Running a business is filled with regulations everywhere you turn. These can drain precious time away from the core of your business, but if you ignore them, there could be huge financial consequences you may be risking without even realizing it. The best way to handle them is to understand your exposure, consult with any experts you need to bring in, create a checklist, and make sure you’re in compliance. Here’s a head start in creating that checklist. This is by no means a comprehensive list. These items apply to most businesses and are often overlooked. Go through the list to make sure there aren’t any surprises for your business. If there are, feel free to contact us, and we’ll help you find out where to get answers. 1. EIC notice to employees It’s now required annually to notify certain employees about the Earned Income Credit so that more people who need it can take advantage of it. If you have employees, the next deadline for this compliance item is the first week of February 2013 and can be met if you get the right W-2 forms. Details are in IRS Publication 15. 2. Corporate meeting minutes Just about the [...]
Some 2-year degrees pay off better than BAs
See this posting by Melanie Hicken in CNN Money about some great 2 year degrees: http://money.cnn.com/2013/09/04/pf/college/college-degrees/index.html Now just remember they are comparing high earning professions with 2 year degrees vs low earning professions with 4 year degrees, so this may be a little skewed, but interesting none the less. For financial, accounting and tax musings, You can count on us to count for you! email: bstonercpa@sbcglobal.net phone: 818-317-6035 Website: www.briantstonercpa.com Follow me on Twitter! @bstonercpa
Is Your Business Missing an Accounting Skillset?
In a small business, the owner ends up wearing many hats to get the product or service delivered, the customers served, and the accounts settled. Within each functional area of a small business, there are even more hats. Although the accounting function might be considered one big hat, there are actually a number of skills that make up “the accounting department” in a small business. Here’s a list to help you understand how it all works together. As you read through it ask yourself how you are covering these functions in your workplace. Data Entry Clerk A data entry clerk typically knows how to do a few types of transactions that are routine. Perhaps this is posting timesheets from source documents, inventory transactions, or keying in transactions from one report or system to another. The data entry clerk usually has little or no knowledge of accounting or bookkeeping, and this person will need help when there are exceptions to the routine. Bookkeeper The main function of a bookkeeper is to post the transactions and reconcile the accounts of the business. This can include a number of functions and areas: Invoicing and receipts in the accounts receivable area Checks and bills [...]