For many employers, the struggle to find and hire good workers is real. So real, in fact, that some employers aren’t looking only at new faces, they’re keeping in touch with familiar ones as well. Sure, you could add...
For business owners, sports can highlight important lessons about profitability. One in particular is that you and your coaches must learn from your mistakes and adjust your game plan accordingly to have a winning year. Spot the fumbles More...
Imagine giving your company’s retirement plan a report card. Would it earn straight A’s in preparing your participants for their golden years? Or is it more of a C student who could really use some extra help after school?...
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some...
Nonqualified deferred compensation (NQDC) plans pay executives or other key employees at some time in the future for services to be currently performed. If your organization offers one or is considering offering one, it’s critical to be aware of...
When participants request hardship distributions from a 401(k) plan, employers must collect and store documents showing that the participant had an immediate and heavy financial need to permit such a distribution. In today’s digital age, you might wonder whether...
“Situational awareness” is a term used in the military and elsewhere to describe an individual’s ability to stay fully alert of all potential threats and resources in his or her surroundings. It’s a good skill for employers to use...
At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if one or more of these dangers materialize. Here are...
Business owners are urged to create succession plans for the good of their families and their employees. But there’s someone else who holds a key interest in the longevity of your company: Your lender. If you want to maintain...
“Company culture” is a buzzword that’s been around for a while, but your culture may never have mattered as much as it does in today’s transparency-driven business arena. Customers, potential partners and investors, and job candidates are paying more...
In many industries, market conditions move fast. Businesses that don’t have their ears to the ground can quickly get left behind. That’s just one reason why some of today’s savviest companies are establishing so-called “shadow” (or “mirror”) boards composed...
Like many employers, you may allow employees to carry over unused vacation pay from one year to the next. With the year winding down, and gift-giving on the minds of many, certain staff members might inquire about donating their...
Cloud computing — storing data and accessing apps via the Internet — has been widely adopted by businesses across industry and size. Like many technological advances, though, new derivatives continue to emerge — including so-called multicloud computing. Under this...
Extending credit to business customers can be an effective way to build goodwill and nurture long-term buyers. If you extend customer credit, however, it also brings sizable financial risk to your business, as cash flow could grind to a...
Fewer people currently are subject to transfer taxes than ever before. But gift, estate and generation-skipping transfer (GST) taxes continue to place a burden on families with significant amounts of wealth tied up in illiquid closely held businesses, including...
Audited financial statements come with a special bonus: a “management letter” that recommends ways to improve your business. This means free advice from financial pros who have seen hundreds of businesses at their best (and worst) and who know which...
Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just do...
Is your organization looking to hire new employees? Join the club. The U.S. unemployment rate hit a historic low this year, according to a Bureau of Labor Statistics household survey. It fell to 3.6%, the lowest rate since December...
By now, most employers have read up on, hired and gotten to know Millennials. Well, guess what? A whole new demographic is here: Generation Z. Whereas Millennials are those who came of age around the Millennium, Gen Z are regarded as...
Many businesses struggle to turn abstract strategic-planning ideas into concrete, actionable plans. One reason why is simple: ineffective meetings. The ideas are there, lurking in the minds of management and key employees, but the process for hashing them out...
Like most businesses, yours probably has a variety of physical assets, such as production equipment, office furnishings and a plethora of technological devices. But the largest physical asset in your portfolio may be your real estate holdings — that...
More and more employers are contributing dollars toward the cost of health club memberships for employees. Some are even building their own on-site fitness centers. If your organization is considering either approach, you might wonder: Are health club memberships...
The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.” This differs from other valuation standards that may apply when valuing a security or business interest in a litigation or mergers...
You may be spending considerable time and resources training and upskilling sales staff on cross-selling and expanding existing customer relationships. And this is, no doubt, a critical task. But don’t overlook the vast pool of prospects that want to...
Turn on your computer or mobile device, scroll through Facebook or Twitter, or skim a business-oriented website, and you’ll likely come across the term “emerging technologies.” It has become so ubiquitous that you might be tempted to ignore it...
It’s common for you to associate your CPA with historical financial data and performance; after all, audits and tax returns typically report what has already happened. But don’t forget you can hire one to help predict how a company will...
