Although positive cash flow is a must to run a successful business, it isn't always easy to come by. Between clients taking a month or longer to pay their invoices and all the expenses you must incur to operate your business, having cash on hand for emergencies or to pursue business growth isn't always realistic. [...]
In October 2018, the Internal Revenue Service (IRS) released information about changes to business meal expenses that it passed under the Tax Change and Job Act (TCJA) of 2017. The TCJA effectively eliminated the ability for businesses and individuals to deduct expenses related to entertainment. This includes such things as sporting events and theater productions. [...]
Auditors with the Internal Revenue Service (IRS) use publications called audit technique guides (ATG) to help prepare them to conduct a tax audit. Under IRS regulations, businesses can use the same guides to check for compliance. The IRS offers ATGs in multiple categories such as type of business and special situations. Common examples of the [...]
According to recent information published by the Association of Certified Fraud Examiners (ACFE), payroll fraud occurs in approximately 30 percent of American businesses each year. Around half of the payroll fraud victims are small businesses that cannot afford such a loss. ACFE also states that the typical business in the United States loses five percent [...]
When searching for an accounting firm to assist with your small business financial functions, keep in mind that this will be a long-term relationship. If you do your due diligence in choosing the right firm for your company, the accountants should be around from the time your company is a small start-up through several expansions. [...]
It's common for businesses to offer attractive repayment options to attract new customers. Options may include making an invoice due in 30 days to 90 days. Whether it's due to forgetfulness or deliberate stalling tactics, businesses often deal with late invoice payments even when they give the customer a reasonable time to pay. Unpaid invoices [...]
