We are off to a good start in the new year! I hope 2024 has begun with optimism and prosperity for you and your businesses. Reflecting on the challenges of 2023 – from inflation to supply chain disruptions – it’s inspiring to see how resilient and adaptable we’ve all been. Looking ahead, I see a year of renewed potential, with the economy regaining its footing and businesses poised for growth despite the uncertainties of new tax policies and the upcoming election.

Do you know that a significant percentage of small and mid-sized manufacturing businesses do not have an annual operating budget? As you explore how a budget can drive important business decisions, this introductory article marks the beginning of our comprehensive budget series where we explore the why, when, and how of budgeting. Future articles will move you through the process and explain how to pull it all together. Let’s get started so you can understand how your business is performing!

Embarking on the entrepreneurial journey is a bold and rewarding endeavor, but it comes with unique challenges, especially regarding retirement planning. As author Stephen Covey wrote, “Begin with the end in mind.” Your financial future is intricately tied to the success of your business venture. In this guide, we’ll look at the complexities of retirement planning for entrepreneurs, offering insights and strategies to ensure your golden years are as fulfilling as your entrepreneurial journey.

As of July 31, 2024, new subscribers can choose between QuickBooks Online (QBO) and QuickBooks Enterprise. Existing subscribers will still be able to renew their QuickBooks Desktop Pro and Premier subscriptions, but these options are no longer available to new subscribers. The biggest impact will be for new businesses or QuickBooks Desktop users without an active subscription. For several years, Intuit has poured its resources into enhancing QuickBooks Online, to make it more robust and user-friendly while adding new features.

As we approach another tax season, it's not just the crunch of numbers that should be on our minds but also the heightened risk of falling prey to cyber scams. The Internal Revenue Service (IRS), following its eighth annual Security Summit, has issued an early reminder: Be vigilant against phishing and smishing scams. This advice isn't just for those in the U.S. − cybercriminals are sharpening their tactics globally. Let's walk through essential tips to help you navigate this tricky period safely and confidently.

The Corporate Transparency Act (signed into law on Jan. 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US. Beginning in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity. 

Plans must be tested each year to ensure that they are compliant with the laws governing retirement plans. To understand the testing performed for your plan, it may be helpful to review some of the terms that are commonly used. First, let’s examine how your plan’s noteworthy individuals are identified.

In the vast expanse of the digital age, the nexus between technology and privacy compels businesses to assume a crucial role in safeguarding the data entrusted to them. As we approach Data Privacy Week 2024, it’s imperative to explore the intricate sides of this collaborative responsibility that businesses and individuals jointly bear. This article delves into the critical aspect of legal and ethical compliance, emphasizing its profound impact on fostering trust, ensuring transparency, and navigating the evolving regulatory landscape.

Employee retention stands as a cornerstone of sustainable success. As key talent trickles out, revenues suffer a direct hit, underlining the domino effect of not holding onto essential personnel. Beyond tangible losses like training expenses, businesses grapple with intangible costs – the erosion of institutional knowledge and the ripples in morale that can unsettle even the most stable teams.