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Avoid a Lawsuit with Accurate Employee Classification

By on January 19, 2016

Employee classification is one of those tricky subjects that has huge implications for both employers and employees. If you get it wrong, as an employer you can be subject to fines and tax penalties as well as legal recourse from your employees.   This issue comes up a lot in the agricultural industry, including equestrian […]

Are You Ready for Higher Overtime Costs?

By on January 14, 2016

Long hours and 7 day a week schedules are commonplace in the horse industry particularly during show season. Have you stopped to consider whether you should be paying your employees overtime?   The current annual salary minimum for exempt employees is $23,660, meaning you have to pay your employee at least that much in order […]

Check Your Company’s Financial Health: Part 2

By on January 2, 2016

The All Powerful Income Statement Last week we dove into the Balance Sheet, which I am the first to admit is a bit of a snore (though very useful). This week we are going to take a look at arguably the most versatile financial report available (queue drum roll)…the Income Statement.   QB or Xero […]

Check Your Company’s Financial Health: Part 1

By on December 21, 2015

The most basic accounting software is going to be able to produce two reports using the accounting entries you have already made: the Balance Sheet and the Income Statement. These two reports are at the heart of financial reporting.   Today we will discuss the Balance Sheet.   The balance sheet is a snapshot of […]

Stop Bleeding Cash With These Three Reports

By on December 18, 2015

Poor cash flow management is one of the leading causes of small business failure. Money is fast going out but slow coming in, particularly for new businesses that are still building their customer base. Having a monthly budget is a first step to understanding your cash needs but you can go one step further with […]

Virtual CFO? What’s That?

By on December 10, 2015

Accounting, just like every other industry, has made great leaps in technology. Yet, most small business still hire in house accountants to complete their bookkeeping and reporting. Not only is a small business paying the accountant a salary, but they are also stuck with payroll taxes and the high cost of medical benefits. TRUTH: Most […]

Why Choose an Enrolled Agent?

By on October 26, 2015

What comes to mind when you think tax preparation? For most people, its either a fancy CPA service or the one size fits all shops. Both prep options are expensive and rarely meet the needs of an individual tax filer. CPA firms tend to focus on business services and have general accounting knowledge that is […]