Credit CARD Act - takes effect today! Allows more consumer rights . . .

In today's tough economic climate, every dollar we can save and put in our pocket or invest into growing our business is an asset. Because of this, we keep a close eye on local and national politics, legislation and upcoming changes that will affect, positively and negatively, our clients. This is one of the reasons we started this blog as an outlet to get this information to you quickly and effectively.

I have heard a lot about the Credit Card Accountability, Responsibility and Disclosure Act (Credit CARD Act) for awhile now and it is finally here. Today (Thursday August 20th) it has gone into effect and provides a lot of protections for consumers that were not previously there and takes some powers from credit card companies.

Some of the highlights of the law include:

• More advanced notice of interest rate and fee increases to consumers
• Minimum of 21 days for consumers to pay credit card bills without a threat of late fees
• The consumers right to opt out of interest rate and fee increases
• The consumers right to cancel their account while paying off the balance under the old, lower interest rate

The law includes many other changes - such as a ban on issuing and marketing credit cards to young adults - that will take effect February 2010.

So you may be asking yourself "How does this affect me?"

The answer is, in a few ways:

• Credit cards WILL BE harder to qualify for higher credit risk individuals (FICO scores under 650)
• Credit limits will be lower for individuals and small business owners
• Consumers have a safe haven of opting out of interest rate and fee increases allowing them to pay off their balance at the previous, lower interest rate.

The hope is that the Credit CARD Act will create protections for consumers, limit large lines of credit only to those who qualify therefore limiting damages done by a catastrophe (such as this most recent credit crisis), force credit issuers to notify consumers of increases in interest rates and fees and provide a more stable credit community which will in turn strengthen the overall economy.

To read the article in full click HERE or do a Google Search for "New Credit Card Law" and a lot of links come up.

If you have any questions or comments for us on how this will influence or affect you and/or your company moving forward, don't hesitate to call us at (801) 571-4011 or e-mail me at russ.white@rfgcpa.com

Russell White

Director of Sales & Marketing

Renaissance Financial Group CPAs

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RFG's new "Client Care Package"

As our clients know, we are continually trying to improve our service and our relationships with them and potential clients. We are also trying to constantly improve the efficiency in which we deliver services and do work for our clients. With that in mind, we have taken time to develop our "Client Care Package". Our hope is that this package will create synergy between us and our clients and will simplify the bookkeeping process.

Here's the plan:

1. The Client will gather together all bank and credit card statements, fixed asset info, invoices, etc. on an established day each week and either drop them in a pre-paid RFG envelope, scan and e-mail or fax them so that RFG receives them consistently on the same day.
2. RFG will update the Clients books within a couple of days and send through e-mail an electronic file for you to download or a snapshot of your situation.
3. RFG will keep in a file all supporting documents that are sent and those will be returned in a file each month along with your Financial Statements.

Our hope is that this package will add a couple of things for our clients:

1. The Client will experience up to date books so they are aware of where they are in all aspects of their business more often than monthly.
2. The Client will receive monthly financial statements that will serve as bookmarks to track progress as the year goes along.
3. The Client will receive a quarterly meeting with David on the "State of the Company" where they will be able to talk strategy, issues and come up with ideas to improve the company.
4. RFG will be able to assist the Client with opportunities and issues as they arise because RFG will be in tune with the ongoing state of the business.
5. Annual tax returns will cost the client less due to the clean, correct bookkeeping that has taken place throughout the year.

The success of the “Client Care Package” comes down to a couple of things:

1. The Client must be diligent with sending in the documents on-time and complete.
2. RFG will be diligent in processing, completing and returning documents accurately and quickly to make the package work effectively.

This package has been in the works for a while now and the team at RFG is excited about the implementation. We hope this will make it easier for clients to have an ongoing understanding of their financial situation and how to manage it effectively.

If you have any questions about the “Client Care Package” or are interested in a quote, contact me at russ.white@rfgcpa.com or (801) 571-4011

Social Media for Restaurants seminar.

We are members of a professional networking group called Corporate Alliance. This gives us a lot of opportunitites tyo attend meetings, lunches and activities where we can meet other business owners, present our business services and develop relationships with local business owners. It is a great group and we would recommend it to all who are interested.

