Accounting Blog

Retirement: How You Can Shave Off a Few Years From Your Retirement Year

May 2 2015

The retirement age has been on a steady rise since the 90s. Back when Gallup first started polling the retirement age (in 1991) the age was 57. However, that has since changed to an average retirement age of 62 years, meanwhile current non-retired Americans are EXPECTING to retire at age 66.

What does this mean? Being fiscally responsible and planning ahead is even more important now than it has ever been before. I'm sure that the Great Recession has shown you that the economy can drop from an all-time high to an all-time low at the drop of a hat.

Read More

Top 5 Reasons your Business Is Failing

April 22 2015

You've got the staff to make miracles happen. You have a loyal following of customers who love your product or service. You just finished expanding your central office to accommodate anticipated growth. Despite all of these self identified indicators of growth and success, you still feel like your business is either floundering or on the precipice of failure.

Why? Regardless of how adept you are at inspiring your staff, developing professional relationships, and creating a superior and competitive product; if you disregard accounting tasks or put them off, you open yourself up to making serious financial miscalculations and potential catastrophic business failure. 

Read More

If Sales Are Up, Why Am I Failing?

April 15 2015

There’s more to running a successful business than simply selling goods. I was recently speaking with a friend, we’ll call him Simon, who is an Angel Investor. He told me about this phenomenal idea that a college student pitched to him for a new app; the only problem was that the aspiring entrepreneur had no concept of how to properly price his product, source a team, and account for every expense that would be incurred from simply setting up shop. Simon told me “I hear hundreds of amazing ideas every year, for revolutionary products, but i’m not going to invest in an idea. I’m going to invest in a person, their knowledge, and their abilities.

Read More

Benefits of Converting to a Trusteed IRA

April 10 2015

Todays Post is brought to you by the authors of our monthly newsletter: Service2Client LLC .

In the United States, approximately $7.3 trillion in assets are held in IRAs. Much of that money will not be spent during the lifetime of the account owners, but instead be passed on to their heirs.

Unfortunately, beneficiaries have a way of squandering money when it comes to them in a large windfall. One traditional way of preventing this from happening to is place assets in a trust; however, investors usually have to work with an estate planning attorney to create a trust, which involves expensive legal fees and substantial administration. But when it comes to IRAs, there is a simpler way.

Read More

How Fair is the State Income Tax?

April 8 2015

Its 2015, the Occupy Wall Street Movement seems a little more like a far off memory than the nation wide conversation it was almost 4 years ago. (Wow, it seems even more incredible that it was that long ago when you put it into perspective). Anyway, the argument for fair taxation has been at the forefront of the American subconscious for quite some time now and a recent study performed by the Institute on Taxation & Economic Policy in January has some frightening data regarding the Tax systems in all 50 states. If you hold any strong opinions regarding the American Tax system, prepare to affirm or challenge them.

Read More

Why would I need a CFO?

April 8 2015

Whether you're on your first year in business or its your second decade of service, one truth holds true for all companies: finances rule everything. Having a competent management staff is vital, but having competent financial management staff can steer a business from the common mishaps of poor planning and record keeping. So if you're reading this and are thinking, "I should have gotten my MBA in accounting..." worry not, we'll journey through the basics of what you'll need to know to optimize your financials.

First, there are two chief financial officers that should make up some of your lead staff in your organization. First of all is the Chief Financial Officer and secondly is the Interim Controller.

Read More