Even for small business owners in the Northeast that have recovered from Superstorm Sandy, the storm taught an important lesson: Be prepared. We’ve learned from Sandy and so many other recent disasters that no area is immune from nature’s fury.
In addition to the billions of dollars a big storm can cost in rebuilding expenses, their economic impact also lies in lost workdays for small businesses. Even if your physical building remains functional, an extended power outage can mean days without profit, and even send customers and clients elsewhere.
With only 11 days left until April 15th arrives, small business owners and entrepreneurs everywhere are scrambling to get their federal and state taxes filed and sent along to the IRS with California doing the most scrambling of all. CohnReznick recently reported in one of their company newsletters that for LLCs and Corporations in California that fail to file their tax returns on time, they may wind up paying a $2,000 penalty as issued by the California Franchise Tax Board.
Don’t endanger your overall tax position – take our CEO Deborah’s tips into consideration when it comes to getting your taxes prepped and sent on their way. Best of all, these tips can be applied to the years to come beyond the 2013 tax year and once they’re in place will make filing taxes in the future much easier and more organized.
Online document storage is increasingly becoming an integral part of any company offering accounting and/or bookkeeping services. It offers a sense of security to the small business owner because hard copies can easily be damaged or misplaced, and a way to store files long term without having to invest in additional filing space for the physical files. But it’s not enough to just store all of the files in a database as it will cause problems when it comes time to review or retrieve them. Having a system in place to organize and archive files will prove to be a big help to businesses in the years to come.
Although it is becoming very easy to store accounting and bookkeeping related files online, it is important to store them properly in order to minimize the hassle of searching through archives when a file is needed. It is also important to know which files to have on hand. Here are some ideas to help provide a better understanding of proper file storage. Continue reading →
Starting a business can be a costly affair. There’s a product to develop or service to offer, an office space to acquire and employees to hire within a series of departments. But one group of employees is often left off the small business employee roster: the IT department.
Once a mainstay in businesses, the IT department serves as the tech hub of the operations. They are the experts, the go-to problem solvers, the ones that keep things going smoothly. While many large companies still have an IT department — and rightfully so — small businesses are increasingly going the IT-less route. Continue reading →
This week, our ABC’s for business focus on the kind of standing your company is in, specifically keeping it in good standing. Good standing is defined as the status of a firm which is current with the payment of statutory dues and filing or required periodical reports. Keeping your company within good standing is absolutely necessary to your business and a big responsibility for any entrepreneur to take on.
Sometimes some proof of said standing is necessary, which is where a little thing called a certificate of good standing, or tax compliance, comes into play. This certificate is issued by a state official as evidence that your corporation or LLC exists and is authorized to transact business within the state as well as to make sure that you are running your business by the rules and regulations required by the law. Continue reading →
Meet MyCorpVault, the first-of-its-kind cloud-based document storage system launched exclusively by MyCorporation! Whether you’re a CEO on the go and need all of your documents available to access at all times or a small business owner worried that your computer might crash and you’ll lose all of your hard work, MyCorpVault ensures all of your business documents can be accessed from one place with an easy to use interface.
Created with entrepreneurs and small business owners in mind, MyCorpVault works to ensure that you never misplace another document again and that all documents, both prior and current, stored online are stored there safely. Document folders and labeling features make organization in the Vault easy with password protection available on all documents, and regular backup and auto archiving features available in the event any records are accidentally deleted.