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One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis. This is the simplest form as your books match your bank account.
The money for a second round of $1,200 stimulus checks for individual Americans could come quicker than the first, according to The Wall Street Journal (WSJ). The heightened speed at which the payments will come is based around the procedures, online tools and bank account information that were not present during the hasty rollout of the first payments, new at the time due to the pandemic’s rapid onset.
IRS Enables Millions to Qualify for the $100,000 Grab & Repay. New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the rules as they existed before this new IRS guidance. The CARES Act created the first set of favorable rules, and those rules are still in play.
RESOURCES / ARTICLES. Content Marketing –. Distinguishing your Accounting Business. Ever been in a store where there are free samples available? Did you try them? Did you buy anything? Statistically, the answers to the above questions are probably, ‘Yes’, ‘Yes’ and ‘No’. That doesn’t mean the sampling campaigns were unsuccessful. For one thing, they got your attention and you sampled the product.
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.
Gary Shamis, Principal at Winding River Consulting, has had an accomplished career in accounting, developing his dad’s bookkeeping firm from $225,000 to roughly $100 million. He built the 37th biggest CPA firm in the country before merging SS&G, Inc. with BDO USA, LLC in 2014. Tune in and hear Gary talk about why execution is more important than strategy, the importance of developing a niche (or two), and why scooping up talent is critical to success. .
Although an IRS revenue agent – RA and IRS revenue officer – RO may sound like the same title, there are actually differences between them that you should know. While most individuals may never have to face an IRS audit for example, understanding how the different agents and officers operate can be quite important just in case you are facing the IRS.
Budgets are necessary for any business. They help develop strategy, control costs, and are a great internal control. Many small businesses have difficulty developing a budget, especially during their startup or high growth periods. Budgets may be the most artful part of accounting. They are a best guess, and a goal to work towards. Government contractors have an even harder and more dire concern when it comes to cost plus contracts.
Budgets are necessary for any business. They help develop strategy, control costs, and are a great internal control. Many small businesses have difficulty developing a budget, especially during their startup or high growth periods. Budgets may be the most artful part of accounting. They are a best guess, and a goal to work towards. Government contractors have an even harder and more dire concern when it comes to cost plus contracts.
The nation’s marijuana regulator has told financial institutions to treat the $500 million hemp businesses the same way they would any other businesses. In updated rules from the Financial Crimes Enforcement Network ( FinCEN ), the U.S. Treasury Department’s financial crime division, the agency said the new guidance is in response to questions related to Bank Secrecy Act/Anti-Money Laundering regulatory requirements for hemp-related business customers.
IRS Provides Clarification on PPP Loan Forgiveness for the Self-Employed. How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees.
WEBINAR. finding and Converting High Quality Leads – the Engine for Business Growth. ABOUT. Mark Ferris CHAIRMAN & CEO, PANALITIX. Mark Ferris is an entrepreneur who has founded, built and 'exited' numerous businesses realizing success for shareholders, employees, customers and acquirers. He has a particular interest in software, solutions and service businesses and frequently writes on related topics.
If you have employees, you likely need to fill out and file Form 941 each quarter. Form 941 is jam-packed with different sections and calculations, which leaves room for errors. To avoid major mistakes, learn how to fill out Form 941 line by line. Form 941 recap Form 941, Employer’s Quarterly Federal Tax Return, reports […]. The post How to Fill Out Form 941: Your Step-by-step Guide appeared first on Patriot Software.
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.
Medicaid and CHIP Dental Providers Now Eligible. The U.S. Department of Health and Human Services (HHS) will now allow dental practices that participate in the Medicaid and CHIP (Children’s Health Insurance Program) program to become eligible for the Provider Relief Program. The Provider Relief Program was established by the Coronavirus Aid, Relief and Economic Security Act (CARES Act) to reimburse eligible providers for healthcare-related expenses and lost revenues attributable to COVID-19.
One of the most common errors made by executives in a small startup is assuming that the reporting basis for accurate financial statements can be changed by clicking the single button at the top of the QuickBooks report. It seems simple, but in reality entails much more. Most small businesses choose to keep their books on cash basis. This is the simplest form as your books match your bank account.
The acceleration of [digital sales] growth can be explained almost entirely by an influx of first-time buyers.”. When consumers fled to online shopping options in Q2, many businesses weren’t set up for digital-first commerce, but quickly figured it out. There’s a cautious optimism now as SMBs, in particular, discover that going digital itself has gotten easier.
COVID-19 Relief if You Work Abroad or Travel to the U.S to Work. If the federal tax you pay is dependent on where you are physically located, then COVID-19 likely has thrown a wrench in your physical tax location (and tax situation). If you were living abroad and had to return to the U.S. because of COVID-19, you may wonder if you’ll have a big tax bill for failing to meet the foreign earned income exclusion requirements.
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.
GrowthForce CEO Stephen King, sat down with Chris Reynolds of The Business Method Podcast to discuss his experience in Surviving 5 Recessions as an Entrepreneur. Stephen King shared key steps to take when navigating through a recession , and some of the major lessons he learned as a CEO facing his 6th recession.
