What Are the Differences Between a Traditional IRA and a Roth IRA?
An IRA, or individual retirement account, is a great vehicle for building wealth and saving for retirement. Although there are many different types of IRAs, each with their own pros, cons, and rules, the two most common IRAs are traditional IRAs and Roth IRAs. Traditional IRAs were introduced in the Employee Retirement Income Security Act […]
8 Common but Preventable Tax Filing Mistakes Made by Individuals
The IRS doesn’t like mistakes. Neither should you. Mistakes translate to a longer processing time for your tax filing. Mistakes could mean a delay in a refund. Even worse, mistakes could result in an audit, which takes time and money to respond to and manage. Depending on the nature of your mistake, you could face […]
Understanding the Basics of Charitable Giving
There’s a reason why nonprofits devote so much time and energy to end-of-year fundraising campaigns. According to Network for Good, 30 percent of all charitable giving happens during the month of December. In fact, 12 percent of all giving happens in the final three days of the year. While many people are in a giving […]
Virtual CFO: What It Is and Why You Might Need One
As businesses grow, their financials become more complex. As financials become more complex, it becomes more difficult to measure and manage cash flow, inventory, production costs, payroll and other critical financial information and tasks. This is why many companies grow themselves right out of business. They’re unable to maintain the financial controls and systems required […]
Phone Scam Alert: People Posing as Social Security Employees
Last year, the Social Security Administration (SSA) issued a warning about suspicious phone calls from people claiming to represent the SSA. In one specific case, Kentucky residents who used a certain law firm to assist with applying for Social Security benefits were receiving the bogus calls. The caller would offer people $9,000 from a compensation […]
How to Prevent Employee Expense Fraud and Abuse
According to a survey conducted by software provider Chrome River, employee expense fraud costs American businesses more than $2.8 billion per year. About 19 out of 20 employees claim to submit accurate, honest expense reports, but those who commit fraud claim an average of $2,448 in false expenses per year. Some report as much as […]
Should I Buy Equipment for My Business? If So, When?
Investment in infrastructure is something almost every business needs to do at some point. Do you need a new computer system? Do you need new equipment for your manufacturing plant? Do you need new service trucks for technicians in the field? Do you need a new printer/copier? These investments are often substantial, but they’re essential […]
What Should Your Company Do When Cash Gets Tight?
Every business goes through ups and downs. Many have mechanisms and safeguards in place to compensate for the “downs.” However, even the best-laid plans sometimes don’t pan out due to unpredictable events, and the result can be a temporary cash shortfall. Some businesses get dangerously close to the point at which they won’t be able […]
Have You Reviewed Your Business Processes Lately?
When a customer calls your business with a question about your product or service, or a problem that needs to be resolved, what happens? Who fields that call? How is the call routed based on the customer’s question? What information should be collected? How is that information recorded and reported? Or does the person who […]
8 IT Security Fails that Put Businesses and Their Data at Risk
LFL Veritas thanks Evan Berk of Certus Technologies for sharing his expertise for this blog post. Most conversations about IT security focus on highly sophisticated, well-financed cybercriminals and the advanced techniques they use to access and steal data. For example, zero-day threats are capable of exploiting a vulnerability on the same day the vulnerability is […]