Few businesses today can afford to let potential buyers slip through the cracks. Customer relationship management (CRM) software can help you build long-term relationships with those most likely to buy your products or services. But CRM software is not...
There are many ways for employers to conduct annual performance reviews. So many, in fact, that owners of small to midsize businesses may find the prospect of implementing a state-of-the-art review process overwhelming. The simple truth is that a...
Each day we are faced with choices: paper or plastic, chocolate or vanilla, regular or decaf. For businesses, a common conundrum is buy or lease. You’ve probably faced this decision when considering office space or a location for your...
Standard cost accounting doesn’t necessarily work for lean operations. A simplified reporting alternative that generates more timely, relevant financial data, lean accounting could be the answer for you. But it’s not right for every situation. What’s lean manufacturing? Lean manufacturers...
With the year underway, your business probably has a strategic plan in place for the months ahead. Or maybe you’ve created a general outline but haven’t quite put the finishing touches on it yet. In either case, there’s a...
An independent quality of earnings (QOE) report can be a valuable tool in mergers and acquisitions. It’s important for both buyers and sellers to look beyond the quantitative information provided by the selling company’s financial statements. Quality matters There’s...
Many businesses have a life cycle that, as life cycles tend to do, concludes with a period of decline and failure. Often, the demise of a company is driven by internal factors — such as weak financial oversight, lack...
In the broadest sense, strategic planning comprises two primary tasks: establishing goals and achieving them. Many business owners would probably say the first part, coming up with objectives, is relatively easy. It’s that second part — accomplishing those goals...
As an individual, you’ve no doubt been urged to regularly check your credit score. Most people nowadays know that, with a subpar personal credit score, they’ll have trouble buying a home or car, or just getting a reasonable-rate credit...
While absenteeism has been a long-standing thorn in the side of many companies, the other end of the spectrum is just as damaging; “presenteeism,” when employees come in unwell or put in excessive overtime, can be a prickly thorn...
It’s every business owner’s nightmare. Should hackers gain access to your customers’ or employees’ sensitive data, the very reputation of your company could be compromised. And lawsuits might soon follow. No business owner wants to think about such a...
As companies increase their investments in social media marketing, many are seeking ways to make it simpler and more cost-effective. Here are some ways to take a measured approach. Pick your battles Many marketers have realized that their companies...
A good marketing plan should be like a network of well-paved, clearly marked roads shooting out into the world and leading back to your company. But, all too easily, a business can get stuck in the mud while trying...
For several years now, cloud computing has been touted as the perfect way for companies large and small to meet their software and data storage needs. But, when it comes to choosing and deploying a solution, one size doesn’t...
Ask many entrepreneurs and small business owners to show you their financial statements and you’ll likely get a glimpse at their bookkeeping software. Although tracking transactions is critical, ledger detail is not a financial statement. In short, financial statements...
Today’s business technology is both powerful and restrictive. No matter how “feature rich” a software solution or hardware asset may be, there’s always another upgrade around the corner. In other words, it’s just a matter of time before your...
As the old saying goes, “Knowledge is power.” This certainly rings true in business, as those who best understand their industries and markets tend to have a knack for staying on top. If that person is the owner, however,...
“I could sell water to a whale” While many salespeople have an abundance of confidence (it’s really a prerequisite for the job, right?), the sales department still needs support just like any other part of a company. And we’re...
Nowadays, data drives everything – including the very buildings in which companies operate. If your business is considering upgrading its current facility, or moving to or constructing a new one, it’s important to be aware of “smart” buildings. A...
One thing in plentiful supply in today’s business world is help. Orbiting every industry are providers, consultancies, and independent contractors offering a wide array of support services. Simply put, it’s never been easier to outsource certain business functions so...
It’s easy to understand why more and more businesses are taking a “bring your own device” (BYOD) approach to the smartphones, tablets, and laptops many employees rely on to do their jobs. BYOD can boost employee efficiency and satisfaction,...
IT consultants are many things – experts in their field, champion of the workaround, and, generally, the “people persons” of the tech field. But they’re not magicians who, with the wave of a smartphone, can solve any dilemma you...
By and large, today’s employees expect employers to offer a tax-advantaged retirement plan. A 401(k) is an obvious choice to consider, but you may not be aware that there are a variety of types to choose from. Let’s check...
