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The S-Corp Tax Advantage

Should I organize as an S-Corp or be taxed as one? This question comes up frequently for those starting a new business or those that have had a sole proprietorship or single-member LLC for a while. While these organizations are much easier to manage in terms of legal and tax filings, you will also pay [...]

Retirement Plans – A Low-Cost Benefit for Employees, Including Yourself!

Saving for retirement isn't always front and center on your mind, in fact it's likely pretty far down the scale of things to worry about when you're a small business owner. But I suspect that you DO want to save for retirement, and you DO want to attract the best talent, whether hourly or salaried [...]

Are you in control of your cash flow?

What is your cash position right now? What do you expect your cash position to be in six months? If you can answer these questions, then you are way ahead of most small business owners. Many have no idea what their cash position is, besides a rough estimate of their bank balance.  In fact, 90% of [...]

Got goals…for tax planning?

Tax planning is a term batted around frequently but unless you understand your goals for tax planning, it will be difficult to take the appropriate step in the right direction. Let's be clear here. This is not about tax evasion (which is illegal). This is not about avoiding paying your fair share to live in [...]

Is money floating away from your business?

While we never want to believe that fraud can happen in our business, unfortunately we don't always have the mechanisms in place to prevent temptation, or even honest mistakes. Most embezzlers starts small, with unnoticeable amounts that wouldn't cover the coffee fund, with good intentions of paying it back. But once it starts and is [...]

To lease or to buy…that is the question

When I recently asked a business owner why he decided to lease instead of buy a piece of equipment, I got a blank look and an "I don't know, it just sounded right" response. While gut feel can play a necessary part in decision-making, some underlying guidelines could be helpful when your gut is on [...]

Are you accounting for leases correctly?

Accounting for leases may sound a bit like a CPA being a stickler for detail, but proper accounting for leases can impact the financial books as well as have tax implications. In general, the difference between an operating and a capital lease in terms of these effects are the following: Higher debt with a capital [...]

How do YOU define productivity?

There are many different ways to measure productivity, with each providing a different lens with which to view your business. For a veterinary practice, for example, you could measure charges, patient visits, and procedures, to name a few. But with each measurement, it is important to view them not independently, but as they relate to [...]

Are you benchmarking your business?

It is so easy to get caught up in the single universe of your business and not take time to compare it to other businesses in your industry. Now before you exclaim, or at least think, "Pshaw!" please read on and I bet you'll find at least one nugget that can help you assess and [...]

What are add-on apps? A few of my favorites

While accounting software forms the backbone of your financial system, add-on applications are part of an ecosystem of applications that can integrate with this software. Each application serves a specific need. Instead of purchasing a large enterprise resource planning (ERP) system and tailoring it according to their unique business model, small businesses can now use [...]