For any business to be a success, there are certain growth strategies that can’t be implemented without proper financial planning and accounting. One essential element to the health of a growing business is proper record keeping, especially when it comes to financial activities….
Read MoreIs Mandatory Sick Leave Coming to Your Town?
Montgomery County, Maryland has passed law requiring sick leave to be offered to all employees. Any employers functioning or handling business in Montgomery County are required to supply their employees with paid sick leave. This is stronger than most sick leave laws…
Read MoreThe Process and Benefits of Managing Accounts Payable Turnover
Understanding Accounts Payable Turnover One of the key concerns that management often has is their payment obligation to the suppliers of their core services. For a service industry business, this is typically their subcontractors or consultants. This is encapsulated in a short-term…
Read MoreLess Expensive CPAs Don’t Equate to Savings
CPAs often get a bad rap for their field being dull. But the truth is that a good CPA can help your business with financial strategy, reduce your tax obligations, and ensure your company is meeting audit requirements for your…
Read MoreFollowing the Paper Trail for Corporate Fraud
How financial statements reveal corporate fraud The U.S. economy is finally recovering from the effects of the recession, but at least one major financial risk remains — corporate fraud. Fortunately, a CPA certified in financial forensics (CFF) can help companies…
Read MoreHidden Assets in a Business Owner’s Return
Experts look to tax returns in hidden-asset investigations Business owners involved in divorce or engaged in fraudulent activity have plenty of motivation to manipulate their companies’ financial statements for their own ends. Fortunately, for financial experts such as forensic accountants…
Read MoreHow the New Tangible Property Regs Apply to Small Business
Is it a depreciable asset or not? The Internal Revenue code (IRC) states that you must capitalize all tangible property acquired, produced, or improved regardless of the size and price. So in theory, the IRC requires you to put the…
Read MoreThe Importance of Mileage Tracking for Employees – 5 Things to Consider
Modern smartphone and data management applications help maintain mileage logs As common and routine as it may be, taking another look at your mileage tracking process for employees can be another way to tighten your accounting records. The IRS requires…
Read MoreYour Maryland CPA Firm and Independence – Part 2
In part 1 of our blog article series on CPA firm independence, we provided the definition and discussed the ethical guidelines Maryland CPAs should follow. In today’s installation, we discuss why independence of your CPA is so important and provide insight…
Read MoreIs Your Data Safe?
What small businesses need to know about data security Does your company have sufficient safeguards in place to protect client, employee, and company data? Donna Dietz, president at CMIT Solutions, states that hackers prefer small to medium size businesses. Why?…
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