For many companies, the budgeting process has become an activity that adds little value. One survey of 130 CFO’s found that only 17% of participants would describe their organization’s approach to annual budgeting as “very valuable." Establishing a reliable and an effective budgeting process early will help you avoid this common problem. With an [...]
Understanding your accounting and reporting requirements can be daunting for any startup owner. Compliance is time consuming, and mistakes can lead to hefty fines. This new business checklist will give you the framework necessary to educate yourself on accounting processes for startups and small businesses. Following these steps can help you launch your business [...]
Whether you own a global Fortune 500 corporation or a small local retail store with three employees, your financial operations are at the very core of your business. Finance is the one common denominator of all business concerns. While your product or service might represent the heart and soul of your company, money is the [...]
As a Certified Public Accountant that works predominantly with entrepreneurs and startups, I've been lucky enough to rub elbows with some highly successful business men and women. What often intrigues me when I consider both my most successful clients and some of the clients who struggle to maintain a sustained level of success is their reaction [...]
According to a recent survey, 58% of business owners working 60 or more a week said bookkeeping was draining, and almost half of small business owners said it was their least favorite task to complete. In my experience working with startups and small businesses, this does not surprise me. In fact, I thought the [...]
Throughout my time working with startups and entrepreneurs, I've had the pleasure of getting to observe the rapid growth of some very successful ventures, and the decline of others. I've seen companies scale into 10x growth year over year, and have been lucky enough to work alongside them throughout their journey. As a result, I've [...]
You only have a a few days left to prepare and distribute your 1099-MISC forms to your contractors from 2016. The forms are due to your contractors by January 31st, 2017. The 1099-MISC form reports the total amount of payments you or your company paid to a single person or entity during the previous calendar year. Contractors use [...]
Out of the many benefits of an S Corporation, there are two that stand out most. First is the fact that owners and shareholders are not personally liable for corporate losses or debts. Second, there is no self-employment tax on your share of the corporation's income in excess of your salary. This benefit has been [...]
As an Adjunct Instructor at Northwestern University teaching startup accounting, I'm tasked with helping students understand accounting as it relates to startups. Although the foundational mechanics of accounting are the same across all different business types, there are some special considerations for startups. Specifically, startups have to develop and implement accounting policies and procedures [...]
2017 is here, meaning it is crunch time for your small business tax preparations. The beginning of the year is a hectic time for most small businesses and makes it difficult to gather all of the appropriate documents and expenses you will need to file taxes. Most small businesses will have started preparing your taxes, but [...]
