January 10, 2018
In a small to mid-sized business (SMB), one of the most controllable line items on a budget is employee expenses. Getting control of your expense reporting can mean the difference between your bottom line shifting from red to black. Here's what you need to know when choosing the right cloud-based expense reporting systems.
December 19, 2017
When a manufacturing company doesn't have a focused idea of its annual budget, it runs the risk of spending more money than it earns in a year. Even if production has been running smoothly for years, one small change can alter the entire financial picture. Money may be coming in, so all seems fine, but without a handle on expenses versus income, you can quickly find yourself in the red.
December 18, 2017
In the restaurant industry, many employees rely on tips as the primary source of their income. As with all wages, it is important for restaurants to ensure that tips are correctly managed and reported. Because tipped income functions differently from a traditional paycheck, it can often be confusing to know precisely how to account for this income.
We’ve compiled a list of four best practices to make sure that your restaurant business is handling tips in the proper way.
December 11, 2017
Business owners spend so much time focusing on the growth of their companies that they often neglect to save for retirement until it's too late.
According to a 2016 BMO Wealth Management survey of 400 small business owners, 75% of owners between 18 and 64 have saved less than $100,000 for retirement. Even more alarming is that of owners between 45 and 64, a staggering 68% have saved less than $100k.
December 4, 2017
Rather than writing a resolution post for things to do in the new year, we decided that we'd focus on the bad habits that many business owners have. These bad habits, while they seem harmless on the surface, can sabotage your business if left unchecked. Here are the habits to break in 2018.
November 15, 2017
If you're a business owner, it's likely that your numbers may keep you up at night. Designing a budget will help ease some of that stress. Budgets provide a guide to where your business is going. If you haven't worked on a 2018 budget, start now. They can take time, but partnering with your accountant or CPA can make the task easier. Read on for some tips on how to make your budget work.
November 1, 2017
The end of the year is quickly approaching, and it's time to schedule your yearly tax planning appointment. To take full advantage of the credits and deductions that can save your business money, you should make a point to sit down with your accountant or CPA.
September 6, 2017
Have you been considering a second location? If so, congratulations! Here are some questions you should consider before you open the next part of your empire.
August 2, 2017
As a business owner, you've set long-term goals (you have, haven't you?), but you may not have considered the importance of quarterly planning. Setting aside time every quarter is a way to keep you and your team on track to meet those long-range goals. It gives focus to the next three months and allows you the opportunity to adjust your planning as needed.
Quarterly planning should include a meeting with your CPA or accountant. They'll be able to explain your numbers to you in ways you can easily understand, so you can make the right choices for growing your business. Don't think they can only help you with taxes and maximizing deductions. Your CPA should also cover the following items with you:
July 19, 2017
No matter what segment of the real estate industry you belong — owner of an agency, a property management team, or the owner of residential or commercial space that you lease — the accounting for this particular industry poses a different set of challenges from most businesses. We’ve found that the daily operations and accounting matters take too much energy and time away from the activities that grow the business. Read on for some of the biggest challenges in real estate accounting.