Revenue and expenses, as reported on your company’s income statement, have limited usefulness to people inside the organization. Managers often need information presented in a different format in order to make operational and strategic decisions. That’s where activity-based costing comes into play. This costing system is commonly used in the manufacturing and construction sectors to determine which products and customers are profitable, to identify and eliminate waste, and to more accurately price products or bid jobs going forward.
Are Gift Cards Really a "Gift" for the Restaurant Industry?
Posted by Nick Wheeler, CPA on Jan 25, 2022
Given the popularity of gift cards among both issuers and recipients, restauranteurs should understand the pros and cons of selling and issuing gift cards.
Posted in Accounting & Outsourcing
While digitalization continues to take hold of the business world, the billing and collections functions for many organizations remain largely paper-based. Businesses that automate the accounts receivable process may accomplish several operational and financial goals. Here are five key benefits that organizations can unlock when they “go digital.”
Posted in Accounting & Outsourcing
Building Your Tax Department Bench Strength: Benefits of Tax Co-Sourcing
Posted by Jessica L. Pagan, CPA on Oct 22, 2021
Organizations are faced with the challenge to increase operational efficiency while reducing costs and retaining the personnel they need to be strategic. Talent shortages and the resource drain associated with recruiting, onboarding, on-the-job training, and continuing education have many organizations looking for a more efficient and practical approach. Having the flexibility to allocate resources to align with organizational objectives is imperative.
Posted in Accounting & Outsourcing
Planning for what lies ahead is an important part of running a healthy business. Forecasting your company’s financial statements can help you manage inventory and other working capital accounts, offer competitive prices, identify impending cash flow shortages and keep your business on solid financial footing.
Posted in Accounting & Outsourcing
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the IRS recently announced the relevant inflation-adjusted amounts for 2021.
Posted in Accounting & Outsourcing
The President's Action to Defer Payroll Taxes: What Does It Mean for Your Business?
Posted by Murry Guy, CPA on Aug 17, 2020
On August 8, President Trump signed four executive actions, including a Presidential Memorandum, to defer the employee’s portion of Social Security taxes for some people. These actions were taken in an effort to offer more relief due to the COVID-19 pandemic.
Posted in Accounting & Outsourcing
Posted in Accounting & Outsourcing
Outsourcing may appeal to organizations that are currently struggling with mounting overhead costs during the COVID-19 crisis. By outsourcing, you convert certain fixed overhead costs associated with compensating and supporting employees into variable costs that can be scaled back in an economic downturn — or dialed up in times of growth and transition.
Posted in Accounting & Outsourcing
Good Records Are the Key to Tax Deductions and Trouble-free IRS Audits
Posted by Lisa Albritton on Jun 15, 2020
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported on your tax returns if you’re ever audited by the IRS or state tax agencies.
Posted in Accounting & Outsourcing