May 29 2019
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4 Ways to Ensure the Success of Your Merger and Acquisition

By qSdCcPjb

If you’re preparing to tackle a merger and acquisition (M&A) transaction, then you already know that the process is not for the faint of heart. A successful M&A has many moving parts, each demanding an equal share of your attention and time. From the basics of communication, to dealing with the critical legal and financial aspects, there are always a lot of balls being juggled in the air. A merger and acquisition is a time of flux, uncertainty, and opportunity for everyone involved. There are critical points throughout the process that will determine the eventual success of the transaction. Knowing how to navigate these points and move everyone smoothly from point A to point B is a critical component of a successful venture. You’ve probably noticed there are organizations out there who handle this process with ease. What are their secrets and how can you employ them in your own organization? Here are four strategies for a successful merger & acquisition. Establish Goals It almost seems too simple to warrant talking about, but establishing your goals in the earliest stages of an M&A provides a blueprint for the process. What are the real reasons that the M&A is taking place and what are the overall goals upon completion? Are you looking to completely reinvent the organization? Supercharge your market share? Pave the way for breaking into a new market segment? Establish and communicate these goals as early as possible. Start Fresh Perspective is everything. Too often, those involved in an…

Apr 26 2019
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5 Small Business Tax Mistakes That Are Easy to Avoid

By qSdCcPjb

For most small businesses, tax season 2019 has officially come to a close. However, if you’ve filed for an extension or had such a difficult time with your taxes that you’re planning ahead for next year, then taxes are probably still at the forefront of your mind. Tax season can be incredibly stressful for small businesses, especially with tax laws being so complicated. This opens the door for mistakes that can cost small businesses money and increase the chances of undergoing a dreaded audit. If tax preparation is keeping you up at night, here are five of the most common tax mistakes small businesses make and how you can avoid them. Inaccurate Reports of Income For small businesses that have their hands full of juggling a ton of responsibilities, accurate record keeping can easily fall to the wayside. This is problematic because it can lead to inaccurately reporting income to the IRS. This is an offense that the IRS takes very seriously, even if it wasn’t intentional. You’re probably not going to receive a serious penalty for an honest mistake, but you will likely have to pay the amount due plus some significant fines. To eliminate the potential of inaccurate reporting, maintain accurate records of all income for your business, and don’t save updating your records for the week before the tax deadline. Filing Late Due to Lack of Funds If you know that you’re going to be late filing and paying your taxes, it’s important to file for an…

Mar 25 2019
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5 Bookkeeping Tips to Get a Clear View of Your Business’s Financial Health

By qSdCcPjb

As a small business owner, it’s likely you wear a lot of hats. From marketing to managing employees to sourcing products, there’s a lot of tasks to oversee. So where does that leave your bookkeeping? Properly maintaining a record of your business’s expenses is vital to both day to day operations and its long-term longevity. Every single one of those numbers is crucial and even one small mistake could spiral into a much bigger problem. Proper bookkeeping and accounting is important because they serve as barometers for your business’s success. Fortunately, small business bookkeeping doesn’t need to be something you dread. It’s often the smallest changes in how you approach bookkeeping that can make all the difference for improving accuracy and reducing headaches. Ready to streamline your bookkeeping process and gain a clearer view of your business’s financial health? Here are five small business bookkeeping tips for getting the job done. Be Meticulous with Invoicing As a small business owner, you’re wearing a lot of different hats and it can feel as though your attention is constantly being pulled in several different directions. With so much going on, it’s easy to become a little lazy when it comes to keeping up with your invoices. If there’s one thing you make a priority for bookkeeping, it should be to become meticulous with invoice tracking and record keeping. Take 15 minutes each day to update invoices and make sure all accounts reflect current activity. Separation Is Important A mistake that too many…

Feb 28 2019
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5 Best Practices When Outsourcing Your Bookkeeping

By qSdCcPjb

Here’s the good news: your business is growing, and you and your team are busier than ever before. The bad news? You’re quickly realizing a few things: the recruitment, hiring and retention process for an internal bookkeeper is costly, and you just don’t have the time you need to do your bookkeeping. It’s time to explore outsourcing your bookkeeping. But how do you know you’ll get the quality you expect? Here are some of the best practices you should follow when considering to outsource your bookkeeping. Best Practice #1: Seek Out Experience The last thing you want is to put your books in the hands of an unestablished, inexperienced company. You need a company that has the know-how and the hands-on experience to handle anything you throw their way. Sure, a brand-new company might offer you a “deal,” but is it worth risking your business’s bookkeeping to take advantage of a discount? Better yet, an experienced bookkeeping firm reduces risk by taking several risk mitigating measures including being insured. You’re far less likely to fall victim to theft and be on the hook when you work with a company who has a longstanding reputation for excellent work. When you can read glowing reviews about the work that’s been done over the years, it gives you something truly priceless: peace of mind.   Best Practice #2: Ensure the Company Can Grow With You You don’t want to fully onboard a new bookkeeping service only to discover that they can’t grow with you or…

Jan 30 2019
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The 2019 Tax Changes That Will Affect Your Business

By qSdCcPjb

If you’re a small-business owner, you’ve probably heard of the 2018 tax bill—also known as “Tax Cuts and Jobs Act.” This bill has not only changed individual taxes, but it’s also reformed corporate taxes in the U.S.—especially for small businesses. Here’s what you need to know: The new pass-through income deduction Originally touted as the tax break that would provide relief for small business owners, a 20% deduction is included in the bill for what they call “pass-through” income. This encompasses any income you receive from pass-through entities, including sole proprietorships, LLCs, partnerships, and S-Corps. Other types of income that are included under this umbrella include estate income as well as any dividends you may receive from Real Estate Investment Trust, or REIT, stocks. That said, there’s one restriction that you should know about: the Tax Cuts and Jobs Act places a cap on the maximum amount of income that any people who work in what they deem “professional services” businesses (think lawyers, doctors, or consultants) can earn if they want to utilize this deduction. This pass-through deduction for professional services business will take effect for the tax year of 2018; people with AGI greater than $157,500 (single filers) or $315,000 (married filing jointly) will be impacted. Tax Deductions That Are Gone Many long-standing tax deductions managed to survive the processes that brought the latest tax bill into being—  some with modifications, some in their original form. However, not every tax deduction made the cut, so to speak. After all,…