Determine if your business has been slowing down payables to forestall an inevitable cash shortage?
Balance sheets, along with income statements, are the most basic elements in providing financial reporting to potential lenders such as banks, investors, and vendors who are considering how much credit to grant you.

Maintaining a Clean General Ledger
The general ledger is the core of your company's financial records. These records constitute the central "books" of your system. Since every transaction flows through the general ledger, a problem with your general ledger throws off all your books.
Having us review your general ledger system each month allows us to hunt down any discrepancies such as double billings or any unrecorded payments. Then we'll fix the discrepancies so your books are always accurate and kept in tip top shape.

Unlimited Consultations

We are always available to spend time with you so you fully understand how to interpret and utilize the financial information we provide. Our consultations are already included in our price, so please feel free to call us whenever you have a question or concern.
We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Wednesday, November 20, 2013

Buying Or Selling A House | Milwaukee Home Buying Tips

  At Small Business Accounting Solutions, we help our Milwaukee and Waukesha Clients with Life Events as well as their Accounting issues.  Buying or selling a home is something that can go a lot easier if you have somebody in your corner.


Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs.
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.

Deciding How Much to Spend

Before deciding on the price range of the home you plan to buy, think about how much you want to pay out each month in mortgage payments. Use a mortgage calculator (online) to figure out what your payments would be and try to make as large a down payment as possible to reduce your principal loan amount.

The Mortgage Payment

A mortgage payment consists of the mortgage loan payment (principal and interest), property taxes (in most cases), and homeowner's insurance. It might also include private mortgage insurance if your down payment is less than 20%.
Caution: The lender will set a maximum on how much you can borrow, but you use the maximum only as a starting point in deciding how much you will borrow.
Tip: To get an estimate of the maximum mortgage amount ask a real estate agent to help you get "pre-qualified" by a lender.
When deciding how much to borrow, be sure to take into account saving for your retirement, your financial goals, and your current lifestyle. If your monthly payments do not allow you to meet these needs, buying that particular home may not make financial sense.
Caution: To avoid having your dream home turn into a nightmare, calculate how much you realistically can spend on the monthly mortgage payment. Do not forget to add in the real estate taxes and mortgage insurance.
Lenders will be happy to pre-qualify you by giving you a preliminary limit on the amount they would be willing to lend you. This pre-qualification is not a commitment on the lender's part; lenders will not commit to a mortgage until they have the property appraisal and all of your supporting documentation, but the maximum loan amount they are willing to offer can be helpful for planning purposes.
The maximum debt is based on your income and debt level. It depends on current interest rates, the term of the mortgage, and the property taxes. To get a rough idea, the maximum debt amount is usually about three times your annual gross income.

The Purchase Price

Having decided how much of a monthly mortgage payment you can realistically afford, you are now ready to set a price range for your new home. Give this range to potential real estate agents during your first visit or use it to rule out homes that are out of your price range.
Planning Aid: See the Financial Calculator: How much house can I qualify for?
Tip: Don't be afraid to look at homes that are 15% to 20% over your price range. In many cases, you will be able to negotiate the price down.

The Down Payment

Try to make as large a down payment as possible. There are two reasons for this: (1) lenders will generally not require you to pay for private mortgage insurance if you can come up with a 20% down payment and (2) the sooner you pay off your mortgage, the better off you will be financially.
To save the 20% down payment, you may need to go on an "austerity plan" for a year or two. Many home buyers also use cash gifts or loans from family members to meet the 20% figure. If you cannot save 20% of the purchase price, you will still be able to get financing however.

Working With Your Real Estate Agent

You can save yourself much time and trouble by knowing what to look for in a real estate agent.
If you find that your real estate agent is not doing his or her best to find you the home you want or is otherwise not meeting your expectations, don't hesitate to make a change. Avoid the mistake of staying in the relationship because you have invested time in it. Rather, get out as soon as you can. The real estate agent will cost you money, so make sure you are getting your money's worth.
You can shop for and buy a home without an agent, but you will need to put in much extra time to do an agent's work: search for properties, schedule appointments to see them, coordinate inspections, and negotiate. Home buyers who already have a property in mind that they want to buy are the best candidates to do the deal without an agent.