When your business grows, you may need to hire additional employees. But, hiring more employees comes with additional responsibilities. Depending on the number of employees you have and some other factors, you may be responsible for filing an EEO-1 report. So … what is EEO-1, anyways? What is an EEO-1 report? An EEO-1 report (equal […]. The post What Is the EEO-1 Report, and Which Employers Need to File it?
“Inspiring great people to do great things” is Katz, Sapper & Miller’s mission, and we’re honored to play a small part in helping clients across a wide variety of industries think big, bring their innovative ideas to life, and serve their communities and customers.
Budgets are necessary for any business. They help develop strategy, control costs, and are a great internal control. Many small businesses have difficulty developing a budget, especially during their startup or high growth periods. Budgets may be the most artful part of accounting. They are a best guess, and a goal to work towards. Government contractors have an even harder and more dire concern when it comes to cost plus contracts.
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.
A group of big European banks is planning to challenge Visa ’s and Mastercard ’s positions as the world’s two largest payment processing networks, Electronic Payments International reported. . Dubbed the Pan European Payment System Initiative, or PEPSI, the group has the support of 20 French and German banks, and would handle all forms of cashless transactions. .
Due to the COVID-19 pandemic, Congress made changes to the tax law related to retirement account distributions. The changes open up new, time-limited ways for you to save tax dollars. Congress waived all 2020 RMDs. But if you took your RMD before Congress made this change, you have two ways you can undo it: Use the expanded 60-day indirect rollover, if you qualify.
Contribution Margin is not a number you see on a traditional financial statement- it's a management accounting calculation. If you want to do more than break-even and make a profit , you should understand your contribution margin. Analyzing your contribution margin is the fastest way to get your business to drive profits.
“What is a week-end?” As the humorous line in British series Downton Abbey reminds us, the Industrial Revolution brought about more than machines: it fundamentally altered how society perceived time on a mass level. Weekends came into existence. It was the start of clocking in and clocking out — of living by a clock with a degree of intensity the world had never seen.
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.
If you have employees who travel for work, you might offer them per diem pay to reimburse them for travel-related expenses. Per diem rates can vary based on the state and city your employee travels to. Read on to learn about different state per diem rates, including a state-by-state breakdown of each state’s average rates. […]. The post Your Go-to Guide on State Per Diem Rates appeared first on Patriot Software.
Crypto boosters have spent the better part of the past decade promoting the idea that great fiat-currency disruptions are coming care of blockchain and literally hundreds of thousands of variations of cryptocurrency circulating in the world today. Crypto enthusiasts proclaim that you can front the best-known players like bitcoin or the most obscure blockchain-backed currencies circulating the world and tap into the future of money.
“Organizations may have had to engage in relaxation strategies, which could inversely impact their fraud appetite, as they had to let more transactions through without reviewing them. The risk is real.”. Spikes in cybercrime are making headlines daily, and people are getting burned. Preparedness often decides the outcome. “In our experience, clients running machine learning models haven’t had to change thresholds,” said Nuno Sebastião , co-founder and CEO at Feedzai.
India has embraced its model for digital payments so much that it intends to take it global. Since its debut four years ago, India’s Unified Payments Interface (UPI), the instant payment system developed by the National Payments Corp. of India (NPCI) that facilitates inter-bank transactions, has propelled the growth of online payments, the Financial Times (FT) reported.
Speaker: Claire Grosjean, Global Finance & Operations Executive
Finance teams are drowning in data—but is it actually helping them spend smarter? Without the right approach, excess spending, inefficiencies, and missed opportunities continue to drain profitability. While analytics offers powerful insights, financial intelligence requires more than just numbers—it takes the right blend of automation, strategy, and human expertise.
Just as the application deadline was set to expire on the Paycheck Protection Program (PPP) at midnight Tuesday (June 30), the U.S. Senate extended the popular measure for five more weeks, The New York Times reported. If lawmakers had failed to act, more than $130 billion would have gone unspent from the Small Business Association’s forgivable loan program to assist companies endure the COVID-19 pandemic.
The ATM isn’t living up to its full potential, a fact that’s really starting to come into focus for financial institutions (FIs) under COVID-19. The days of the ATM serving as just a quick cash dispensary are numbered, Sonia Sedler , Diebold Nixdorf ’s global head of managed services and banking strategy, told PYMNTS in a recent discussion. Consumers who are rapidly moving to digital commerce in the pandemic’s wake are looking for very different things when it comes to transacting with financial
Tests of truly autonomous self-driving vehicles have been uneven at best, but with each scraped test hubcap, the concept draws closer to reality. Major automakers are in, with Toyota backing autonomous driving startup Pony.ai and Fiat Chrysler striking a deal with AutoX , the Hong Kong-based firm that has developed an artificial intelligence (AI) platform for driverless vehicles.
Robert Morris , founder and CEO of agricultural-imaging company TerrAvion Inc. , is bringing modern technology to what’s perhaps the world’s oldest business — farming. All with the simple goal of helping farmers more precisely grow the food that consumers want to eat — and grocery stores want to buy. “ Agriculture is the original high-tech industry,” Morris told PYMNTS.
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.
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