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Archives for Graphic Arts

5 ways to take action on accounts receivable

No matter the size or shape of a business, one really can’t overstate the importance of sound accounts receivable policies and procedures. Without a strong and steady inflow of cash, even the most wildly successful company will likely stumble and could even collapse. If your collections aren’t as efficient as you’d like, consider these five ways to improve them.

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QuickBooks Online or QuickBooks Desktop – Which one should you be using?

Are you just starting your business? Maybe you received the notice that QuickBooks Desktop/Intuit payroll will be retired after this year and wondering what your options are. Do you currently have QuickBooks Desktop and are wishing you could have multiple people access the data from other than your computer?

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Don’t forget about the Research and Development Tax Credit

Since March 2020, many small business owners and their advisors have been focused primarily on Paycheck Protection Program Loans (PPP), PPP forgiveness, and Employee Retention Tax Credits (ERTC). That focus certainly has made sense; however, as you wrap up your PPP forgiveness and ERTC calculations, this is a brief reminder not to forget about the research and development (R&D) tax credit.

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Don’t assume your profitable company has strong cash flow

Most of us are taught from a young age never to assume anything. Why? Well, because when you assume, you make an … you probably know how the rest of the expression goes.
A dangerous assumption that many business owners make is that, if their companies are profitable, their cash flow must also be strong. But this isn’t always the case. Taking a closer look at the accounting involved can provide an explanation.

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Business Planning

Surviving Adversity: A CEO Panel Discussion Part 3

In part one of Surviving Adversity: A CEO Panel Discussion, we highlighted the conversations around revenue strategy during the pandemic. In part two, we received how the panelists have adapted the way they manage their graphic arts business in light of COVID-19, including the impact to staffing and internal processes. In part three, we’re taking a look at some of the future predictions for the industry in light of COVID’s impact. 

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Cost segregation: Valuable tax savings strategy

Cost segregation is a tax savings strategy that allows owners of commercial real estate to achieve significant cash flow savings by accelerating depreciation deductions and deferring federal and state tax obligations. This tool is extremely useful for entities that purchased, expanded, or remodeled real estate that is used in a trade or business.

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Surviving Adversity: A CEO Panel Discussion Part 2

In part one of Surviving Adversity: A CEO Panel Discussion, we highlighted the main topics of conversation around revenue following a Printing Industry Midwest (PIM) Financial Executives Council (FEC) meeting. In part two, we’ll cover the discussion by the panelists on how they’ve adapted the way they manage their graphic arts business in light of COVID-19, including the impact to staffing and internal processes.  

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Weighing the risks

Weighing the risks vs. rewards of a mezzanine loan

To say that most small to midsize businesses have at least considered taking out a loan this year would probably be an understatement. The economic impact of the COVID-19 pandemic has lowered many companies’ revenue but may have also opened opportunities for others to expand or pivot into more profitable areas.

If your company needs working capital to grow, rather than simply survive, you might want to consider a mezzanine loan. These arrangements offer relatively quick access to substantial funding but with risks that you should fully understand before signing on the dotted line.

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PPP Forgiveness Form Released by SBA, Includes Changes

The Small Business Administration (SBA) has released its long-awaited Paycheck Protection Program (PPP) forgiveness form for borrowers. The release on May 15 brought with it significant changes to the interpretation of some components of forgiveness that were not previously known.  

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IRS Clarifies Payroll Tax Deferral Relief and Expands Relief for those Using the PPP

The CARES Act allows all employers to defer the deposit and payment of the employer’s share of social security (SS) taxes (6.2%) and self-employed individuals to defer payment of certain self-employment taxes.  The timing of the deferral will depend in whether or not the employer receives a loan under the Payroll Protection Program

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