11 posts categorized "CPAPowered" Feed

Help small business clients recover through customer retention

Small Business Customer RetentionMany small businesses are struggling because of the unprecedented effects of the coronavirus pandemic on the economy. As a CPA, your guidance is critical to help small business clients navigate these current challenges and enable successes.

One of the most valuable factors in a business’s long-term vitality is customer retention. For instance, DocuSign’s annual sales grew more than 30%, due in part to their high level of repeat customers.

Small and medium businesses (SMBs) can also benefit from obsessively tracking and learning from customer and revenue retention trends. That makes retention analyses an ideal addition to your advisory services — and you can do it using the same accounting data you’re already managing for SMB clients.

Continue reading "Help small business clients recover through customer retention" »

Can you separate PPP facts from the myths?

Shutterstock_1713483700Do you remember playing the telephone game in elementary school? I’ll spare you the rules. But, in the end, the game exposes the way information mutates after numerous people filter it. As information about the Small Business Association’s Paycheck Protection Program rolled out, it quickly started to feel like a large game of telephone with misinformation floating around rampantly. Small businesses are extremely vulnerable during these times and cashflow is top of mind for every CPA and their client. Nobody can afford to live with confusion around a program promising direct relief. Let’s address a few pieces of PPP information — or misinformation. See if you can guess if the following are MYTHS or FACTS:

Continue reading "Can you separate PPP facts from the myths?" »

4 financial tips for entrepreneurs

Shutterstock_1499312708It’s National Entrepreneurs’ Day! Take a moment to celebrate your success or the great plans you’ve developed.

Maybe you’ve got a fantastic idea for a business and your confident it’s going to be successful. Or perhaps your company is already up and running, but you constantly wonder whether you’re doing everything you can to ensure your business’ financial success and security — and your own. No matter what stage you’re at in the entrepreneurial journey, you can follow these four steps to make the most of the business you’ve built and the future you’re hoping it will have.

Continue reading "4 financial tips for entrepreneurs" »

3 perks of working for yourself

Shutterstock_487666249In today’s ever-evolving job market, there are plenty of new opportunities to work for yourself. Whether it’s freelancing, entrepreneurship or gigs — the list goes on. Actually, seven in 10 the young adult job-seekers the AICPA recently surveyed claim that being their own boss is more valuable than the job security of working for someone else. If you’re thinking of branching out on your own, you’re not alone. 

Not sure if you’re ready to take the plunge? Consider these three perks of working for yourself.

Continue reading "3 perks of working for yourself" »

Top considerations when building a business out of your home

Shutterstock_615508904Whether you’re an Etsy shop owner or a CPA seeing clients out of your home office, there are a variety of things that vary from owning a brick and mortar business. I recently spoke with Kelly Ward, CPA and co-owner of Robinson & Ward, P.C., on The Small Biz Brunch podcast, and she provided the following tips for entrepreneurs looking to build a business out of their home. 

Don’t wait to invest in a trusted adviser

Instead of waiting until you’re drowning in financial problems, Ward recommends seeking out an expert’s advice at the very beginning. For example, it’s a lot easier to prepare for certain tax implications before launching your business, rather than paying a huge tax bill come April. A CPA can help prepare entrepreneurs depending on their situation so there aren’t any surprises – because let’s be honest, there’s nothing worse than getting surprise in the mail from the IRS. 

Continue reading "Top considerations when building a business out of your home" »

Financial tips for female entrepreneurs

Shutterstock_416503771As the host of The Small Biz Brunch podcast, I’ve interviewed some amazing entrepreneurs and CPAs who are changing the world. When I reflect on episodes I’ve recorded over the past six months, some of my favorite have been about women disrupting their industries and paving the way for future generations. And while it’s important to celebrate female entrepreneurs throughout the year, Women’s History Month provides a timely platform for important conversations. 

I recently chatted with Lindsay Stevenson, CPA, CGMA, founder of Origin Evolution and Rachel McGirt, co-founder of Healthy Girls Save the World, a program for middle school girls that promotes “healthy bodies, healthy minds and healthy relationships.” We discussed financial challenges specific to female entrepreneurs (for example, how to get funding), and ways to overcome them. Here are the top two tips Stevenson and McGirt provided. 

