One of the best things you can do for your business is to seek advice from those who have accomplished what you hope to accomplish.

It’s no secret that small businesses come and go, so when you come across a business that has beat the test of time, it would be prudent to take a second look.

Meet Suzette Flemming, President of Flemming Business Services. She’s going to share how her business has lasted over a decade, and some tips to make sure you stay on track with your accounting, book keeping, and taxes.

Can you tell me a bit about yourself?

I’m a former Accounting and Business teacher turned entrepreneur. I live in Montana with my two daughters, my husband, five horses and a dog. I train horses and barrel race them with my daughters in my spare time. I also enjoy readying, camping and crafting.

You’ve been in business since 1994, what are some of the keys to making a business last that long?

Four key items have kept me in business:

• Knowing who my target market is and not straying from that. I can’t be all things to all people.

• Keeping up with business trends and being willing to expand services that clients need and want within the scope of my expertise. The business world is constantly changing. The internet was in its infancy when I started. Things are much different now. Even the IRS, Employment Security and other government agencies are using the internet more for efiling, ereporting and epayments.

• Creating client loyalty by going beyond expectations. My goal is to make my client’s lives easier. Sometimes that is as simple as putting an addressed and stamped envelope with a tax return or as complicated as providing documentation to explain how to keep books for government contacts.

• My passion for what I do. I wake up every day excited about helping my clients. At this time of year I often work nights and weekends (evenings are reserved for the family). I enjoy speaking with my clients by phone or through email. I wouldn’t trade this for anything in the world.

Have you ever wanted to move from your home to an office? Why or why not?

No, I haven’t thought about having an office outside of my home. We recently moved into a home with a nicer space for my office but I don’t want a commute or have the added expense of an off-site office. If I’m uncomfortable about a potential client coming to my home I meet them at a local coffee shop or at their office.

What’s been the biggest challenge and how have you overcome it?

Marketing and advertising has been the biggest challenge for me. It’s hard for me to give up time in my schedule for “unbillable” projects. I have also had issues finding the best outlet for my marketing and advertising efforts. Print ads, yellow page ads, online classified ads, web site banners and such have all been failures. I have had success with newsletters, forums boards and blogs. I try to spend an hour or so each night answering questions on forum boards. Often those Q/A will lead to a blog or article.

If you could start over, would you do anything differently?

Yes, there are many things I would do differently.

• I would have had a clearer picture of what services I wanted to offer. My list of services was very large when I first started and included many things virtual assistants offer. Now I provide services that I enjoy and that I’m very good at.

• I would find my target market sooner. I spent a lot of time and money seeking out anyone and everyone that may have the slightest chance of being a client. I no longer fumble around and waste time, I know where to look for my target market. My time is no longer wasted.

• I would have an idea how I would get things done. Without procedures and a plan, I would spend a lot of time being disorganized and sounding unprofessional when speaking with potential clients. Now I have procedures in place for everything from quoting services to starting services to ending services and everything in between.

• I would know how to price my services and get clients to pay up-front. When I started I charged clients by the hour. I found that it took me more time to track time then it was worth (i.e. “unbillable” time). So I started bundling my services and charging a flat fee. That makes life easier for me and my clients. They know how much my services are going to cost from month-to-month with no surprises. I also require clients to pay by the first of the month so I can schedule time for them.

What are some common mistakes that small businesses make in terms of bookkeeping or accounting?

Some of the most common mistakes when it comes to business finances are:

• Not keeping your business finances separate from your personal. It is very important to have a separate business bank account and a separate business credit card. It’s harder to keep track of revenue and expenses when it’s all mingled together. Not to mention it will be harder to convince the IRS that your business revenue is what you say it is and your business expenses really are business related when accounts are mixed.

• Not keeping your books current in a software package such as QuickBooks. It makes reconciling accounts, invoicing clients, and taxes so much easier and less time consuming. Software can be expensive but it will pay for itself in the time you save getting ready for taxes and invoicing clients.

• Keep your receipts and keep them organized. If you are audited, the IRS wants to see receipts. If they don’t see a receipt the expense is voided. Place receipts in envelopes or files by month and year. It will be easier to find them later.

• Keep records for your revenue. That means deposit slips, invoices, etc. The IRS will want to see these if you are audited to prove your revenue figures.

• Balance your bank account and credit card statements. This will ensure you aren’t missing any deposits or expenses and you can catch fraudulent activity fairly quickly.

Tax season is here. What can home businesses do to make sure they are prepared? What advice do you have?

The best way to be prepared for taxes is to plan ahead.

• Know your deadlines. For example, all W2s and 1099s are due to employees and vendors by the end of January. Payroll tax returns and Sales Tax returns (if you state collects sales tax) are also due by the end of January. Depending upon the structure of the business, tax returns may be due on March 16th rather than April 15th. Put the applicable deadlines on the calendar than count backward three weeks. This is the latest you should begin work to reduce your stress and meet these deadlines.

• Schedule time for yourself so that you can get your records in order. That means just you, your receipts, and your computer. Shut the door, turn off the phone and close your email so that you can work for an hour or two at a time undisturbed. Skipping this step create an emergency situation and triple your stress. You will need a current and accurate Profit Loss and Balance sheet to complete your taxes.

• Ask questions. Find someone you trust that won’t cost you an arm and a leg so that you can ask tax and accounting questions without feeling you are being charged too much or you are afraid to ask the really important questions. This is huge. We are out here and we are happy to help you.

• If you plan to have someone prepare them for you, contact them now and make sure you are on their schedule. Waiting too long to find a preparer may lead to a tax extension simply because the preparer runs out of time to get things done.

One last thing about tax returns. Whether you prepare the return or someone else does, ultimately you are responsible for the return in the eyes of the IRS. That means all the figures, notations, representations, etc that are found on your return are up to you to defend and prove. Review your return thoroughly. If you have questions or something seems odd or not quite right ask the questions, get some answers. If you are still unsatisfied find someone else. You are the one that will have to deal with the consequences if the IRS audits your return.

Thank you for your time.

You can reach Suzette at FlemmingBusinessServices.com