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If you’re an ecommerce business owner, you must have heard about LLCs, and you might be confused about whether you need one for your Shopify store. Well, you’re in the right place–in this article, we’ll discuss in detail what an LLC is and whether you need one for Shopify. What Is an LLC? An LLC is a limited liability company. It’s a business structure that can provide personal liability protection to its owners, and LLCs are popular among small business owners because they off
Globally, many organizations have started paying more attention to tracking their Environmental, Social, and Governance (ESG) impact due to its increasing importance among customers, investors, and other stakeholders. This rising interest in ESG is supported by statistics as well. According to a report on consumer and employee ESG expectations by PwC, 83% of consumers think organizations should work on implementing ESG best practices.
Right now, inflation seems to be unchecked and has caught the Federal Reserve, economists and many others off guard. There is also talk of an impending recession as the “cure” for inflation. I will not add to either discussion but want to provide some comments. The economy is complicated with many moving parts. We look at a falling stock market and think that is the “economy.
Xero connects with over 1,000 apps that help small businesses and their advisors succeed, with most available in the Xero App Store. Each month we celebrate an app partner who stands out for helping small businesses thrive. Find out more about becoming a Xero app partner here. I’m excited to introduce June’s app partner of the month, EzzyBills – a smart, simple data processing and approvals tool for small businesses and their advisors.
In the climb from contributor to leader, the rules quietly change. But if you’re aiming for the summit, the air gets thinner, and what got you here won’t be enough to get you to the top. 🗻 What made you successful early in your finance career—technical accuracy, sharp analysis, flawless execution—won’t be what carries you to the next level. The higher you go, the more your effectiveness depends on how you connect, adapt, and communicate.
Earlier this year, we announced our Xero Beautiful Business contest , which gave U.S. small business owners the chance to win a $15,000 office refresh by celebrated stylist and interior designer, Estee Stanley. Entrants were asked to submit photos and/or videos of their office, along with a description of why their workspace deserved a makeover. We are excited to share that the office makeover is finally complete!
The foundation of a successful tax practice rests on the technical knowledge of your people. While you can create a modern firm with automated processes and expansive service offerings, your clients won’t keep coming back if your team isn’t up to speed with the most recent tax law changes. But of course, staying informed is easier said than done.
8 min read. You've likely heard the phrase, "No man is an island." In much the same way, no business is an island, either. In other words, businesses exist in communities, in marketplaces, and within the greater economy, and all of these elements are constantly in flux. This is true for startups and well-established companies.
The most overlooked, yet most critical, element of transformation is preparing people for change. Automation and AI aren't just technical upgrades, they’re cultural shifts which can challenge identities. That’s why change management isn’t a side project—it’s the foundation. In finance, where precision and process rule, navigating change can feel especially disruptive.
[1] Because we’re talking cash flow management today… with a recession looming on the horizon and the effects of inflation being felt so hard in everyday life, it’s difficult not to freak out over what lies ahead for your Skagit County small business. But, some think a recession might not be all that bad for small businesses… even helpful. While that remains to be seen, one thing I can say is, don’t panic.
For B2B businesses, credit management is essential for accounts receivable (AR) management success. Proper, healthy credit management allows for steady cash flow, better collections management and a manageable days sales outstanding (DSO). . The Credit Research Foundation estimates that only 20% of credit departments have formalized policies. Be it lack of critical financial information, undue to time constraints, or higher priority projects, many companies, today, struggle to create formal cr
Finance used to be the function that counted, now it's the one that’s counted on. 📊 For accounting firms, controllers, and finance leaders, expectations are rising faster than headcount. Businesses want agile forecasts, granular analysis, seamless reporting, and smart automation—often without added resources while demanding uncompromised accuracy and compliance.
While there are small pockets of American white collar workers who would welcome a respite from screaming kids and incontinent dogs at home (shout-out to a certain Going Concern team member always regaling us with shitty stories on Zoom calls), a good majority of people have realized that skipping the commute and making your own lunch while working from home is far superior to the pre-Covid office grind.
As most of you have heard by now, the IRS is increasing the standard mileage rate by four whole cents as of July 1. Via Journal of Accountancy : While the IRS usually sets the optional standard mileage rates for computing deductible costs of operating an automobile only at the beginning of each calendar year, Thursday’s boost represented the third time since 2008 it has done so as of July 1 for the remainder of the year.
