Category: Accounting

April 2021, Accounting

American Rescue Plan Act Signed into Law, Contains Several Tax Provisions

The American Rescue Plan Act (ARPA) of 2021 passed Congress, and President Biden signed the bill into law on March 12.  The ARPA approves $1.9 trillion in spending for individuals, businesses, governments and certain industries impacted by the COVID-19 pandemic. The third act in a year, the ARPA approves additional economic impact payments for individuals; the extension of federal unemployment benefits; additional funds for Paycheck Protection Program (PPP) loans and…

March 2021, Accounting

Managing Your Business in an Economic Crisis

Tips for now and the future Economic downturns are an inevitable reality every business owner will face at some point in their lives. During challenging times, business owners have difficult decisions to make about the future of their business that affect them, their employees, vendors, clients, and communities. It is an enormous responsibility to bear, but you can take steps to prepare for these seasons of life. Optimize your books…

Accounting, February 2021

Everything You Need to Know About the Expanded ERTC

The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207 of the Taxpayer Certainty and Disaster Relief Act portion. It opens the doors to more businesses facing significant financial hardship to qualify for and receive this credit. Many changes from the original credit were enacted including an…

Accounting

Top Tips for a Healthy Accounts Receivable

The accounts receivable (AR) department in any business can mean the difference between financial life and death. It may not seem that serious on the outset, but highly optimized AR departments can help any business improve their financial situation and make financial decisions with greater confidence; or, in contrast, an unsuccessful AR department can put you at risk of running in the red. The struggle with AR often lies in…

Accounting

Hiring vs Outsourcing Your Accounting

Entrepreneurs and small business owners often wear many hats, especially when first starting a business. As the leader of a business, you have to be the brains and brawn of the entire operation, including human resources, customer service, inventory, production, quality control, sales and accounting. It’s a lot to juggle, and as your business grows, you will start to outsource to professionals or hire for many of these positions so…