While it’s true that receipts are a pain and can get out of control quickly, it’s important to understand that as a business owner, you must save the receipt from a transaction. This ensures good recordkeeping. However, you’re probably wondering what receipts you need to keep and for how long. We will answer these questions below. If you have a business in Cincinnati, let Orcutt & Co help with your accounting, payroll, bookkeeping, and tax prep duties. We can help…
For today’s businesses, one of the biggest challenges is to attract employees and retain a skilled workforce. In this article, we’ll explain 5 tips for attracting and keeping employees for your business. Since these tips increase employee satisfaction, it will lower your recruiting costs and improve the productivity of your company. Today’s younger workers have a very different attitude about work than the older workers who are nearing retirement. Therefore, employers are facing more and more challenges with finding skilled…
All across the world, as business leaders consider the future of work, evolving skills, and the talent shortage, succession planning is being added to business agendas. No matter what size a business is, unless there are good people in place, it will not achieve the performance expected to meet business objectives. If your business is located in Cincinnati, Orcutt & Co. can help you with accounting, bookkeeping, and payroll services. We can also help you with your succession planning- it’s never too early…
Owning your own business can be one of the most rewarding journeys you ever start and most people would agree that they want to make a difference- they want to leave behind a legacy. Unfortunately, sometimes your business growth plateaus somewhere between start-up and profit. There is little that is more frustrating than working like crazy and not getting out what you are putting into your business. It’s important to understand that it’s common to invest in the beginning- but…
As a business owner, your days are full of many tasks that help ensure your business stays on track. When you do finally settle down at the end of the day, the last thing you want to do is go over your financials- but even so, it’s critical that you monitor your financial statements because they can help you predict whether your business is on track and profiting or if you are on a downward spiral. Your statements contain information…
Running a small business can be challenging. And financial missteps are mismanagement are some of the biggest hurdles that small enterprises face. According to the Bureau of Labor Statistics, one in five small businesses don’t make it past the first year, and only about one-third are still around at year ten. Adhering to strict accounting best practices is one way to ensure you’re on the right side of those statistics. Good financial management can help prevent the cash flow troubles that…
Did you know that only about 25% of small businesses survive 15 years or longer? If you’re trying to figure out how to make a small business last, you have to follow the right tips. With thousands and thousands of small businesses created each year, you have to stand out. keep reading to learn tips for your small business longevity. 1. Solve a Problem One of the reasons a business stays in business is because it is needed. This means the business has solved a…
In 2021, the federal government collected more than $4 trillion in tax revenue. Every year, it’s essential to find tax tips to save you money when filing business taxes. Don’t pay more than you must! As a new business owner, you should familiarize yourself with tax tips, including hiring a professional tax preparer, business classification, and deductions. Filing your taxes is not a daunting task. If you are a new business owner, here are 5 tax tips you should know about when…
Are you trying to set small business goals but not sure how to go about doing it? With all of the responsibilities that are inherent in running a small business, it can be challenging to know what is needed to set the right goals. Yet, in order to make sure that your business succeeds, it is an important thing to do. If you want to find out more about what it takes to set the right small business goals, read…
Did you know that tax season is one of the number one ways businesses get into legal trouble? If you don’t file your business taxes in the correct manner, you might face fines or other penalties. Incorrect tax filings include not knowing what business expenses to deduct or incorrectly representing your business’s net income. So, preparing is a necessary step for every small business during tax season 2022. Below, we’ll get into the various steps you need to take to prepare…
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