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Small Business Administration

Hard times drag on for some Asian Americans

Topics: Accountant, Insurance, Marketing, Risk, Small Business

Although people of Asian descent typically have the lowest unemployment rate of any ethnic group, those who are jobless tend to remain that way longer than Latinos and whites. Nearly half of all jobless Asian Americans in California had been out of work for 27 weeks or longer in July, according to state data. Above, a man checks a jobs board at Career Partners in Rosemead. Asian Americans typically have the lowest unemployment rate of any ethnic group in the United States. But in this weak labor market, once they lose their jobs, they have an especially hard time reentering…

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KB Home says SEC investigation over

Topics: Accountant, Accounting, Investor, Joint Venture

The home builder's stock soars 11% after an announcement that there will be no action taken as result of an investigation into the company's accounting procedures. Shares of Los Angeles-based KB Home soared on Wednesday after the home builder said an investigation by the Securities and Exchange Commission into the company's accounting and disclosure procedures had concluded and no enforcement action would be taken. The company said in a statement Wednesday that it had received a letter from the commission closing the investigation, which began in October. Details of the inquiry weren't disclosed. KB Home closed at $11.45, up $1.14,…

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If You Think Your Company Needs A CFO, Think Again

Topics: Accountant, Investor, IPO, Management, Working Capital

Last few weeks I was in the South of France waiting for my kit to arrive to the Port of Boston. By chance I hooked with a good friend of mine who's enjoying a season off after selling the last company he was involved in (he's on his third exit, bless him). We talked business for a bit and about his next role. When I asked him whether he wanted to be CFO in a startup again, his response was blunt and immediate: "I was never a CFO, I was The Fixer . Young companies don't need CFO's. they're just…

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Small-business advice: Don't misclassify employees as independent contractors

Topics: Accountant, Independent Contractor, Networking, Workers' Compensation

Answer: Many companies that downsized in recent years are bringing back employees as part-time contractors. The practice allows you to save up to 10% on payroll taxes and workers' compensation, but you must not misclassify them or you could face an unemployment tax audit, said T.J. Moore, an accountant with Citrin Cooperman in New York City. With states desperate for revenue, more small companies are being audited, Moore said. If an audit determines that you've misclassified an employee as a contractor, your business could be hit with back taxes and fines. For detailed rules, go to http://www.irs.gov/businesses/small/index.html and click "Independent…

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Workers Take Hit for Struggling Small Biz

Topics: Accountant, Outsourcing, Sales, Small Business

Small businesses' profit margins may be increasing, according to data obtained from financial analysis software company Sageworks, but this isn't exactly good news. The company's latest figures show that while profit margins increased by 5.13% over this time last year, sales are down by 6.46%. This means, according to Drew White, chief financial officer of Sageworks, that a small business's success is being driven by expense containment, not revenue. Sageworks aggregates small business industry data from the CPAs and accountants in its subscriber base. The accountants, in turn, use the benchmarking data to compare their own clients to industry peers.…

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Adventures in Bootstrapping: How I Started a Restaurant with $6,000

Topics: Accountant, Accounting, Limited Liability Company, Loan, Management

Two years ago I was laid off from my office job. I had no college degree, but I had spent six years working as the assistant to an inventor, and the rest of the time in HR and business management positions. I had some idea how to start and run a business. I'm also a good cook. I am a huge fan of the cooking show "Diners, Drive-ins and Dives," which is hosted by my idol, Guy Fieri. On one show, he featured a mechanic who used a homemade rotisserie meat smoker in his camper to cook for his employees,…

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