Why Update Business Accounting Software?

 

Many entrepreneurs ask us why update business accounting software so often? Well, when you buy accounting software, even if the installation goes well, you will eventually grow frustrated when you don’t get the return on investment you’d expected. There’s a simple reason for this: Stuff changes.

Technological improvements are occurring at a breakneck speed. So yesterday’s cutting-edge system can quickly become today’s sluggishly performing albatross. And this isn’t the only reason to regularly upgrade your accounting software. Here are two more to consider. [Read more…]

How to Decrease Your Business Insurance Costs

 

Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting down.

If you are wondering how to decrease your business insurance costs, there are a wide variety of ways. Just two examples are staying on top of facilities maintenance and improving the safety of those who work there. [Read more…]

Business Owners: Put Your Successor in a Position to Succeed

 

When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of them is becoming a mentor. As such, you’ll have to communicate clearly, show some patience and have a clear conception of what you want to accomplish before stepping down. Here are some tips on putting your successor in a position to succeed. [Read more…]

I Will Be Speaking this Coming June 5-7 in Las Vegas

Hello everyone,

I will be speaking this coming Monday, Tuesday, and Wednesday in Las Vegas at the Gold Coast Hotel and Casino.

June 5 – Business Across Borders: Fundamentals of Multistate and Multinational Taxation

8am to 11:40am MST

June 6 – Taxation of the Gig / Sharing Economy

1:10pm to 2:50pm MST

June 7 – Taxation of the Gig / Sharing Economy

10:00am to 11:40am MST

The events will be broadcast on Facebook Live. For those of you interested in viewing the event please be sure to visit my Facebook page at http://bit.ly/2qOwrI6.

What Are the Tax Implications of Making an Employee into a Partner?

 

In today’s competitive environment, offering employees an equity interest in your business can be a powerful tool for attracting, retaining and motivating quality talent. But what are the tax implications of making an employee into a partner? If your business is organized as a partnership, however, there are some tax traps you should watch out for. Once an employee becomes a partner, you generally can no longer treat him or her as an employee for tax and benefits purposes, which has significant tax implications. [Read more…]

Could Stronger Governance Benefit Your Business?

 

Every company has at least one owner. And, in many cases, there exists leadership down through the organizational chart. But not every business has strong governance.

In a nutshell, governance is the set of rules, practices and processes by which a company is directed and controlled. Strengthening it can help ensure productivity, reduce legal risks and, when the time comes, ease ownership transitions. [Read more…]

Hire Your Children to Save Taxes for Your Business and Your Family

 

It can be difficult in the current job market for students and recent graduates to find summer or full-time jobs. If you’re a business owner with children in this situation, you may be able to provide them with valuable experience and income while generating tax savings for both your business and your family overall. [Read more…]

How to Find Bottleneck Risks in Your Supply Chain

 

Concentration risks are a threat to your supply chain. These occur when a company relies on a customer or supplier for 10% or more of its revenue or materials, or on several customers or suppliers located in the same geographic region. If a key customer or supplier experiences turmoil, the repercussions travel up or down the supply chain and can quickly and negatively impact your business. [Read more…]

How to Find a Successor – 3 Places to Look

 

Picking someone to lead your company after you step down is probably among the hardest aspects of retiring (or otherwise moving on). Sure, there are some business owners who have a ready-made successor waiting in the wings at a moment’s notice. But many have a few viable candidates to consider — others have too few. [Read more…]

Enhance benefits’ perceived value with strong communication

 

Providing a strong package of benefits is a competitive imperative in today’s business world. Like many employers, you’ve probably worked hard to put together a solid menu of offerings to your staff. Unfortunately, many employees don’t perceive the full value of the benefits they receive. [Read more…]