Interim financial reporting is essential to running a successful business. When reviewing midyear financial reports, however, you should recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a CPA prepares them or performs agreed-upon procedures on specific accounts. Realize the diagnostic benefits Monthly, quarterly and midyear financial reports can … The post It’s almost time for a midyear checkup on your company’s financial health appeared first on Whalen & Company, CPAs ..read more

Many businesses focus on selling more products and services to boost profitability. But sales volume alone doesn’t necessarily raise profits. In fact, pushing more sales through a bloated expense structure can result in lower net profits. That’s why it’s important to look at the other side of the ledger — expenses — as you aim … The post 4 cost-cutting areas to help your business boost profits appeared first on Whalen & Company, CPAs ..read more

Accurate, timely financial information is key to making good decisions for executives, board members, investors, and other stakeholders. But not everyone who reads your financial statements will really understand the numbers they receive and what they mean to your organization. Here are some ways to present your financial results in a reader-friendly manner. Consider your … The post How to communicate accounting information to laypeople appeared first on Whalen & Company, CPAs ..read more

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain … The post Turning a hobby into a business? Pay attention to the tax rules appeared first on Whalen & Company, CPAs ..read more

Many people dream of turning a hobby into a regular business. Perhaps you enjoy boating and would like to open a charter fishing business. Or maybe you’d like to turn your sewing or photography skills into an income-producing business. You probably won’t have any tax headaches if your new business is profitable over a certain … The post Turning a hobby into a business? Pay attention to the tax rules appeared first on Whalen & Company, CPAs ..read more

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios to illustrate the federal income tax issues you face when selling an appreciated vacation home. Scenario 1: You’ve never used the home as your primary residence In this case, the … The post Taxes when you sell an appreciated vacation home appeared first on Whalen & Company, CPAs ..read more

Accurate, timely financial information is key to making good decisions for executives, board members, investors, and other stakeholders. However, not everyone who reads your financial statements will really understand the numbers they receive and what they mean to your organization. Here are some ways to present your financial results in a reader-friendly manner. Consider your … The post How to communicate accounting information to laypeople appeared first on Whalen & Company, CPAs ..read more

Earth Day (April 22) is a good time to evaluate what your business can do to protect the planet’s natural resources for the next generation. “Green” initiatives can demonstrate your company’s commitment to responsible business practices — as well as lower your monthly bills. For many small and midsized businesses, utilities and fuel are significant … The post 6 tips for lowering energy costs to boost profits appeared first on Whalen & Company, CPAs ..read more

If your business doesn’t already have a retirement plan, it might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $69,000 for … The post Don’t have a tax-favored retirement plan? Set one up now appeared first on Whalen & Company, CPAs ..read more

Inventory management is a key balance sheet item for many companies. Depending on the nature of your operations, inventory may include raw materials, work-in-progress (WIP) inventory, and finished goods. While you need to have enough inventory on hand to meet your customers’ needs, carrying excessive amounts can be costly. Here are some smart ways to … The post Getting a handle on inventory management appeared first on Whalen & Company, CPAs ..read more