How will President-elect Obama impact small business accounting services? Let me count some of the ways that the next Administration will both heighten accounting-related requirements and offer rewards that, likewise, will increase needed tracking of finances:
1. Taxation. As the new President grapples with myriad economic woes, you can bet that one priority will be greater oversight of tax bills by the IRS. Given that current revenues fall short of what’s actually owed, look for more government involvement in your accounting services to put more money in the US Treasury. Make sure your accounting software is up-to-date, properly customized to your needs, accurate, and readily accessible.
2. Regulation. Greater government involvement means more rules for small business. Being able to stay on top of them (which the proper accounting software can help do) and comply with them (also a function of the right accounting services), will result in much stress relief going forward. Start asking questions of your present or prospective accounting software companies about how they plan to address regulatory issues and requirements going forward.
3. Incentives/Lending. Look for small business stimulus incentives with the new Administration. These may pose both an opportunity and a challenge: A new/extended Stimulus Package could make buying/upgrading accounting software and other hardware/software much more affordable. Keep your eyes open for expanded lending through the Small Business Administration, micro-lenders, and peer-to-peer lenders—all fueled with government backing. Stay aware of accounting software that will be needed to efficiently capture data and develop financial reporting enabling your company to take advantage of these opportunities.
4. Jobs. Both in the public and private sectors, look for new jobs and incentives for hiring. Accounting solutions that can reliably capture data and create salient reporting around hiring opportunities will help ensure full compliance to keep the incentives coming.
And this is just the cursory overview. Fundamentally, small businesses that make their accounting services a top priority are much more likely to generate top-notch revenues