From time to time they host seminars and I received in my e-mail an announcement for a new seminar titled "Social Media for Restaurants" to be hosted Thursday July 30th put on by Fluid Studio. Here is the announcement . . . enjoy!

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Facebook, Twitter, LinkedIn, blogs… Is this type of social media really worth your organization’s valuable time?

Next Thursday, July 30th, join Fluid Studio in Salt Lake for a “Social Media for Restaurants” seminar. This workshop will not only detail certain social media tools and networks but give extensive examples and case studies of how local eating establishments around the country are using social media and driving foot traffic into their stores and restaurants. The focus of this seminar will be application-based training of social media for your restaurant and give you the tools and skill-set to begin utilizing or enhance your experience with social media.

Lunch will be provided.

What: A social media seminar for restaurants

Where: Corporate Alliance Center (7730 Union Park Ave, Midvale)

When: Thursday, July 30th 11:30am - 1pm

Why: Social media is free to use and one more way to make a connection with your customers

How: Sign up at smrestaurantsslc.eventbrite.com

Top Bookkeeping Mistakes article

We ran across an article posted on www.allbusiness.com about the "Top 10 Bookkeeping Mistakes Made by Small Businesses" and found it was very informative so we thought we would pick the Top 5 that apply to our clients and post them here. For the complete list, e-mail Russ or click HERE . . . Enjoy!

Doing it yourself. No matter how much they hate it, many small business owners insist upon handling the books themselves. Having a competent bookkeeper coming in to handle the books can be extremely beneficial in that they have the skills to do the job quickly and efficiently and will provide a second pair of eyes to find errors and make suggestions.

Not properly classifying employees. The proliferation of independent contractors, consultants, and freelancers has made it difficult to determine who is on staff and who is not. This results in misfiling when it comes to filing taxes since there are different rules and regulations for employees and non-employees.

Not reconciling the books with the bank statement each month. One of the fundamental aspects of bookkeeping is reconciling the books and bank statements every month. Nonetheless, there are businesses that do not do this and others where errors are made by not doing it properly. Again, this is a good reason for hiring an experienced bookkeeper.

No backup. The paperless office does not exist in the real world, where audits do still exist. A paper trail, documentation or verification in the form of backup documents should be available, especially if all files are on the computer system, which could be prone to technical problems.

Miscategorization or overcategorization. There are fairly standard categories for expenses. However, often expenses are entered into the wrong categories or too many categories are created. Use general bookkeeping guidelines for standard categorization and create as few new categories as possible. Try to follow generally accepted accounting practices.

Client Spotlight- Densley Auto Repair

Densley Auto Repair is one of our newest clients. I (Russ) took my car into Lamar Densley and he took great care of me. He was able to diagnose an issue I have had for awhile and helped fix me up for a great price. I would recommend his service to anybody!

Here is a message from Lamar:

"I am an ASE Master Certified Technician with more than 30 years in the automotive repair industry. I worked in a dealership, where I witnessed a great deal of frustrated customers. And one of the biggest complaints from them was bringing their cars in for a minor repair and being told you have major repairs that need done. And you end up with a very large repair bill you were not expecting! So I decided it was time to offer the customer an alternative.

So in January 2009 I along with my brother John opened Densley Auto Repair. Our mission is to offer the customer an honest estimate of repair with no hidden surprises. No work is done without the customer’s approval. And if any additional repairs are needed the customer will be notified and can then decide if they want the repair done or if they prefer to come back at another time.

We service most makes and models of vehicles. We also specialize in CNG (Compressed Natural Gas) vehicle conversions. With the rising cost of energy and environmental concerns, natural gas is a clean, safe, and affordable alternative.

We are located on the prison road about a mile from the Bluffdale Exit on I-15. Our hours of business are Monday- Friday 8:00 A.M. to 5:00 P.M. Weekend and evenings by appointment."

Phone # is (801) 201-9399

Time for mid-year Tax Planning . . . .

One of the things we pride ourselves on here at Renaissance Financial Group CPAs is providing year round counsel to our clients in helping them to maximize their tax benefits throughout the year.

