We know we’ll never make tax season your favorite time of year, but perhaps we can make it easier. Here are five things you can do now to smooth out the time required to pull your records together for your tax preparer. 1. Contractor Clean-up In preparation for 1099s, take a look at your vendor list now and identify who should receive a 1099. Perform a mini-audit and ask for any W-9s that are missing so you can plug in … [Read more...]
Is Your Business Missing an Accounting Skillset?
In a small business, the owner ends up wearing many hats to get the product or service delivered, the customers served, and the accounts settled. Within each functional area of a small business, there are even more hats. Although the accounting function might be considered one big hat, there are actually a number of skills that make up “the accounting department” in a small business. Here’s a list to help you understand how … [Read more...]
Compliance Checklist: Seven Items You May Have Forgotten
Running a business is filled with regulations everywhere you turn. These can drain precious time away from the core of your business, but if you ignore them, there could be huge financial consequences you may be risking without even realizing it. The best way to handle them is to understand your exposure, consult with any experts you need to bring in, create a checklist, and make sure you’re in compliance. Here’s a head … [Read more...]
Are You Vulnerable to Fraud?
According to the Association of Certified Fraud Examiners (ACFE), over $3.5 trillion is projected to be lost to fraud worldwide in 2011 alone. The typical organization loses 5 percent of its revenues each year. While we have a lot to think about as entrepreneurs, we do need to take time to educate ourselves about this unfortunately common business loss. The Fraud Triangle An easy way to understand fraud is to learn … [Read more...]
Six Quick Productivity Tricks So You Can Go Home Early
If you have an endless to-do list, you’re not alone these days. Most of us are constantly looking for ways to work smarter and get more done. Here are six quick tips to help your productivity so you can go home early. 1. Group tasks. If you have lots of errands to run during the week, why not set aside one day or a part of a day to get them knocked out all at once? It saves start/stop time and may also save gas and time … [Read more...]
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