In Pursuit of Profit - Blog

New Business Startup Formation Checklist

11/21/2018

New Business Startup Formation Checklist

Starting a new business is one-part passion and two-parts paperwork.

Entrepreneurs can quickly get overwhelmed by the vast federal, state, and local requirements in place to regulate the formation of new businesses. Furthermore, focusing on requisite steps can distract new business owners from asking astute questions and doing critical market research to hone their business ideas.

5 Tips for Payroll Tax Reporting

11/13/2018

5 Tips for Payroll Tax Reporting

Payroll taxes are one of the most labor-intensive employment taxes that business owners handle. Also known as “FICA taxes,” payroll tax is comprised of Social Security and Medicare taxes. These taxes are withheld from employees’ paychecks as well as paid by the employers, which means that business owners must manage both sides of the equation.

8 Types of Internal Control Accounting Systems

11/5/2018

8 Types of Internal Control Accounting Systems

Business leaders understand it is essential to have accurate financial data to drive operations and measure success. However, without the proper controls in place errors, fraud, and other issues can occur, hindering operational efficiency and growth. While some small business owners assume internal control systems are only designed for larger organizations, these functions are crucial for companies of all sizes in all industries.

The 7 Most Important Financial Reports for Small Businesses

10/30/2018

The 7 Most Important Financial Reports for Small Businesses

Startups and small businesses rely on financial reporting to set benchmarks, inform operational decisions, and measure overall organizational health. However, many new business owners feel overwhelmed by the breadth of financial reporting available to them.

When small businesses utilize well-equipped financial accounting software, confusion can lead to decision paralysis.

6 Essential Steps to Create a Company Budget

10/24/2018

company budget

Budgeting is considered a necessary evil in many organizations.

Business owners and executive leadership understand the value of establishing and maintaining a financial plan to guide business operations.

However, they often feel constricted by these plans as well. Finding the balance between protecting funds earmarked for key functions and restricting opportunistic purchases is always a challenge.

What Type of Business Intelligence Support Should be Expected from Accountants?

10/16/2018

What Type of Business Intelligence Support Should be Expected from Accountants

Most business owners and leaders have been a part of the growing conversation around expanding business intelligence (BI) capabilities. They understand that their businesses possess a gold mine of data that can be tapped into using BI methods to increase production efficiency, sell to consumers more effectively, capitalize on market opportunities, improve product outputs, and sustain growth.

Overcoming Budgeting Problems to Improve Strategic Budget Management

9/26/2018

OVERCOMING BUDGETING PROBLEMS

In most organizations budgeting is an exhausting process. Ensuring the right people are included, timely and thorough budget requests are submitted, and strategic planning drives the entire process is time-consuming and expensive. In fact, the Ford Motor Company estimated that budgeting and planning costs about $1.2 million annually.

Clean Up Your Accounting Records Using These 7 Steps

9/11/2018

Business owners deal with a lot of messes every day – back room inventory overflows, scheduling problems, and invoicing errors, just to name a few. Messes cause headaches, late nights, and if left unchecked, they can ruin a business. Unfortunately, the nature of running a small business inevitably leads to some messiness.

However, accounting records should never be one of these messes.

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