CPAs are required to familiarize themselves with new alternatives for small business accounting. CIT Bank, which is often a go-to source in small business accounting for loans, leases, and consulting services, seems to have trouble holding its head over water, sending CPAs to hit the books to find new ways to get funds for their customers.

1. Government backed loans
CPAs and business owners are thrilled to hear that the government will be backing an increased amounts of loans, making them more safe and sound. Small business accounting professions prefer these loans, for there is virtually no risk of default from the lender. The small business accounting books will also be eased by the elimination of a fee normally charged to banks for loans (which, as CPAs note, trickles down to the end lender).

2. Community banks
It seems to CPAs that community banks are in the clear to provide a paved path in small business accounting. Since they were not hit as hard by the crisis as big name banks were, they could help balance out the books and provide loans which are appropriate in the small business accounting world. Although there are some skeptics, it does seem that small banks and even credit unions are in better shape and should be trusted, especially since the crisis has not been eliminated from some of the larger banks (like CIT).

3. Peer-to-Peer networks
CPAs marvel at this new concept. Small business accounting can now be taken down to citizens of the community who can make contributions of their choice to business. This investor-like process is a new concept in small business accounting, for it brings investors and creators of similar ideas to the same table. It is reminiscent of websites that asked stranger to contribute to the creator’s debt, or something in a similar path. It is a new and creative technology that CPAs are adapting to incorporate into a company’s books.

4. Microlenders
When small business accounting books are in need a of miniature boosts, users can look to microlender organizations for help. CPAs note that these companies may be willing to lend money to up and coming entrepreneurs since their funds come from private investors and individuals. Therefore, it is similar to the peer-to-peer network, with an intermediary third party that creates blind lending between the two parties. Of course, this ease of loaning comes at a price – specifically, high interest rates to balance out profit and possible loss.

5. Asset-based Lending
Simply because CIT is in trouble, it does not mean that there are not other asset-based lenders that are willing to match assets up to 90% for small businesses. It is now even possible to auction off AR accounts via the internet! Technology combined with an ever increasing need for lenders has created a network of reliability and availability of funds.

All in all, CPAs marvel at the resources at their disposal when it comes to small business accounting.