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What A (Tax) Relief! COVID-19 Tax Updates

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

It’s important to take a moment and say that during this volatile economic time, inDinero is here to provide you, our fellow entrepreneurs, with pertinent updates and resources for businesses on our Coronavirus (COVID-19) Resources and Updates page.


We are experiencing the stress that all this uncertainty brings right along with you. We are more than a bunch of number-crunching accountants and financial experts. We are entrepreneurs, employers, employees, coworkers, family members, members of communities, and fellow citizens—just like you. We thought that pointing out where there is relief would be as welcome to you as it is to us. Here goes.


Remote Work: How to Switch to Virtual Accounting Quickly and Easily

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

Global panic, markets crashing, entire cities and states on lockdown, hundreds of millions of people isolated or in quarantine…


I bet you didn’t expect 2020 would be like this.


But here we are, in the midst of the COVID-19 (coronavirus) pandemic, figuring out how to navigate this strange new reality and keep business going. By now, countless organizations have implemented remote work arrangements for their team members. People are developing, delivering, training, collaborating, and engaging with clients and customers from their home offices. Some companies are better equipped for it than others, but we’re all experiencing significant disruptions, and it’ll probably be a while until life returns to normal—whatever “normal” looks like a few months from now.


Small Business Resources During COVID-19

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

The COVID-19 virus has been the focus of news across the U.S. for the past several weeks and across the world even longer. The impact it is having on daily life is profound and will be felt well beyond the initial shock value. One of the biggest sectors of the market this will hit is small businesses. Luckily there are several resources and steps business owners can take to seek out relief during this time and help themselves weather the storm.


Breaking Down The Families First Coronavirus Response Act

Posted by Doug Carpenter to Taxes, Business, Startup Tips

 

Today, the Treasury issued new guidance for the Families First Coronavirus Response Act regarding COVID-related paid leave for workers’ health or to care for their families, as well as tax credits for businesses with 500 or fewer employees. With updates and new guidelines coming down every day, we wanted to breakdown what this new Act means for your small business. Reading the IRS website can sometimes feel like reading a foreign language. We’re here to make sense of it for you, so let’s dive in.


7 Steps to Prepare Your Company for an Economic Downturn

Posted by Tom Gabbert, CPA to Business Advice, Business, Startup Tips

 

During times of great economic uncertainty, it is wise to prepare your company for potential hard times, such as those we are facing now with the coronavirus pandemic. If you believe your company is vulnerable to the effects of an economic downturn, here are 7 steps you should take to prepare.


ASC 606: What You Need to Know

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

Most executives and business owners have better things to do than think about accounting standards. But there’s a new one that demands your attention, for two reasons:


1. It significantly changes how companies recognize and report their revenue.

2. It’s mandatory for any organization that uses Generally Accepted Accounting Principles (GAAP).


I’m referring to ASC 606. Developed by the International Accounting Standards Board (IASB), the global authority for accounting principles, ASC 606 establishes new rules for recognizing revenue in contracts with customers. Essentially, it changes how and when your company can count customer payments.

4 Steps to Build Business Credit Quickly

Posted by Christine Aebischer to Business Advice, Business, Startup Tips

 

This is a guest post by Fundera.

Just as building personal credit history is crucial for your own finances, building business credit is crucial for your business finances.


For every on-time payment, new credit account, and dollar of paid-down business debt, your business gains financial credibility. And your business credit history—recorded by business credit bureaus like Experian, Creditsafe, and Ansonia—will render a business credit score.


How to Make Your Company Stand Out in a Competitive Job Market

Posted by Celene Robert to Business Advice, Business, Startup Tips

 

Unlike the old days, it’s now possible for jobseekers to find openings practically anywhere. We can thank the internet for this, and the rate at which it’s being used to connect jobseekers to recruiters. However, despite this trend, recruiters are still finding it difficult to fill job openings with qualified applicants. In fact, 67 percent of recruiters claim that it is now more difficult to find the talent they need than ever. With so many openings available, it’s become essential that your company is able to stand out from your competitors. And we’ve got a few simple steps you can take to do just that.


Pancakes and Pianos: A Primer on Business Tax Deductions

Posted by David Korb to Taxes, Startup Tips

 

Welcome to David in Taxland - a series of tax articles written for business owners. Spoilers: a deduction is a deductible expense – and – pancakes and pianos should be kept separate.


Do you find taxation confusing? I did. Then I became a tax accountant. I still find it confusing. Just not as much or as often. I write these articles to help you wrap your mind around key concepts and practices. I want taxation to make sense to you.


Hey, before we start, let’s get this out of the way: there are a gazillion articles out there on business deductions; many are worth reading. IRS Publication 535 Business Expenses is a very good guide. When you make tax-related business decisions, please rely on appropriate and legit sources, not blog articles—especially not mine. When in doubt: study, learn what you can then talk with a tax pro. Enough about that. Let’s get right to it.


Angel Investors + 4 Other Ways To Fund Your Startup

Posted by Rae Steinbach to Taxes, Startup Tips


 

You already know your startup needs funding in order to succeed. No matter how strong your vision is, without sufficient capital, you won’t be able to bring your idea to life.


What you might not know is which types of startup funding are ideal for your goals and circumstances. This guide will clarify the topic.


The following are five common types of startup funding. As you strategize, consider which you should pursue.