Credit Card Processing Updates- Are You Prepared?

If you own a small business and you accept credit card payments, there’s a new requirement for credit card processing that needs your immediate attention. The Payment Networks’ Liability Shift, associated with EuroPay, MasterCard and Visa (EMV) is slated for impact in October, 2015. Introduced in the U.S. as Phase I of the EMV migration […]

SMALL BUSINESS ALERT- IRS Publishes 2014 Business Mileage Rates

WASHINGTON — The Internal Revenue Service today issued the 2014 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 […]

Business Owners: Stop doing accounting now!

If bookkeeping is so boring, why are so many business owners doing it? I’ve studied accounting – a lot.  I studied it in business school (go Hoosiers!), I studied for the CPA exam, and have taken 100+ hours of continuing ed every year for the past 15+ years.  That’s a lot. Every step along the […]

What Makes a Business Effective? Part 1: Your Team

How much difference would it make if you truly had the right people on your team? Let’s start by defining what make a business effective.  Most business owners tell me their top priority is to make their business more profitable and less dependent on them.  Obviously, a business that depends too much on one or […]

What’s the Formula for Small Business Success?

What does it take to build a successful small business?  Maybe less than you expect. As a CPA, I’ve been working with small business owners for a long time.  My staff and I are privy to the financial results of nearly 200 businesses every year – some are very, very successful, and some are not. One of the […]

Setting Goals for Your Business

For me, the first day of the new year always marks the beginning of busy season.  January is ‘go time’.  My staff and I love it because there’s lots of work to do, we get to reconnect with our long-time clients, and meet some new ones. For the first ten years of my career, I […]

Looking in the mirror on the last day of 2011

Tomorrow, I’ll make a final pass at my business goals for 2012. I remember from business school that my goals  must be S.M.A.R.T. – specific, measurable, attainable, realistic, and timely. Today, I’m thinking about what happened in 2011. My team and I accomplished a lot. Considering the sketchy state of the economy at the end of […]

Does your Small Business Need a Mission Statement?

I’ve seen hundreds of successful Indiana businesses that have made loads of money without so much as a rough draft of a mission statement. Don’t get me wrong.  I’m not against mission statements.  They have their place – especially for larger organizations where communicating with multiple levels of staff, or multiple locations, can be a […]

Is your small business too small to hire an accountant?

Have you hired yourself as the accountant for your business? This week, I overheard part of a conversation between a small business owner and one of my staff in the hallway as they wrapped up their meeting. The business owner, Steve, owns a small business in Indianapolis.  Steve recently contacted us about preparing his business […]