Every business, no matter its size, needs to have enough cash to pay the bills. Focusing solely on sales and profits could create issues when invoices arrive and you find that there aren’t enough funds available to pay them. Here are five ways you can be proactive and improve cash management for your business.
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What Story are Your Financial Statements Telling?
The accounting policies you adopt create the internal reporting standard that’s reflected in the financial statements of your business – all of which impact how you benchmark and communicate success. What story are you communicating to the outside world? How can you report the story in a way that is easy to understand but still communicates who you are, what you do and how you are achieving success?
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Tips on Raising a Financially Savvy Child
If you have children (or grandchildren) you have an opportunity to give them a jump-start on their journey to becoming financially responsible adults. While teaching your child about money and finances is easier when you start early, it’s never too late to impart your wisdom.
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5 Benefits of Moving to the Cloud
Small business owners are constantly looking for ways to save money and streamline processes in order to stay competitive. Using a cloud-based accounting software, such as QuickBooks Online, is one way to save time and money. Cloud-based platforms require little capital outlay for equipment while offering access to massive data storage and computing power.
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IRS Announces Updated 2019 Mileage Rates
The updated mileage rates for travel for 2019 have been confirmed by the IRS. The standard business mileage rate is increasing by 3.5 cents to 58 cents per mile. The medical and moving mileage rates are also increasing by 2 cents to 20 cents per mile. Charitable mileage rates remain unchanged at 14 cents per mile.
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How Your Accountant Provides Value to Your Financial Reporting Cycle
Financial literacy in today’s economic climate is more than just receiving reconciled accounts in periodic financial statements from your accounting firm. It is the ability to know where you are today, where you are going, and the plan to achieve it. To achieve your goals, you need to invest in a system, process and an advisor who can relay knowledge to you in a way that is easy to understand. This will allow you to change direction, set measurable goals and celebrate your successes.
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Real Estate Investors and the Much Talked About QBI Deduction
The biggest limitation of the QBI deduction is that it only applies to a “qualified trade or business”. There is not a lot of clarity within IRS regulations in determining what exactly is a trade or business in the real estate arena and there are many unique situations concerning real estate.
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4 Fraud Prevention Tips for Your Business
Fraud. The dreaded word that none of us are comfortable addressing or discussing, especially when it comes to how it may impact you or your business. But just like tax planning, it’s important not to avoid conversations abound fraud. Why? Because several studies and statistics support that businesses may lose approximately 5% of their revenues every year due to fraud. And when fraud is concealed, it may continue for years before being discovered.
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The Value of a Written Partnership Agreement
Your business partner(s) should balance your strengths and support you through the good times and the bad. They should also be willing to communicate with you freely and often. And while you and your partner may agree about everything now, disagreements and unexpected events are inevitable. That’s why a written partnership agreement is so valuable. Do you and your partner(s) have one?
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Do You Have an Employee in Another State? What Your Business Needs to Know
As your business grows, you may find yourself hiring employees out of state. While growth is great, keeping up with the payroll compliance in each state can feel like trudging through murky waters. States have varying requirements related to withholding income tax and paying unemployment tax. Additionally, states have increased their tax compliance efforts over the years making it even more necessary that employers be aware of their responsibilities. So, if you have an out-of-state employee, here’s what you need to consider:
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