Tips for choosing the right CPA for your business
The right certified public accountant can make or break your business. Errors in accounting can lead to the horrors of bankruptcy and might even send you to court for unintentional tax evasion. Conversely, the right accountant can deliver smooth and successful business operations on your behalf. You must therefore be careful when hiring one. Here are some tips before you hire a CPA.
5 Signs Your Business’ Financial Structure Needs A Reboot
Even when you have cash in the bank, pay all your bills and your assets are still intact, your business might STILL be in trouble. There are ways to identify financial issues and fix them as soon as you can before they become BIG trouble!
Why Your Business Doesn’t Need a CFO
CFO or Chief Financial Officer is a job that requires duties that are as intimidating as its name: controllership, capital structure overseeing, risk and liquidity consideration and other terms that can confound those living outside the world of high finance. The salary that goes into being one is also as big as its responsibilities. But not every business needs a CFO, especially small businesses.
6 Reasons Why You Should Invest in Bookkeeping Services
No matter how small the business, one person cannot juggle every aspect of running it all alone. Conceiving the business at first and then putting it up might not be a fast process. And it’s highly possible that it was done all alone by the business owner. However, when the business starts to grow, managing all parts of it becomes impossible. Also, taking the bookkeeping aspect for granted can consequently lead to very costly mistakes.
Small Business Tax Tips
A lot of people tend to face taxes with dread. They’re not criminal tax evaders, mind you. They’re just small business owners with tax-related phobia. Preparing and filing taxes give them the same awful feeling the way some people feel about visiting the dentist or public speaking. Here are ways of eliminating that dread.
What to Look for When You Need Professional Financial Services
Your business is at stake. That is just the sole but significant reason why you must be very careful in choosing a firm that has a strong impact in your financial future. There are a number of professional financial services in the market and choosing one to work with you has to be based on several qualities. Let us enumerate them.
Is an ERP System right for you?
An Enterprise Resource Planning (ERP) system is a business process management software that allows a manufacturing company to integrate a number of applications to more effectively manage their business and automate many back-office functions. With an ERP system, you no longer have to work with multiple systems for manufacturing, inventory, and accounting, as it houses all of these functions in one place. The benefits of an ERP system for a manufacturing company include:
• A global, real-time view of company data,
• Improved financial reporting and compliance,
• Increased internal controls over core business functions, and
• Enhanced customer service.
How can the DPAD help construction companies save?
The Domestic Production Activities Deduction (DPAD) is a term that every owner of a construction company should know. It is a free tax deduction that is allowed for any US company that produces goods. While this deduction is often called the manufacturer’s deduction, it truly is much broader than that. Not only do construction contractors qualify for this deduction, but so do those providing architecture and engineering services to construction contractors.
In July of 2015, the Financial Accounting Standards Board (FASB) issued Update 2015-11 Inventory (Topic 330), which will amend guidance within Topic 330. If you are currently valuing your inventory using a method other than Last-in, First-out, (LIFO) or the retail inventory method, you need to make sure you are aware of this update to implement and follow it. This standard was written as part of FASB’s Simplification Initiative and should hopefully simplify your valuation of inventory approach. What this update does is change the approach to value inventory from a lower of cost or market test, to a lower of cost and net realizable value approach. The following is further information on what you need to be aware of and consider when implementing this update.
Of course, as a company owner, you prefer your company’s tax liability to be as small as possible. Transfer pricing is a gray area of business tax law that is becoming increasingly more challenging for taxpayers who are multinational enterprises (MNE). Proper transfer pricing practice through strategic tax planning can reduce your overall tax liability while ensuring compliance with government regulations.
To help you remain on the right side of transfer pricing, and to help you avoid an IRS audit as a result of poor transfer pricing planning, we’ve compiled some basic information and direction. In addition, the MKS&H accounting experts are available to answer your specific transfer pricing questions and help you remain compliant.