Contingent Fee Auditors Are Interested in Your Company’s Unclaimed Property

Enforcement of unclaimed property regulations has evolved to include not only large corporations, but also small to midsize businesses. Entities that were previously off the auditing radar are now facing fines, penalties and interest for non-compliance. This is a direct result of states’ rapidly changing escheatment laws and their use of third-party contingent fee based auditors in 40 states.

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As Congress puts the finishing touches on the jobs bill, BusinessWeek reports that data from payroll companies suggests that turnover may be stabilizing in the small business sector with some businesses beginning to hire once again:

Companies with less than 20 employees have been tentatively adding new jobs since June 2009, according to a new index by Intuit (INTU) released Mar. 1, based on data from 50,000 customers of the software maker’s online payroll service. At the same time, a two-year slide in the average paycheck for workers at businesses with fewer than 100 employees has stabilized since December, according to data published Mar. 3 by SurePayroll. The average paycheck broadly reflects the number of hours employees worked. (Both Intuit and SurePayroll’s data include salary, hourly, and contract workers.)

 

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Winning new clients, the perennial business goal, becomes even more important in an economic downturn. The Wall Street Journal gives tips on finding more elusive new clients by finding growth sectors, allying with other businesses and using all the tools at your disposal.

Go where the growth is. Silverman says he attended trade shows for a few core industries that were doing well (medical, oil and gas, green technology, defense and space), and concentrated on specific geographic regions including the San Francisco Bay area and southern California. This helped the firm not be spread too thin, Mr. Silverman said. More than half of 2009’s revenue came from these specific industries, he says.

 

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Banks searching to protect revenue are cutting some lines of credit from businesses who, previously, had no issue obtaining them. Those businesses who depend on this credit for cases of emergency now find themselves without a safety net when they need it most. Entrepreneur discusses the options for obtaining loans when most banks are closing traditional access.

We looked beyond the troubled national banks, such as Citigroup and Bank of America, which have cut way back on business lending. (CIT Group, the institution most friendly to small business, declared bankruptcy in November.)

 

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Although the wireless phone bill is a significant monthly expense for many companies, the bill generally receives only a routine examination. But a close reevaluation of a business’s mobile phone plan could lead to substantial savings. Diana Ransom of Entrepreneur offers this suggestion:

“The mere act of calling your provider and asking about a better deal can yield improved terms and price breaks – especially these days, says Paul J. Rauseo, the managing director of George S. May, a small-business management consulting firm in Chicago. “Thanks to the downturn, carriers are trying even harder to keep your business,” he says. “They’re offering shorter contracts, reduced rates. And free phones are pretty much up for grabs.”

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Handling credit card payments is a challenge for many small business owners. Although customers often prefer this method of payment, high processing costs and cumbersome administrative processes have prevented many businesses from accepting credit payments. However, there is good news for businesses on this front. Recently, many alternatives low cost credit card processing options have emerged for business owners.

Jennifer Alsever for CNNMoney.com has outlined several ways businesses can take advantage of new technology to affordably process credit cards in her article “Turn your iPhone into a credit card terminal”. In an interview with Pat Jackson of Jackson Comfort Systems, Alsever discovers some new services:

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Knowing one’s personal limits is vital to maintain a healthy work/life balance. Inc. Magazine recently did a case study on Lisa Disbrow, owner of Scout & Molly’s, a clothing boutique in Raleigh, North Carolina. After she was diagnosed with multiple sclerosis, doctors told her she needed to slow down or she would do more damage to her health. What she learned in the process is valuable for any working individual and entrepreneur.

“Not only was the breakneck pace to which she was accustomed becoming difficult to maintain, it was now a hazard to her health . . .

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Keeping your employees positively engaged in a down time can keep your business on track and moving forward. Sarah Needleman from the Wall Street Journal reports on a few ways to boost morale during winter months.

“Oftentimes simple gestures can make a positive impact on the way employees feel about their jobs. Here’s how to let your staff know their contributions matter.”

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Anyone wishing to claim their donations for Haitian Earthquake Relief on their 2009 tax return must make those donations by the end of this week. Individuals and corporations have until midnight on Sunday, February 28th, to make cash contributions to charities providing earthquake relief in Haiti. These contributions can be claimed on either a 2009 or 2010 return, but not both. Contributions made after that date but before the end of the year can only be claimed on a 2010 return.

Contributions made by text message, check, credit card or debit card qualify for this special option. Donations charged to a credit card before the end of February count for 2009. This is true even if the credit card bill is not paid until after February 28th. Also, checks count for 2009 as long as they are mailed by the end of this month and clear your financial institution shortly thereafter.

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Many of the more significant provisions of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, signed into law by President Obama last May, take effect today.

“For too long, credit card companies have had free rein to employ deceptive, unfair tactics that hit responsible consumers with unreasonable costs,” said Obama. “But today, we are shifting the balance of power back to the consumer and we are holding the credit card companies accountable.”

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