Posts by Shauna Huntington
Understanding Negative Balances in Your Financial Statements
Negative balances in your financial statements can signal errors or issues with your business performance. In some cases, a negative balance can be accurate, but it’s important to review further to be sure. Here are some things to watch out for in your Profit & Loss Statement and Balance Sheet. Profit & Loss Statement…
Read MoreReviewing your Financials: Top Five Things to Look For
If you’re getting regular monthly financial statements in your business, you’re already ahead of many business owners. But financial reports are only as good as the time you put in to review the information they are giving you. The two primary financial statements you should be reviewing each month are your Profit & Loss Statement…
Read MoreOutsourcing Your Accounting: How to Make it Work
Outsourcing is becoming a more common practice in business. Whether it’s marketing, accounting, sales, or even operations, outsourcing has become easier than ever. But, outsourcing only works if you do. It takes an effort on both sides to get the best results. Here’s how to make outsourced accounting work for your business. 6 Tips…
Read MoreHow to Limit Your Exposure to Email Phishing Scams
Phishing scams are ever-present in business today. Whether it’s emails, phone calls, direct messages, or web infiltration, scammers are finding new ways every day to take advantage. With the increase in financial scams via email, it’s important to understand how to limit your exposure to this risk. The most important thing you can do is…
Read MoreFortiviti: Moving Forward
As reported in the KCBJ article recently, there’s a lot going on here at Fortiviti! Getting through the pandemic was especially difficult for financial services and other professional services companies. With the pandemic came stimulus and with stimulus came a lot of additional paperwork, compliance, and other support needed to help small businesses through. …
Read MoreUnderstanding Employee Ownership as an Incentive
When you have a key employee that has been critical to your business success, you may want to incentivize them to stick around. Some business owners will look at ownership options as a resolution. However, offering an employee ownership is not as simple as it sounds. There are some significant considerations to understand before heading down…
Read More1099-NEC: To File Or Not To File?
It’s a magical time of year, to start fresh and set new goals for you and your company! After you’ve looked ahead at the year to come and all the great things you have planned, don’t forget that it’s also tax season. While that means a lot of different things to different people, there’s one…
Read MoreSpooky Accounting Stories – Owning a Business versus Running a Business
You’re the best in the business, but you never went to business school… Many business owners “fell into it” because they turned their passion into a business. After all, if you were the best plumber at your previous employer, why wouldn’t you go out and do it on your own, cutting out the middleman altogether? …
Read MoreSpooky Accounting Stories: Mistreatment of Intercompany Transactions
Picture this – you’ve built your company from the ground up, and now you’ve got multiple legal entities, separated for tax purposes, tracking purposes, and maybe you want to sell off one of the entities one day. Let’s call them entities A and B. Company A sells widgets on an ecommerce site. You used to…
Read MoreSpooky Accounting Stories: Missing an Employee’s Payroll
This month we’re highlighting the spookiest of accounting stories that we hope you never have to experience. If you think you’re at risk for any of these situations, you may want to consider outsourcing your accounting or payroll. Today by the campfire we’ll be talking about missing an employee’s payroll… As an employer,…
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