When you're starting your business, it can be easy to focus on getting to the point of opening the doors. But if you don't plan for changes and growth in the first few years, you may be losing money in the long run. Here's a quick look at how you can go through the business planning process with an eye towards anticipating future needs. As you're planning your business, you need to think long-term. Though it can be tempting to simply budget to purchase products and services that just barely meet your needs, this can cause significant problems just a few months or years down the road. Plan to purchase these assets in a way that allows for future needs. As an example, purchasing software, host
The rapid pace of digitization is causing disruption and phenomenal change in virtually every market, including accounting. It's expected that the accounting industry will change drastically over the next 5-10 years. Is your company's accounting department or bookkeeper ready for these changes? Here's a quick look at what some of these changes may look like. Digitization and disruption are hot terms right now, but what do they really mean for your accounting processes? Part of digitization is improving the compatibility of software and apps to work together seamlessly. Until recently, an estimate made by your sales department would be figured in one piece of software, entered into a quote on
Have you made your New Year's resolution yet? If you've been considering starting a business, it's a great resolution to get it started now. But what's involved in getting your business off the ground? Here's a quick look at some planning that you can start right now, even if the holidays are in full swing. Is there room in the market for your concept? If you're looking at starting a plumbing business and your area is already inundated with plumbers, you may need to consider a different option. What kind of business do you want to operate? This is where you'll focus your concept. Are you going to provide plumbing supplies, residential services, new construction, commercial plumbing? Who are
As this year winds down and the new one appears on the horizon, it's time to start figuring out what preparations you need to make and purchases that need to happen before the new year arrives. Here's a quick look at some options you may want to keep in mind when planning for the end of this tax year. Make any last-minute charitable donations Whether you're going through your closet for old clothing or donating cash to a local organization, you'll want to make sure you have the paperwork in order before the end of the year. Remember that if you donate more than $250 worth of material items to a charity, the IRS requires a written acknowledgment of the donation from the charity. Look into ret
Setting up a charitable organization is often an act of the heart. Whatever your organization's focus, it's part of a passion and mission that drives you. But that mission often comes with more paperwork than you'd anticipated, and you have concerns over making sure it's done correctly to avoid issues with government tax agencies. Fortunately, you have options. Whether your organization has been in operation for years or you're just starting on your paperwork, there's no doubt that 501(c)3 accounting can be a nightmare to the untried. You want to trust your volunteers to do the right thing with handling the books, but are worried that perhaps the paperwork isn't being done correctly. With yo
If you've been paying attention to the news, you may have noticed a lot of chatter recently about the employer ACA penalty assessments that are being enforced starting with the 2017 tax year. But what are they, what kind of penalties are involved and what other issues should you be aware of? Here's a quick look at what you can expect. The ACA employer mandate requires companies with 50 or more full-time employees provide health insurance. With statements by President Trump suggesting repealing the Affordable Care Act, many employers waited to see what would happen with the employer mandate. However, friction in Congress has prevented replacement bills or repeal bills from making it through t
