Insurance, in general, is often considered the foundation to a solid wealth building plan.  If you have managed to build wealth for yourself and your family through  an accumulation of monetary savings, purchasing of real estate, multiple successful businesses or similar investments,  it becomes critically important to obtain insurance vehicles that will help protect and preserve this wealth. 

Obtaining various types of insurance, essentially shifts some financial risks to insurance companies, allowing your precious savings to be used for other wants and needs.  This article discusses the various types of insurance plans individuals may use to keep their savings from being eroded by high medical expenses, disability and other  life and/or business events that may or may not be outside of our control.  

To pay employees on time, rent and other operating costs, it is critically important that small businesses get paid for the services they provide.  When a customer does not pay their outstanding invoices on time, we understand that it hinders your ability to operate effectively.  Use these tips to help your business greatly speed up its cash inflows and lower the number of unpaid invoices you experience in your business.

Taking the new year into consideration, we thought it would be a good idea to suggest a few  small business goals that can make a difference in the growth your business experiences this year.  

According to the Office of Management and Budget, in 2014 Social Security, Medicare and other taxes contributed $1.023 trillion or 33.8% of total federal revenue.  Individual income taxes of $1.394 trillion or 46.1% were the largest source of total federal revenue.  From just these two figures alone, you can see how critically important the collection of employment tax is to the U.S. government.  This makes it just as important for small business owners to understand and comply with payroll tax regulations.  This article will introduce you the payroll taxes that are significant and provide insight on how your small business can meet specific standards that apply.

Have you ever questioned why the profit listed on your income statement never matches the cash you have in your bank account? You're not alone in this dilemma. Many small business owners find themselves with a significant profit at the end of the year, yet their checking or savings accounts don't reflect this amount. Conversely, you may have a substantial amount of cash in your account, but your financial statement shows a net loss for the year.

The most effective way to protect a company’s most precious asset, cash, is by having proper internal controls.  The challenge to having useful internal controls in a small business is the potential for the overlapping of responsibilities since there may be a minimal amount of staff members.  It is okay to have a few staff members wear multiple hats, however, you must be careful about which “hat” is worn and by who.  Having a segregation of duties is possible and we provide two tips to help you achieve cash protection within your organization.

As previously discussed in our “Two Tips that Will Help You Achieve Internal Controls” article, having a segregation of duties over cash disbursements is critical if small businesses are to minimize employee theft and other risks.  In this article, we will provide suggestions on how to achieve protection of your company’s cash disbursements or cash outflows.

 The suggestions below are most effective when placed within a written policy and procedure document that will be approved by senior management and shared with personnel to achieve its successful implementation and ongoing practice:

Now that you have made the decision to become an entrepreneur,  usually the next decision is determing the kind of business you will have.  Should your business be a C-Corporation, S-Corporation, or a Limited Liability Company?  These options each come with there own tax and legal implications that should be taken into consideration.  

This is the time when small business owners are checking their list of "must-do's" to get ready for a new year.  Getting in shape for yearend tax filings and other fiscal responsibilities is the focus.  So if you have questions about payroll, business planning for the new year, hiring, and more,  this list will provide some of the important items to consider to ensure you end the year in compliance and ready to run full speed ahead in the new year.

Did you know that your business can help you achieve your personal financial goals?  As a Small Business Owner seeking to grow your business, you more than likely have personal goals you would like to achieve as well.  Most often these personal goals are directly impacted by the financial success of your business.  This is particularly true if your income comes primarily from what your business pays you.  In this case, it becomes a necessity that you understand your business' finances and gain control over how you use the most important asset in your business - cash!

Below are steps you can take to free up some of your business cash flows, you can then use to help you reach your personal financial objectives.