Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to building and maintaining a healthy bookkeeping system: Select the proper accounting method. There are two
Your business’s ability to retain customers is one of the most important components to sustained growth and profitability. Here are the three retention metrics useful for every business owner. Retention rate. Most customer retention is measured over a set period of time, typically one year. To determine your rate, take a look at the
As a senior manager at Veris CPA, I’ve seen firsthand how small businesses can stumble when financial management isn’t a priority. Many business owners use after the fact bookkeeping groups to hopefully save money, however this can cause more stress and financial risk in the long term. Take Lauren, a South Carolina business owner who
As a business owner, you’re required to pay three different types of payroll taxes. FICA (Federal Insurance Contributions Act) is the tax used to fund Social Security and Medicare programs. FUTA (Federal Unemployment Tax Act). Employers pay this federal tax to provide unemployment benefits to laid-off workers. SUTA (State Unemployment Tax Act). State governments
Immediate Required Action: Review your savings account interest rate and take necessary action to avoid potential deceptive, unreasonable, and obscure rules that are keeping your money from making a reasonable interest rate! Background When interest rates rose due to inflation, banks and credit unions quickly raised their interest rates on credit cards, mortgages and loans, but
The construction industry presents unique accounting challenges, particularly when it comes to tax reporting. With long-term contracts, fluctuating costs, and various tax regulations, construction companies must carefully determine the appropriate accounting method to use. One such method, the Completed-Contract Method (CCM), offers significant tax deferral benefits but comes with specific eligibility requirements and limitations. Understanding
Happy, satisfied customers are essential to the health of every business. Increasing competition, online review opportunities, and unlimited access to information up the ante on the importance of quality customer service. Here are some tips to help your business thrive by meeting and exceeding your customers’ expectations: Understand your customers and their needs. As best
Family traditions are a powerful way to connect generations, preserve cultural identity, and create a sense of belonging. Here are some ideas to capture and share your own family traditions. Record classic family recipes Food is many times at the heart of family traditions, with recipes handed down from one generation to the
For business owners and CFOs, a financial statement audit is an essential process that promotes internal accountability and ensures compliance with external regulations. Audits play a vital role in scaling businesses, securing capital, and qualifying for specific contracts or grants. However, many organizations find the audit process stressful, disruptive, and costly. The key to reducing
Using your home for business purposes in South Carolina can have property tax implications depending on how you deduct the home office expense and the local regulations. Here’s an overview: Home Office Deduction and Property Taxes Personal Property Tax Impact: If you deduct a portion of your home for business use on your federal