Don’t Neglect Your Succession Planning

Business Accounting Systems

Succession planning can be one of the most difficult issues faced by a family-owned business. As a business owner nearing retirement, how do you transfer leadership (and perhaps ownership) and keep the business running smoothly? Unfortunately, many businesses don’t survive the transition to the next generation. As with most business problems, good planning is the […]

Oft-overlooked Areas to Cut Business Expenses

Trimming expenses is something businesses must do in earnest to survive the economic downturn due to the pandemic. Here are some areas where your business may still have cost saving opportunity. Interest rates. If you have credit cards, banks will often listen to a request to lower your interest rates. This is especially true if […]

Must Read for Small Business Coronavirus Loans

Beginning April 3, 2020, your small business can apply for a PPP loan funded as part of the coronavirus CARES Act. The great thing about these loans, is that they are low cost and some or all of it can be forgiven. The problem The rush to get this program up is understandably confusing and […]

Basic Financial Documents You Must Have

Basic Financial Documents You Must Have

There are some basic financial arrangements that all individuals should consider making, no matter what their age or circumstances. But if you have a family, these basic documents become essential. A Will. As you know, a will lets you, rather than the state, control how your assets will be split among your heirs. More importantly, […]

Use Financial Information to Increase Business Profits

Most successful business managers use financial statements and other special reports to generate higher profits. If you haven’t been using all the financial tools available to you, here are some ideas to get you started. There is no need to feel intimidated by financial statements. If your company’s record system is properly designed, you should […]

Conduct a Financial Review at Tax Time

Tax filing time is an ideal time to review your financial affairs. You have to gather information to prepare your tax return at this time. Why not take one more step and do something positive for your financial well-being? The following suggestions will get you started on your financial review: Discuss with your family. Spouses […]

A Warning to Kids Who Want to File Their Own Tax Return

If you have children younger than 19 years old (or 24 if a full-time student) coordinate the filing of their taxes with yours. How they file is a matter of tax law. The problem Your child is away for college. You prepare and try to file your tax return on April 14th after finally receiving […]

Five Great Banking Tips

Banks are a necessary tool to navigate our daily financial lives. Unfortunately, there are aggravating practices at many banks that drive us crazy or cost us money. Here are five tips to get more out of your bank and pay less. Remove cash from the right place. Never use an ATM machine that is not […]

Before Consolidating Debt, Ask These 4 Questions

You’re starting to feel overwhelmed with debt and you’re not sure how to make even the minimum payments on all those accounts. That’s when you realize that credit card companies are eager to come to your aid. They offer balance transfers to help you consolidate high interest accounts. They provide “one low monthly payment” to […]

Understanding Tax Terms: Structuring

If someone manipulates cash transactions to avoid required bank reporting to the Treasury Department, they are using the technique of structuring their transactions. Knowing what is reported and the power given to the IRS to seize related assets can be important. Background To identify questionable illegal transactions, financial institutions are required to report any monetary […]