Many people need a dose of caffeine – usually in the form of coffee – to be more energized and productive in the morning. Similarly, small businesses have tools at their disposal to help them be more productive. When it comes to small business efficiency, cloud-based applications have fostered tremendous improvements in processes that are [...]
One of the toughest decisions facing a start-up or early-stage business is whether to go it alone or take on a partner (or partners). For someone who has spent years planning, preparing and longing for the day when he or she gets to be the boss, the idea of sharing that responsibility with others can [...]
Real-time weather data has transformed our lives. Long gone (for most of us!) are the days of being caught in a rainstorm without an umbrella or in a bulky sweater on an unseasonably warm day. Similarly, accounting systems that provide an up-to-the-minute look at a company’s condition mean that businesses are better prepared to avert [...]
Technology is radically changing every aspect of a business’ operations – including accounting. Consequently, traditional bookkeeping is slowly being replaced by accounting software that provides real-time insights, fosters collaboration, and allows for automated processes. Watch as Martin Copeland discusses how such systems are revolutionizing business recordkeeping.
With digital cameras, taking a photograph is typically a simple process with two steps: point and shoot. Another two-step process – according to a recently issued mandate from the Financial Accounting Standards Board (FASB) – is the goodwill impairment test. The FASB’s new goodwill impairment standard eliminates Step 2 of the test, thereby reducing the [...]
Organizations often look for ways to reduce payroll taxes without cutting employees. It is possible to implement specific tax-saving strategies that trim tax burdens and boost the balance sheet. Payroll Taxes - Savings Strategies The payroll taxes that organizations pay on their employees’ wages include Social Security, Medicare, and federal unemployment taxes (as well as [...]
Business owners are often faced with a wide variety of choices – such as whether to offer employees bonuses or how much to budget for equipment purchases. Working closely with a trusted advisor can help entrepreneurs understand how such actions can impact their operations. Watch as Shannon West explains why collaboration is key [...]
Ahh! The entrepreneurial American dream: A business owner strikes out on her own to provide a product or service that her customers didn’t know they needed. Her clients place such a high value on her work that not only are they surprised at how affordable the offering is, but they pay for it as quickly [...]
Sending clear invoices in a timely manner and to the right person in the payables department – as well as following up on those invoices – is essential to being paid on time. However, effective invoice processing is just one aspect of receiving timely payments. Below are four additional steps to realizing the nirvana of [...]
We typically think of metamorphosis as a biological process. For example, a caterpillar spins itself in a silk cocoon and then emerges as a butterfly. However, the term – which comes from the Greek word for “transformation” – could just as easily apply to the technological changes that have occurred over the last few centuries. [...]
The DOL recently issued a new overtime rule that was set to become effective on December 1, 2016. The main item in the new DOL rule impacting small businesses revolved around which employees may be exempt from overtime pay under the “white-collar exemption.” According to the new rule, to qualify for this exemption, an employee [...]
Are you a business owner who struggles to compile information to produce an accurate financial statement? Watch as Debbie Alexander discusses five steps you can take to simplify your financial statement activities.
If you are a business owner, wading through what is required for your annual Form 1099 tax filing can feel daunting. Three of the most common questions are: When should W-9s be requested from vendors? When should 1099s be issued to vendors? What are the best practices for avoiding potential problems in 1099 reporting? No matter [...]
Most of us have played a video game at some point in our life – likely even Super Mario or Donkey Kong. Some people scour online to find helpful tricks that will help them advance to the next level. Similarly, many of us are often looking for ways to help advance our business, and financial [...]
“If you like your QuickBooks, then you can keep it.” When you heard similar words said about your health care insurance, they likely sounded convincing. But the unspoken truth was that your health insurance carriers were no longer going to offer the same plans as a result of the disruptions created by new laws and [...]
Revenue sources and expenses are critical components of company profitability. Two expense types are controllable costs and non-controllable costs. Controllable costs are those over which the company has full authority. Such expenses include marketing budgets and labor costs. By contrast, non-controllable costs are those that a company cannot change, such as rent and insurance. It [...]
CRI tailors accounting outsourcing services to meet the individual needs of each client. Watch as Louise Anderson discusses accounting outsourcing benefits when business owners outsource essential accounting functions to CRI.
The “rule of three” and the Latin phrase omne trium perfectum both convey that sets of three are more complete than any other set. This is true with business costs. Understanding three specific types of business expenses – prime costs, controllable costs, and non-controllable costs – is essential for management to maintain a revenue stream. [...]
Collecting from delinquent customer accounts can create “bad blood” (to quote Taylor Swift’s hit song) between you and your customers. Unfortunately, the harsh reality of the situation is that you may be partly to blame for the deep cut. Now—before that next customer break-up—is the perfect time to incorporate three actions into your collection policies that improve collections - [...]
In today’s world of 24/7 news channels, social media, and the web, breaking news is the standard. Can you imagine voting for the President based on three-month-old information? Unfortunately, many organizations make critical management decisions without current financial statements and should therefore work to improve financial reporting timeliness. Even the best accounting departments struggle to report [...]