Although delegating is a buzz word, don’t make these mistakes when doing so. Simplify Your Processes Review your workflow and processes to simplify them. If you are the only one capable of performing a simple, routine task because you overcomplicated the process, then simplify it. Start with writing down each step, make sure each step […]
Employees
Better Meals Deduction
Unfortunately, business meals are only 50% deductible for tax purposes. However, there are two ways your business meals can be 100% deductible, according to the IRS. Recreational Expenses for Employees Normally meals are 50% deductible and entertainment is not deductible at all. But if the meals are for recreational, social, or similar activities for your […]
Help Your Employees Succeed
Do you want your employees to be successful in their position? Here are several ways to do so. Proper Training Employees need to be properly and thoroughly trained in their position. This can be done via one-on-one training, training courses and written instructions. Depending upon the task and the position, all three ways can be […]
Business Risks You Aren’t Thinking About
I hate to be a Debbie Downer, but here are a few business risks you probably aren’t thinking about and some potential solutions to avoid them: Health Risk If you’re in your 20’s or 30’s you probably aren’t thinking about health concerns, but for those in their 40’s and above, it enters your mind more […]
5 Tips to Improve Cash Flow Immediately
Does your cash seem to be lacking even though your business is doing well? Here are 5 tips to immediately improve your cash flow: Accept Electronic Payments You’d be surprised by the number of businesses that rely on having their customers send them checks. It’s such a slow process that can take weeks or months […]
Turn Your Business into a Subscription
Why would you want to turn your business into a subscription? Not all businesses can do this, but here’s why and how to get started. Subscription Defined A subscription-based business model is one where a customer or client pays a fee periodically for a service or a product. For example, Netflix charges a monthly fee […]
How to Make Your Accounting Feel Less Painful
I’ve heard many descriptive words when it comes to accounting and maybe it’s because most people don’t find accounting as exciting as accountants do. Here’s how to make your accounting less painful: Outsource Most small businesses use QuickBooks Online to maintain their accounting records. Instead of doing this yourself, you can outsource this to your […]
To Pivot or Not to Pivot?
Should you pivot your business and what exactly is a pivot? There are right ways and wrong ways to pivot. Pivot Defined A pivot is a change in the direction of your business. It can relate to the type of services you offer, clients/customers served, your role, and the overall business model. Right Way to […]
Personal Financial Planning for Business Owners in 3 Steps
Financial planning for business owners differs from regular W-2 employees and should be handled differently. These are 3 steps business owners should take: Step 1: Plan for Volatile Earnings This is especially true if you operate a business that ebbs and flows with economic cycles, such as construction and real estate. However, company specific changes […]
How Will IRS Job Cuts Impact You?
There was a recent announcement regarding staffing cuts at the IRS. How will this impact you and should you be concerned? Background Information The IRS hired approximately 22,000 people during 2022, 31,000 during 2024, and approximately 20,000 during 2024 for a total workforce of more than 100,000 employees. This has been the largest number of […]