CPA secret for growing business success: acquiring more business capital could help get you ahead. Having more financial resources may feel like a good thing, since you can use it to invest in your business. But, if you don’t need it, or don’t use it strategically, it can be a major liability. We can help you decide if acquiring more business capital is right for you. See how Capstone CPA Group can help.
So, this is part two of this post sequence. In part one, I talked about how not planning ahead for capitalization of your business can kill your dreams. Having a very distinct plan for cash and cash flow is very important for a new business. But, in part two we are going to focus more on the psychological change that you have to go through when starting your business.
But, surprisingly I agree with item #3 the most: Do you have the humility and willingness to do it all? This is one factor that I think most aspiring entrepreneurs take for granted. Can you operate your business effectively with limited/non-existent resources? While at the same time being able to envision goals for you and your business? While blocking out all the noise that surrounds your business/personal life?
So I ask you, what question do you agree with on this list? Or what question do you wish you had asked yourself before starting your business?
Check out the full article here.
Sometimes, other people come up with great articles that really make you think. I just read an article titled: Five questions to ask yourself before starting your business. I find that items number two and three are very true. Having enough business capital is very important (big surprise that the CPA feels this way).
It is very hard to plan your exit strategy (presumably from a former job) and new business strategy in such a way as to have enough money/credit available to start your business. While trying to keep your own personal finances in order. While there are a lot of rules of thumb out there. What strategy did you use when starting your new business, regarding business capital?
Also, what important questions did you answer before starting your own business?
Check out the full article here.
Recently, the State of Michigan unemployment insurance agency, commonly known as UIA, changed its annual wage base per employee from $9,500 down to $9,000.
This change is effective for all employers who have wages and have paid wages in 2015. The change will be effective as of the third quarter 2015, and will not be retroactively applied. While this is a small incremental change it will save the average taxpayer approximately $18.50 per employee, per year in unemployment taxes. This is a nice surprise for Michigan employers; it’s always nice when your unemployment rate changes for the better.
If you have unfiled reports or you have an outstanding balance on your Michigan Unemployment Account (UIA account), your business will not qualify for these changes. If however you pay your delinquent unemployment taxes due and/or file your unfiled unemployment reports you may be able to qualify for this change.
If you have any questions in regards to these changes please feel free to reach out to us. For more information about these changes click here.
Business growth can be good—or it can be a disaster. If you’re considering growing your small business, consult with a CPA for strategic advice that will help you determine your next steps. Your business growth strategy is an important step in the progression of your small business. See how Capstone CPA Group can help
As many business owners already know overtime rules are traditionally pretty standard. There are two basic principles: One, if you pay more than a very low threshold in salary per year (23,660). And, your employee performs executive, administrative tasks, or is a special class of worker called a professional worker then this employee would not be subjected to the overtime rules.
Under the changes proposed and to be ruled on in 2016, the Department of Labor is suggesting some large and sweeping changes. First, the pay threshold to avoid paying overtime would be increased to $50,440 and be adjusted for inflation thereafter. Second, there would be more restrictive rules on which types of jobs would qualify as executive, administrative and professional workers. These changes are estimated to affect nearly 5 million workers in the US. Since this is a short-story format. I cannot include all the information that has been proposed. For this reason, if you need more information, click here.
Normally, we are not in the business of reporting or commenting on proposed changes, however the information contained in this proposal is very significant. If you have any questions about overtime rules, or the proposed changes, feel free to reach out to us.
Do you want your small business to grow? A CPA is a trusted business advisor who can offer strategic advice that will help get you to that next level. At Capstone CPA Group we tailor all of our solutions to your needs. We believe small business growth is more important than most other offerings. Feel the difference.
The State of Michigan has changed a long standing collection issue. Recently the State of Michigan passed and signed into state law, Senate bill 100. Under prior law, when you had an outstanding debt with the State and did not contest your bill prior to it being assessed; The only way to argue the assessment was to first pay the bill, including penalties and interest. Once you paid, you could then argue / protest the underlying tax. This prepayment requirement was often a very harsh penalty in and of itself.
Thanks to Senate bill 100, much of that has changed. Now, if you are a resident of the State of Michigan, you no longer have to pay the debt in order to argue or protest the underlying tax assessed. This is a rather large procedural change, and opens the door to a more fair and equitable dispute system. Watch for more posts regarding tax collection issues for the State of Michigan. For more information about this bill click here. If you are a tax nerd, you may also want to check out the actual bill, by clicking here.
We can help you grow your small business by preparing financial statements to show potential lenders. If you are trying to secure a loan, you may need financial statements or a compilation. See how Capstone CPA Group can help.
Congratulations to young entrepreneurs! You are the catalysts of economic growth. People have started to think about work differently. Similarly, companies are also starting to see freelance and contract jobs as a benefit as well. Plus, job connection sites have made it easier to connect businesses with freelancers looking for work.
Click here for more information about the freelance movement
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