Ultimate Account Blog

E-Verify in the Construction Industry

Recently, Pennsylvania passed the Construction Industry Employee Verification Act (The Act). The Act will require all construction-industry employers, both public and private, to use E-Verify to determine the eligibility of new employees to work in the United States. Below is some additional information on The Act. Who must use…

Read more

CLASSIFYING WORKERS IN TODAY’S ECONOMY

Are your workers employees or independent contractors? Classifying workers in the today’s economy… Conflicts arise between employers and employees from large older manufacturing businesses such as General Motors (GM) to newer service companies such as Uber. The difficult question becomes how to categorize workers and what that may mean. Properly…

Read more

Lacking An Exit Strategy

Small Business Series – Mistake 8: We started this series a few months back with a post about business owners starting an enterprise for the wrong reasons. If the wrong entrance strategy was our first post, it only makes sense that our final post in this series centers on…

Read more

Not Using Forecasts Or Projections – Part B

Small Business Series – Mistake 7B: In the last edition, we continued our series of common mistakes that small businesses make, by looking at the value of preparing financial forecasts/projections and the dangers of not using them. This edition will expand on that topic by focusing on how financial…

Read more

Not Using Forecasts Or Projections – Part A

Small Business Series – Mistake 7A: Continuing our series of common mistakes that small businesses may make, mistake 7A will consider businesses that are not adequately forecasting or projecting their income statements and balance sheets. A forecast takes a look at financial events that are expected to happen and…

Read more

Avoiding Difficult Decisions In Your Business

Small Business Series – Mistake 6: The next in our series of mistakes that small businesses make is more of a soft skill that goes unrefined as opposed to a financial skill. There are plenty of difficult discussions that business leaders need to have during the course of a…

Read more

Choosing an Accounting Method for Your Business: Cash Accounting versus Accrual Accounting and the Impact to your Bottom Line.

Whether you are a start-up enterprise or have been conducting business for generations, determining the “best” accounting method to track your profits and losses can be a daunting task. Various financial reports have different uses. But the one type of report that all businesses require is tax return reporting.…

Read more

Ignoring GAAP or Tax Effects of Business Decisions

Small Business Series – Mistake 5: Continuing our series of common mistakes that small businesses may make, I think how many things business owners or executives have to know. They have to know their product or service, their pricing strategy, their competition, their people, their customers, their vendors, their…

Read more

Failing to Price or Buy Appropriately

Small Business Series – Mistake 4: A television show that I enjoyed during the earlier part of this decade was A&E’s Pawn Stars, which takes place in a Las Vegas pawn shop. Members of the public bring items that they personally own to see what the shop will pay…

Read more

Failure to Implement Proper Capitalization Planning & Equity Retention in Your Business

Small Business Series – Mistake 3: A third mistake that we see small businesses make is in regard to their equity. Equity, or capital, is the amount in which a business’ assets exceed its liabilities. It is a common component of many covenants that lenders apply to business loans, including…

Read more