Author: Frank Granatino, CPA

September 2021, Accounting, Expert Advice

Hire, Promote or Scale Back?

When a business is growing, it goes through a series of surges, plateaus and dips. During times of growth, it is essential to know how to scale your personnel. Some will focus on building their teams through new hires; others may promote existing talent to new positions; and sometimes the correct answer is to scale back on personnel.  Managing your greatest asset is a critical part of your business. Here…

Accounting, August 2021, Expert Advice

Top 11 Benefits of Cloud-Based Accounting and Real-Time Data

If you haven’t converted to cloud-based accounting, COVID-19 likely prompted you to consider making the switch. With more and more businesses and industries operating virtually, cloud access and real-time data have become more important than ever to make the best business decisions possible in uncertain times. With so much up in the air, you don’t want to be caught with a static accounting system that cannot keep up and provide…

July 2021, Accounting, Expert Advice

Summer Reminder: Safe Harbor Rules for Rental Real Estate

The summer vacation season here, and everyone is ready to travel. If you own rental real estate, make sure you're taking advantage of the tax deductions and savings opportunities available to you. The qualified business income (QBI) deduction was arguably one of the more complicated changes in the Tax Cuts and Jobs Act. Through QBI, eligible businesses have the potential to reduce their tax bills. Part of the final regulations…

June 2021, Accounting, Expert Advice

Are You Paying Yourself Correctly?

As a new business owner, you have plenty to keep you up at night. But nothing is more stressful than bookkeeping woes.  One of the most common errors in a small business relates to how the owner takes payment. Owners need to be careful about how they pay themselves because it affects their books and their taxes. The foundation of payroll is business type. The next step is understanding the…

May 2021, Accounting, Expert Advice

The Pros and Cons of Hiring Contractors vs. Employees

When you’re ready to expand your business and grow your team, you generally have two options for increasing your workforce: hiring employees or engaging independent contractors.  Both options have pros and cons, and determining which is right for your business comes down to your individual needs and preferences. Keep in mind, the U.S. Department of Labor (DOL) draws strict distinctions between these two groups, and you could be heavily fined…