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 […]
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 […]
Are You Tracking Mileage and Travel Expenses the Right Way?
If there’s one task at tax time that most people don’t prepare for, it’s providing documentation that allows you to take deductions for mileage and travel expenses. Although IRS audits overall may be relatively rare lately, these deductions are almost always reviewed, so it’s safer to play by the rules. In some cases, the IRS […]
When Was the Last Time You Reviewed Your Employee Handbook?
When we meet with clients, it’s not uncommon for the client to mention a dispute with an employee about overtime, disability, health benefits and other issues. The first question we always ask is, “Is it covered in your employee handbook?” Unfortunately, many companies don’t realize that the employee handbook should be a priority until after […]
What You Need to Know About the New Lease Accounting Standard
In January of 2016, the International Accounting Standards Board (IASB) issued its new lease accounting standard, which has been in development for years with the Financial Accounting Standards Board (FASB). The FASB released its own version of the standard weeks later. While there are many details, nuances, and even differences between the IASB and FASB […]
7 Ways to Improve Cash Flow and Reduce Risk
President Donald Trump famously said, “Cash is king.” Like him or not, he was onto something. Cash flow is the lifeblood of business and critical to growth. Business owners learn very quickly that it’s difficult to survive when cash outflow consistently exceeds cash inflow. Every business, especially startups, must closely monitor cash flow to prevent […]
LLC or S Corp: Which Legal Entity Should You Choose for Your Business?
How you structure your business, or the type of legal entity you choose for your company, has implications that go far beyond taxes. It can impact how your business operates and grows, how it is financed, and the level of exposure to liability. This is why the LFL Veritas approach is always to consider business […]