December 2016 Blog Posts

  • 7 Tips for Business Finance in 2017

    December 28, 2016

    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.

    Document Governance

    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.

    Contact Us About Your Business, Finance, Accounting or Tax Needs

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  • Quick Financial Tips for Businesses

    December 12, 2016

    There’s no way to get around some of the challenges that come with being a small business owner. But the proper tools and support can help you navigate the world of debits and credits more smoothly. Here are a few financial challenges you may face and some small business finance tips for managing them.

    Small Business Finance Tips

    Cash Management

    Many small business owners can become overwhelmed by trying to manage their cash flow. Of course, you know you need accurate and timely data to line up the resources to handle crucial transactions – such as payroll – when needed. And the longer you wait to sort out your cash flow, the greater the risk for a mistake or oversight that can potentially damage your financial reputation.
    Accurate and timely financial statements are a must because they help you make important decisions and manage your fiscal obligations. They’re also a critical component to getting extra capital through a loan if needed. Unorganized financial records can be a red flag to lenders and may convey the wrong impression about the company’s fiscal health.

    Accounting

    Having a modern, often cloud-based, accounting system is a staple of many well-run small businesses. In fact, helpful accounting apps have become quite popular because they integrate into a lot of other services for easier and more efficient use.

    For example, if a sale is recorded in one department, a well-integrated accounting app can almost serve as a virtual employee and immediately make the necessary income or balance sheet adjustments to manage the transaction accordingly.
    Small businesses should consider utilizing financial/accounting apps offered through their business bank or business credit card to help them keep their finances in check.

    A Company Credit Card

    Is a company credit card the right choice for your small business?
    Naturally, there are pros and cons.
    For example, a business credit card such as Ink from Chase helps keep personal and business expenses separate. The card also rewards spending. And those reward points are capital that can be easily re-invested into the business.
    Burgeoning businesses can benefit from a business credit card too; this is a great way to establish credit and build financial stability.

    Meeting the Financial Challenge

    Even the smallest of companies today have access to financial and accounting tools and resources that can rival those of a business twice their size. These technological advances are narrowing the accounting and financing gap for small businesses.
    “Small businesses are strapped for time,” said Laura Miller, president of Ink from Chase. “The more we can bring together useful tools, the more we can help them be successful.”
    In the absence of a fully-staffed financial department — or even a single dedicated person — a small business owner can rely on the numerous services offered by their financial institute or business cards to help navigate any financial management challenges they may have.

    Contact Us About Your Business, Finance, Accounting or Tax Needs

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