Profit center reporting is a tool that management can use to review operational profit and loss results for a department, branch, product line, location or activity. It will also provide more meaning to overall profit and loss statements as it allows you to dissect the operational results into meaningful data that can be used in strategic planning.
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How to Combat Common Payroll Fraud Schemes
According to the Association of Certified Fraud Examiners, nearly 30% of businesses are victims of payroll misconduct, with small businesses twice as likely to be affected than large businesses. Here are four payroll fraud schemes that every business should be aware of.
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Why Buy-Sell Agreements Are a Journey, Not a Destination
In Cray Kaiser’s first audio blog, CK Principal Deanna Salo shares the journey of a closely-held business as they craft their buy-sell agreement. When the owners of the company were looking to exit, they decided it was time to dust off their original buy-sell agreement from the 1980s. What followed was a two-year process of education, emotion, and collaboration, ending with the signing of their brand-new buy-sell agreement.
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5 Mid-Year Accounting Clean Up Projects
It’s vital to get your accounting cleaned up before the year-end activities kick in and this is the perfect time of year to do it. Below are a few accounting projects you may want to consider taking on over the next few months. In the end it will set you up for success come December.
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Are There Tax Implications for My Major Life Decisions? Yes!
Major life changes are an exciting and emotional time. But with the positive changes, there can sometimes be challenges too. If you’re facing a change in your life in the near future, have you thought about what the tax implications might be?
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7 Tax-Free Ways to Strengthen Your Business Benefits Package
The benefits package that your company offers is extremely important to your employees. How important? A survey performed by the Society of Human Resource Management (SHRM) found that benefits are directly tied to overall job satisfaction for 92% of employees. More importantly, 29% of employees cited the overall benefits package at their current employer as the top reason to look for new employment in the next 12 months.
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5 Methods to Achieve Better Cash Management
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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