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Business owners examine stock changes as they explore the macroeconomic factors that impact their business.

What Macroeconomic Factors Impact Your Business? 

By Business Advice

Small business owners face many challenges related to internal needs, including hiring and leading a productive workforce, driving revenues, managing expenses, and dealing with day-to-day operating issues. However, it is also important for each owner to research and pay attention to macroeconomic factors that impact their business.  What is Macroeconomics?  Macroeconomics is the aspect of economics that studies the components and behaviors of an overall economy, including markets, businesses, governments, and consumers. It considers what causes economic growth or decline…

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A business owner is exploring a few useful technology solutions for your business.

9 Useful Technology Solutions for Your Business 

By Business Advice

Small business leaders typically have a lot of hats to wear and many challenges to face. Thus, it is important to know that technology solutions for your business can lift some of the burdens from your shoulders and significantly help your business thrive and grow. It can easily be said that adoption of technology solutions is no longer an option but rather a necessity.  Technology Use is Rising in Business  The U.S. Chamber of Commerce reports that 95% of small…

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A small business owner works on financial documents.

6 Financial Documents Your Small Business Needs 

By Business Advice

It is likely that no small business owner has ever started his or her business by thinking about the documentation that would be required. However, financial documents are critical for a small business owner to understand the financial health of the business to enable it to reach its long-term goals. Financial documents are intended to tell the honest truth about a company’s financial reality.   What Are Financial Documents  Financial documents are key financial statements and other documents that provide a…

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An accountant using a calculator figuring out what does a small business pay taxes on.

What Does Your Small Business Pay Taxes On? 

By Tax Advice

Taxes—not the most exciting word to wake up to in the morning. But taxes are a fact of business life that every business owner must face and embrace. It is frequently said that “knowledge is power,” and knowledge is both powerful and necessary in knowing what each business must pay taxes on and when and how to pay them.  How Much Do Small Businesses Pay in Taxes  Accurate budget planning is necessary to achieve business success, and knowing how to…

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Business owner on computer with fraud alert warning employee fraud awareness

What You Should Know: Employee Fraud Awareness

By Business Advice

Fraud is a nasty word and it’s a serious matter for U.S. businesses in virtually every industry and in companies large and small. A study on corporate fraud by Professor Alexander Dyck reported that 40 percent of public companies were found to be committing accounting violations and 10 percent were found to be committing securities fraud. Employee fraud awareness is important for business owners and employees alike for the good of your business.  According to a 2022 report from the Association of…

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Planning taxes for small business minimize tax liability

9 Tax Planning Strategies to Minimize Tax Liability 

By Tax Advice

Business owners typically have significant goals to achieve each year, beyond the essential goal of simply surviving. Those goals can include hiring high-potential employees, preventing employee burnout, retaining employees, improving productivity, cutting costs, improving customer service, strengthening marketing effectiveness, finding financing opportunities, growing the business, and increasing profitability. The ultimate goal is to pay for all costs and make a profit. Making a profit is impacted by strategies to minimize tax liability.  Why Businesses Should Minimize Tax Liability  Business tax liability is…

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Small business owner presenting financial statements to stakeholders

12 Tips for Presenting Financial Statements to Stakeholders 

By Business Advice

Financial statements are an essential part of every business’s success. But business health and success require more than just having financial statements. They need to be deeply understood, accurately prepared, actively used, and appropriately shared. As celebrated investor and financial guru Warren Buffet has stated, “You have to understand accounting and you have to understand the nuances of accounting…how to read and interpret financial statements.” Properly preparing and presenting financial statements requires careful forethought and skill.  What Are Financial Statements  Financial…

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Innovation, adaptability, and customer satisfaction in business success

Innovation, Adaptability, and Customer Satisfaction in Business

By Business Advice

In today’s ever-evolving business landscape, we see businesses pop up and close down within a short period of time. This can make a new business owner skeptical about opening a new business. However, there are three keys to success: innovation, adaptability, and customer satisfaction. These factors are intricately linked and play a critical role in determining the long-term viability of a business. Orcutt & Co. can help you stay on top of your small business finances. We are a small…

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staying compliant small business accounting practices

Staying Compliant: Small Business Accounting Done Right

By Business Advice

One of the hardest things to do as a business owner is to keep up with the latest legal requirements and accounting standards. The penalties for non-compliance can be crippling for your business. Therefore, it is critical to ensure that you’re staying compliant and honest in your financial reporting practices. Unfortunately, these legal requirements can sometimes be difficult for the average person to keep track of, especially when it comes to expense management. Therefore, it’s a good idea to have…

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