Agents' Titles and What They Mean

When looking for a real estate agent, you may come across the following commonly used titles. Here is a basic definition of each:
  • Principal broker: This is a person who is licensed to operate a real estate office. He or she may either work alone or employ other agents. Several years of experience are required to obtain this licensure. Anyone selling realty must work under the supervision of a principal broker.
  • Realtor: A realtor is a member of the National Association of Realtors, along with a state realtors' association and a local board of realtors. Realtors are bound by a code of ethics. They are able to access a local computerized database of homes for sale known as the multiple listing service.
  • Agent: This is the general term for any licensed professional in the real estate sales business.
  • Listing agent: A type of agent who signs up the home seller and lists the home with the multiple listing service.
  • Selling agent: An agent who finds a home for sale (through the multiple listing service) and finds a buyer for it.
Note: On a home sale, the listing agent and the selling agent split the commission with each other and with their principal brokers.
Click here for more
www.sbasgroup.com

Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs.
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.

Deciding How Much to Spend

Before deciding on the price range of the home you plan to buy, think about how much you want to pay out each month in mortgage payments. Use a mortgage calculator (online) to figure out what your payments would be and try to make as large a down payment as possible to reduce your principal loan amount.

The Mortgage Payment

A mortgage payment consists of the mortgage loan payment (principal and interest), property taxes (in most cases), and homeowner's insurance. It might also include private mortgage insurance if your down payment is less than 20%.
Caution: The lender will set a maximum on how much you can borrow, but you use the maximum only as a starting point in deciding how much you will borrow.
Tip: To get an estimate of the maximum mortgage amount ask a real estate agent to help you get "pre-qualified" by a lender.
When deciding how much to borrow, be sure to take into account saving for your retirement, your financial goals, and your current lifestyle. If your monthly payments do not allow you to meet these needs, buying that particular home may not make financial sense.
Caution: To avoid having your dream home turn into a nightmare, calculate how much you realistically can spend on the monthly mortgage payment. Do not forget to add in the real estate taxes and mortgage insurance.
Lenders will be happy to pre-qualify you by giving you a preliminary limit on the amount they would be willing to lend you. This pre-qualification is not a commitment on the lender's part; lenders will not commit to a mortgage until they have the property appraisal and all of your supporting documentation, but the maximum loan amount they are willing to offer can be helpful for planning purposes.
The maximum debt is based on your income and debt level. It depends on current interest rates, the term of the mortgage, and the property taxes. To get a rough idea, the maximum debt amount is usually about three times your annual gross income.

The Purchase Price

Having decided how much of a monthly mortgage payment you can realistically afford, you are now ready to set a price range for your new home. Give this range to potential real estate agents during your first visit or use it to rule out homes that are out of your price range.
Planning Aid: See the Financial Calculator: How much house can I qualify for?
Tip: Don't be afraid to look at homes that are 15% to 20% over your price range. In many cases, you will be able to negotiate the price down.

The Down Payment

Try to make as large a down payment as possible. There are two reasons for this: (1) lenders will generally not require you to pay for private mortgage insurance if you can come up with a 20% down payment and (2) the sooner you pay off your mortgage, the better off you will be financially.
To save the 20% down payment, you may need to go on an "austerity plan" for a year or two. Many home buyers also use cash gifts or loans from family members to meet the 20% figure. If you cannot save 20% of the purchase price, you will still be able to get financing however.

Working With Your Real Estate Agent

You can save yourself much time and trouble by knowing what to look for in a real estate agent.
If you find that your real estate agent is not doing his or her best to find you the home you want or is otherwise not meeting your expectations, don't hesitate to make a change. Avoid the mistake of staying in the relationship because you have invested time in it. Rather, get out as soon as you can. The real estate agent will cost you money, so make sure you are getting your money's worth.
You can shop for and buy a home without an agent, but you will need to put in much extra time to do an agent's work: search for properties, schedule appointments to see them, coordinate inspections, and negotiate. Home buyers who already have a property in mind that they want to buy are the best candidates to do the deal without an agent.

Agents' Titles and What They Mean

When looking for a real estate agent, you may come across the following commonly used titles. Here is a basic definition of each:
  • Principal broker: This is a person who is licensed to operate a real estate office. He or she may either work alone or employ other agents. Several years of experience are required to obtain this licensure. Anyone selling realty must work under the supervision of a principal broker.
  • Realtor: A realtor is a member of the National Association of Realtors, along with a state realtors' association and a local board of realtors. Realtors are bound by a code of ethics. They are able to access a local computerized database of homes for sale known as the multiple listing service.
  • Agent: This is the general term for any licensed professional in the real estate sales business.
  • Listing agent: A type of agent who signs up the home seller and lists the home with the multiple listing service.
  • Selling agent: An agent who finds a home for sale (through the multiple listing service) and finds a buyer for it.
Note: On a home sale, the listing agent and the selling agent split the commission with each other and with their principal brokers.
- See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs. - See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs. - See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs. - See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs.
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.

