Budgeting and forecasting are two key financial planning and analysis tools that businesses use to plan their operations and make informed decisions. While they are often used interchangeably, budgeting and forecasting have distinct differences in terms of purpose, scope, and timeframe. In this post, we’ll explore the differences between...
With the start of a new year, it is the perfect time to set goals for you and your business. Goal setting is important for any organization because it helps to focus efforts, measure progress, and evaluate successes. It also provides direction and keeps teams motivated. Here are a...
With inflation on the rise, businesses are looking to stay afloat in an ever-changing economic climate. Fortunately, one of the solutions to this problem is outsourcing some of your business operations. By outsourcing certain tasks and services, you can save money and time while still achieving your desired outcomes....
As a business owner, it’s important to be aware of the dangers of inflation and how it can impact your bottom line. Inflation is defined as a sustained increase in the prices of goods and services in an economy. When inflation goes up, so does the cost of running...
One of the many changes that businesses will experience when filing taxes this year is the business interest limitations. The IRS Section 163(j) rules were first included in the Tax Cuts and Jobs Act of 2017, but an additional provision began with the 2022 tax year. Here are the...
Talent is located all over the globe, and the pandemic caused many workers to reassess what they want from their lifestyles and move abroad. Additionally, worker shortages have led some companies to hire an employee in another country instead of hiring locally. Can US companies hire employees in other...
Depending on the size of your small business, one of the things you’ll need to consider is whether it actually counts as a hobby in the eyes of the IRS. If the IRS determines that you are engaging in activities that are not for profit, you might have different...
At some point during your business journey, you might want to introduce new members to your LLC. Adding a new member is not complicated, but you must plan ahead for the legal and tax changes that will occur as a result. Here are some of the things that you...
Adding a new partner to your business can be exciting, but it also comes along with many different tax, financial, and legal changes. It’s important to know what you’re getting into and work with your accounting partners at MKS&H to understand and prepare for the differences between now and...
Owning a small business is incredibly fulfilling, but it can also put you in situations that are unique. While preparing for retirement as an employee at a large company comes with plenty of guidance, taking time to prepare for retirement as a small business owner is completely different. How...