Our Accounting Articles

Wire fraud is on the rise. In fact, businesses are losing billions to fraudulent wire transfers, and the problem is getting worse. As a business owner, safeguarding your company’s financial assets is crucial for maintaining a healthy bottom line. By familiarizing yourself with the most common signs of scams and implementing preventive measures, you can significantly reduce the risk of becoming a victim of fraud.

In the ever-changing landscape of the global economy, businesses need to be prepared for any potential downturns, especially a recession. A recession is best defined as two successive quarters of negative GDP growth. Despite fears of a recession in 2023, the US economy continues to be healthy. But to safeguard your company’s sustainability and success, it’s crucial to be proactive about the potential slowing of sales and profits.

The Employee Retention Credit has helped thousands of small businesses navigate the economic uncertainties created by the pandemic. However, a concerning trend has emerged alongside this valuable tax incentive – unscrupulous providers. Such providers and an increase in improper claims have led to increased scrutiny from the IRS, which could potentially lead to audits. Business owners must understand the risks involved and implement proactive measures to reduce the likelihood of an ERC audit.

Nobody thinks about short-term disability until they must. But it’s something employers should be familiar with because it’s likely to come up more often than they realize. That’s because almost 6% of working Americans experience a short-term disability of six months or less due to an illness, injury, or pregnancy each year. Understanding this statistic is crucial not only for your personal knowledge but also for recognizing the impact it can have on employees at your business.