Professional Accounting Blog

    Accounting For Your Prosperity

    CARES Act provides COVID-19 pandemic relief to businesses

    Posted by Jonathan Ciccotelli on Mar 31, 2020 4:40:44 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) represents the third phase of Congress’s legislative efforts to address the financial and health care crisis resulting from the coronavirus (COVID-19) pandemic. In addition to providing relief to individuals and mustering forces to shore up the medical response, the CARES Act includes numerous provisions intended to help affected businesses, including eligible self-employed individuals, weather the crisis.

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    SBA Loan Provisions of the CARES Act

    Posted by Dan Prendergast on Mar 30, 2020 5:28:26 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    On March 27, 2020 President Trump signed the Coronavirus Aid, Relief and Economic Security (CARES) Act, an unprecedented $2 trillion economic stimulus bill.  The “Paycheck Protection Program” section of the act contains several provisions designed to provide economic relief to the small business community through the Small Business Administration (SBA) direct remittance of loan payments on existing SBA loans as well as the creation of a new loan program that includes a loan forgiveness element.

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    SBA Disaster Relief Financing Assistance

    Posted by Lloyd Bell on Mar 19, 2020 11:17:15 AM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Corporate Finance, COVID-19

    The United States Small Business Administration (SBA) has extended disaster relief loans to include businesses that have been negatively impacted by COVID-19. These low-cost loans are intended to provide working capital relief to companies and small non-profit organizations to alleviate economic injury caused by the pandemic.  Note that Economic Injury Disaster Loan assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.

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    SBA Guidance for Coronavirus Economic Impact

    Posted by Dan Prendergast on Mar 16, 2020 4:05:47 PM

    Topics: Tax Planning & Strategies, Small Business, Accounting & Auditing, Accounting and Tax Resource, COVID-19

    Economic Injury Disaster Loan Program

    The Small Business Administration (SBA) announced this week the availability of an Economic Injury Disaster Loan program.  The SBA has announced that they are working directly with state governors to provide targeted, low interest loans to small business and non-profits that have been severely impacted by the Coronavirus (COVID-19). The loan program will provide working capital loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue that businesses are currently experiencing.

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    Improving Your Company’s Month End Close

    Posted by Dan Prendergast on Oct 18, 2016 8:00:00 AM

    Topics: Small Business

    Management theory tells us that you cannot set improvement goals without first having a means to measure or quantify if your goals are being reached. Consistent with the theme of quantifying your results is the secondary goal of having the information available on a timely basis. Data that isn’t timely can quickly become useless. There may be no better example of this theory than how it relates to the production of monthly financial statements. Having the statements available as close as possible to the end of the measurement period is critical when management is attempting to assess what improvements can or should be made. 

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    Do I Need a Board of Directors?

    Posted by John Nicklas on May 17, 2016 10:28:22 AM

    Topics: Small Business

    Business owners are great people. Without them, no one would have a place to work (unless you work for the government). So we should all say “Thank You”!  Most business owners are risk takers, very decisive and very motivated. They have the vision and the energy to execute that vision. The future of the business and its employees rests on the shoulders of the business owner. But who looks out for the best interest of business owner and the businesses they created? Besides your outside trusted advisors (CPAs, attorneys and bankers), all business owners should consider a board of directors.

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    Considerations to Make When Preparing Your Family Business for Transition

    Posted by Lloyd Bell on Apr 27, 2016 12:34:20 PM

    Topics: Family Business & Succession, Small Business

    PreparingFamilyBusinessforTransition.jpgWhen it comes to family businesses, owners are generally more focused on building a legacy for their successors rather than spending the time necessary to plan for the transition. Hours of work are spent addressing the immediate needs of the business while planning for the transition is set aside for another time. This delay can create problems down the line when an owner decides that it is time for him or her to transition from the business. Paying close attention to the following considerations will help you ensure that your family business is ready for that transition phase and new leadership.

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    3 Key Factors of Business Ventures

    Posted by John Nicklas on Oct 27, 2015 3:07:59 PM

    Topics: Small Business, Accounting & Auditing

    Over 20 years ago, I graduated from college (Miami University in Oxford, Ohio). I think that I was well educated and well prepared for the working world. During senior year I took a class about buying, selling and starting your own business. The class was not taught by a professor. It was taught by a retired businessman who started and sold many business in his career.  Some of these ventures were successful and some were failures. We studied all of his business ventures and many other case studies (no textbooks were used). He retired a very wealthy man and decided to share his knowledge at Miami. Unfortunately, I do not remember the instructor’s name. 

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    Can't Afford to Sell

    Posted by Lloyd Bell on Oct 13, 2015 9:00:00 AM

    Topics: Small Business, Corporate Finance

    A common issue that business owners face when contemplating the sale of their business is whether they can maintain the same standard of living post-sale without dipping into the proceeds. Consider an owner of a company who draws a salary of $250,000 per year. We’ll further assume that this company has no debt and could be sold for $10 million after taxes.

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    Family Business Succession Planning: Handling the Next Generation

    Posted by Lloyd Bell on Jun 11, 2015 11:30:00 AM

    Topics: Family Business & Succession, Small Business

    When I was fairly young (at which time my kids assume dinosaurs roamed the earth), I would play chess with my grandfather when we visited his house. To be honest, I really didn't remember these games as he passed away when I was in high school. Years later, my grandmother gave me a chess set that my grandfather had commissioned from a woodcarver in Italy. She told me that my grandfather wanted me to have it since he fondly remembered our games. My brother, who never played with my grandfather, got squat.

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