In being a small business owner, you are well aware that there are many areas to focus on to keep your business operating efficiently and growing; however, there are certain areas that you should be paying closer attention to. There are six important areas that should be constantly monitored, these six areas are: sales, accounts receivable, accounts payable, human resources & payroll, and physical assets.Read More
According to a recent insight summary report by Mercator Advisory Group called the "Consumers and Personal Finance: Primary Financial Institutions Can Help", has shown that the average annual revenue for small business owners is $78,000. Owners 18 to 34 have an average annual revenue of $81,300 while owners 35 to 64 years old average $76,500 in annual revenue.Read More
One of the most important types of confidential information is medical records. HIPAA (Health Insurance Portability and Accountability Act of 1996) was created to protect people's medical information. The fines for voilating HIPPA can greatly impact small businesses, as the cost for non-compliance of the Act can range from $100 to $50,000 per violation/record.Read More
All small business owners will need to have workers compensation if they are looking to hire employees for their business. By law, business owners must carry workers comp insurance and laws will vary by industry, location, and number of employees. Business owners must also ensure employees have proper equipment and training on the equipment to help reduce the risk of accidents.
Approval rates for small business application rates are not only seeing a rise from small banks, but from large banks as well. For the month of July, small business loan application approval rates had seen an increase of 27.7 percent for large banks and over 50 percent in small banks. These high approval rate reports closely follow the Federal Reserve's news of interest rates be lowered for the first time in years.
The Massachusetts High Technology Council, is a business group that is objecting and questioning the state of Massachusetts's continuous pleas for new and increased taxes. The group reports that tax collections had increased to almost 7 percent over a year and claims the state has an overspending problem and its reliance on taxes to fix those issues can cause economic issues in the private sector.
In order to obtain a loan for your small business, you may have to meet a long list of requirements and one of the common requirements is having collateral. Collateral just means that the business owns or you own an asset that the lender can take to reduce risk in the event that your business is not able to pay the loans back, but is collateral really required for all loans?
According to a recent press release by the IRS, 2018 taxpayers who have already filed their federal income tax returns but did not claim the waiver will automatically have the tax penalty being waived. The IRS estimates they will be waiving claims for at least 400,000 2018 tax filers. Anyone who is qualified for the waiver will not have to contact the IRS, as they will be going through and applying the waiver to them.Learn More
The Federal Reserve is still expected to be cutting interest rates yet again for the month of September. With the concerns of a new trade war with China, consumers and businesses will have to wait to see if this will cause the U.S central bank from cutting rates by the promised half a percentage point. With rates still being looked to being cut and inflation rising, economists fear a recession can be near.Learn More
According to Merril Lynch, a strong U.S. economy and tight labor market are causing employees wages to naturally rise, however, states that are pushing minimum wage to $15 per hour are eating into companies' after-tax profits even more. A survey by a NYC Hospitality Alliance found 75 percent of limited-service retaurants would cut employee hours and 53 percent would cut jobs due to higher minimum wage.Learn More