Timely, accurate financial information is essential to running a successful business. There are a number of accounting methods you can use to record and track your business’s financial performance. Here’s an overview of cash, tax and accrual basis accounting
Business owners and investors are understandably concerned about skyrocketing inflation. Over the last year, consumer prices have increased 8.3%, according to the latest data from the U.S. Bureau of Labor Statistics. The Consumer Price Index (CPI) covers the prices
Financial statements look at historical performance. But there are times when you want forward-looking reports to help your business make strategic investment decisions, evaluate the viability of a turnaround plan or apply for a loan. Your accountant can help
Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance. Here’s how financial statements can be used to be proactive, not reactive, to changes in
Your business needs financial statements so management can monitor performance, attract investment capital and borrow money from a bank or other lender. But not all financial statements are created equal. Audited statements are considered the “gold standard” in financial
Forecasting how your company is likely to perform over the next year can be challenging, especially when it’s unclear where the markets are heading. But accurate forecasts are critical when managing a business. For example, they may be used
The IRS has issued guidance for employers on the retroactive termination of the Employee Retention Credit (ERC). The ERC was retroactively terminated as of September 30, 2021, except for employers that are a recovery startup business. Infrastructure Investment
The Indiana Department of Workforce Development is offering free online training resources to companies to assist in training their employees. The Department of Workforce Development (DWD) is managing and operating the initiative. Between now and December 31, employers can
The COVID-19 pandemic is still adversely affecting many businesses and not-for-profit organizations, but the effects vary, depending on the nature of operations and geographic location. Has your organization factored the effects of the pandemic into its financial statements? You
The IRS has updated the paid sick and family leave tax credits under the American Rescue Plan Act of 2021 (ARPA). The update clarifies eligible employers can claim the credits for providing leave to employees to accompany a family
More than one million jobs must be filled in Indiana over the next 10 years. To help Hoosier employers fill these jobs, Indiana has created the Employer Training Grant, which reimburses employers who train, hire and retain new or
On March 31, 2021, the White House released The American Jobs Plan, a blueprint of the administration’s intent to invest in rebuilding the country’s infrastructure and target job creation. The Made in America Tax Plan was released simultaneously as
Somerset CPAs and Advisors is now part of CBIZ and MHM. Together, CBIZ and MHM are one of the Top Ten accounting providers in the country. Please click here for more information.
