If you’re working on building your startup or new company, the early days are absolutely vital. Your burn rate, or the rate at which your company is using its cash, is an important metric for both you and your investors. While important, your startup’s burn rate is not the ‘end-all’ of financial metrics. This [...]
Bank reconciliations are the first steps to complete when it comes to accounting for your business. It is crucial that all the cash on hand, money being received and payments going out are being accounted for in your books. Bank reconciliations are the core of bookkeeping services that accountants provide. Thankfully with the help [...]
Finding a quality tax preparation service in Chicago isn’t easy. If you’re interested in bringing on licensed professionals with niche-based expertise, Founder's CPA Group is the firm for you. With an emphasis on startups and small businesses, Founder's CPA Group can handle all your accounting needs. Do what you do best: grow your business. Let us handle [...]
When it comes to running a small business, taxes are one more complication. While you can do it yourself, why should you? Using someone you know may work, but what if they make a mistake? Hiring a professional has a wealth of benefits. Here are the reasons you need tax services for a small business. [...]
Offering stock options to employees can be a win for both owners and workers — but chances are you’ll want a 409A valuation beforehand. A 409A valuation protects the company in the event of an IRS audit and ensures your employees aren’t faced with an unfair tax burden come tax time. This guide to 409A [...]
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 [...]
Are you thinking about launching a crowdfunding campaign? Did you know you might have to pay income taxes? Read this before you launch. Is Crowdfunding Taxable? Crowdfunding for a business is almost always taxable. That's because the contributors almost always get something in return. Taking someone's money and giving them something is a sale. It doesn't matter [...]
Running a business means dealing with bookkeeping and accounting. There are two ways of accounting: cash basis accounting and accrual accounting. Here are the differences between the two methods, examples of each, and the pros and cons of both methods. As stated by Investopedia: The main difference between accrual and cash basis accounting lies in the [...]
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 [...]
