Small Business

Tax Considerations When Choosing a Business Entity

Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company. Should you operate as a C corporation or as a pass-through entity such as a partnership, limited liability company (LLC), or S corporation? Among the important factors to consider are the potential tax consequences.

Read more

How to Keep Control Over Inventory

Many businesses need to have some inventory available. However, having too much inventory is expensive, not just to purchase but also to store, safeguard, and insure. So, keeping your inventory as lean as possible is critical.

Read more

Why ESG Should Be in Your Strategic Business Plan

When business owners and their leadership teams meet to discuss strategic planning, the primary question on the table is usually something along the lines of, “How can we safely grow our company to reach the next level of success?”

Read more

Young smiling woman standing in front of a mainframe room with laptop in hand

A General Look at Generative AI for Businesses

If you follow the news, you’ve probably heard a lot about artificial intelligence (AI) and how it’s slowly and steadily expanding into various aspects of our lives.

One widely cited example is ChatGPT, an AI “chatbot” that can engage in conversations with users and create coherently written articles, as well as other content when prompted.

Read more

5 Strategies for Improving Collections

Businesses that operate in the retail or restaurant spheres have it relatively easy when it comes to collections. They generally take payments right at a point-of-sale terminal, and customers go on their merry way. For other types of companies, it’s not so easy. Collections can be particularly difficult for business-to-business operations, which often find themselves in complex relationships with key customers. In these businesses, it’s often not as simple as “pay up or hit the road.”

Read more

Why Some Businesses Choose to Execute a Pivot Strategy

Why Some Businesses Choose to Execute a Pivot Strategy

When you encounter the word “pivot,” you may think of a politician changing course on a certain issue or perhaps a group of friends trying to move a couch down a steep flight of stairs. But businesses sometimes choose to pivot, too.

Under a formal pivot strategy, a company consciously changes its strategic focus in a series of carefully considered and executed moves. Obviously, this endeavor should never be undertaken lightly or suddenly. But there’s no harm in keeping it in mind and even exploring the feasibility of a pivot strategy under certain circumstances.

Read more

Better tax break when applying the research credit against payroll taxes

Research Credit: Better Tax Breaks on Payroll Taxes

The credit for increasing research activities often called the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.

But in addition to the credit itself, be aware that two additional features are especially favorable to small businesses:

Read more

Robert P. Russo CPA is it time to upgrade your business accounting software?

Is It Time to Upgrade Your Business’s Accounting Software?

By now, just about every company uses some accounting software to track, manage, and report its financial transactions. Many businesses end up using several different types of software to handle different accounting-related functions. Others either immediately or eventually opt for a comprehensive solution that addresses all their needs.

Read more