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frankzappa

Strengthen financial controls & Plan for long-term tax impact : 15 Business Finance Tips

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Strengthen financial controls.While cyber attacks are a growing possibility, small businesses still are much more likely to suffer from old-fashioned fraud. According to the Association of Certified Fraud Examiners’ 2014 Report to the Nations, small organizations (those with fewer than 100 employees) suffer disproportionately large losses due to fraud, and they are significantly more likely to suffer from schemes such as check tampering and cash larceny. One reason that small businesses are such easy targets is that they often lack the resources for strong financial controls. This year, focus your attention on low-cost and no-cost controls that are proven to be effective—such as creating and instituting formal management review procedures.

Plan for long-term tax impact.Taxes are always top-of-mind this time of year, but typically we’re focusing on last year’s tax liability. While there may be certain steps you can still take to lower your 2014 tax bill, don’t forget about opportunities that will pay off in the longer run. Certain lucrative tax strategies take time to implement, such as conducting a cost segregation study to accelerate depreciation deductions. So don’t wait to seek sound tax planning advice that will balance your tax-minimization and business growth goals.

cricpa.com

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