So many articles and “experts” tell you to track things that are important to your business. How do you know what those things are? Sure, you should track your bank balance, but what else should you keep on top of?
One way to figure that out is focusing on things that keep your business going. Customers and money are important for a successful business. Meeting deadlines and expectations are important, too.
The genesis of my weekly topics is often a recent experience with clients or workshop audiences. This week’s inspiration is courtesy of several new business clients who thought they were saving money with DIY bookkeeping.
I say “thought they were” saving money because it costs more in the long run for entrepreneurs to bootstrap their bookkeeping. They spend time away from running the business and can’t keep up with the books. Bottom line – the business has not grown and the books aren’t up-to-date.
You started your business because you’re an expert in your field, not a financial or technical expert. When you get help from vendors, you are depending on them to deliver so you can focus on your business. So how do you know if vendors are delivering?
Last week, I wrapped up my three-part Nonprofit Finance Series at Arlington Chamber of Commerce. A major theme was the need for nonprofits to invest in processes and systems to fulfill their fiduciary role. It’s difficult, yet essential, to make a compelling case so donors understand what it takes to track and manage donated funds, and to use funds effectively.
Continue reading “A Compelling Case for Nonprofit Infrastructure”
Tax professionals often help clients with difficult and stressful life situations. One example is the death of a loved one. In 35 years as a tax professional, I’ve helped clients navigate the tax related steps to take when a parent, spouse, or sibling dies.
Last week, I learned that one of my tax clients died. In her memory, I am highlighting three tax related steps that family members should take when a loved one dies.
Ever have a business problem, but couldn’t put your finger on the source so you could fix it? It’s easy to see the symptoms of a problem, but you’re too darned busy running your business to stop and find the source, or root cause issue.
Business problems often source from one or more of these three root causes:
When a new business tax client is referred to me, the first step is getting to know the situation. One of my first questions is about the type of business she or he formed. Quite often, the response is “I have an LLC.”
That response isn’t enough information to know how the LLC’s taxes should be filed. An LLC is a legal structure to limit owner liability. For tax purposes, an LLC could file in one of three ways:
Last week, I shared cost-efficient approaches to protect nonprofit donations. This week — best practices for nonprofits to fulfill their fiduciary responsibility for donor funds. All this is based on my Nonprofit Finance Series, sponsored by the Arlington Chamber of Commerce – see http://bit.ly/1SiYYI5 for future sessions.
Four best practices to protect donations you work so hard to raise:
Continue reading “Protecting Nonprofit Donations – Part Two”