Deciding How Much to Spend

Before deciding on the price range of the home you plan to buy, think about how much you want to pay out each month in mortgage payments. Use a mortgage calculator (online) to figure out what your payments would be and try to make as large a down payment as possible to reduce your principal loan amount.

The Mortgage Payment

A mortgage payment consists of the mortgage loan payment (principal and interest), property taxes (in most cases), and homeowner's insurance. It might also include private mortgage insurance if your down payment is less than 20%.
Caution: The lender will set a maximum on how much you can borrow, but you use the maximum only as a starting point in deciding how much you will borrow.
Tip: To get an estimate of the maximum mortgage amount ask a real estate agent to help you get "pre-qualified" by a lender.
When deciding how much to borrow, be sure to take into account saving for your retirement, your financial goals, and your current lifestyle. If your monthly payments do not allow you to meet these needs, buying that particular home may not make financial sense.
Caution: To avoid having your dream home turn into a nightmare, calculate how much you realistically can spend on the monthly mortgage payment. Do not forget to add in the real estate taxes and mortgage insurance.
Lenders will be happy to pre-qualify you by giving you a preliminary limit on the amount they would be willing to lend you. This pre-qualification is not a commitment on the lender's part; lenders will not commit to a mortgage until they have the property appraisal and all of your supporting documentation, but the maximum loan amount they are willing to offer can be helpful for planning purposes.
The maximum debt is based on your income and debt level. It depends on current interest rates, the term of the mortgage, and the property taxes. To get a rough idea, the maximum debt amount is usually about three times your annual gross income.

The Purchase Price

Having decided how much of a monthly mortgage payment you can realistically afford, you are now ready to set a price range for your new home. Give this range to potential real estate agents during your first visit or use it to rule out homes that are out of your price range.
Planning Aid: See the Financial Calculator: How much house can I qualify for?
Tip: Don't be afraid to look at homes that are 15% to 20% over your price range. In many cases, you will be able to negotiate the price down.

The Down Payment

Try to make as large a down payment as possible. There are two reasons for this: (1) lenders will generally not require you to pay for private mortgage insurance if you can come up with a 20% down payment and (2) the sooner you pay off your mortgage, the better off you will be financially.
To save the 20% down payment, you may need to go on an "austerity plan" for a year or two. Many home buyers also use cash gifts or loans from family members to meet the 20% figure. If you cannot save 20% of the purchase price, you will still be able to get financing however.
- See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs.
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.

Deciding How Much to Spend

Before deciding on the price range of the home you plan to buy, think about how much you want to pay out each month in mortgage payments. Use a mortgage calculator (online) to figure out what your payments would be and try to make as large a down payment as possible to reduce your principal loan amount.

The Mortgage Payment

A mortgage payment consists of the mortgage loan payment (principal and interest), property taxes (in most cases), and homeowner's insurance. It might also include private mortgage insurance if your down payment is less than 20%.
Caution: The lender will set a maximum on how much you can borrow, but you use the maximum only as a starting point in deciding how much you will borrow.
Tip: To get an estimate of the maximum mortgage amount ask a real estate agent to help you get "pre-qualified" by a lender.
When deciding how much to borrow, be sure to take into account saving for your retirement, your financial goals, and your current lifestyle. If your monthly payments do not allow you to meet these needs, buying that particular home may not make financial sense.
Caution: To avoid having your dream home turn into a nightmare, calculate how much you realistically can spend on the monthly mortgage payment. Do not forget to add in the real estate taxes and mortgage insurance.
Lenders will be happy to pre-qualify you by giving you a preliminary limit on the amount they would be willing to lend you. This pre-qualification is not a commitment on the lender's part; lenders will not commit to a mortgage until they have the property appraisal and all of your supporting documentation, but the maximum loan amount they are willing to offer can be helpful for planning purposes.
The maximum debt is based on your income and debt level. It depends on current interest rates, the term of the mortgage, and the property taxes. To get a rough idea, the maximum debt amount is usually about three times your annual gross income.

