How To Create A Budget That Can Be Your Business’s Roadmap
Some accountants compare a business’s budget to a roadmap or GPS directions. They use this analogy because your budget guides you towards your goals. If you don’t have a budget, your business probably won’t get to where you aspire it to be. Now is the time to create your budget for 2016. The first step […]
A Guide To Hiring Your First Employee
Hiring your first employee is an exciting step to take as a business owner. It’s a sign that your business is on the right track and you need help managing the growth. However, before your new employee rolls up their sleeves and gets to work, there are a few steps you should take to get […]
Are There Different Ways To Set Up Your Accounting Periods?
In accounting, it’s standard to generate reports on a monthly basis. However, if you have a business where it’s important to compare performance by exact periods, monthly reporting has some limitations. For example, the number of days in each month varies so comparing your January performance to February is not exact. And comparing a month […]
The Affordable Care Act: Should You “Pay or Play”?
As the Affordable Care Act (ACA) continues to take effect, certain employers will need to decide if they should “pay or play.” This one-or-the-other scenario is a simple way to sum up the decision many businesses face under the Employer Shared Responsibility Provisions of the ACA. Should you provide your staff health coverage (play) or […]
What Are The Different Types Of Business Structures?
When starting a new business, choosing your legal structure is one of the most important decisions you’ll have to make. The structure you choose will influence many areas of your business including your tax filing, your personal liability and your ability to receive funding. As a business owner, you can structure your business as a […]
The Tax Implications Of Giving Gifts To Clients
Giving gifts is a great way to show your appreciation for special clients during the holidays. However, when it comes to giving business gifts, things can get complicated beyond figuring out what to buy someone. Business gifts are a tax-deductible expense but special rules do apply. The IRS states, “You can deduct no more than […]
Why You Should Clean-up Your Books At The End Of The Year
As the end of the year nears, every business must attend to their 2015 books one last time. Transactions need to be recorded, accounts must be reconciled and outstanding bills have to be settled once and for all. A clean set of books gives you an overview of how your business performed over the past […]
It’s Time For Large Employers To File New ACA Forms
2016 marks the first year that large employers will have to report on health coverage offered to their staff under the Employer Shared Responsibility provision of the Affordable Care Act (ACA). You are considered a large employer if you employed at least 50 full-time staff members during 2015, including full-time equivalent employees (FTEs). The ACA’s […]
How To Keep Employees Motivated During The Holidays
The holiday season is now upon us and so too is the busy season for many businesses. If you’re a business owner, there’s a good chance you’re gearing up for a couple long, hectic months. However, it’s good to keep in the mind that your employees likely have a lot going on outside of work […]
What Does it Mean to “Reconcile Revenue”?
As a business owner, you have a lot to juggle. And it’s likely you are constantly keeping an eye on your bank account to see how much money you have available. But how do you know if you’ve received all the funds from each day’s sales? Did the merchant processor transfer the payments that were […]