Posted in The Bottom Line, Featured Post, Small Business

Avoiding Late Employee Elective 401(k) Contributions

Transferring your employees’ 401(k) contributions to your checking account on payroll dates could save you a headache. Tired of your auditors telling you that employee elective contributions to your 401(k) plan are late? Upset when the auditors issue that Internal Control Deficiency letter explaining that your failure to timely remit such contributions resulted in a…

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Posted in The Bottom Line, Featured Post, Accounting & Auditing

Got multiple locations? Expect auditors to keep a close eye on inventory

Do you remember the high-profile fraud that happened at drugstore chain Phar-Mor in the 1990s? Executives manipulated the company’s financial statements to hide approximately $500 million in losses. A key ploy that perpetrators used in the Phar-Mor case was to overstate inventory balances at individual stores. Management became adept at hiding the scam from their…

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Posted in The Bottom Line, Featured Post, Accounting & Auditing

Do your financial statements contain hidden messages?

Over time, many business owners develop a sixth sense: They learn how to “read” a financial statement by computing financial ratios and comparing them to the company’s results over time and against those of competitors. Here are some key performance indicators (KPIs) that can help you benchmark your company’s performance in three critical areas.

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Posted in The Bottom Line, Featured Post, Estate Planning

A Win for Family Businesses

by: Charles Friedman, Director   In 2016 it looked like a new proposed regulation might greatly limit a popular estate planning technique – leading to a big increase in the estate taxes of family business owners. Thankfully, late last month the IRS formally withdrew the proposal, allowing estate planners and their clients to breathe a…

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