Inefficient bookkeeping and accounting practices, along with poorly managed debt, can lead to cash depletion and poor financial health for a business. Prudent goal setting, based on a realistic assessment of business performance, operations, and growth targets can help build cash reserves and financial resilience. Financial resilience and health have always been a top priority

Tax deductions help businesses save money by reducing tax liability. Deductions reduce the overall business income that will be taxed. They typically include expenses incurred over the taxable period. These expenses are then deducted from the income earned to calculate taxes. The intricacies of business taxation require in depth understanding and careful consideration. Tax payout

Effective cash flow management is necessary to ensure liquidity for a business, especially during a crisis. Cash flow, which is often confused with profits and income, provides an accurate picture of the financial health of the business. Businesses need cash to persevere. According to Business Insider, a financial and business reporting publication, about half of

Informed tax management can help startups and small businesses comply with tax obligations while optimizing credits and available deductions. The year 2020 impacted many small businesses, causing some to close, due to lack of adequate available cash to continue operations. Other small businesses have realized some relief by utilizing government aid and judicious planning to

Efficient payroll is critical to business success because being paid on time is essential for staff productivity, motivation, and the positive contribution to the success of the company. Aligning payroll with other business functions can be challenging for small businesses with limited staff and financial resources. Implementing software may work for some aspects, but does

The right answer is both. Businesses, especially startups and small firms, need adequate amounts of time and money. In the current COVID-19 landscape, small businesses have either shut down or are battling the prospect of permanent closure. A report by JP Morgan Chase Institute states that in the early months of the pandemic, substantial revenue

The changes brought about by the pandemic have resulted in deep learning for many accounting and bookkeeping firms, startups, and small and midsize companies (SMB). The businesses that survived have emerged stronger and resilient. They need to be diligent in their plans to ensure business continuity for 2021 and beyond. McKinsey, a leading management consulting

Business taxes can be daunting for startups, small and mid-sized businesses who routinely face financial challenges and budget restrictions. The IRS website shares updated information on tax incentives to assist businesses, including provision of deferred taxes and business tax credits. It is vital to understand federal tax and filing schedules so that you stay compliant

As businesses gear up for recovery and rebuilding during the COVID-19 pandemic, consider these strategies that can help align your growing CPA firm with sustainability and growth. Smart, powerful digitization As some businesses struggle to remain afloat during the COVID-19 pandemic, there are other businesses that transitioned to operating remotely.  As a result, these businesses

Financial empowerment has proven to be critical for small businesses to sustain and thrive during times of crisis. In the last year, the economic landscape has changed substantially due to the COVID-19 pandemic, causing many small businesses to close. Bloomberg highlights that, by the end of July, 800 businesses filed for Chapter 11 bankruptcy, and