You can find a lot of articles about what the LGBTQIA+ community can do to thrive in this big world of small businesses. But let’s turn the table this time and look at what others can do to show their support for the LGBTQIA+ community. Here are 5 simple things that can have a huge impact. How to be an LGBTQIA+ ally. 1. Educate yourself and others. Here are some points to keep in mind: Understand equality.
Great leadership development is the key to sustainable business growth. Are you ready to design an effective program? HR can use Paycor’s framework to: Set achievable goals. Align employee and company needs. Support different learning styles. Empower the next generation of leaders. Invest in your company’s future with a strong leadership development program.
Menzies LLP - A leading chartered accountancy firm. As a consequence of more businesses trading internationally, there are an ever-growing array of cross-border transactions. These range from selling products and services to global customers, to interacting with overseas group companies. Despite this growth in conducting cross-border transactions, the tax implications of such arrangements are all too often overlooked.
After winning the ‘Xero Beautiful Business Contest,’ Soulteria's Alissa Millett debuts inspirational, yet functional home workspace for her growing small business.
As accountants, we use a lot of technical terms; however, it’s important to relate to your audience and current and potential clients in a way that builds goodwill and trust—and not get hung up on technical language. Doing so in these three areas—public speaking, sales meetings, and enriching client relationships—helps build a solid foundation for growing your business.
Distributed finance teams are rewriting how the back-office runs, and attackers are taking notes. Disconnected workflows, process blind spots, and rising cyber threats are more than just growing pains—they’re liabilities. The challenge isn’t just going remote. It’s building resilient systems that protect accuracy, control, and speed across every transaction and touchpoint.
Most of you will wonder why we thought this article would be helpful. You already understand the concepts that are to be presented but trust us and read to the end. Imagine twin brothers. The first brother graduates from high school and goes to work as a plumber at age 18. If you have any plumbing work done, you will know the kid is fairly smart. He immediately starts funding his Roth IRA with $6000 per year.
Internationally renowned ProAdvisor Esther Friedberg Karp explains how the next generation paper tablet changed her life and her business—and why it just might change yours, too.
On the final stop for our virtual Global Summit Series, Withum’s International Team proudly presents Dr. Kevin Lyons, Supply Chain Management Department and Director, Public Private Community Partnerships of Rutgers Business School, on a deep dive into how climate change will affect culture and global supply chains. Listen in as Dr. Kevin Lyons provides insight into how the global community can start to think about what we can do together to minimize the impacts of climate change on our cu
Before you can achieve success, you have to define it. Objectives and Key Results (OKRs) give you the framework to do just that. Paycor’s free guide includes a step-by-step process leaders can use to work toward – and achieve – their loftiest business goals.
This on-demand webinar will explore Public Law 86-272 from 1959 to present. Public Law 86-272 was enacted in 1959 to protect taxpayers from state income taxes when their sole activity in the state is limited to the solicitation and sale of tangible personal property. State tax authorities have been contesting this federal law ever since passage. Due to the rise of the digital economy, taxpayer protection under P.L. 86-272 has been steadily eroding.
New IRIS Software Group report finds sluggish technology adoption is hampering growth . . Only one in ten accountants are confident they can ensure their business grows its value over the next five years, according to new research from IRIS Software Group. . . This comes as legislative burden including Making Tax Digital (MTD) tops the list of things giving accountants sleepless nights, with more than two in five (over 40%) rating it number one.
Beginning in 2024, New York City (NYC) real estate will be subject to a fine (“carbon tax”) known as Local Law 97. Like all taxes, proper planning can save affected individuals a significant amount of money. . In 2019, the NYC Climate Mobilization Act (The Act) was passed by the New York City Council. The Act includes Local Law 97, which sets carbon (CO2e) reduction targets of 40% by 2030, and 80% by 2050, for NYC real estate.
Documents are the backbone of enterprise operations, but they are also a common source of inefficiency. From buried insights to manual handoffs, document-based workflows can quietly stall decision-making and drain resources. For large, complex organizations, legacy systems and siloed processes create friction that AI is uniquely positioned to resolve.
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