As a business owner, managing cash flow is often one of the biggest challenges. Here is what you should know about cash flow management.
Small business owners that have sustainable, long-term growth plans are far more likely to build a business that lasts. Read our article to find out what factors may affect the longevity of your business.
When hiring an employee, there are a few things to consider. One of them is the fact that the cost of hiring an employee is greater than their hourly wage.
According to the U.S. Bureau of Labor Statistics (BLS), the Producer Price Index (PPI) or the increase in prices saw a substantial rise. With costs not appearing to abate anytime soon, here are a few steps that businesses can take to combat inflation.
As the New Year is here, here is the time to review your finances and be financially ready for what’s ahead. Learn about a few tasks you can get started on right away.
The Internal Revenue Service has lately introduced the inflation-adjusted 2022 elective standard mileage rates used for the calculation of deductible costs of running a vehicle for business, charitable, medical, or moving purposes.
If you’ve got recently a business started – or are contemplating to start a business – there are a few things you should know as a new business owner. You could be eligible to deduct your business costs incurred before the business started operating. Read our article to learn more.
By law, you may be required to issue Forms 1099 to worker and the IRS by January 31st, 2022, if you hired independent contractors to perform services for your company, and paid them each $600 or more for the year.
Are your workers properly classified and managed for your business taxes? Find out how the IRS determines your workers tax status and filing.
According to the survey conducted by the job site Indeed, COVID-19 has taken a toll on workers even more in 2021, compared to 2020. It has found that 52 percent of those surveyed felt “burned out” in 2021. Sixty-seven percent of those asked said that feeling burned out has become more pronounced as COVID-19 has progressed. It’s more noticeable among remote workers (38 percent), compared to 28 percent of employees working in person. Read our article to learn more.
Here we are again, nearing the end of another year. While the tax deadline for 2021 isn’t until April 2022, now is the time to plan and make some strategic moves to optimize your tax situation. Below we’ll look at some tax planning ideas for both small businesses and individuals.
Accounts Payables (AP) is a process in the accounting department that can be inconsistent and burdensome. However, today’s workforce has driven AP transformation – especially with remote working. Some businesses do not have much choice but to accept automation while others may have realized the need to automate accounts payables due to the numerous benefits that come with it.
If you’re like most owners of growing firms, you might wonder about the best way to protect your personal assets and conduct your daily activities. For some businesses, forming a corporation is the best solutions. Others benefit most from the creation of a Limited Liability Partnership.
Based upon a recent McKinsey Global Survey, nearly 9 in 10 (87 percent) of management and above level respondents affirmed they are currently, or within the upcoming five years, dealing with the skill gap among their employees. With the vast majority of businesses experiencing or forecasting a skills-gap, how can they close or reduce this challenge? Read our article here to learn more.
Ever wondered why so many promising new businesses crash land a few months (or years) after taking off? It often has to do with all the financial challenges they couldn’t navigate through.
Choosing to implement new technology for your accounting needs is a big step toward improving your business. Accounting technology helps streamline the accounting system, thereby offering various benefits. However, poor implementation can impact your business negatively. To make your implementation a success, there are several mistakes that you must avoid.
Many small business owners are reluctant to hire professional bookkeepers for organizing and tracking their financial documents, preferring to manage things on their own. However, following through with this decision isn’t quite as simple as it seems. By doing your own bookkeeping, you’re more likely to make mistakes and adopt less than ideal practices.
Every successful business has a professional bookkeeper documenting its transactions and keeping a record of all financial activities. In the last couple of years, there has been a growing trend of business owners hiring professional bookkeepers to manage accounts instead of doing all the paperwork on their own.
Every business need bookkeeping to ensure its finances are in order at all times. See why bookkeeping is important.