Funny thing about customers: They can keep you in business – but they can also put you out of it. The latter circumstance often arises when a company overly relies on a few customers that abuse their credit to...
When a business is launched, its owners typically welcome every customer through the door with a sigh of relief. But after the company has established itself, those same owners might start looking at their buying constituency a little more...
You’ve no doubt heard the old business cliche “cash is king.” And it’s true: A company in a strong cash position stands a much better chance of securing financing, attracting investors, and executing on its own strategic plans. One...
In today’s world, technology is constantly changing and becoming more important to our day to day lives, both in and out of the office. This unfortunately also means the cybercrime business is constantly changing and growing. There are many types...
Most business owners want to grow their companies. And one surefire sign of growth is when ownership believes the company can expand its operations to a second location. If your business has reached this point, or is nearing it,...
Late summer and early fall, when so many families have members returning to educational facilities of all shapes and sizes, is also a good time for businesses to creatively step up their business development efforts, whether it’s launching a...
On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big –...
Strategic planning is key to ensuring every company’s long-term viability, and goal setting is an indispensable step toward fulfilling those plans. Unfortunately, businesses often don’t accomplish their overall strategic plans because they’re unable to fully reach the various goals...
As a business grows, one of many challenges it faces is identifying a competitive yet manageable compensation structure. After all, offer too little and you likely won’t have much success in hiring. Offer too much and you may compromise...
Technology is tricky. Much of today’s software is engineered so well that it will perform adequately for years. But new and better features are being created all the time. And if you’re not getting as much out of your...
When businesses first began using websites, getting noticed was the name of the game. Remember pop-up ads? Text scrolling up the screen? How about those mesmerizing rotating banners? Yes, there were – and remain – a variety of comical...
Some business owners – particularly those who founded their companies – may find it hard to give up control to a successor. Maybe you just can’t identify the right person internally to fill your shoes. While retirement may not be in your...
“That’s just the cost of doing business.” You’ve probably heard this expression many times. It’s true that, to invoke another cliche, you’ve got to spend money to make money. But that doesn’t mean you have to take rising operational...
“Blockchain” may sound like something that goes on a vehicle’s tires in icy weather or that perhaps is part of that vehicle’s engine. Indeed it is a type of technology that is predicted to help drive business worldwide (and...
Every year is a journey for a business. You begin with a set of objectives for the months ahead, probably encounter a few bumps along the way, and hopefully reach your destination with some success and a few lessons...
For some business owners, succession planning is a complex and delicate matter involving family members and a long, gradual transition out of the company. Others simply sell the business and move on. There are many variations in between, of...
When business people speak of innovation, the focus is usually on a pioneering product or state-of-the-art service that will “revolutionize the industry.” But innovation can apply to any aspect of your company – including customer service. Many business owners...
Social media can be an inexpensive, but effective, way to market a company’s products or services. Like most businesses today, you’ve probably at least dipped your toe into its waters. Or perhaps you have a full-blown, ongoing social media...
The attitudes and behaviors of your people managers play a critical role in your company’s success. When your managers are putting forth their best effort, the more likely it is that you’ll, in turn, get the best performances out of...
What could stop your company from operating for a day, a month, or a year? A flood or fire? Perhaps a key supplier shuts down? Or maybe a hacker or technical glitch crashes your website? And you suddenly lose...
Concentration risks are a threat to your supply chain. These occur when a company relies on a customer or supplier for 10% or more of its revenue or materials, or on several customers or suppliers located in the same...
Adequate insurance coverage is, in many cases, a legal requirement for a business. Even if it’s not for your company, proper coverage remains a risk management imperative. But that doesn’t mean you have to take high insurance costs sitting...
Is business going so well that you’re thinking about adding another location? If this is the case, congratulations! But before you start planning the ribbon cutting ceremony, take a step back and ask yourself some tough questions about whether...
You’ve probably heard the term and wondered if it could happen to your company. Maybe it already has. We’re referring to “digital disruption” – when new technologies and business models affect the value proposition of existing goods and services....
When it comes time to transition your role as business leader to someone else, you’ll face many changes. One of them is becoming a mentor. As such, you’ll have to communicate clearly, show some patience, and have a clear...
