Navigating the Post-Wayfair Landscape: Essential Sales Tax Strategies for Interstate Businesses The landmark Wayfair decision by the U.S. Supreme Court in June 2018 marked a significant shift in sales tax collection rules, impacting businesses engaged in interstate commerce. This ruling empowered states like South Dakota to mandate sales tax collection from businesses without a physical...
Maximizing Efficiency in Petty Cash Management for Business Success Petty cash plays a crucial role in the financial operations of many businesses, offering a straightforward solution for minor, immediate expenses. Despite its convenience, effectively managing petty cash can be a complex task. This article delves into strategies for optimizing petty cash management, ensuring security and...
Close Out November & Gear Up For Smart Tax Strategies 📅💼 Hello December! With November in the rearview, now’s the prime time to finalize your books for the month and pencil in a date with your CPA. Knowing your tax standing can help you plan better and ensure you’re not caught off guard. Sharing Is...
2024: A Forger’s Delight? Ann Mahoney, the esteemed Certified Forensic Document Examiner and Court-Qualified Handwriting Expert offers compelling insight as we enter 2024. Here’s a thought that’s as intriguing as cautionary: The numerical makeup of 2024 is an inadvertent blessing for those with forgery in mind. Over the years, we’ve witnessed attempts to manipulate figures:...
If you haven’t already, you will want to book a check-in with your CPA to review your 2022 performance and see the tax implications. To have a complete conversation, you will need to be sure that your books are up-to-date and accurate. So review your books thoroughly before the call. Make sure things look accurate...
Accurate inventory is crucial if your business relies on the sales of products. The golden rule; 80% of your profit will come from 20% of your inventory. Keep Your Inventory Accurate Here are a few tips to help you find the right balance to get you to the 80/20 rule. Is there a time of...
In product-based businesses, maintaining accurate inventory is not just necessary—it’s the cornerstone of profitability and efficiency. Understanding and applying the 80/20 rule, the Pareto Principle can be a game-changer. This principle suggests that 80% of your profits will likely come from just 20% of your inventory. Let’s delve into strategies that can help you harness...
Optimizing Cash Flow Management for Business Success Cash flow management is a critical component of running a successful business. It involves meticulously monitoring, analyzing, and optimizing the cash flow in and out of a company. Effective cash flow management is key to ensuring a business can meet its financial obligations, capitalize on growth opportunities, and...
Streamlining Financial Management: Mastering Receipt Management for Business Owners As a business owner, managing receipts is a critical aspect of financial management, essential for accurate tax records and other financial documentation. However, organizing receipts can often be tedious and time-consuming, taking your focus away from other important business activities. Innovative Solutions for Efficient Receipt Management...
The tax law changes greatly impact what can be deducted from the meals and entertainment expense category. The old law allowed a 50% deduction for business-related meals and entertainment expenses and a 100% deduction for meals provided for employees at the employer’s convenience while on the premises of the employer’s place of business. However, the...