Year-End Tax Tips for Small Businesses – Part Three
If your business has followed the first four year-end tax tips, then it is probably in a pretty good position for tax time in April. However, the last two tips are ones that we simply cannot stress enough. Without these, you may have a difficult time proving you followed the others. Pay close attention to [...]
Year End Tax Tips for Small Businesses – Part Two
No one wants to face an unpleasant surprise come tax time, so the end of the year is a perfect time to get your business finances optimized for taxes. We covered a couple of tips last time that dealt with expenses, income and inventory. This time our tips center more on giving. Check these tips [...]
Year End Tax Tips for Small Businesses – Part One
With all the hard work you have put in this year, you may feel like coasting through December. Don’t close up shop too soon as there are some valuable tax tips you should take into consideration now before the year comes to a close. Here are some tips worth looking into before the ball drops [...]
Construction Companies: Managing Receivables
Managing construction receivables and payables can be challenging due to the nature of the business cycle. A customer may give a partial payment upfront with the balance being paid weeks or months later at project completion. Meanwhile, supplies and fees for rental equipment have to be paid. One receivable strategy that works well with many [...]
Nonprofits & Independent Audits
Federal legislation that has become known as the Sarbanes-Oxley Act requires publicly traded companies conform to new standards in financial transactions and audit procedures. Elements of this law should be incorporated into the nonprofit sector as well. In the wake of various scandals, nonprofits need to be mindful of promoting effective oversight of their organizations. [...]
Forming an Independent and Competent Audit Committee
The importance of audits to nonprofits is well known, but you don’t always hear about the role of the audit committee. Having a competent audit committee can ensure your audit runs smoothly and serves its purpose of being a qualified, independent evaluation of your organization’s financial situation. Tips for establishing your nonprofit audit committee: •Establish [...]
Challenges for Construction Trade Accounting
Every industry has its special characteristics, but the construction industry is truly unique. The construction trade is susceptible to business cycles, special income tax problems, financial reporting, bonding, and financing needs which differ from other trades. Typical accounting procedures do not work well and without the proper knowledge of construction accounting and taxes, the financials [...]
Disclosure Rules for Nonprofits
The IRS states that under IRC 6104, nonprofit organizations must make their three most recent annual returns publicly available. Congress’s reasoning behind this law was to allow the general public access to the returns of organizations and trusts that accept donations from the public. Documents that are covered under the disclosure law include: Form 990 [...]
Top Reasons to Outsource
Financial resource management is one of the most important aspects required to keep nonprofit organizations growing and thriving. Your nonprofit organization can only succeed if it is led from a position of fiscal responsibility and sound accounting practices. Don’t have the budget for a full-fledged accounting staff for your nonprofit? Outsourcing is the answer. Here’s [...]
Ways to Trim Small Business Expenses – Part 3
This is our last in our series of reducing expenses for small businesses. Although not every way will yield thousands of dollars in savings, every little bit helps and the cost savings over time can really add up. Try implementing these cost saving measures: 7. Ask your employees for help. Get your employees involved in [...]
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