File your Beneficial Ownership Information Report
The Corporate Transparency Act Expanded anti-money laundering laws created new reporting requirements for small business in the US (beginning in 2024). The rules and exemptions might apply depending on your business structure and operations. Own 25% or more of the company = beneficial ownership information (BOI) Exercise substantial control of the company a top executive or […]
Does CTA requirements apply to my business?
The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US Beginning in 2024) and applies to many small businesses, but there are specific rules and exemptions that might apply depending on your business’s structure and operations. Who […]
5 Essential Tips for Streamlining Your Bookkeeping Process
Running a business is no easy feat, and keeping track of your finances can sometimes feel overwhelming. Whether you’re a small business owner or an established company, efficient bookkeeping is key to staying on top of your financial health. As a bookkeeping business, we’ve seen the positive impact of good bookkeeping habits firsthand. Here are […]
Managing Remote Employees’ Pay During Internet Outages: A Comprehensive Guide for Employers
The shift to remote work has transformed the way businesses operate, offering flexibility and convenience to both employers and employees. However, it also brings unique challenges, one of which is managing pay when employees experience technical difficulties, such as internet outages. A common question among employers is: Should remote employees be paid for a full […]
The Ultimate Guide to Efficient Bookkeeping for Small Businesses
Bookkeeping is the backbone of any successful small business. It involves recording and organizing financial transactions, which is essential for making informed decisions, maintaining compliance with tax laws, and ensuring the financial health of your business. Whether you’re just starting or looking to improve your bookkeeping practices, this guide will help you streamline your processes […]
SALARY HISTORY BANS
In Massachusetts where we are headquartered, all employers are banned from asking for salary history information. They can, however, confirm prior history if volunteered by the applicant or if an offer has been extended. However, if known, previous pay cannot be a defense to a pay discrimination claim. Currently, 21 other states have similar statewide […]
Determining the Best Accounting System for Your Business
Selecting the right accounting system is crucial for maintaining financial health and operational efficiency. Here are the essential steps to identify and implement the best accounting system for your business: 1. Assess Your Needs and Goals Identify Requirements: Determine the specific features your business needs, such as payroll, invoicing, inventory management, scalability, and integration with […]
Lets get that loan and what to consider
When banks evaluate a small business loan application, they typically consider several key factors to assess the creditworthiness and financial health of the business. Here are the primary criteria banks look for: 1. Credit History: o Personal and Business Credit Scores: Banks will review the credit scores of the business owner(s) and the business itself. […]
5 Steps To Boost Client Retention
In 2022, the number of accountants and financial professionals working in the US reached a record high. With increased competition, retaining your existing clients has become more crucial than ever. To help you navigate this competitive landscape, we share five essential steps professionals can take to foster long-term relationships and keep their customers happy and […]
Boosting Small Business Growth: Why SBA Loan Limits Must Rise in Today’s Economy
In today’s economy, the purchasing power of $5 million is not what it once was, with rising costs across housing, fuel, food, and labor sectors. The SBA (7a) loan limit, static since its last increase to $5 million in 2010, struggles to meet modern small business needs. With the SBA backing up to 85% of […]