7 Tips for Business Finance in 2017All Articles
Plan Now For The New Revenue Recognition Standard
The changes required by the new revenue recognition model are quickly looming – but most companies have not started their preparations. Given the new processes your organization may need to implement, the time to begin planning is now.
Plan for New 2017 Tax Return Deadlines
For the 2017 filing season, Congress agreed to change tax return filing and extension deadlines for partnerships, corporate entities, and information return forms. Don’t forget to update your calendar!
Plan Cybersecurity Protection
The average cost of a data breach in 2016 was $7.01 million. While you may not be able to prevent breaches entirely, you may be able to mitigate cybersecurity risks by involving all of your company’s departments.
Consider Strategic Outsourcing
A virtual CFO or controller can assist with financial processes and budgeting, thereby helping you more efficiently run your business. This benefit is just one of many that your company can reap from outsourcing your accounting functions.
Plan for the Unexpected
One-quarter of all small companies hit by a major storm permanently close. Be proactive against unexpected natural occurrences by disaster-proofing your business.
A code of ethics, document retention policy, and whistleblower policy are three governance policies that all companies should put in writing. Some of these policy details may vary depending on the needs of your organization.
Maintain Financial Separation Between Company and Owner
For business owners, keeping personal and company finances separate offers many benefits – including simpler tax preparation and a streamlined IRS audit process. We can advise you regarding 10 “seeds” to plant for financial autonomy.