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“I’ll Install your Electricity if you Give Me Five Laptops”!

So you’re having trouble finding the cash to pay for that new plumber? What about all those new office supplies that you must have in order to increase efficiency? It’s rough times out there, but there’s a way to get what you need by bartering- exchanging for something a supplier needs and getting paid in trade!

According to the International Reciprocal Trade Association about half a million small businesses exchange over $10 billion in sales each year using commercial barter exchanges. Bartering, the trade of goods and services without the exchange of money, is becoming the go-to survival method for businesses during rough economic times.

The concept of bartering has been around for years and years, but with today’s technology it is incredibly easy to get in on the action. There is tremendous growth in broker networks and barter organizations as the slow economy causes a rush in the barter economy!

But, don’t think that just because there isn’t any cash involved means you can’t be taxed on it! Bartering income needs to be reported to the IRS, as the result of a barter transaction is considered a sale. To find out more about the required tax forms, check out “Proceeds from Broker and Barter Exchanges Transactions”

For a compilation of reputable U.S. barter exchanges, check out The Barter Business on CNNMoney.com

Is bartering the business exchange of the future? What have you bartered lately?

Robert

If you’re having money problems, the best thing you can do: Cut up those credit cards and pay cash! Last month, President Obama passed The Credit Card Accountability, Responsibility, and Disclosure Act (CARD ACT) of 2009 causing citizens everywhere to wonder, “how are these regulations different?” and “how will they affect me?”

The majority of the new rules don’t go into effect until February 2010; however, one rule will begin September 2009 — credit card companies must give a 45 day advance notice on changes in interest rates or contracts. Other rules under the new law require credit card companies to mail statements at least 21 days before payment is due, they must apply payments to your highest interest rate balance first, and they cannot charge a fee for web or phone payments. In addition, consumers need to “opt in” in order to charge above their credit limit.

The overall goal of the CARD ACT is to increase transparency and accountability for both card companies and consumers. For a quick and simple overview of the CARD ACT, check out this great video by The New York Times on the New Credit Card Rules.

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(c) 2009 Robert Rimberg. Request a free copy of the special report, “Learn how to read your financial reports to track your success, prevent mistakes, and find out what all those numbers really mean!” by visiting RimbergOnlineBookkeeping.com/

Our Solultion, Your Success

Not all the news is gloom and doom, see below why this is the best time to purchase a new vehicle.  I found this information for you that is encouraging.

Here are more ideas for you….

1. Health Care- if your employees are relatively young and healthy consider a HSA (Health Savings Account), you’ll save some money and give your employees and yourself some fantastic options.
2. Pre-nuptial Agreement- If you have some assets and you’re thinking of getting married, don’t without a prenup. If he or she won’t sign, say goodbye and consider yourself lucky.
3. Banking- Stop running to the bank to make deposits- speak to your banker about putting in a special check scanner in your office. You or your employee might save 52 hours a year or more.
4. Buy or Lease an automobile? – The more expensive the car and the smaller the driving period (i.e. two years) the cheaper it is to lease. The less expensive the car and the longer driving period (5 years) the cheaper it is to buy.
5. Do you live to work or work to live? Balance is the key. If all you do is work, what are you? If all you do is play, who are you? Take an inventory of yourself and write down everything you do in a day at work? Is it all extremely necessary? Can someone else be doing this? What function that I am doing, makes me the most money? Wouldn’t it be great if I could concentrate on the things that make me the most? Start planning your business day around doing those things that are money makers!

That should be enough to get you started on making some changes.

Robert Rimberg