The Purchase Price

Having decided how much of a monthly mortgage payment you can realistically afford, you are now ready to set a price range for your new home. Give this range to potential real estate agents during your first visit or use it to rule out homes that are out of your price range.
Planning Aid: See the Financial Calculator: How much house can I qualify for?
Tip: Don't be afraid to look at homes that are 15% to 20% over your price range. In many cases, you will be able to negotiate the price down.

The Down Payment

Try to make as large a down payment as possible. There are two reasons for this: (1) lenders will generally not require you to pay for private mortgage insurance if you can come up with a 20% down payment and (2) the sooner you pay off your mortgage, the better off you will be financially.
To save the 20% down payment, you may need to go on an "austerity plan" for a year or two. Many home buyers also use cash gifts or loans from family members to meet the 20% figure. If you cannot save 20% of the purchase price, you will still be able to get financing however.
- See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs.
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.

Deciding How Much to Spend

Before deciding on the price range of the home you plan to buy, think about how much you want to pay out each month in mortgage payments. Use a mortgage calculator (online) to figure out what your payments would be and try to make as large a down payment as possible to reduce your principal loan amount.

The Mortgage Payment

A mortgage payment consists of the mortgage loan payment (principal and interest), property taxes (in most cases), and homeowner's insurance. It might also include private mortgage insurance if your down payment is less than 20%.
Caution: The lender will set a maximum on how much you can borrow, but you use the maximum only as a starting point in deciding how much you will borrow.
Tip: To get an estimate of the maximum mortgage amount ask a real estate agent to help you get "pre-qualified" by a lender.
When deciding how much to borrow, be sure to take into account saving for your retirement, your financial goals, and your current lifestyle. If your monthly payments do not allow you to meet these needs, buying that particular home may not make financial sense.
Caution: To avoid having your dream home turn into a nightmare, calculate how much you realistically can spend on the monthly mortgage payment. Do not forget to add in the real estate taxes and mortgage insurance.
Lenders will be happy to pre-qualify you by giving you a preliminary limit on the amount they would be willing to lend you. This pre-qualification is not a commitment on the lender's part; lenders will not commit to a mortgage until they have the property appraisal and all of your supporting documentation, but the maximum loan amount they are willing to offer can be helpful for planning purposes.
The maximum debt is based on your income and debt level. It depends on current interest rates, the term of the mortgage, and the property taxes. To get a rough idea, the maximum debt amount is usually about three times your annual gross income.

The Purchase Price

Having decided how much of a monthly mortgage payment you can realistically afford, you are now ready to set a price range for your new home. Give this range to potential real estate agents during your first visit or use it to rule out homes that are out of your price range.
Planning Aid: See the Financial Calculator: How much house can I qualify for?
Tip: Don't be afraid to look at homes that are 15% to 20% over your price range. In many cases, you will be able to negotiate the price down.

The Down Payment

Try to make as large a down payment as possible. There are two reasons for this: (1) lenders will generally not require you to pay for private mortgage insurance if you can come up with a 20% down payment and (2) the sooner you pay off your mortgage, the better off you will be financially.
To save the 20% down payment, you may need to go on an "austerity plan" for a year or two. Many home buyers also use cash gifts or loans from family members to meet the 20% figure. If you cannot save 20% of the purchase price, you will still be able to get financing however.

Working With Your Real Estate Agent

You can save yourself much time and trouble by knowing what to look for in a real estate agent.
If you find that your real estate agent is not doing his or her best to find you the home you want or is otherwise not meeting your expectations, don't hesitate to make a change. Avoid the mistake of staying in the relationship because you have invested time in it. Rather, get out as soon as you can. The real estate agent will cost you money, so make sure you are getting your money's worth.
You can shop for and buy a home without an agent, but you will need to put in much extra time to do an agent's work: search for properties, schedule appointments to see them, coordinate inspections, and negotiate. Home buyers who already have a property in mind that they want to buy are the best candidates to do the deal without an agent.

Agents' Titles and What They Mean

When looking for a real estate agent, you may come across the following commonly used titles. Here is a basic definition of each:
  • Principal broker: This is a person who is licensed to operate a real estate office. He or she may either work alone or employ other agents. Several years of experience are required to obtain this licensure. Anyone selling realty must work under the supervision of a principal broker.
  • Realtor: A realtor is a member of the National Association of Realtors, along with a state realtors' association and a local board of realtors. Realtors are bound by a code of ethics. They are able to access a local computerized database of homes for sale known as the multiple listing service.
  • Agent: This is the general term for any licensed professional in the real estate sales business.
  • Listing agent: A type of agent who signs up the home seller and lists the home with the multiple listing service.
  • Selling agent: An agent who finds a home for sale (through the multiple listing service) and finds a buyer for it.
Note: On a home sale, the listing agent and the selling agent split the commission with each other and with their principal brokers.
- See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs.
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.

