Salim Omar, CPA

Salim Omar, author of "Straight Talk About Small Business Success In New Jersey", specializes in providing accounting, bookkeeping and tax services to small business owners and professional practices in NJ. Salim's articles are featured in various national magazines including Accounting Today, The CPA Journal, Chiropractic Economics, Wealth Manager and The Two River Times. You may request a free copy of Salim's new special report titled "How To Drastically Reduce Your Taxes By As Much As 62% This Year Alone And Put Thousands Back In Your Pocket" at http://www.OmarGroupCPA.com
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 Articles by this Author

Have You Made the Mistake of Delegating the Financial Responsibility of Your Business?

Many business owners make the mistake of delegating ownership of their financial matters completely to another party While it is important to engage the professional assistance of CPA’s and internal CFO’s to manage and oversee the financial affairs of your business, it is still crucial to take full ownership of them

How Effective Are Small Business Owners at Utilizing Their Time?

The main reason I have found why so many small businesses do not perform to their appropriate level is because the owner does not properly use his or her time; that is, they don't prioritize which of their efforts create their best results so that they know where to focus their time Without knowing who your best customers or clients are or what the best use of your time is, you inevitably waste time on things that don't produce desired results

Is Cash Really “King” in Small Business?

Although cash is critical, most small business owners put emphasis on profits instead of cash flow The dot-com bust is a painful reminder that profitability does matter – but that “cash is king”

Do You Pay Yourself First?

Small business owners need to put something aside from every check they receive in order to save for their futures I call it “Pay Yourself First” and it is one of the cardinal rules of running your own business

Do You Seek the Right Kind of Advice For Your Small Business?

Do you have professionals providing your business with quality advice In business, you should surround yourself with a variety of professionals including a lawyer, a CPA and a business advisor

Do You Know What the Key Financial Indicators Are in Your Business?

Most accountants will only keep track of historical numbers like gross sales, gross margins and net profits While these can be useful, there are other equally or more important numbers that should be kept track of that most “old school” accountants are not aware of

Are Your Business Overhead Expenses Out of Control?

Businesses are always searching for ideas and concepts to generate profit Some of these concepts include increasing sales, while others include decreasing overhead

Could Your Business Be Paying More Taxes?

Income taxes are the single largest expense that a small business owner will encounter This amount is often larger than their home or the cost of getting their kids through college

Are You Under Pricing Your Products and Services?

Pricing is critical to the success of any business In fact, many books and articles have been written solely on the subject of pricing

The Top 10 Bookkeeping Mistakes Made by Small Businesses

Keeping accurate records for your business is a crucial task But, many business owners fail to take the necessary steps to ensure that this task is completed properly

Top 10 Small Business Start Up Mistakes

Millions of people each year start up small businesses around the world And, the vast majority of them will encounter challenges along the way

13 Items to Address When Hiring an Employee

While many companies seek to hire new employees every day, many do not take the proper steps to protect themselves and their businesses Employers need to become familiar with the hiring process, the required documents for their area and any associated taxes required to be withheld or paid by the business or the employee

Donating Cars to Charity - Beware of New Tax Rules

It was on June 3, 2005 that the IRS released guidelines on donated vehicles as charitable contributions This came after the American Jobs Creation Act (AJCA) radically changed how much of a deduction taxpayers can claim when they donate a car to a charity

Your Business Plan is Your Roadmap to Success

It seems like a cliché, but running a business is not unlike running a football team If you think about all the things that a football team needs to be successful at during a game, the playbook is one of the most important items

What Every Small Business Owner Should Know About Record Retention

If you are like most small business owners, understanding which records to keep and which are okay to throw out with regards to your business records can be challenging Business record retention is important for several reasons including: future business sale, succession planning and for potential tax audits

Retirement Plans For Small Business Owners

While every small business owner would like to believe that they will sell their business at retirement, this is in reality not the case for most In fact, a very small majority of small business owner are able to sell their businesses at retirement

Succession Planning - Do You Need It?

One of the most common questions I receive as a small business advisor is how to properly prepare your business for succession Succession planning refers to planning to hand off your business to another party

Bank Charges: You Might be Surprised

A lot of people do not request a fee schedule from their bank because they believe that they already know what types of fees the bank can charge to them They know their monthly service charge is, that ATM fees exist at other machines, and they know the amount of the charge if they overdraw their bank account

Credit Scores Are Vital to Your Financial Health

A credit score is a number that serves as a guide for lenders when making the decision of whether or not to extend credit out to an individual This simple three digit number that ranges anywhere between the numbers of 300 and 850, the higher number being the better, helps the lender predict how likely a borrower will make payments on time

10 Mistakes to Avoid When Starting a Small Business

While we all make mistakes, in small business, there are a variety of mistakes that are common Learning from other people's mistakes can enable you to avoid many of them

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