With so much data flying around these days, it’s easy for a company of any size to get overwhelmed. If something falls through the cracks, say a contract renewal or outstanding bill, your financial standing and reputation could suffer....
“Sorry, we don’t carry that item.” Or perhaps, “No, that’s not a part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because if...
In business, and in life, among the most important ways to manage risk is through insurance. For certain types of companies – particularly start-ups and small businesses – one major threat is the sudden loss of an owner or...
No business owner wants to send out spam emails. Even the term “email blast,” the practice of launching a flurry of targeted messages at customers and prospects, has mixed connotations these days. Yet email remains a viable and even...
Many companies take an ad hoc approach to technology. If you’re among them, it’s understandable; you probably had to automate some tasks before others, your technology needs have likely evolved over time, and technology itself is always changing. Unfortunately,...
An old business adage says, “Sales is a numbers game.” In other words, the more potential buyers you face, the better your chances of making sales. This isn’t completely true, of course; success also depends on execution. Nonetheless, when...
Like many business owners, you may find yourself accustomed to running the show. But I’ve found that as our company has grown, I am better off sharing responsibility for major decisions. Whether it’s with experienced managers that we’ve recruited...
Many companies reach a point in their development where they could benefit from an advisory board. It’s all too easy in today’s complex business world to get caught up in an “echo chamber” of ideas and perspectives that only...
A good basketball team is at its best when its top players are on the floor. Similarly, a company is the most productive, efficient, and innovative when its best employees are in the right positions, doing great work. Unfortunately,...
In popular culture, the word “spinoff” usually refers to a television show whose main characters originated from an already established show (think Trapper John M.D.). But the word applies to the business world, too. Here it describes a division...
We live and work in the information age. As such, the opportunity to gather knowledge about your company’s competitors and industry as a whole has never been better. This practice – commonly known as “competitive intelligence” – can help...
A successful family business can provide long-term financial security for you as its owner, as well as for your loved ones. To improve the chances that your company will continue to benefit your heirs after you’re gone, take steps...
Anyone who owns a closely held business with at least one other partner needs to take certain steps to guard against business disruption. If one partner departs suddenly, or becomes disabled or dies, serious confusion and conflicts can ensue....
“I’m taking a sick day!” This familiar refrain is usually uttered with just cause, but not always. What if there were no sick days? No, we’re not suggesting employees be forced to work when they’re under the weather. Rather,...
With busy season over (for now), employee reviews here, and recruiting season right around the corner, compensation is a hot topic around our office. If employees here are talking about it, it seems safe to say that employees at your...
Many companies, especially smaller ones, minimize in-house training to cut costs. But the current business environment – with its hard-to-predict changes, external threats, and regulatory demands – is causing some owners to rethink this strategy. A strong training program can not...
For many of today’s companies, going global seems like a quick and trouble-free growth strategy. Technological advances and expansive supply chains make doing so easier than ever. But if you make this move impetuously, you may soon find yourself...
Could your company’s benefits package use a bit of an upgrade? If so, one idea to consider is adding an option for employees to convert their regular 401(k)s to Roth 401(k)s. Under a Roth 401(k), participants make after-tax contributions to...
Business owners get to make executive decisions. It’s one of the perks of the job. However, acting unilaterally when buying software can be a risky move. Because new technology affects the entire team, the entire team (or at least...
Most businesses are wrapping up their year-end books and generating their annual financial statements. This makes it a great time to settle in by a roaring fire (or enjoy a beautiful 60 degree February day in Chicago!) and catch up on...
As we approach the end of the year, tax planning becomes increasingly important. Many times, you and your business can identify tax advantageous ways to spend or distribute any excess cash reserves. As such, you begin to focus on...
As we approach the end of the year, it’s time to start thinking about (and talking to your employees about) retirement planning and the tax savings that are still available. Employers who offer retirement savings plans are already helping...
Nearly every business owner wants to grow his or her company, but with growth comes risk, and that can keep you from taking the steps necessary to move forward. Yet if you don’t think be enough to develop a...
Many retirement plan sponsors consider converting to new providers starting with the new plan year. For calendar year plans, that means January 1. If this is the case for your company, now is a good time to evaluate your...
Many business owners launch their enterprises with a business plan – the written document that outlines key strategic objectives and practical means of accomplishing them. Likewise, many of these business owners apply the same methodology to the succession plan,...
