It’s a matter of principle — and trust — when using a principle trust
For many, an important estate planning goal is to encourage their children or other heirs to lead responsible, productive lives. One tool for achieving this goal is a principle trust. By providing your trustee with guiding values and principles (rather than the set of rigid rules found in an incentive trust), a principle trust may […]
Business owners: Put your successor in a position to succeed
When it comes time to transition your role as business owner to someone else, you’ll face many changes. One of them is becoming a mentor. As such, you’ll have to communicate clearly, show some patience and have a clear conception of what you want to accomplish before stepping down. Here are some tips on […]
Happy 100th birthday, chartiable deduction!
4 digital marketing tips for every business
You’d be hard pressed to find a company not looking to generate more leads, boost sales and improve its profit margins. Fortunately, you can take advantage of the sales and marketing opportunities offered by today’s digital technologies to do so. Here are four digital marketing tips for every business: 1. Add quality content to […]
Could stronger governance benefit your business?
Every company has at least one owner. And, in many cases, there exists leadership down through the organizational chart. But not every business has strong governance. In a nutshell, governance is the set of rules, practices and processes by which a company is directed and controlled. Strengthening it can help ensure productivity, reduce legal […]
4 Pillars of Internal Controls Fortify Against Fraud
It may be time for your company to create a strategic IT plan
Many companies take an ad hoc approach to technology. If you’re among them, it’s understandable; you probably had to automate some tasks before others, your tech needs have likely evolved over time, and technology itself is always changing. Unfortunately, all of your different hardware and software may not communicate so well. What’s worse, lack […]
Employee share-based payments: FASB revises the reporting requirements
Think the rules for reporting employee stock options and restricted stock are too complicated? The Financial Accounting Standards Board (FASB) agrees — and it has simplified the rules starting in 2017 for public companies and 2018 for private companies. Here’s how. Old rules Under current U.S. Generally Accepted Accounting Principles (GAAP), for each share-based […]
Put your income statement to good use
By midyear, most businesses that follow U.S. Generally Accepted Accounting Principles (GAAP) have issued their year-end financial statements. But how many have actually used them to improve their business operations in the future? Producing financial statements is more than a matter of compliance — owners and managers can use them to analyze performance and […]
Why financial restatements happen … and how to prevent them
When companies reissue prior financial statements, it raises a red flag to investors and lenders. But not all restatements are bad news. Some result from an honest mistake or misinterpretation of an accounting standard, rather than from incompetence or fraud. Here’s a closer look at restatements and how external auditors can help a company’s […]
