As a measure, business efficiency is used to gauge how well a company turns things like labor and materials into profitable products and services. Here are five best practices for business owners to consider.
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Starting a new business can be hard work, but the right professional team can help you with a great deal of that effort. And a CPA is an integral part of that team. As you prepare to turn your ideas into a new venture, a CPA can help you cultivate a business plan that promotes tax efficiency and sound financial practices.
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According to the Clutch Accounting Report, 45% of small businesses do not employ a bookkeeper or an accountant. However, bookkeeping and accounting duties require a significant time commitment, and they often become increasingly complex over time. At some point, the administrative burden and potential risks will overshadow any initial cost-savings, which means it is time to delegate. Outsourced booking and accounting services can be cost-effective solutions.
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For privately-held businesses, the Financial Accounting Standard Board (FASB) lease accounting standard (ASC 842) has been coming down the pipeline for some time. In 2016, the FASB introduced the standard as part of its efforts to improve consistency and transparency across lease accounting.
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Running a business takes hard work and dedication. To ensure your business runs efficiently, you need access to the right resources.
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For manufacturers, contractors, and many other types of privately held companies, estimating costs on a per-batch or per-job basis and managing their overhead costs are key components of their success.
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The Financial Accounting Standards Board (FASB) released its new standards for revenue recognition back in May of 2014. The standard affects the manner in which all entities recognize revenue amounts they expect to receive for the exchange of goods or services.
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Business success is strongly tied to transparency, or knowing where you are financially, and, for business owners, your financial outlook will be the basis for many of the day-to-day and key operational decisions you make.
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In times of economic uncertainty, expanding your business through mergers and acquisitions (M&A) may seem like an unattainable goal; however, businesses shouldn’t let fear of the unknown push growth opportunities to the back burner.
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While there are many ways to open channels for cash flow, the R&D Tax Credit is an often undervalued, or even overlooked, channel for manufacturers, especially those considered among small to mid-sized businesses.
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