We are approaching the time of year when nonprofit organizations with a June 30th fiscal year end are thinking about either an external audit or about submitting a final report to contributors, boards of directors and lenders to show how they are performing financially. With seemingly complex audit requirements, it can seem daunting and overwhelming to think about an end-to-end review of an entire year’s worth of transactions.
For any business whether small, medium or big, the significance of financial reporting cannot be underestimated – it provides information about the financial position and changes in the financial situation of a business. However, the flip side of that coin is that financial reporting is complex and many businesses find it challenging to assemble the right team of people that can keep them in compliance as well as provide timely information in a format that allows their management team to make informed decisions when needed.
Some ‘Financial reporting’ challenges that are faced by small and medium businesses (SMBs) are outlined below:
Managing payroll is a task that demands a great deal of attention and even a minor error in its processing can result in significant monetary losses for a business. Further, compliance issues, employee regulations and frequent changes in the tax laws, make payroll processing a highly challenging procedure and it can become difficult for businesses to successfully navigate through it without any problems.
Below are some of the critical challenges that small and medium businesses face while processing payroll for their employees:
President Donald Trump has signed into law the most extensive overhaul of the US tax code in nearly 30 years and it’s arguably the most significant legislation of Trump’s presidency. But for small and medium businesses (SMBs), across various industry verticals such as Automotive, Healthcare, Manufacturing, Not for Profit, Restaurant, Technology and Retail, the pertinent question is, how can they leverage this tax reform to their advantage?
In this blog, we will explore three critical actions that SMBs should take to stay on top under the new tax landscape
Cash flow is the lifeblood of an organization as cash flowing regularly into a company is necessary to pay salaries, buy inventory and literally keep the lights on and the doors open. Companies are forced to slow their growth when they lack the cash inflows that are required to support the cost outflows. Owners who cannot efficiently manage their business cash flow are almost certain to fail and those who are able to manage can improve nearly every aspect of their business.
Below are five tips for managing the cash flow of your business: