4 Keys to a Successful Year-End Inventory Process
Accurate year-end inventory counts aren’t just about generating reports and preparing financial statements for the bank, your investors and your accountant. Year-end inventory is about creating a snapshot of what you have so you can fulfill orders, understand sales trends and deliver the best possible customer service. It’s about detecting and addressing shrinkage, which costs […]
Collecting Sales Tax in the Wake of Wayfair: What You Need to Know
For years, if your company sold products online, a state could only require you to collect state sales tax if you had a physical nexus (offices, distribution centers, payroll, etc.) in that buyer’s state. The Supreme Court ruled in 1967 and again in 1992 that this physical presence test would apply. For example, if a […]
The Clock Is Ticking on Windows 7. Time to Upgrade or Deal with the Risks.
Microsoft ended mainstream support for the Windows 7 operating system in January of 2015. That means security patches are still be distributed, but no new features have been added in nearly four years. However, Windows 7 is still the most widely used operating system with 40.88 percent of the market, according to September 2018 data […]
If You Handle Payment Cardholder Data, PCI Compliance Is a Requirement, Not an Option
You’ve probably read news stories about data breaches involving major brands and the exposure of credit cardholder data. Just this year, Sears, Macy’s, Panera Bread and Under Armour reported hacks that compromised customer data. However, most data breaches don’t make headlines because they involve much smaller businesses. In fact, according to the Verizon Data Breach […]
Why a Levy Should Never (Ever) Be Ignored
In a previous post, we discussed liens, the different types, and what to do if you have a lien against your property. A lien is a legal claim placed on a property that you own or use, such as your home or car. A creditor may file for a lien so they can take possession […]
The Value and Core Components of a Business Plan
Think of a business plan as a roadmap for a new company. An effective business plan is a document that provides an overview of your operations, objectives, and expectations for the next three to five years, as well as an explanation of your strategy for achieving those goals and meeting those expectations. Maybe you want […]
7 Questions to Ask when Planning Your Exit Strategy
When you mention “exit strategy,” the average business owner hears “cha-ching.” In other words, “my exit strategy is to sell my company for a huge profit.” That may very well be the end result, but it’s not the only exit strategy, and many things need to happen before you get to that point. Here are […]
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 […]