In 1943, psychologist Abraham Maslow set out his “hierarchy of needs.” This theory suggested that human behavior is a response to a variety of needs ranging from physical survival to self-actualization. At this point, you may be wondering, “what...
Many businesses (including Mowery & Schoenfeld) start out very small and somewhat simple. At least, it seems that way now. As we have grown, we have found the need for a stronger company infrastructure and increased operational sophistication. In...
I hate to say it, but most business owners tend to believe that expense accounts are padded. It is fairly common in business. The question then becomes whether the abuse extends beyond the threshold of tolerance. In order to prevent...
We work with many successful companies across a wide variety of industries, providing financial leadership and advice. One thing that we do is look at common factors that help companies reach their goals. While every business needs solid internal...
Last year, I attended a presentation by Stephanie Shippers on Neuro-Linguistic Programming which provided an insight into various learning styles. At Mowery & Schoenfeld, we spend a great deal of time with our young staff on learning and development....
In my career as a CPA, I have seen many successful organizations. All of these prospering companies have one thing in common – they are continually seeking growth and improvement. They are driven by leaders who want to be...
Every organization no matter how big or small has moments of truth. Moments of truth are often felt when core values are challenged – usually by external forces. How a business reacts during these moments speaks volumes about the...
As the managing partner of an accounting firm, leading a business through ebbs and flows ranks very high on my priority list – EVERY year. January through April are unmistakably exciting times in a CPA firm and a key...
Every business faces “The Big Squeeze.” It is a phrase I use to describe a condition that affects virtually every business. The net income of a business is continually challenged. Maintaining and increasing revenue is critical to long-term success....
It’s an unfortunate truth; many business owners worry their employees may be stealing from the business. With this thought, two questions tend to linger: “How much are they stealing?” and “What, if anything, should I do about it?” Generally...
I have a friend that was recently discussing her job with me. Although she has just started, she has found that it is a toxic environment. The owner/CEO rules the company in a very authoritative and controlling way. He...
Some entrepreneurs might disregard compiling a comprehensive business plan when starting their businesses, but it’s an absolute imperative when running a company. Why? Because your business plan can predict the future. When we started Mowery & Schoenfeld nearly 19...
Many businesses outsource one or more of their IT functions with the goal of saving money. Yet if you don’t mitigate the risks involved, you could end up both losing out financially and failing to get the most from...
It’s tough for anyone who runs a business to remain completely objective. You have so much invested (time, energy, money), and you’re so close to so many minute details, that a sizable amount of subjectivity is bound to enter...
A business can offer many things as fringe benefits, so it’s a good idea to occasionally review the possibilities to see whether you might be missing something that could help you attract and retain the best employees. Many discussions...
Cash flow issues can frequently arise when a company is growing very rapidly. Growth in sales results in more accounts receivable and potentially increased inventories and overhead costs. All of these items require the deployment of cash. The company’s...
As a small business owner, you may assume it is unlikely you would be a cybercriminal target, thinking they would target larger organizations. Unfortunately, that way of thinking is inaccurate and small businesses are just as (if not more)...
Beginning October 19, 2023, US taxpayers must use multifactor authentication (MFA) in order to access the Electronic Federal Tax Payment System (EFTPS), which primarily facilitates the payment of federal taxes, including income, employment, and excise taxes, by both individuals...
If your business completes minor repairs by December 31, you can deduct those costs on your 2023 tax return. But different tax rules apply to improvements. As opposed to repairs, improvements are capital expenditures that must be written off...
Hiring a Certified Professional Accountant (CPA) is a strategic move that brings numerous benefits when navigating tax laws and regulations. In this comprehensive guide, we'll explore the role of a CPA, the circumstances that warrant their expertise, the cost...
Whether you're looking to buy or sell a business, the insights gained from a professional QoE report can assist in making informed decisions and navigate the transaction with confidence.
Schedule K-1 is a tax form required to be filed by pass-through entities (partnerships and S corporations) to report each investor’s share of income, deductions, credits, and other tax-relevant items. Since these entities generally don’t pay income taxes at...
As of February 17, 2025, the U.S. District Court for the Eastern District of Texas has ruled that the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements are back in effect. The Department of the Treasury understands...
