Traditionally, accounting wasn’t something businesses would outsource – in many manufacturing companies, it still isn’t. However, in the current digital sphere, especially one that focuses heavily on services, there are various ways a business can outsource its...
According to Public Law 115–97, American companies are liable to pay 21% corporate income tax (CIT). However, that’s just the rate before deductions. An effective corporate tax is what a company pays after subsidies and other loopholes. Keep reading today’s small...
Companies have stringent policies regarding accounts receivable. Despite these policies, many business firms in the US have up to 24 percent unpaid invoices. Pending payments can cause much damage, such as missed investment opportunities, disrupted hiring, delayed...
You never know when an audit of your business’s financials may occur. Therefore, companies should always be prepared for a potential audit of their business financials. Having your business financials audited can be stressful, particularly if you are not prepared for...
Tracking business expenses can be tedious. Without proper attention and strategy, small business owners can quickly fall behind in keeping their financial records up to date. Tracking your business expenses allows business owners to easily see the whole picture of...
Regardless of if retirement is right around the corner or decades from now, it is critical that both you and your employees have a concrete plan of action in place. Have you considered offering a money purchase pension plan (MPPP) as part of your offered retirement...
Navigating finances is often one of the most challenging aspects of owning a business. As a business owner and expert in your field, financial concerns may be burdensome. Does time spent unweaving the complexities of a budget, billing, or financial planning detract...
With many businesses ready to embrace the new year and a fresh start, now is the perfect time to organize and streamline your processes. Have you considered an efficient inventory reporting procedure? Are you in need of professional inventory reporting services?...
Understanding the different business insurance types is critical to protecting your business from unforeseen, accidental allegations – claims that could cripple your company if ignored. In the content below, we provide a basic guide to the different business insurance...
How often are small businesses audited? What alerts the IRS to come knocking at your door? While audits are sometimes simply random, and cannot be entirely avoided, the IRS notices a variety of red flags – audit “triggers” that can be prevented. Unfortunately, many...
Small businesses thrive on the relationships they build with customers and product suppliers. However, at any moment, these relationships can struggle due to the lack of proper inventory management. To prevent a shortage or surplus of your company’s products, managing...
As a business owner, navigating complex financial topics can be challenging. However, getting to the root of financial decisions that significantly impact an organization is critical. One such decision lies in business accounting. Every organization must decide which...
