How the FDIC Safeguards Your Money
Everyone has heard of the FDIC, which was created in the 1930s to guard our money in the event of bank failures. Why is it still an essential pillar of today’s financial industry?
Category: Business Management
Arizona’s Minimum Wage Increases
Effective January 1, 2023, Arizona’s minimum wage increased from $12.80 to $13.85. According to the Industrial Commission of Arizona, the $1.05 increase in minimum wage is based on the increase in inflation between August 2021 and August 2022, as published in the U.S. Bureau of Labor Statistics’ Consumer Price Index.
Highly Compensated Employees May Be Eligible for Overtime
It seems contrary to long-standing policy, but in a recent ruling, the Supreme Court decided that in certain situations, highly compensated employees (HCEs) can earn overtime pay.
Balancing In-Person and Remote Employees
Companies with remote and in-person employees should create a plan to measure achievements in all situations.
Rightsizing Your Arizona Company
How do you know if your Arizona company has too few or too many employees? Do you know the best way to adapt your workforce as your company grows and develops?
Business Value and Your Employees
How do you think about the people who work for your company? You are on the right track if you believe they are valuable individuals who contribute to your success. A company’s intangible assets, including human capital and culture, comprise more than half of a company’s market value on average.
Accounting and Bookkeeping You Can Outsource
Maintaining accurate records, keeping track of your company’s finances, bookkeeping, taxes, accounts receivable, accounts payable, and financial reporting takes a lot of time. This may be the right time to get help with these important tasks.
How Long Should a Business Keep Tax Records?
You should keep tax records for three years after you file a return, but there are times when you will need older files.
Accounts Payable Process
Whether your business brings in $50,000 a year or $50 million, it needs an effective bill-paying system. Here are useful tips on building and managing an efficient accounts payable process.
What Exactly Is a Tax Year?
Tax years are based on annual accounting periods where you keep records and report income and expenses. A tax year may not be a calendar year. Discover the annual accounting periods you may or may not adopt.
Have You Outgrown Your Accounting Firm?
Collaboration with your Arizona accounting firm should be part of your process when making business decisions. Your accounting firm should listen and help you make strategic moves to grow your company. Perhaps, you have heard your accountants refer to themselves as a crossing guard directing traffic, hoping everyone makes it across safe and sound.
January 31 Preparing for Business Tax Filings
January 31 is a significant date for businesses to perform certain tasks and start preparing for their tax filings. Businesses should keep in mind that state taxing authorities have their own set of due dates. It is never too early to work with your accounting and payroll staff to make sure your end-of-year reporting is accurate and timely.
Managing Supply Chain Risks
Managing supply chains in uncertain times means understanding the risks and finding ways to mitigate them. How do you manage some of the most common supply chain risks?
Independent Contractor Rule Withdrawn by DOL
In May 2021, the Department of Labor (DOL) withdrew a rule clarifying the standard for employees versus independent contractors under the Fair Labor Standards Act. According to SHRM, the withdrawn rule would have applied a more-limited economic-reality test.
What is a Supplemental Unemployment Benefits (SUB) Plan?
The adverse economic impact of COVID-19 has bolstered employers’ interest in supplemental unemployment benefits (SUB) plans. which is an employer-sponsored benefit that provides severance pay to employees who involuntarily lose their jobs such as through layoff, reduction in force, or plant closing.
COVID-19 Era Compensation Planning
Compensation planning in the COVID-19 era continues to shift. How should your company handle compensation during cash flow challenges?
Restructuring Debt as a Business Strategy
Like earlier business crises, Covid-19 has forced many businesses to make hard choices regarding their future. Learn about restructuring debt and whether it is an option to consider.
Arizona Manufacturing, Technology and COVID-19
As a result of COVID-19, the economy has taken a tremendous hit and many Arizona manufacturers are feeling an impact. Some manufacturers have pivoted to meet customer demand, and more may be able to do so if they can take advantage of technology and increased access to market trends.
Strategizing for a New Normal
Strategizing for an uncertain future is not easy and Arizona businesses are taking a closer look at their response to COVID-19. Learn more about strategic planning in today’s environment.
Does Workers’ Compensation Cover COVID-19?
The applicability of workers’ compensation programs to COVID-19 is one of the great legal and financial issues. Does workers’ compensation cover COVID-19? There are no firm answers.
Interpreting Financial Reports
Your financial statements can tell you what is happening in your business today and expectations for the future. Knowing how to interpret financial reports gives you insight into your business.
Mark R. Dreher, CPA | What Businesses Can Do to Prosper Post-Pandemic
Mark R. Dreher, CPA gives guidance to Arizona businesses post-pandemic in an AZBigMedia article.
Do You Know Your Key Performance Indicators (KPIs)?
How is your business doing? Having a lot of customers or clients does not necessarily mean success. Do you know your key performance indicators, also known as KPIs?
SBA 504 Existing Borrowers Eligible for Deferments
The SBA strongly encouraged its lending partners to offer deferment relief to existing borrowers that have been adversely affected by COVID-19-related economic disruptions.
Stimulus Aid Package | Individuals and Businesses
Congress is proposing a stimulus bill, which is expected to become law in the next few days. Here are some of the major provisions and potential impacts.
SBA Lending | Economic Injury Disaster Loan Program
Governor Ducey declared most Arizona counties, including Maricopa, a disaster area. This means business owners can apply for low-interest loans online through the U.S. Small Business Administration (SBA) Disaster Loan Application Portal.
Coronavirus and Business Management
There are many unknowns about the coronavirus. With any health crisis, business owners and managers should know what their responsibilities are regarding employees.