Running a small business is often about taking and managing risks. Market risks are normal but business and tax risks are another thing altogether. Most business and tax-related risks can be managed as long you know about them. Here are seven small business risks you will want to make sure are covered. 1. Best Choice…
A 2014 Global Fraud Study conducted by the Association of Certified Fraud Examiners (ACFE) estimates that the average business loses five percent of their revenues to fraud. The global total of fraud losses is $3.7 trillion. The median fraud case goes 18 months before detection and results in a $145,000 loss. How can you avoid…
Small business owners have a lot on their plates, and time simply does not allow you to become an expert in all the areas required for running a business. Here are a couple of common mistakes that we see all the time. Correcting them will help you be more productive and profitable in your business.…
You’ve got someone to do your federal and state income tax returns, and you have a bookkeeper. So that’s all that a small business needs when it comes to having an accounting department, right? Wrong. Large companies have many functions in their accounting departments, and small and mid-sized businesses need many of the same functions…
If you have workers in your business, you likely made a decision when you hired them as to whether they should be an employee or a contractor. If all you hire is employees, then you have nothing to worry about. But if you hire contractors, there may be some financial risk you may taking that…
Year-end is a great time to think about rewarding your staff for a job well done in 2014. Here are a couple of quick tips to help you make the most of bonuses while protecting your business and cash flow. Timing. Would you be better off timing bonuses in this year to reduce 2014-year taxes…
In a little over a month, it will be 2015 and time for year-end accounting chores. One of those chores is getting your 1099s out, and now is a good time to tie up loose ends so the year-end process can go smoother. Here are some tips to do just that: 1. Go through your…
Time is precious for most of us these days, and often, we need help at home so we can have more time to run our businesses or careers. That may mean hiring help for personal tasks such as caregiving for the young, elderly, or special needs family member. When you first hire a household worker,…