Continue reading "Financial tips for female entrepreneurs" »

Staying in love with your significant other – who’s also your business partner

Shutterstock_570149110It’s Valentine’s Day, and you deserve a virtual high-five for being extra thoughtful this year. You put together a romantic dinner with candles, music, their favorite dessert – the whole nine yards.

And then you hear the love of your life, your main squeeze, yell from the shared home office, “Hey! Did you remember to pay the contractor?” Well, so much for that intimate evening sans work.

Turning your romantic partner into a business partner might sound like a struggle, especially when it comes to setting boundaries. However, with the right amount of agreed-upon expectations from the start, coupled with consistent, proactive and honest communication along the way, it is possible to succeed in both love and business.

Continue reading "Staying in love with your significant other – who’s also your business partner" »

How a CPA can help KonMari your finances

Shutterstock_736968295Anyone else feel a tad bit inadequate after watching “Tidying Up with Marie Kondo” on Netflix? If you haven’t heard of the series, during each episode, organizing expert Marie Kondo helps clients clear out clutter in their lives with her KonMari method. Before watching I thought I was a relatively neat person, but now I have a tiny voice in my head yelling, “WOW, STAND THAT UP VERTICALLY, YOU SLOB,” every time I put away laundry.

But enough about me. Let’s talk about how we can apply some of Kondo’s tactics to another aspect of life that may need some work: money.

Continue reading "How a CPA can help KonMari your finances" »

How workplace trends are affecting small businesses

Shutterstock_1075401614It’s widely known that finding top-tier talent is a challenge many small CPA firms and other small businesses face. On the most recent episode of The Small Biz Brunch, a podcast from AICPA’s #CPApowered campaign, I chatted with Mark Astrinos, CPA/PFS about this issue, changing trends in the workplace and how they’re affecting bottom lines and company cultures. A business owner himself, he had some key insights into hiring and retaining top talent, especially when it comes to millennials. We’ve distilled three of those in this post (lets people know there is more info in the podcast).

It’s not just about the salary anymore.

A survey from the AICPA found that Americans would choose a job with benefits over an identical job that offered a salary 30% higher, but no benefits. These days, benefits – or perks – can be anything from 401(k) matches to delicious snacks in the break room. Overall, employees want to feel valued, which probably means providing more than just an appealing number on a paycheck (although, let’s be honest, that’s pretty important too).

Continue reading "How workplace trends are affecting small businesses" »

3 reasons why all entrepreneurs should hire a CPA

Shutterstock_593385893I’ll go ahead and say it – every entrepreneur should hire a CPA. And no, I’m not just saying this because I work for the AICPA. As host of The Small Biz Brunch podcast, I’ve had the pleasure of chatting with many successful business owners – and the majority say how they couldn’t have done it without their CPA. And if someone didn’t use one, they definitely wish they had. 

Read on for three good reasons why entrepreneurs should consider hiring a CPA: 

Continue reading "3 reasons why all entrepreneurs should hire a CPA " »

3 spooky small business myths, busted

Shutterstock_1214620402At this time of year, there’s plenty of “spookiness” to go around – the new Halloween movie, haunted houses, people incessantly arguing about politics on Facebook (just to name a few). Luckily, starting a small business doesn’t have to be something that makes your hair stand on end.

To calm potential entrepreneurs’ fears of starting a small business, I wanted to learn about some of the most popular myths – and hopefully put them to rest. Amy Wang, CPA and senior manager of the Tax Advocacy & Policy team at the AICPA and Margaret McNab, founder and co-organizer of the Freelance League of North Carolina, joined me on #CPApowered’s new podcast, The Small Biz Brunch, to discuss just that.

Myth #1: Side Hustles Aren’t Taxable

Continue reading "3 spooky small business myths, busted" »

Subscribe

Subscribe in a reader

Enter your Email:
Preview

CPA Letter Daily