As businesses flourish and expand, success brings both excitement and its fair share of hurdles. Growing companies realize the importance of attracting top-notch talent to ensure continued prosperity. However, despite striving to provide attractive compensation packages, financial limitations can occasionally pose challenges, and unforeseen situations may lead to the departure of valuable team members.  Such was the case for a local insurance firm, boasting an annual revenue of $3.5 million with a financial team of two.  Rather, soon to be one as their CFO was resigning.  Inste ..read more

As businesses flourish and expand, success brings both excitement and its fair share of hurdles. Growing companies realize the importance of attracting top-notch talent to ensure continued prosperity. However, despite striving to provide attractive compensation packages, financial limitations can occasionally pose challenges, and unforeseen situations may lead to the departure of valuable team members.  Such was the case for a local insurance firm, boasting an annual revenue of $3.5 million with a financial team of two.  Rather, soon to be one as their CFO was resigning.  Inste ..read more

Growth can come in many different forms (even in pruning… more on that another day). If you’re planning to grow your business this year you need to get very clear on the HOW. How are you going to grow? That can be the overwhelming part, but it doesn’t have to be.  Break it down into steps and simplify your way to success. There are three easy growth areas to consider. Volume – Boosting Sales Numbers Volume is all about the quantity. You want to sell more of the thing you already do. This strategy usually involves acquiring new customers which can be costly because it requires more spend ..read more

If you’re a business owner you probably started your business because you had an idea or a marketable skill set, not necessarily because you understood business.  And as your business has grown, your skills have improved.  We see this a lot in our clients, but what we don’t always see is an improvement of understanding the accounting and financials. Accounting is a function of your business that can be easily outsourced, but that doesn’t mean that you, as a business owner, should not be involved in the process. I recently worked with a business owner that started his business from ..read more

Estimated taxes are a crucial part of the tax system for self-employed individuals, freelancers, business owners, and those with significant investment income. Understanding who needs to pay estimated taxes, when these payments are due, and how to calculate them is essential for maintaining compliance with the IRS.  Let’s delve into the world of estimated taxes so you have clarity on these important aspects of tax responsibility. Who Has to Pay Estimated Taxes Estimated taxes are typically required from individuals and businesses that receive income not subject to withholding (think of ..read more

Determining whether your business is ready to hire an employee requires careful analysis and consideration. You need to assess your company’s financial position and calculate return on investment before ultimately deciding if hiring is the best path forward for your company.  What does that entail?  Let’s discuss.     Assess Your Company’s Position Financial Health CheckReview your current financial statements, including your income statement (profit and loss statement), balance sheet, and cash flow statement. This will provide an overview of your business’s financia ..read more

The IRS (Internal Revenue Service) imposes various tax penalties on businesses for non-compliance with tax laws and regulations. It’s important for businesses to be aware of these penalties to avoid costly consequences.  We’ve compiled a list of the eight most common penalties but it’s important to consult with a professional on your specific circumstance to determine your business’s requirements. Failure to File Penalty This penalty is assessed when a business doesn’t file its tax return by the deadline. The penalty is typically 5% of the unpaid taxes for each month the return is late ..read more

Managing payroll is a fundamental aspect of running a business, and many companies opt to outsource this task to professional payroll service providers. While outsourcing payroll can save time and reduce the risk of errors, one of the critical questions business owners often have is, “How much does payroll service cost?” In this article, we will explore the factors that influence the cost of payroll services, the different pricing models available, and considerations to help you determine the right payroll solution for your business. Factors Influencing Payroll Service Costs The cost of payro ..read more

Choosing the right entity for your business is a crucial decision that can have significant outcomes for your financial, tax, and operational aspects. Among the various options available, the S-Corporation, or S-Corp for short, is a popular choice for many small business owners. In this article, we will delve into the world of S-Corps to help you determine if it’s the best fit for your business. We’ll explore what an S-Corp is, its advantages, and situations where it might be the optimal choice. Understanding the S-Corporation An S-Corporation is a specific type of business entity that combin ..read more

An esteemed attorney began his legal practice in 2018 with the goal of using his law degree and prior experience to continue to serve his existing and new clients while also providing for his family.  As his practice rapidly expanded, the demands of running a growing business led him to increasingly make decisions that extended beyond the realm of law.  He quickly found himself venturing into the domain of business management.  With a desire to gain a comprehensive understanding of his firm’s financial health and ensure its continued growth and financial success, he found himse ..read more