Let’s be brutally honest. The only thing more daunting than preparing for a business audit is getting your team on board to help. So how do you do it? The answer lies in looking at it through the eyes of your employees. Today’s post will take that foundation and show you ways to get your… Read More
Last week’s post offered some insight into ways to improve your business financial literacy, and we promised a few books that would help. Reading is always a powerful tool, and this list can provide deep insights into business financial literacy from respected entrepreneurs. It’s a little like getting advice from some of the best business…… Read More
CPAs are not alarmists by nature, but when they encounter financially illiterate business owners, let’s say it’s a major cause for concern. It’s not that new business owners need a great deal of business financial literacy to get started. Starting at zero is okay. It’s just not safe to stay there. Today’s post will help…… Read More
Every year, stories come out about how some big corporations legally pay little or nofederal taxes. This might not be possible, or even desirable for small businesses, but that doesn’t mean you can’t minimize business taxes. Today’s post is going to do just that. We’ll look at four ways your business can keep more revenue…… Read More
This blog concentrates primarily on business finances, so why the sudden interest in personal finances? Well, it’s simple. What happens with your personal finances doesn’t stay there; it trickles into your business for better or for worse. Stories like Curt Schilling’s 38 Studios abound in the news, so the connection between personal and business finances…… Read More
Business history is full of stories about accidental entrepreneurs who started with little or no business literacy. Pete Cancro, the founder of Jersey Mike’s started his sub empire straight out of high school. Steve Jobs, Mark Zuckerberg, and Bill Gates dropped out of college to become entrepreneurs in their 20s. Even though they all started…… Read More
This month’s blog posts have been about compilations and reviews, both good tools to help a business get a grasp of its financial situation and practices. This week, we examine the CPA audit and discuss its major differences from financial reviews. We’ll also analyze when a business can benefit from an audit and its pros…… Read More
In this month’s first blog post, we compared compilations, reviews, and audits to exercise. Compilations were like walking, a way for a business to start working on its financial health. CPA reviews are more like jogging. They’re for businesses with more serious goals or a greater need to stay financially fit. This post will cover…… Read More
If you’re a small business owner, you know how difficult it can be to keep up with financials. You also probably know that little knot in the stomach entrepreneurs get when they think about it. The good news is that completing a compilation for your business can remove difficulty and untie knots. So, let’s take…… Read More
The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA is intended to address and guard against money laundering, terrorism financing, and other forms of…… Read More