Do you find yourself stuck performing (sometimes mundane) tasks in areas of your business that might be better off performed by someone else? Most small business owners would answer with a resounding “YES!” In the ideal world you’d have a chief financial officer who generates financial reports that help you monitor profitability. Wouldn’t it also be nice to have a human resources director to coordinate hiring and employee benefits for your business? Let’s not forget about a chief technology officer who can make sure your computer network and software are up and running smoothly 24/7. If this sounds like a dream come true for your business, join the club of small business owners who would love to delegate accounting, HR and technology tasks to someone else. But what if that “someone else” doesn’t exist in your business?
As a small business owner, you know what it’s like to perform a juggling act. From sales and accounting to technology and human resources, you keep dozens of balls up in the air every day. It goes without saying that all this juggling can make it hard to focus on the long term growth of your business. Instead, you spend your time just maintaining the status quo, while sales and profits plateau. More times than not, if the financial reporting task were given to someone who could also provide strategic financial guidance, your business would have an edge and be able to get a step ahead of the competition.
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Even as a CPA firm, we’re not above admitting that while the accounting function is incredibly important in any organization, it is often time consuming and gets in the way of more exciting revenue-generating business initiatives. If, as a business owner, you have toiled over internal accounting tasks when you could have spent that time on big picture items like developing an amazing new marketing campaign, you’re not alone. That’s why recent years have seen a growing trend in business owners outsourcing their accounting function to CPA firms. How do you know whether outsourcing the accounting function makes sense for your business? Let’s pose some questions.
Manufacturers, like most businesses, are always looking for ways to minimize expenditures, yet many fail to realize they are leaving money on the table every year when they file their taxes. The following are just a few federal and state credits that Maryland manufacturers should know about:
When it comes to vehicle expense tax deductions (and costs related to other “listed” property), as well as travel and entertainment expenses, the law is clear and strict on required documentation. There is little wiggle room, as illustrated in one recent U.S. Tax Court case. You don't want to lose tax deductions because of inadequate records.
Did you know you can make after-tax contributions to your 401(k) retirement plan? Not many people do.