Accounting, Tax

As a small business leader, growth is a top priority.

Acquiring customers is hard but getting paid for work already accomplished is sometimes harder. Customers avoid paying for various given reasons, seldom because of bad intent.

According to Ohad Samet, co-founder and CEO of TrueAccord, the most common reasons are:

One recent small business leader survey indicated they were more interested in buying the property their brick-and-mortar facility domiciled in than at any time in the past 10 years.
The decision to buy or lease is one of the toughest such choices they face.

A surprising number of businesses fall prey to fraud by doing transactions with non-existent companies..
This fraud allows non-existent, or otherwise fraudulent businesses, to establish credit. These firms then dupe unwary small businesses.
Once duped, these victims sometimes employ specialized firms to collect bad debts.

For those companies thinking about transitioning accounting departments to paperless have this 2018 tax season, these tips can turn a potentially negative experience into a positive one.
Jesse Wood, CEO of eFileCabinet offers these five tips.

As more and more consumers purchase prepared food rather than cook at home, the currently attractive margins for such offerings face mounting challenges.  Not the least are labor costs, which are under pressure from economic and regulatory trends. Integrating higher labor costs into the pricing algorithm represents the next major challenge for food sector leaders.

Whether a neighborhood deli, central food kitchen, or gourmet restaurant, the need to find ways of doing more with the same or fewer employees is expected to become more important in 2017.

As recently as a decade ago, if you were a small business owner with a bad personal or business credit score, you could forget about getting a loan from a traditional bank or credit union.

March, April and May have long been associated with “spring cleaning,” and most small businesses take advantage of this time period to tidy up around the office and organize their work space. Unfortunately, too many small businesses forget to include a vital aspect of their everyday business in their spring cleaning routine– their virtual office.

Although many people do not value anything received free, there are many available resources that do not cost small businesses monies.

Kala Gibson, Senior V.P and Head of Business Banking, Fifth Third Bankreports seizing growth opportunities for your business is no easy task.

Personal and business data floods the mail and Internet during tax season.

And according to Tim Zeilman of the The Hartford Steam Boiler Inspection and Insurance Company identity thieves are on the lookout.

Zeilman thinks small business leaders need to keep some things in mind.

The typical organization in loses 5% of its revenues to fraud each year. 

Although 5% may not sound like much, when you consider that the average profit margin in the U.S. is only 6.5%, a typical fraud occurrence could easily mean the difference between solvency and bankruptcy.  Globally that translates to $3.5 trillion.