A stimulus bill was signed into law in February 2009, with tax changes that could affect you and your business. Even if none of the changes affects you, we are seeing many companies in a downturn. The “silver lining” of the downturn may be the possibility of you owing less tax for 2009 than in previous years. Owing less tax would mean paying less estimated taxes.

We are sending you this notice as encouragement to a do a midyear tax review of your own situation. Tax laws are frequently changing and although many may not affect you it is important to stay on top of your own situation. To make your 2009 tax cutting efforts most effective, call us and let’s get together for a midyear tax planning review.

Please call Lindy at 801-571-4011 to make an appointment. Also, if you haven’t had your 2008 personal and/or business taxes prepared the deadlines are fast approaching.

Best regards,

David J White CPA

Principal

Flexpak, Inc.

Today we received another endorsement from one of our wonderful clients for our brochure that we are creating. I thought I would add it here and allow everyone to see it. Flexpak is one of our oldest and largest clients. From their website:

From rocket motors to root beer, Flexpak has the capability to package any product. Flexible packaging is our specialty, but customer commitment is what distinguishes us.

Our operating philosophy is simple: We will never lose a customer based on service. That single minded focus is what drives us. It's not suprising to us to hear "I thought I was your only customer."

We have the technology and expertise you expect from a leader in the packaging industry, with a full range of products and services. We can solve any packaging puzzle you present to us.

Flexpak is locally owned and operated, one of the West's largest and fastest growing independent packaging companies. We are a member of the Afflink buying group and enjoy solid, long standing vendor relationships.

You can visit their website at www.flexpak.net for more information and to see if they can help you and your business. Here is their endorsement of Renaissance Financial Group CPAs:

 “We have worked closely with Renaissance Financial Group for over 6 years now and we love the relationship we have built with them. They help us with everything from taxes, bookkeeping and payroll to tax planning and business consulting. I would recommend the services of RFG to anyone because they have the experience and ability to offer services and advice that, to us, has been very beneficial as we run our business.”

 -Brian Kellen

President, Flexpak, Inc.

El Chubasco Mexican Restaurant

Here on the Renaissance Financial Group CPAs blog, we like to share a lot of things about us and our clients. We are producing a new brochure and have received our first Client Testimonial for it and thought we would share it with all. El Chubasco is a Mexican restaurant in Park City, UT. The owners, Jill Dunlap and Craig Weaver purchased the restaurant about 3 years ago and RFG has been by their side every step of the way. Next time you are in Park City, make sure you stop by, say hi and have some good eats!

Here is what Jill had to say about Renaissance Financial Group CPAs:

"When we bought our restaurant about 3 years ago we were lucky enough to have Renaissance Financial by our sides! If it wasn't for them I can't imagine where we would be. Everything from taxes, bookkeeping, accounting, and payroll has been handled professionally. The friendly people we deal with and the speedy way we are responded to makes all of the difference! I would recommend Renaissance to any company or individual, ABSOLUTELY!" 

Utah Microenterprise Loan Fund

So I attended the orientation meeting for the Utah MicroEnterprise Loan Fund so I could use the information to assist any clients in going through the process to obtain funds for an existing or startup business through them. It was one hour in length, informative and too the point. A variety of potential borrowers were in attendance to find out about obtaining funding for their enterprises. The variety of businesses in attendance was interesting and there were even in attendance several people that just got laid off from work and are thinking of starting a business. Loans range from $10,000 to $25,000 (depending on business location) with a possible 5 year repayment term at rates of prime plus 5-7%. Things change fairly rapidly and approval rates (per the administrator) are around 50%. If you want more information, help in putting together a proposal or just information let me know and I would be happy to email it over.

Thanks David

Welcome!

Welcome to our new Renaissance Financial Group CPAs blog! We decided that this is a great way to add real time advice, news stories, tax information and anything else that can assist you, our clients, in your personal and business lives.

All of our employees will have access to this blog and will post whenever the need or desire arises so check back often to keep up to date on what is going on.

If you have any requests on what you would like to see or any other comments, please make sure to note them here in the comments section and we will do the best we can to accommodate them. Our goal here is to use this "new media" medium to better reach our client base as well as potential clients.

Enjoy!

Russell White
Director or Sales & Marketing