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​In Pursuit of Profit

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11/29/2021

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Accounting for Business Charitable Giving

 
business charitable giving
Last year $2.47B was donated to US nonprofit organizations on GivingTuesday, a whopping 19% increase over the previous year. Only time will tell if this year surpasses last year’s record-breaking numbers. But what we know for sure is that on this GivingTuesday both individuals and companies nationwide will give to their favorite nonprofit charities.

As a business owner, you need to be aware of how these charitable contributions will be accounted for on your books not just on GivingTuesday, but year-round.


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6/18/2021

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Financial Analyst or Hybrid Accountant: Which Do I Hire for FP&A?

 
“Finance” is a broad term every business leader has heard, but it can mean many different things.
​
Businesses have banking relationships, investments they need to track, fundraising and financial analysis needs. Corporate Financial Planning and Analysis (FP&A), the work performed by Financial Analysts, is a complex specialty within Finance that all successful businesses need in some degree. There are multiple FP&A components of which every business requires a different combination. This complexity makes hiring to satisfy your FP&A needs difficult. To make matters harder, many accounting and FP&A functions can overlap.

So how do you know if you need to hire a dedicated Financial Analyst or a hybrid accountant? It helps to first understand the components of Corporate FP&A, the value each adds, and how much time each activity should take. 

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11/13/2018

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5 Tips for Payroll Tax Reporting

 
5 Tips for Payroll Tax Reporting
Payroll taxes are one of the most labor-intensive employment taxes that business owners handle. Also known as “FICA taxes,” payroll tax is comprised of Social Security and Medicare taxes. These taxes are withheld from employees’ paychecks as well as paid by the employers, which means that business owners must manage both sides of the equation.

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10/30/2018

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The 7 Most Important Financial Reports for Small Businesses

 
The 7 Most Important Financial Reports for Small Businesses
Startups and small businesses rely on financial reporting to set benchmarks, inform operational decisions, and measure overall organizational health. ​However, many new business owners feel overwhelmed by the breadth of financial reporting available to them. 

​When small businesses utilize well-equipped financial accounting software, confusion can lead to decision paralysis. 

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10/16/2018

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What Type of Business Intelligence Support Should be Expected from Accountants?

 
What Type of Business Intelligence Support Should be Expected from Accountants
Most business owners and leaders have been a part of the growing conversation around expanding business intelligence (BI) capabilities. They understand that their businesses possess a gold mine of data that can be tapped into using BI methods to increase production efficiency, sell to consumers more effectively, capitalize on market opportunities, improve product outputs, and sustain growth.

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