Accounting, Tax

This year, navigating tax season may feel like navigating a minefield because of the dramatic changes that many businesses and individuals were forced to implement as a result of the COVID-19 pandemic.

For small business owners, trust can be the foundation for success.
Trusted relationships with customers, partners, employers and investors are vital to growth and even survival – but, unfortunately, trust can easily be broken.

Growing small businesses often fail to use the elements of basic accounting to identify current, future opportunities and problems.

According to Will Stewart, Corporate Controller, MidCap Credit & Capital, the general ledger – it is essentially the master accounting document presenting a complete record of a company’s financial transactions.

As a small business leader, growth is a top priority.

Acquiring customers is hard but getting paid for work already accomplished is sometimes harder. Customers avoid paying for various given reasons, seldom because of bad intent.

According to Ohad Samet, co-founder and CEO of TrueAccord, the most common reasons are:

One recent small business leader survey indicated they were more interested in buying the property their brick-and-mortar facility domiciled in than at any time in the past 10 years.
The decision to buy or lease is one of the toughest such choices they face.

A surprising number of businesses fall prey to fraud by doing transactions with non-existent companies..
This fraud allows non-existent, or otherwise fraudulent businesses, to establish credit. These firms then dupe unwary small businesses.
Once duped, these victims sometimes employ specialized firms to collect bad debts.

For those companies thinking about transitioning accounting departments to paperless have this 2018 tax season, these tips can turn a potentially negative experience into a positive one.
Jesse Wood, CEO of eFileCabinet offers these five tips.

As more and more consumers purchase prepared food rather than cook at home, the currently attractive margins for such offerings face mounting challenges.  Not the least are labor costs, which are under pressure from economic and regulatory trends. Integrating higher labor costs into the pricing algorithm represents the next major challenge for food sector leaders.

Whether a neighborhood deli, central food kitchen, or gourmet restaurant, the need to find ways of doing more with the same or fewer employees is expected to become more important in 2017.

As recently as a decade ago, if you were a small business owner with a bad personal or business credit score, you could forget about getting a loan from a traditional bank or credit union.