There’s A Lot More To It Than You Think The role of a business’s chief financial officer (CFO) has changed dramatically. In the past, a CFO had three key jobs to handle: tax compliance, financial reporting and maintaining the books for the business. They were...
Why Knowing Is Important We should all know that when it comes to the economy, anything is possible. Some businesses vanished during the 2008 economic downturn, others survived – and some actually flourished! Those that survived and those that flourished had one thing...
You’ve just signed a letter of intent to acquire a business. Now what? Typically, a letter of intent provides a 60-90 day exclusivity window for the buyer and seller to perform various forms of due diligence, including (but not limited to) financial and legal. Having...
Just thinking of preparing for an audit or review might make you uneasy. It can be overwhelming and time-consuming. However, it does not need to be a daunting task … if you’re prepared. With some preparation, you should not experience any issues or significant...
Smart Tax Strategy: Building Value, Not Just Avoiding Taxes I strongly support using proper tax structures and incentives – it’s part of our business! Smart business decisions matter. But here’s the key: base your financial and capital allocation decisions...
How would you like to be remembered by your loved ones, friends, employees and the business community? Read on about leaving your legacy. Sometimes The Hardest Questions Are The Most Important What kind of legacy do you want to leave behind? OK, obviously this isn’t...
QuickTips: Tips & Tricks For Bookkeeping Success Over the years, QuickBooks® has emerged as the most popular accounting software for small- to medium-sized businesses and, as you can imagine, different versions are available to suit a range of different business...
In order to have efficient and effective processes, your employees must shift their focus. Rather than concentrating on the confines of their respective silos, they need to look at the company as a whole – and how their role works with others across the organization....
More Changes To Governmental Financial Statements Whether you prepare your financial statements using the cash basis or GAAP (generally accepted accounting principles) basis, the Government Accounting Standards Board (GASB) Statement No. 84 Fiduciary Activities will...
The goal of the upcoming W-4 form is that taxpayers should not owe taxes nor receive a refund … but it won’t be easy. Read on to learn more. What To Know About The New Form W-4 This past tax season gave taxpayers our first feel of the changes that stemmed...
Today, the process of choosing an accounting program for your business is similar to deciding on what kind of smart phone to purchase. Each phone has individual applications customized to the operating system they are running on. Similarly, by utilizing add-on...
How To Build A Smarter Business I’m a big believer in data analytics. I’ve become interested in learning how analytics is utilized across virtually every discipline you can think of – be it accounting, finance, construction, real estate, demographics, sports,...
House, Senate Look To Fix Current Retirement Plan Issues Plaguing The Nation I remember when I started my career at Rea, the concept of the 401(k) provision within retirement plans was just beginning to take root, and the employers who offered this option to their...
It’s Not A Matter Of If … It’s A Matter Of When Don’t get too comfortable in your current business operations. The term “recession” has been making waves recently in the financial industry, and the chatter about this unwelcome visitor has certainly...
Entities need to take a more proactive stance on cybersecurity risks by taking a good look at their systems and work to decrease cybersecurity risks. Keep reading to find out how. No Entity Is Immune To Cyber Attacks As some of you may have heard, Cleveland Hopkins...
Traditionally, companies with strong, positive cash flows are those with proper pricing models in place, a healthy labor force, controlled spending and active collections. (Notice that I didn’t say that these companies were debt-free!) How Debt Could Be A Good Thing...
A 401(k) plan allows your employees to deposit a portion of their paycheck into a retirement savings account. Keep reading to why more and more employers are choosing to provide this benefit to their employees. Hint: The Answer Is ‘Yes’ Offering a 401(k)...
The Benefits Of Outsourcing Your Business’s Accounting Services You (like so many other business owners out there) probably handle every aspect of your business. After all, why wouldn’t you? Because it’s your business, it makes sense to be so hands-on all the time,...
2020 HSA Contribution Limits: What Employees Need to Know Health Savings Accounts (HSAs) offer a tax-advantaged way for employees with high-deductible health plans to save for medical expenses. The IRS recently released the annual inflation-adjusted limits for HSA...
Board Governance For Nonprofit Organizations And The Importance Of Written Policies This may come as a surprise to you, but a major challenge most boards and board members have in nonprofit organizations is that they don’t fully understand their responsibilities...
Client Advisory Services Delivers Robust Accounting Capabilities To Small- And Mid-Sized Businesses Over the course of your business’s lifecycle, you will face many obstacles; and how you go on to manage them will ultimately determine your short- and long-term...
Getting To Know The Qualified Business Income Deduction Corporate tax rates were reduced from a maximum rate of 35 percent to a 21 percent flat rate under the Tax Cuts and Jobs Act (TCJA). So, in order to keep pace with the new corporate rate, the qualified business...
Why Misclassifying Employees Could Cost You You may employ hundreds, if not thousands of employees. Or maybe you only employ a handful. Regardless of the number of people you have working for you, the way you classify your workers is important to the federal...
It’s Smart To Start Planning Early Retirement … you spend years dreaming about it (and maybe even saving for it). Still, many worry about having enough money to retire comfortably and independently. Below is a checklist to get you started planning for the...
