State unemployment insurance is an important lifeline for millions of families across the country. The money to pay for this insurance is provided by employers, and the state governments administer the programs. Most companies don’t think about state unemployment insurance because they simply outsource the calculation and payment to a third-party provider, typically a payroll processing company. While you may not calculate it yourself, it’s still important to understand how it works because … [Read more...]
Should You Offer a Pension Plan?
For the past 20 years, there has been a clear trend in retirement benefits offered by companies. Investment risk has steadily shifted from the employer to the employee. Decades ago, most employers that offered benefits did so via defined benefit or pension plan. These plans guaranteed a certain income stream to retirees. Defined benefit plans provided employees with security, which helped fuel loyalty. But as demographic changes and medical advances increased post-employment lifespans, … [Read more...]
IRS Makes Reporting Tax Fraud and Errors More Rewarding
In 1912, President William Howard Taft signed into law the Lloyd -- La Follette Act which protected civil servants from “unwarranted or abusive removal” and gave employees the right to furnish information to members of Congress without interference. This in effect became the first law to protect whistleblowers in the United States. Since then, numerous laws have been established to protect whistleblowers in both the government and the privates sector in areas as diverse as environmental … [Read more...]
China’s Message to U.S. Businesses
At the completion of the summit between President Obama and President Hu, there was little doubt that China sees itself as a global power on equal footing with the United States. During his visit, President Hu had several important messages for U.S. companies. While the $45 billion in contracts that were signed during the summit received much attention, it’s important to look beyond that. China's Message to U.S. Businesses "We don't mind if you want to sell us more goods and … [Read more...]
Reality Check for Your Small Business Accounting
Working with small business owners can be more interesting than watching the latest mystery thriller on Netflix. Owners are far more complex than movie characters. The stories of how they got started and how they stay in business can beat any movie plot. And sadly, the downfall (in cases where there are downfalls), can be caused by the most unlikely circumstances. It really makes for great storytelling! On a recent occasion I met a business owner whose company had gone through an … [Read more...]
A New Streamlined Process for SBA Loans
The National Federation of Independent Businesses recently published its “Small Business Economic Trends” report for January 2011. Since 1986, this survey captures small business owner perspectives on key areas such as earnings, spending, inventory, sales, and credit. This latest report confirms that small business owners continue to be “in a rut” with little change in their perceptions for 2011. According to the survey, credit conditions for small business owners have rebounded from record … [Read more...]
How to Raise Money When Nobody is Investing
Access to capital is the thorn in the side of most growing businesses. “If only I had more money I could…” is a phrase that starts so many conversations with business owners that it could be considered the “entrepreneur’s mantra." This is not whining on the part of business owners; it really is difficult to raise money in this economic environment. How to Raise Money When Nobody is Investing Investors in general have become more risk averse and the very low levels of return they are generating … [Read more...]
What the Numbers Won’t Tell You
As a finance professional and business owner, I tend to focus on the numbers. Quantitative data on growth rates, margins, revenues and expenses speak to me. They provide a uniform and fair way to evaluate performance and the allocation of resources. Some of the fastest-growing companies in the U.S. today are in technology and engineering fields which are mathematically and quantitatively oriented. In short, it’s hard to argue against the numbers. But even I must acknowledge that there are many … [Read more...]
Should You Start a BID (Business Improvement District) in 2011?
Some of the most creative people I have ever met are small business owners. It takes a special kind of person to continually find new ways to sell more, cut costs, generate interest among finicky buyers and keep employees motivated day in and day out. But many business owners are running out of ideas on how to combat the weak economy. If you’ve run out of ideas on how to change your business from the inside, perhaps it’s time to take a look at the area around your business. Maybe you should … [Read more...]
Tax credits: Save Taxes With the 5 Year Business Credit Carryback
The Small Business Jobs Act of 2010 has been one of many controversial pieces of legislation that have become law this year. Right here on OPEN Forum there were differing opinions on the value and efficacy of the legislation, as you can see here and here. While this debate will continue for some time, business owners need to make decisions on how to take advantage of specific provisions of the law that impact their businesses. Failing to do so may cost you many thousands of dollars or more in … [Read more...]
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