Any business owner who has fended off calls from unpaid creditors or who has wondered how to meet the next payroll knows the importance of cash flow. Ironically, business success and cash shortages often go together. If growing sales are on credit, they create a larger accounts receiveable which your company is funding. Your income statement may show a hefty profit, but profit doesn't pay the bills - cash does! That's why understanding and controlling the cash flow in your business is so important.
We discuss three business strategies that will help you maintain a healthy cash flow in your company:
healthy cash flow,
The New York State Department of Taxation and Finance has released information for a possible tax break that can be beneficial to software and website professionals. If this applies to you, the purchase of computer hardware may be exempt from sales tax. The exemption can end up being worth several hundred dollars in savings when purchasing eligible computer system hardware.
computer system hardware
John F. Craven CPA will be moderating a panel on Small Business Success Strategies at the Greater NY Chamber of Commerce Business EXPO that begins at 10:30am on September 23rd. Panelists include:
AdMedia Partners, a leading media M&A advisor, performs an annual survey of senior executives. This year’s survey shows an expected deal increase for mergers and acquisitions in the media and technology industry. The following key points highlight AdMedia’s findings.
merger and acquisition,
If someone steals your identity, you will begin to feel the confusion and strain that comes with trying to recover your good name and pilfered finances. Identity theft is a real and growing concern for everyone; remain alert and prepare before it happens. We have put together some ways to deter identity thieves and protect your information:
- Shred financial documents as well as personal information before getting rid of them.
- Protect your Social Security number
- Remain cautious with personal information on the phone, by mail, or over the internet.
- Protect your home computer with anti-virus guard software.
As a previously published post, we wanted to reissue this informative and favored piece on sunk costs!
In the first year of a startup business, you, as a business owner, will need to make certain elections for tax purposes. These start up tax choices (elections) establish precedents for tax years to come. An important election you will make is selecting an accounting method for your business. The two methods commonly used are cash basis accounting or accrual basis accounting. You may be reading this and thinking, “What do cash and accrual basis mean?” and “What difference does this make to me and my business?”
Making the wrong decisions could cause your business to become just another failure.
Simply put, as our whitepaper explains, under cash basis accounting, a business owner such as yourself recognizes revenue and expenses (and pay taxes) when you receive or pay cash. Under accrual basis, you recognize income and expenses (and pay taxes) when they are earned without regard to being paid. In the attached whitepaper, we provide media company tax tips and advice.
Many accountants automatically suggest that all of their small business clients automatically adopt cash basis accounting. As we discuss on the whitepaper that follows, this should not automatically be the case for many media and entertainment companies. The remainder of this paper explains cash basis versus accrual basis accounting and how they impact your business.
Selling your business can be an emotional and life-changing event. On the “big day” of sale, hopefully, you may realize a once in a lifetime payoff. It could be that you have spent years building the business. Alternatively, your business could be a relatively new growing interactive business that you are cashing out.
We have put together some useful information on Selling Your Business. Our guide contains the following:
- Who to speak with to get an idea on the value of your business
- What kind of attorney is best for helping you sell your business
- How to think going into the selling market
- How to be flexible
- How to spruce up your business
- How to think ahead to the future
merger and acquisition,
A common belief of identity theft is that it occurs mostly to individuals, for example when social security numbers and other personal information are obtained. Businesses are also subject to identity impersonation. The remainder of this article discusses business e-mail scams, and the best practices for minimizing their likelihood as suggested by the Federal Bureau of Investigation (“FBI”).
Business E-mail Scams,
Preventing Employee Fraud: A Brief Guide for Reducing the Risk
As an entrepreneur, you work hard for your money. There is almost nothing worse than experiencing pilferage, embezzlement, and other types of misappropriation. Internal controls are extremely important to the entrepreneurial company.
We have put together a guide that contains 10 steps to help you protect the earnings and assets of your company such as:
Please check out our guide below and give us a call if you have any questions about Preventing Employee Fraud.
- Using Cash Wisely
- Managing Cash Outflows
- Practicing Cost Control
- Analyzing and Planning
- Monitoring Inventory