Tips

5 Reasons Outsourcing Works for Growing Businesses

By |2019-12-09T13:07:09-06:00November 27th, 2019|Accounting, Advisory, Goals, Internal Control, Payroll, Tips|

As your small business grows, the demands on your time and energy grow, too. You and your employees can find yourselves consumed with activities that creep beyond your passion and proficiency. This can be risky for your business, at worst, and boring or unfulfilling for you and your employees, at best. Many business owners [...]

What Your Financials Say About Your Business

By |2019-12-12T13:57:08-06:00November 21st, 2019|Accounting, Advisory, Goals, Tips, Value|

As a small business owner, it can be overwhelming when trying to review and understand your company’s financial statements. Luckily, there are several ratios that you can utilize to help better understand what the financial statements are trying to tell you. This article lays out several of the key management ratios that are used across [...]

Data Security: Is Your Organization Doing Enough?

By |2019-12-09T13:12:32-06:00August 14th, 2019|Assurance, Board, Fraud, Internal Control, IT, Nonprofit, Preparation, Tips|

The term data security broadly refers to defensive measures put into effect to prevent unauthorized admission into computers, databases, websites, and any other places data may be stored. Data security is typically applied to systems which protect personally identifiable information (PII). Examples of more sensitive PII include social security numbers, driver’s license numbers, full [...]

Is That IRS Call Legitimate? 5 Tips for Catching Tax Scams

By |2019-12-09T13:22:36-06:00March 6th, 2019|Advisory, Fraud, IRS, IT, Tax, Tips|

Millions of dollars and personal information from thousands of people are lost every year due to tax scams. There is an old saying that there are two things that are certain in life: death and taxes. It seems you can add a third: tax scams. There are some new and updated scams for 2019: [...]

How to Prepare Your Employees for Change

By |2019-12-09T13:24:36-06:00February 20th, 2019|Advisory, Change, Leader, Morale, Preparation, Tips|

There is a famous quote stating that only two things are certain in this world: death and taxes. However, it’s obvious there are actually three certain things; the third one is ‘change.’ Everyone has experienced a change in their personal or professional life at some point. Sometimes change is by choice and other times [...]

Business Brokers vs. Business Appraisers – 3 Key Differences

By |2019-12-09T13:25:03-06:00February 13th, 2019|Advisory, Business Valuation, Change, Sell, Tips|

For full disclosure, I want to start off this article by leveling the playing field on perspective by saying I am an accredited business appraiser and have no experience as a business broker. The purpose of this article is to provide insight into key differences between costs associated with the services of a business [...]

Top 10 Accounting Acronyms Every Business Owner Should Know

By |2019-12-09T13:22:28-06:00January 30th, 2019|Accounting, Advisory, Cash Flow, Tips, Value|

You need accurate financial information to help you measure the results of all the hard work that goes into your business. The problem is, your accountant uses more acronyms than your teenage daughter’s text messages. This leaves you feeling frustrated and confused. You can either smile and nod until the conversation ends or spend [...]

Decoding the Nonprofit Financial Lingo: Statement of Financial Position

By |2019-12-09T13:23:13-06:00January 23rd, 2019|Accounting, Advisory, Assurance, Cash Flow, Nonprofit, Tips|

In each of our chosen fields and careers, there is often some industry-specific language that gets passed around. Nonprofits have their own sets of terminology that can be different and confusing. Whether you’re an accountant, board member, volunteer, or curious potential donor, getting to know the lingo used in non-profit accounting can be important [...]

S Corporation or C Corporation – What is Right for My Business?

By |2019-01-16T09:52:18-06:00January 2nd, 2019|Advisory, Change, Deductions, Shareholder, Tax, Tax Reform, Tips|

The Tax Cuts and Jobs Act has many business owners evaluating whether or not they have the right entity structure.  The S corporation business structure offers many benefits, including limited liability for owners and no double taxation. But not all businesses are eligible - and, with the new 21% flat income tax rate that now [...]

Are Rules of Thumb an Adequate Way to Value a Business?

By |2019-04-17T15:37:06-05:00December 21st, 2018|Advisory, Business Valuation, Change, Preparation, Sell, Tips|

Let me begin by answering that question. No! Now it is my responsibility to explain why. While “Rules of Thumb” typically derive from industry trends and comparable company research, they miss out on vital factors that must be considered when determining a reasonable value for a business or ownership share. First, let’s start with an [...]