Succession Planning for a Family Business

If you intend to name a family member to succeed you in running your company, you have some advantages.  The person you’ll name (potentially your son or daughter, son- or daughter-in-law) is someone you can identify easily, without an extensive search.  You know that person’s capabilities and shortcomings; he or she likely works for the […]

How to Manager Your Finances When Your Self-Employed

T-Sheets by Quickbooks
September 13, 2018

There are a lot of great things about being self-employed. You get to set your own hours, you’re in charge of your own future, and you can even wear sweatpants to work if you feel like it. But there are a few aspects of self-employment that aren’t so wonderful. For one, lying awake at night worrying about…. 

When Workers are Independent Contractors

As business owners know all too well, hiring an employee costs more than just paying a salary.  Employers generally provide benefits to employees, which can be expensive.  Moreover, employers must pay a share of Medicare, Social Security, and federal/state unemployment taxes. None of the above applies when your company hires an independent contractor – a […]

Safeguarding e-Data of Your Business

Data breaches at large corporations have been making headlines recently.  The good news is that major corporations have the resources to protect themselves from electronic intruders.  If your company does business with firms traded on public stock exchanges, your personal and business data probably are secure. The bad news?  Thwarted hackers and identity thieves may […]

Cybersecurity & Safeguarding e-Data of Your Business

New Year’s Resolutions for Business Owners

Like anyone else, business owners can begin the New Year by vowing to lose weight or revisit their insurance coverage during 2019.  However, you probably should make (and implement) a separate set of resolutions to help your company prosper this year. Here are some suggestions for your consideration: Turn over your paperwork.  Finish your financial […]

LLC or S-Corporation?

Many business owners structure their companies as limited liability companies (LLCs) or S-corporations.  On the surface there are several similarities.  Both types of entities avoid corporate income tax.  Instead, business income is passed out and taxed only once on the tax returns of LLC members or S-corporation shareholders.  Moreover, both LLC members and S-corporation shareholders […]

Link: Why Every Small Business Needs an Accountant

AllBusiness.com
October 2018

Is your business missing out on essential accounting resources that could help it grow? Money—it’s how you measure success in business. It’s also how you pay the bills, pay your employees, and keep your business running. Unfortunately, many small business owners are selling themselves short by operating without essential accounting resources, according to a survey by Clutch.

The 10x Rule (Hoboken, New Jersey: John Wiley & Sons, Inc., 2011)

While most people operate with only three degrees of action-noaction, retreat, or normal action-if you’re after big goals, youdon’t want to settle for the ordinary. To reach the next level, youmust understand the coveted 4th degree of action. This 4th degree,also know as the 10 X Rule, is that level of action that guaranteescompanies and individuals realize their goals and dreams.

The 10 X Rule unveils the principle of “Massive Action,”allowing you to blast through business clichŽs andrisk-aversion while taking concrete steps to reach your dreams. Italso demonstrates why people get stuck in the first three actionsand how to move into making the 10X Rule a discipline. Find outexactly where to start, what to do, and how to follow up eachaction you take with more action to achieve Massive Actionresults.

  • Learn the “Estimation of Effort” calculation to ensure youexceed your targets
  • Make the Fourth Degree a way of life and defy mediocrity
  • Discover the time management myth
  • Get the exact reasons why people fail and others succeed
  • Know the exact formula to solve problems

Extreme success is by definition outside the realm of normalaction. Instead of behaving like everybody else and settling foraverage results, take Massive Action with The 10 X Rule,remove luck and chance from your business equation, and lock inmassive success.

Link: Take Your Bookkeeping to the Next Level

Excelsior Growth Fund
March 30, 2018

Once your business is up-and-running and you’ve mastered basic bookkeeping concepts, you’re ready to take your understanding to the next level. Our Business Advisory Services team has compiled a few bookkeeping practices that will support your growing business. With these tips, you’ll be ready to:

  1. Leverage technology to integrate and automate bookkeeping processes and systems to save time and money
  2. Gain a better understanding of the balance sheet and how it impacts cash flow
  3. Make better business decisions based on accurate and timely financial statements

Work with your accountant to implement these practices and start moving your business toward even greater financial success.

The Radical CPA: New Rules for the Future-Ready Firm (East Hampton, NY: CPA Trendlines, 2014)

There are four characteristics of a “radical” CPA:
— 1. Their approach to technology.
— 2. Their use of social media.
— 3. Their understanding the relationship between pricing and value.
— 4. And their conviction that customer experience must drive a firm’s internal processes.

They Call Them The ‘Radical’ Practitioners

There’s an uprising of innovative CPAs in the accounting profession. This group created a new support community that is no longer driven by the establishment. The establishment can’t control the conversation.

In fact, they almost missed it. Now they endorse and support us. But it didn’t begin with them.

When Jody Padar first started doing this, she wasn’t aware of anyone doing what she was doing. Then she went to Twitter. That’s where she really met her peers. They were learning from each other from day one and that same community of support is still happening today.

A “radical” practitioner is a person that calls upon himself and others to redefine their firms and their lives by moving away from the traditional firm business model.

The term radical applies because what they are doing to their firms and indirectly to the profession is fundamental to its core. It’s abrupt, disruptive, unexpected, and far reaching. They are shaking up the status quo. They are changing because their customers and the world are changing around us all. Some might also perceive radical to be a negative term. It’s not. The movement is more likely following the happy expression, “that’s radical, dude.” Everyone can learn and join the movement.

The Radical CPA Community Is Here To Help You Be Radical, Too

The best part about these radical professionals is that we believe in abundance. We promote and celebrate a new way of doing business and encourage the rest of the profession to move forward and change as a whole.