Women in Business

Women are rapidly leaving the traditional workplace and following their dreams into the small business world.

Here is some advice from Intuit Financial Freedom Foundation targeted towards women.

Intuit's advice:

Go for it – Every day, 1,600 women entrepreneurs in the United States take a leap of faith to start a small business and become their own boss.

Embrace technology – Tap into the multitude of online communities, social networking tools, and free services that help women network, start a business, and manage finances. Advances in technology give women looking for work-life balance the flexibility to work on their time and their own terms, according to the Intuit Future of Small Business Report.

Know your limits – Avoid costly overdraft fees and spend within your means by tracking finances.

Invest in you – Invest in your education and a healthy lifestyle to extend your possibilities and life span.

Organize and prioritize – File receipts in one place to save time and stress at tax time.
Lend a hand – Give back to the community with time or household items. This both helps those in need, and creates valuable tax savings.

Don't feel you have to do it all by yourself either. There are people out there with skills to help you stay on track and grow. Hire a professional freelance bookkeeper so you can focus on growth.

Keeping on Course

With the stock market roller coastering every day and more banks in trouble these are pretty serious times. If you are a small business owner it's more important than ever to stay on top of your books so you know where you stand financially at all times.

The credit crunch is happening and it is real. You need to know what your cash flow is and where your expenses are going. By reviewing your profit and loss statement and balance sheet on a regular basis you can keep from getting surprised.

If you don't have the time to keep your books up to date, outsource it to an independent bookkeeper. It will be worth it in the long run.

Saving Energy at the Office

Try these simple steps to save on your utility bills.

• Use energy-efficient light bulbs, such as CFL's and LED's.
• Consider sensors that automatically turn off lights when an area is not in use.
• Turn off your electronics. Even in standby mode they are using electricity.
• Try virtual meetings to cut down on travel expenses.

Debt Reduction Consequences

As money gets tighter and tighter you may find yourself in the situation of not being able to pay all or part of a debt. You may negotiate with your creditor to have part or all of your debt forgiven.

When a debt is forgiven or reduced the creditor will issue a Form 1099-C Cancellation of Debt for the amount forgiven or discharged. This needs to be reported as income on your tax return.