When to Report Subsequent Events

Now or later? When to report Certain Events Financial statements present a company’s financial position as of a specific date. This is typically the end of the year or quarter. But sometimes events happen shortly after the end of the period that have financial implications for the prior period or for the future. Here’s a…

Business Data Breach? Five Steps to Take

Responding to the nightmare of a data breach It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a crisis, yet it’s imperative that you do. Suffering…

Where Did My Tax Deductions Go?

Some deductions may be smaller (or nonexistent) when you file your 2018 tax return The Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks. It also limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. Here are five you may see shrink or…

What Do Your Financial Statements Say

Financial statements tell your business’s story, inside and out Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about…

Develop Your Succession Plan Now

Using knowledge management to develop your succession plan As the old saying goes, “Knowledge is power.” This certainly rings true for succession planning in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is a company’s owner, however, great knowledge can turn…