Deciding How Much to Spend

Before deciding on the price range of the home you plan to buy, think about how much you want to pay out each month in mortgage payments. Use a mortgage calculator (online) to figure out what your payments would be and try to make as large a down payment as possible to reduce your principal loan amount.

The Mortgage Payment

A mortgage payment consists of the mortgage loan payment (principal and interest), property taxes (in most cases), and homeowner's insurance. It might also include private mortgage insurance if your down payment is less than 20%.
Caution: The lender will set a maximum on how much you can borrow, but you use the maximum only as a starting point in deciding how much you will borrow.
Tip: To get an estimate of the maximum mortgage amount ask a real estate agent to help you get "pre-qualified" by a lender.
When deciding how much to borrow, be sure to take into account saving for your retirement, your financial goals, and your current lifestyle. If your monthly payments do not allow you to meet these needs, buying that particular home may not make financial sense.
Caution: To avoid having your dream home turn into a nightmare, calculate how much you realistically can spend on the monthly mortgage payment. Do not forget to add in the real estate taxes and mortgage insurance.
Lenders will be happy to pre-qualify you by giving you a preliminary limit on the amount they would be willing to lend you. This pre-qualification is not a commitment on the lender's part; lenders will not commit to a mortgage until they have the property appraisal and all of your supporting documentation, but the maximum loan amount they are willing to offer can be helpful for planning purposes.
The maximum debt is based on your income and debt level. It depends on current interest rates, the term of the mortgage, and the property taxes. To get a rough idea, the maximum debt amount is usually about three times your annual gross income.

The Purchase Price

Having decided how much of a monthly mortgage payment you can realistically afford, you are now ready to set a price range for your new home. Give this range to potential real estate agents during your first visit or use it to rule out homes that are out of your price range.
Planning Aid: See the Financial Calculator: How much house can I qualify for?
Tip: Don't be afraid to look at homes that are 15% to 20% over your price range. In many cases, you will be able to negotiate the price down.

The Down Payment

Try to make as large a down payment as possible. There are two reasons for this: (1) lenders will generally not require you to pay for private mortgage insurance if you can come up with a 20% down payment and (2) the sooner you pay off your mortgage, the better off you will be financially.
To save the 20% down payment, you may need to go on an "austerity plan" for a year or two. Many home buyers also use cash gifts or loans from family members to meet the 20% figure. If you cannot save 20% of the purchase price, you will still be able to get financing however.

Working With Your Real Estate Agent

You can save yourself much time and trouble by knowing what to look for in a real estate agent.
If you find that your real estate agent is not doing his or her best to find you the home you want or is otherwise not meeting your expectations, don't hesitate to make a change. Avoid the mistake of staying in the relationship because you have invested time in it. Rather, get out as soon as you can. The real estate agent will cost you money, so make sure you are getting your money's worth.
You can shop for and buy a home without an agent, but you will need to put in much extra time to do an agent's work: search for properties, schedule appointments to see them, coordinate inspections, and negotiate. Home buyers who already have a property in mind that they want to buy are the best candidates to do the deal without an agent.

Agents' Titles and What They Mean

When looking for a real estate agent, you may come across the following commonly used titles. Here is a basic definition of each:
  • Principal broker: This is a person who is licensed to operate a real estate office. He or she may either work alone or employ other agents. Several years of experience are required to obtain this licensure. Anyone selling realty must work under the supervision of a principal broker.
  • Realtor: A realtor is a member of the National Association of Realtors, along with a state realtors' association and a local board of realtors. Realtors are bound by a code of ethics. They are able to access a local computerized database of homes for sale known as the multiple listing service.
  • Agent: This is the general term for any licensed professional in the real estate sales business.
  • Listing agent: A type of agent who signs up the home seller and lists the home with the multiple listing service.
  • Selling agent: An agent who finds a home for sale (through the multiple listing service) and finds a buyer for it.
Note: On a home sale, the listing agent and the selling agent split the commission with each other and with their principal brokers.
- See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
Once you are ready to buy a home, you will need to be as informed as possible. This guide discusses how much money to save for a down payment, how to work with a real estate agent, how to negotiate, and what you need to know about closing on your new home--including fees and other costs.
Because home ownership is a substantial investment and a long-term commitment, it is important to become as knowledgeable as possible about the process of buying a home including how much you need to save for a down payment, the process of finding the right home for you, negotiating the best possible deal, and the various aspects of closing.

