Any business is properly defined as the holistic sum of its parts: products, services, employees, partners, owners, location, systems, vendors, etc. The variables may vary in complexity, yet there's a universal structure within every business. Ultimately, generating profits from sales is the main goal, which is accomplished with effective business strategies. Let's look at [...]
Your company is there to earn money—not lose it. Even if you're not in the negative, it's possible that cash is slipping through your fingers without you realizing it. You don't notice the money leak because the problems that cause it aren't in your face. For example, if you have a rude employee, he/she [...]
When you first start a business, there are going to be many things to take care of. Are you making a product? In that case, you’ll have to buy raw materials, set up a production facility, transport your product to various outlets, create a marketing plan and work with a sales team. Your final aim [...]
Data-driven decision management is the state of the art in business management. The most efficient businesses are run by owners and managers who make decisions based on the data that their businesses generate rather than based on hunches or ideas about why their business performs the way that it does. According to the MIT [...]
Article Highlights: Penalty Being Phased in Over Three Years Larger of Two Amounts Flat Dollar Amount Percentage-of-Income Amount Penalty Applied by Month Many taxpayers are surprised by the size of the penalty being imposed for not having health insurance in 2015. This may be a wake-up call for many who didn’t realize the penalty is [...]
Let's talk about a CPA or Certified Public Accountant in a nutshell. Well actually there is no such thing as a CPA in a nutshell. We are a profession that is fairly old and that means there are a bunch of different types of CPA’s. Just like lawyers, there are specialists in their field and industries [...]
More than 50 tax provisions that Congress routinely extends on a yearly basis expired at the end of 2014. The big problem is, each year they are extending the provisions later and later in the year, creating uncertainty for taxpayers on whether they can depend on these tax incentives or not. This makes tax [...]
In taxes, there is a saying: “Those who keep records win.” If you are an investor, you may have a variety of securities, including stocks, bonds, mutual funds, etc. When you sell those securities, naturally you want to minimize your gains or maximize your losses for tax purposes. Gain or loss is measured from your [...]
The most effective way for small business owners to be sure that they are aware of their company’s financial status is to have an accurate balance sheet that reflects the most current information available. By keeping this information up to date every quarter, you can help yourself avoid a lot of problems and surprises down [...]
Just like you go to the doctor and the dentist regularly for a checkup, it’s also a good idea to give yourself a regular financial checkup. While you still might have 15+ years until retirement, you're not a kid anymore either. It's probably time to take a hard look at your financial situation and make [...]