The process to get a new business up and running is a journey. From the start-up’s inception, the end destination may not be visible, and business owners may be riddled with uncertainties about how they will find their way. Luckily, accountants can provide the following guidance to help start-up business owners reach their destinations successfully. [...]
Start-up and small business owners facing a first-time financial audit might feel like contestants on an episode of the cooking competition show Top Chef, sweating bullets as they await the judges’ decision regarding their culinary efforts. Understanding what goes into an auditor’s report can go a long way toward alleviating that stress. An independent auditor’s [...]
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 [...]
Business plans can be overwhelming at the onset. However, if you answer some simple questions before beginning, then you will avoid major headaches and save on your Tylenol expenses. So take time to consider the below money-saving parameters for business plan creation. What is the purpose of the plan? Identify the purpose as briefly and [...]
If disaster strikes, is your business prepared? Most businesses have a business plan, but you may be surprised how many don’t have a business disaster plan – a set of guidelines to minimize the impact of a disaster, natural or otherwise. Of course, the odds of a disaster striking your business are very small, but [...]
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 [...]
Many small business owners tend to think, “I am the business, and the business is me.” Though conceptually this may be true, it is critical to keep the financial fruits of your business separate from your personal endeavors – especially from a legal and accounting standpoint. Taking the time and effort to maintain autonomy between [...]
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 [...]
Strong internal controls can keep a company healthy by helping to achieve four key business objectives: Safeguarding assets. The right controls protect a business’ physical and financial assets from fraud, theft, and errors. Likewise, proper controls quickly identify errors and fraud if they occur. One of the most essential concepts related to internal controls (and [...]
Solid internal controls are essential for a healthy business. Before a company can select any controls, management should know which ones best address its challenges. There are three primary types of internal control “medicine” that business owners and managers can use to increase their operational efficiencies. Preventive and Detective Controls A preventive control mitigates the [...]
Publicly traded companies abide by stringent governance practices. This compliance is, in part, due to regulations such as the Sarbanes-Oxley Act of 2002 (SOX). While SOX’s reach does not extend directly to privately held companies, many small and closely held companies have adopted some of its provisions nonetheless. Sometimes referred to as “SOX lite,” these [...]
Perhaps you have heard the saying, “Failing to plan is planning to fail.” Like many proverbs, this one has some truth behind it. Did you know that 40% of start-up businesses fail within two years, and roughly 50% of small businesses don’t make it past their five-year anniversary? In contrast, businesses that execute a plan [...]
