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IRS Sends Out Incorrect Notices of Balance Due. Don’t Put a Stop Payment on the Check with Your Bank!

By Accounting Advice

In recent weeks taxpayers have received many IRS notices stating they have not paid their 2019 taxes even though the tax was timely filed and paid.   It seems during the pandemic when IRS workers were off, the IRS accumulated unopened mail in trailers set up outside the IRS facilities.  With the electronic filing system the actual tax return and balance due goes into the IRS computers immediately when efiled.  As a result the system is generating balance due notices…

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How to Make a Great First Hire

By Small Business Advice

Hiring just anybody is easy. Simply see if they can “fog a mirror.” Yet, hiring the right person, especially the first hire for a small business, may not be easy but it is crucial. It is crucial because a business owner should want the hire to fit, to contribute, and to stay contributing. As Lawrence Bossidy, author and former COO of General Electric said, “I am convinced that nothing we do is more important than hiring and developing people. At…

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Is it That Time Again? Monthly and Quarterly Financial Reports

By Accounting Advice

Business success requires a lot of things including a mission/purpose, excellent products or services, good people, and good operations. But it also requires profits. The old saying “No margin, no mission,” means that every successful company must have good financial and accounting practices that help it to achieve sustained profitability. As financial and investment expert Warren Buffett said, “Accounting is the language of business.” That “language” requires monthly reporting, quarterly, and annual reports. Good information is both accurate and timely,…

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How Can My Business Really Save Money?

By Accounting Advice, Small Business Advice

The primary purpose of every business is to make money; to generate a profit. If there is no return on effort and on a business’s investments, the business will surely die. There are clearly two major ways to generate profits: increase revenue and decrease cost. A key solution to control and reduce business cost is outsourcing, a widely embraced practice where a business hires a party outside the company to perform services that could otherwise be performed inside the company….

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Quarterly Reports? What Are They?

By Accounting Advice, Small Business Advice

There is an old saying that “Knowledge is power.” That is certainly the case for every business. No smart business owner should ever guess what his/her cash balance is or take a rough “shot” at last month’s income or operating expenses. No! A key to success in business is careful preparation and wise use of quarterly reports, a summation of the financial statements. As Warren Buffet stated, “You have to understand accounting and you have to understand the nuances of accounting….how…

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I Want My Employees to Stay

By Small Business Advice

There are many critical responsibilities on the shoulders of every business executive. Perhaps paramount is the responsibility, as author James C. Collins said, “Get the right people on the bus and in the right seat.” The corollary to that is anonymously stated as “When you find good people, keep them close.” Preventing unwanted employee turnover is essential to keeping good people. Finding and retaining the best possible employees is critical to today’s business success.   Why Do Employees Leave? Probably…

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PPP Loan Updates: What You Need to Know

PPP Loan Updates: What You Need to Know

By Accounting Advice, Small Business Advice

The original PPP program gave businesses 2.5 months of payroll as a loan which would be forgiven if you spent the money on payroll and other allowable costs over the 8 week period after you got the loan. Yesterday (June 4) congress finalized and passed HR 7010 which changes the PPP program retroactive to the original law date.  Here are some key changes and how they will affect your business: The business now has 24 weeks to spend the money…

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How to Balance Work and Life

By Uncategorized

Today’s society places such high importance on achievement, professional fulfillment, and monetary rewards that some individuals spend an inordinate amount of time at work, thus feeling out of balance relative to other important roles in their lives. Work-life balance suggests a harmony or equilibrium between the time and attention allocated for work and the time and attention allocated to other aspects of life including personal interests, family, social, and leisure activities.   Balance doesn’t suggest an equal allocation of time to…

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