Accounting Blog

When to Hire a CFO

Posted on Thu, May 10, 2018

As your company grows, both in size and revenue, it becomes necessary to have a leader who can manage and think strategically about financial decisions. While CPAs are critical to the success of the organization, they may not have the time to dive in and focus on the financial future of the company. The CFO can add value through a variety of resources and collaboration with business owners.

Here are a few indicators that it is time for you to hire a CFO:
•  The CEO is working more “in” instead of “on” the business
•  Complexity of the business begins to erodes profits
•  Business decisions are hindered by lack of timely financial data
•  An early warning system would have prepared the business for significant up or downturn
•  Cash flow is unexpectedly interrupted due to lack of planning
•  Lead bank is concerned over quality and timeliness of financial reporting
•  An acquisition strategy is included in the business growth plans
•  Company experiences higher than expected tax liabilities due to lack of tax strategy

The resources the CFO provides can only add value to and enhance the strategic direction of the company. 

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Tags: accounting services, outsourced accounting services, accounting solutions, Chief Financial Officer, CFO

Fraud Alert: Identity Theft Fraudsters Targeting Small Businesses

Posted on Tue, May 08, 2018

In recent years, we have seen a marked increase in the amount of identity theft cases due to our increased use of the internet.  Generally, as tax professionals we mainly see the impact on  individuals from these schemes. However, there is an surge of small businesses being targeted now. 

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Tags: accounting firm, Small Business, fraud alert, fraud

The Role of the CFO

Posted on Wed, Mar 28, 2018

Over time, the role of the CFO has evolved from transaction oversight to one of strategic importance. The CFO has become a true business advisor which both business owners and senior leaders rely on.

Typically, the CFO will model the owner and leader’s vision into a financial pro-forma to evaluate whether they can and will make the necessary investments (primarily financial and cultural) to achieve their goals.

Business owners need an in-house counselor, who is invested in the financial future of the company, to aid in decision making. The CFO provides resources needed to help make these decisions and “monetize” the company’s vision.

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Tags: accounting services, outsourced accounting services, accounting solutions, Chief Financial Officer, CFO

Scam Alert: QuickBooks & Intuit Phishing Emails

Posted on Thu, Mar 01, 2018

Recently there has been a rise in the number of phishing emails that appear to be sent by QuickBooks and Intuit. These messages state that the customer has a payment due on an open invoice. The balance due on the fake email is a higher amount than the typical cost of the software and any subscriptions offered by Intuit.

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Tags: accounting firm, Scam Alert, phishing scam, Quickbooks

Protect Yourself Against The New Tax Refund Scam

Posted on Mon, Feb 19, 2018

The IRS has reported that the number of potential victims impacted by a tax scam has increased from a few hundred to several thousand in just a few days. Putting a new twist on an old scam, criminals are taking taxpayer information, filing fraudulent returns, and depositing erroneous refunds into real taxpayers’ bank accounts. The criminals then contact the victim and use a variety of tactics to attempt to claim the refund.

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Tags: tax services, tax preparation, tax, Scam Alert, tax scam, fraud

The Goodwill Rule for SBA Has Changed:  What You Need To Know

Posted on Tue, Jan 02, 2018

As of January 1, 2018 SBA has changed the Business Acquisition Equity Requirements (Commonly Referred to as the “Goodwill” Rule) as follows:

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Tags: SBA Lending, The Goodwill Rule

Bitcoin:  What is it and How is it Reported for Tax Purposes?

Posted on Mon, Dec 18, 2017

Bitcoin has been all over the news recently. Although we hear a lot about it, we are still left with numerous questions about what it is, how it works, and how we deal with it from a tax reporting perspective. And now, other cryptocurrencies are hitting the mainstream. All of this makes us wonder, will these cryptocurrencies continue to shape our future or is all of this a fad that will die down within a year? Jamie Dimon, chairman and CEO of JPMorgan Chase stated in October that “If you’re stupid enough to buy bitcoin, you’ll pay the price one day.” More recently, on December 12th, he stated: “Look, everyone has a personal opinion about Bitcoin. I remain highly skeptical of it. But as I’ve said previously, I’m open-minded to uses of cryptocurrencies if properly controlled and regulated.”

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Tags: tax, tax reporting, Cryptocurrency, Bitcoin, Bitcoin tax

Charitable Contributions from Your IRA: What You Need To Know

Posted on Tue, Nov 28, 2017

Taxpayers that are age 70 and a half may direct their IRA to make a direct contribution to a qualified charity of up to $100,000.  This contribution counts toward the required minimum distribution.  The advantage to this is that the distribution to the charity is not included in the taxpayer's adjusted gross income (AGI).  This could further reduce their tax since certain taxes, income and deduction items are directly affected by AGI.  Only an IRA is eligible to make this contribution.  SEP IRA's and other qualified retirement plans are not eligible.

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Tags: tax rate, IRA, tax code, tax deduction

What Changes Are Coming To Your Social Security and Retirement Plans in 2018?

Posted on Mon, Oct 30, 2017

The Internal Revenue Service (IRS) recently released cost of living (COLA) changes for 2018.  From 401(k) plans to individual retirement accounts to Social Security, the federal government has been busy in recent weeks adjusting numbers for 2018. Whether you're an employee or business owner, senior management or nonexempt staff, these changes may affect how you approach retirement in the coming months and years.

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Tags: 401K, retirement plan, IRS, Social Security

Fake Accounting Invoices Used to Steal Credentials

Posted on Mon, Sep 11, 2017

A recently resurfaced banking Trojan is now being used in a malware/phishing campaign targeting users of accounting services provider Xero. Similar attacks have also been used against users of Intuit and QuickBooks. The goal of these attacks is to gather login details for banking and financial accounts. Here's how it works, what it looks like, and what do if you get this message:

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Tags: Accounting, Scam Alert, fraud alert, fraud prevention