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Running a business can be a tall order, especially if you wear many hats while simultaneously trying to expand and hit new milestones. And while most business owners will say they want to minimize costs as much as possible, this shouldn’t come at the expense of convenience and efficiency. This is why your small business should consider working with a CPA firm. Working with a CPA firm is often the...

Ghost kitchens have experienced exponential growth over the last few years, giving the new restaurateur an affordable shot at success. The term “ghost kitchen” generally refers to virtual restaurants designed exclusively for online ordering and delivery. As such, ghost kitchens aren’t like your typical restaurants – these particular haunts have no seating areas or wait staff. However, depending...

If you handle a law firm, you are familiar with the legal requirement for running bank accounts. Unlike other businesses, private practice law firms must bank clients’ funds in a separate account. That’s because you’ll handle money from settlement checks, overpayment of bills, escrow funds, or advance payments for court. Separating the accounts makes it easier to track usage and any interest...

If you’ve heard that sponsorships are an effective way to support a community group or event or expose your name to more members of the community, you may wonder are sponsorships tax-deductible. Here are a few things to consider to help you decide if your sponsorship qualifies as a tax deduction. A Qualified Sponsorship Isn’t Considered Advertising One of the rules that the IRS uses to determine...

At some point, you will need to access capital to grow or expand your operations through business financing. Taking out a business loan can provide a much-needed capital infusion and can be a lifeline for small and large businesses alike when used responsibly. It can be the fuel your company needs to reach the next level. It’s important for business owners to understand how business loans work,...

Let’s face it, running a business is no easy feat. There are numerous processes and functions that you need to handle on an ongoing basis to ensure your enterprise runs seamlessly. From sorting out finances to managing your employees and making strategic plans for the future, the demands of operating a successful business can leave you feeling overwhelmed. To avoid fatigue and potential failure,...

When you need to staff your company, you have the option of hiring an employee or outsourcing the work to an independent contractor. Both options can get the work done, but there are key differences between the two classifications. Accountant Women At Desk Using Calculator For Accounting Whether an individual is classified as an employee or independent contractor also impacts your business taxes....

After years of hard work, you’re ready to use your assets to fund less labor-intensive goals. Or, maybe your small business is no longer suitable to your lifestyle. Selling your business allows you to turn your investment into income. However, it’s essential to understand the tax consequences associated with selling a business. Here’s what you need to know. Real estate agent holding house key to...

As a business owner, it’s essential to know what expenses are business tax-deductible. Otherwise, you risk paying more in taxes than necessary or potentially getting into trouble with the IRS for taking inappropriate deductions. Here are some tax-deductible expenses every business owner should know about. ⦁ Utilities If there’s a utility that you use solely for your business, it’s completely...

A report from the ACFE (Association of Certified Fraud Examiners) states that occupational fraud often lasts 14 months before it’s detected, resulting in a median loss of $8,300 each month. Over a year, this results in a loss of almost $100k. It’s essential to take steps to protect your company from occupational fraud. Here are a few safeguards for your company to put into action. ⦁ Require...