Deciding How Much to Spend

Before deciding on the price range of the home you plan to buy, think about how much you want to pay out each month in mortgage payments. Use a mortgage calculator (online) to figure out what your payments would be and try to make as large a down payment as possible to reduce your principal loan amount.

The Mortgage Payment

A mortgage payment consists of the mortgage loan payment (principal and interest), property taxes (in most cases), and homeowner's insurance. It might also include private mortgage insurance if your down payment is less than 20%.
Caution: The lender will set a maximum on how much you can borrow, but you use the maximum only as a starting point in deciding how much you will borrow.
Tip: To get an estimate of the maximum mortgage amount ask a real estate agent to help you get "pre-qualified" by a lender.
When deciding how much to borrow, be sure to take into account saving for your retirement, your financial goals, and your current lifestyle. If your monthly payments do not allow you to meet these needs, buying that particular home may not make financial sense.
Caution: To avoid having your dream home turn into a nightmare, calculate how much you realistically can spend on the monthly mortgage payment. Do not forget to add in the real estate taxes and mortgage insurance.
Lenders will be happy to pre-qualify you by giving you a preliminary limit on the amount they would be willing to lend you. This pre-qualification is not a commitment on the lender's part; lenders will not commit to a mortgage until they have the property appraisal and all of your supporting documentation, but the maximum loan amount they are willing to offer can be helpful for planning purposes.
The maximum debt is based on your income and debt level. It depends on current interest rates, the term of the mortgage, and the property taxes. To get a rough idea, the maximum debt amount is usually about three times your annual gross income.

The Purchase Price

Having decided how much of a monthly mortgage payment you can realistically afford, you are now ready to set a price range for your new home. Give this range to potential real estate agents during your first visit or use it to rule out homes that are out of your price range.
Planning Aid: See the Financial Calculator: How much house can I qualify for?
Tip: Don't be afraid to look at homes that are 15% to 20% over your price range. In many cases, you will be able to negotiate the price down.

The Down Payment

Try to make as large a down payment as possible. There are two reasons for this: (1) lenders will generally not require you to pay for private mortgage insurance if you can come up with a 20% down payment and (2) the sooner you pay off your mortgage, the better off you will be financially.
To save the 20% down payment, you may need to go on an "austerity plan" for a year or two. Many home buyers also use cash gifts or loans from family members to meet the 20% figure. If you cannot save 20% of the purchase price, you will still be able to get financing however.

Working With Your Real Estate Agent

You can save yourself much time and trouble by knowing what to look for in a real estate agent.
If you find that your real estate agent is not doing his or her best to find you the home you want or is otherwise not meeting your expectations, don't hesitate to make a change. Avoid the mistake of staying in the relationship because you have invested time in it. Rather, get out as soon as you can. The real estate agent will cost you money, so make sure you are getting your money's worth.
You can shop for and buy a home without an agent, but you will need to put in much extra time to do an agent's work: search for properties, schedule appointments to see them, coordinate inspections, and negotiate. Home buyers who already have a property in mind that they want to buy are the best candidates to do the deal without an agent.

Agents' Titles and What They Mean

When looking for a real estate agent, you may come across the following commonly used titles. Here is a basic definition of each:
  • Principal broker: This is a person who is licensed to operate a real estate office. He or she may either work alone or employ other agents. Several years of experience are required to obtain this licensure. Anyone selling realty must work under the supervision of a principal broker.
  • Realtor: A realtor is a member of the National Association of Realtors, along with a state realtors' association and a local board of realtors. Realtors are bound by a code of ethics. They are able to access a local computerized database of homes for sale known as the multiple listing service.
  • Agent: This is the general term for any licensed professional in the real estate sales business.
  • Listing agent: A type of agent who signs up the home seller and lists the home with the multiple listing service.
  • Selling agent: An agent who finds a home for sale (through the multiple listing service) and finds a buyer for it.
Note: On a home sale, the listing agent and the selling agent split the commission with each other and with their principal brokers.
- See more at: http://sbasgroup.com/life-events.php?item=63&catid=17&cat=Buying%20a%20Home:%20What%20To%20Do%20and%20How%20To%20Do%20It#sthash.BzU9L8Vk.dpuf
We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Friday, November 15, 2013

Payroll Tax Problems and Help | Payroll Milwaukee and Waukesha SBAS

 

The IRS views failing to pay payroll taxes as the cardinal sin of tax delinquency because a large portion of the payroll taxes are your employees' withholding's.   Call us for help at Small Business Accounting Solutions of Brookfield and Milwaukee. 


