The Top 3 Reasons Accountants Get Fired
Aligned CPA Blog
by Aligned CPA
1w ago
Let’s be real, firing your accountant is never an easy decision. But sometimes, it’s the only choice left when they drop the ball one too many times. Whether it’s radio silence for months on end, a complete lack of tax-saving strategies, or last-minute scrambles to figure out what you owe Uncle Sam, these frustrations can quickly turn a professional relationship sour. The hardest part of breaking up is that you’ve probably used the same professional for years, you guys have a bond, and may even hang in the same social circle.  I get that breakups are never easy, but they are worth it in ..read more
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Maximizing Financial Management Through Fractional CFO
Aligned CPA Blog
by Cessie Cothran
1M ago
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
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Achieving Enhanced Financial Management: a Case Study
Aligned CPA Blog
by Cessie Cothran
1M ago
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
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Growth Strategies for Your Business
Aligned CPA Blog
by Cessie Cothran
2M ago
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
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What Small Businesses Need to Know About Accounting
Aligned CPA Blog
by Joy Lutz
2M ago
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
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Introduction to Estimated Taxes
Aligned CPA Blog
by Joy Lutz
3M ago
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
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Can I Afford to Hire an Employee?
Aligned CPA Blog
by Cessie Cothran
3M ago
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
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8 Tax Penalties Your Business Should Know About
Aligned CPA Blog
by Joy Lutz
3M ago
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
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What Does Payroll Services Cost?
Aligned CPA Blog
by Joy Lutz
4M ago
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
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Is an S-Corp The Best Option for My Business?
Aligned CPA Blog
by Joy Lutz
4M ago
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
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