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A living will can help ensure your last medical wishes are carried out
According to a University of Pennsylvania report, approximately 37% of Americans have “advance directives,” which include living wills and power-of-attorney designations. These documents specify what should occur and who should make medical decisions should someone become seriously ill and unable to make these decisions for him- or herself. If you belong to the other 63%…
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Businesses looking for outside investors need a sturdy pitch deck
Is your business ready to seek funding from outside investors? Perhaps you’re a start-up that needs money to launch as robustly as possible. Or maybe your company has been operating for a while and you want to pivot in a new direction or just take it to the next level. Whatever the case may be,…
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No parking: Unused compensation reductions can’t go to health FSA
Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that the most acute phases of the public health crisis seem to be over in some places. This decision is raising some interesting questions about fringe benefits. For example, in IRS Information…
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Tighten up billing and collections to mitigate economic uncertainties
While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and…
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Could your business benefit from a PEO?
Keeping up with employment regulations and health care benefits can be a struggle for many small to midsize businesses. One potential solution is engaging a professional employer organization (PEO). PEOs employ experts who understand the minutiae of many HR functions. Moreover, these firms can handle difficult, recurring tasks such as managing employment taxes and administering…
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Supply chain software can help digitize the dilemma
It’s a dilemma that’s been in the news and on business owners’ minds for a while now. The COVID-19 pandemic, along with other world events, have strained supply chains both global and national. And, throwing gasoline on the fire, cyberattacks have threatened to further disrupt the smooth flow of materials, products and fuel. These heightened…
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Do you know the signs of financial distress in a business?
Financial statements tell only part of the story. Investors, lenders and other stakeholders who know how to identify red flags of impending problems can protect their own financial interests. Additional due diligence may be needed to uncover these issues. For instance, stakeholders might need to talk to management, visit the company’s website and compute financial…
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Management letters: Follow up on your auditor’s recommendations
Maintaining the status quo in today’s volatile marketplace can be risky. To succeed, businesses need to “level up” by being proactive and adaptable. But some managers may be unsure where to start or they’re simply out of new ideas. Fortunately, when audited financial statements are delivered, they’re accompanied by a management letter that suggests ways…
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Forecasts vs. projections: What’s the big difference?
Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help ensure the assumptions underlying prospective financial statements make sense in today’s volatile marketplace. Key definitions When…
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How inflation could affect your financial statements
Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices of food, clothing, shelter, fuels, transportation, doctors’ and dentists’ services, drugs, and other goods and services…