Not paying your company's payroll taxes is tantamount to stealing your employees' money in the eyes of the IRS.
As a result, penalties for failing to pay your payroll taxes and filing your payroll tax returns on time are much more severe than other types of penalties. They can drastically multiply the amount you owe in a very short time.
If you are behind on paying payroll taxes for your company, WATCH OUT!!! The IRS is extremely aggressive pursuing collection of this type of tax. They would rather seize your business assets, close you down, sell your assets at auction, and put you out of business than allow you to continue amassing additional payroll tax liabilities.
If you are behind on your payroll taxes, DO NOT meet with the IRS on your own. How you answer their initial questions can determine whether you stay in business or not. It is critical you hire a professional representative who knows how the IRS operates.
www.sbasgroup.com

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000http://www.sbasgroup.com

Tuesday, November 12, 2013

Quickbooks training and tips Milwaukee | Sbas Group


QuickBooks Tips


Shortcuts
A list of key combinations for QuickBooks that make common tasks quicker.
Efficiency Tips
Some tips designed to increase the overall efficiency of your QuickBooks experience.
Accuracy Tips
Several tips to help increase the accuracy of your QuickBooks experience.
Setup and Customization Tips
Information on helpful features like password protecting, QuickBooks sharing, and other customizations.
Advanced Features
Several tips and tricks to help make even the most advanced QuickBooks tasks easier and more efficient.
 
We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Monday, November 4, 2013

Small Business and Retirement | SBAS group Milwaukee

 

Several different types of retirement plan - 401(k), defined benefit, and profit-sharing - can be made to suit a prosperous small business or professional practice. But if yours is a really small business such as a home-based, start-up, or sideline business, maybe you should consider adopting a SIMPLE IRA plan.  We do this for our Milwaukee clients and can do it for you too.

A SIMPLE IRA is a type of retirement plan specifically designed for small business and is an acronym for "Savings Incentive Match Plans for Employees." SIMPLE IRAs are intended to encourage small business employers to offer retirement coverage to their employees, but work just as well for self-employed persons without employees. 


SIMPLE IRAs contemplate contributions in two steps: first by the employee out of salary, and then by the employer, as a "matching" contribution (which can be less than the employee contribution). Where SIMPLE Plans are used by self-employed persons without employees - as IRS expressly allows - the self-employed person is contributing both as employee and employer, with both contributions made from self-employment earnings. (One form of SIMPLE allows employer contributions without employee contributions. The ceiling on contributions in this case makes this SIMPLE option unattractive for self-employed individuals without employees.) 

