You’re not alone if you inherited the family business with no formal succession plan in place. About 64 percent of family companies don’t have a written succession plan, while another 19 percent have one “in progress.” Use these tips to find your footing after you’ve suddenly inherited the family business.
Do you ever hit snags when handling time off for salaried employees? There are specific guidelines surrounding pay deductions for salaried, exempt employees. Read the more common situations — and what you should do to stay on the right side of the law.
Small business owners heading into 2018 have a lot to be happy about — but they've also got some major concerns about the continued success of their businesses, including taxes, cash flow, and technology.
Back taxes can have serious consequences for a small business. They accrue interest and penalties, so your tax debt can quickly snowball. The IRS will hold any tax refund your business is entitled to until the past-due taxes are paid.
Contracts form the lifeblood of any enterprise, and they’re often a company’s single greatest economic asset. Yet, according to the International Association for Contract & Commercial Management (IACCM), poor contract management is costing companies an average of 9 percent of their annual revenues.
If your business is an activity that many people enjoy as a hobby – for example, making jewelry, painting oil portraits or playing in a cover band — and isn't consistently profitable, there can be a fine line between "hobby" and "business."
More than 70 percent of the business owners surveyed say they faced at least one serious business problem during last year's holiday season, the most common being late payments.
What bookkeeping services should your business have? The easy answer: all of them.