Experts advise financial check-ups

Although some economists are predicting that a recovery will begin by year-end, financial troubles are still wreaking havoc on many small businesses.

Experts advise that in order to accurately plan for the future of the business, now may be the opportune time to get a financial check-up.

According to an article from the Associated Press, a mid-year check-up with accountants or tax attorneys could result in some new ways to cut costs and improve cash flows.

Joseph Maloney, a CPA in Erie, Pennsylvania is noted as saying that small businesses may be able to reduce their quarterly estimated tax payments and in turn boost current cash flow.

Meanwhile, small businesses still having trouble accessing new business loans or keeping their business lines of credit open may not find much help from the Small Business Administration.

An Entrepreneur article by small business expert Mark Deo suggests that the SBA's latest loan program - America's Recovery Capital - may not have the desired effect on the credit markets.

A number of people privy to the program details and the opinions of the banks considering participation say that many lenders remain hesitant to get on board. Additionally, banks continue to uphold strict lending standards which make it difficult for smaller businesses in sticky financial situations to access credit.