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.

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.

Whether you are in the start-up phase of business or the expansion phase, there will come a time when you will consider getting a business loan to help with cash flows or to purchase equipment, if you have not already. This blog will provide you with information that will help you be the most prepared when you do. 

The loan process typically begins with a banker's analysis of financial statements that have been prepared by a CPA, and a personal financial statement.  The personal financial statement is typically used to determine if you will be able to personally cover the loan, should your business fail to repay it.  

Move your firm from start-up to growth....

Starting a business is one of the most exciting endeavors you could ever undertake, but starting is the easy part.  The challenge comes when you begin to seek ways of  growing your small  business.  Often the challenges and seeming road blocks you encounter can cause your excitement to quickly fizzle out and cause you to second guess why you started the business in the first place.  

This article offers three important steps that owners make take to easily move towards successfully growing their business and achieving the success they desire.
 

Many unwanted tax problems can surface for individuals working as freelancers and/or contractors.  This list was created to bring awareness to the top misguided actions individuals often make in this type of situation.