- See more at: http://sbasgroup.com

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Friday, November 1, 2013

Business advisor Milwaukee | Setting up a business Plan


The following outline of a typical business plan can serve as a guide that you can adapt to your specific business:
  • Introduction
  • Marketing
  • Financial Management
  • Operations
  • Concluding Statement
Q: What should be included in the introduction to my business plan?
A: The introductory section of your business plan should give a detailed description of the business and its goals, discuss its ownership and legal structure, list the skills and experience you bring to the business, and identify the competitive advantage your business possesses.
Q: What should be included in the marketing section of my business plan?
A: In the marketing section, you should discuss what products/services your business offers and the customer demand for them. Furthermore, this section should identify your market and discuss its size and locations. Finally, you should explain various advertising, marketing, and pricing strategies you plan to utilize.
Q: What should be included in the financial management section of my business plan?
A: In this section, explain the source and amount of initial equity capital. Also, develop a monthly operating budget for the first year as well as an expected return on investment, or ROI, and monthly cash flow for the first year. Next, provide projected income statements and balance sheets for a two-year period, and discuss your break-even point. Explain your personal balance sheet and method of compensation. Discuss who will maintain your accounting records and how they will be kept. Finally, provide "what if" statements that address alternative approaches to any problem that may develop.
Q: What should be included in the operations section of my business plan?
A: This section explains how the business will be managed on a day-to-day basis. It should cover hiring and personnel procedures, insurance, lease or rent agreements. It should also account for the equipment necessary to produce your products or services and for production and delivery of products and services.
Q: What should be included in the concluding statement of my business plan?
A: In the ending summary statement, summarize your business goals and objectives and express your commitment to the success of your business. Also be specific as to how you plan to achieve your goals.
- See more at: http://sbasgroup.com/business-strategies.php?item=138&catid=8&cat=Small%20Business:%20Frequently%20Asked%20Questions#4
The following outline of a typical business plan can serve as a guide that you can adapt to your specific business:
  • Introduction
  • Marketing
  • Financial Management
  • Operations
  • Concluding Statement
Q: What should be included in the introduction to my business plan?
A: The introductory section of your business plan should give a detailed description of the business and its goals, discuss its ownership and legal structure, list the skills and experience you bring to the business, and identify the competitive advantage your business possesses.
Q: What should be included in the marketing section of my business plan?
A: In the marketing section, you should discuss what products/services your business offers and the customer demand for them. Furthermore, this section should identify your market and discuss its size and locations. Finally, you should explain various advertising, marketing, and pricing strategies you plan to utilize.
Q: What should be included in the financial management section of my business plan?
A: In this section, explain the source and amount of initial equity capital. Also, develop a monthly operating budget for the first year as well as an expected return on investment, or ROI, and monthly cash flow for the first year. Next, provide projected income statements and balance sheets for a two-year period, and discuss your break-even point. Explain your personal balance sheet and method of compensation. Discuss who will maintain your accounting records and how they will be kept. Finally, provide "what if" statements that address alternative approaches to any problem that may develop.
Q: What should be included in the operations section of my business plan?
A: This section explains how the business will be managed on a day-to-day basis. It should cover hiring and personnel procedures, insurance, lease or rent agreements. It should also account for the equipment necessary to produce your products or services and for production and delivery of products and services.
Q: What should be included in the concluding statement of my business plan?
A: In the ending summary statement, summarize your business goals and objectives and express your commitment to the success of your business. Also be specific as to how you plan to achieve your goals.
- See more at: http://sbasgroup.com/business-strategies.php?item=138&catid=8&cat=Small%20Business:%20Frequently%20Asked%20Questions#4

The following outline of a typical business plan can serve as a guide that you can adapt to your specific business:

  • Introduction
  • Marketing
  • Financial Management
  • Operations
  • Concluding Statement
Q: What should be included in the introduction to my business plan?
A: The introductory section of your business plan should give a detailed description of the business and its goals, discuss its ownership and legal structure, list the skills and experience you bring to the business, and identify the competitive advantage your business possesses.
Q: What should be included in the marketing section of my business plan?
A: In the marketing section, you should discuss what products/services your business offers and the customer demand for them. Furthermore, this section should identify your market and discuss its size and locations. Finally, you should explain various advertising, marketing, and pricing strategies you plan to utilize.
Q: What should be included in the financial management section of my business plan?
A: In this section, explain the source and amount of initial equity capital. Also, develop a monthly operating budget for the first year as well as an expected return on investment, or ROI, and monthly cash flow for the first year. Next, provide projected income statements and balance sheets for a two-year period, and discuss your break-even point. Explain your personal balance sheet and method of compensation. Discuss who will maintain your accounting records and how they will be kept. Finally, provide "what if" statements that address alternative approaches to any problem that may develop.
Q: What should be included in the operations section of my business plan?
A: This section explains how the business will be managed on a day-to-day basis. It should cover hiring and personnel procedures, insurance, lease or rent agreements. It should also account for the equipment necessary to produce your products or services and for production and delivery of products and services.
Q: What should be included in the concluding statement of my business plan?
A: In the ending summary statement, summarize your business goals and objectives and express your commitment to the success of your business. Also be specific as to how you plan to achieve your goals.
sbasgroup.com

We at Small Business Accounting Solutions LLC, work closely with small business owners in Milwaukee, Waukesha, Racine and Washington counties. As a "one-stop-shop", we provide our clients with complete Accounting services, Business and Individual Income Tax preparation, Payroll services, Quickbooks training and more! Small Business Accounting Solutions, LLC 1025 S Moorland Road Suite 500 Brookfield, WI 53005 Phone: (262)547-6000 http://www.sbasgroup.com

Small Business Accounting Solutions, LLC
1025 S Moorland Road Suite 500
Brookfield, WI 53005
Phone: (262)547-6000
info@sbasgroup.com
Serving Waukesha, Milwaukee and Brookfield Wi
- See more at: http://sbasgroup.com/business-strategies.php?item=138&catid=8&cat=Small%20Business:%20Frequently%20Asked%20Questions#4