Posts by Fortiviti
Understanding Accrual vs. Cash Accounting
At least once per year, if not any other time, you’ll get asked whether or not you operate your business using accrual or cash-basis accounting. Since this question typically arises at tax time, most think that this is just a tax question to be answered by your CPA. However, analyzing your business performance requires an…
Read MoreUnique Ability
Discovering your Unique Ability (http://uniqueability.com/) and spending time honing and developing your Unique Ability will set you up for a lifetime of personal and professional success. At the core of your being are characteristics and values entirely unique to you. Discovering your Unique Ability gives you freedom and purpose. Purpose is one of the pillars…
Read MoreEmployee vs. Contractor:Control and Relationship
Sometimes in small business, the idea of paying those who work for you as contractors sounds ideal. But, how does a business owner know to correctly classify a worker as an employee or contractor? While the line between employee and contractor can be a bit blurry, there are some guidelines in place to help you…
Read More1099s: Tips & Tricks
1099s are due January 31st – have yours been sent? If you have, have you sent them to all vendors and service providers who need one? You might think that you just need to send 1099s to contract employees who do direct work for your company. However, there are likely many more 1099s you should…
Read MoreNew Mileage Rate for 2019!
It’s a new year and the IRS has once again updated the mileage rate for 2019. Beginning January 1, 2019, the standard mileage rate increased from 54.5 cents in 2018 to 58 cents per mile for business miles driven. The IRS announced this increase on December 14, 2018. See the press release here: https://www.irs.gov/newsroom/irs-issues-standard-mileage-rates-for-2019. The…
Read MoreUsing Excel Rounding to Alleviate Reconciliation Woes
In business, we often leverage data from multiple systems, ultimately wanting the numbers from each system to reconcile perfectly. Yet sometimes…that isn’t the case. While you may only be off by a few pennies, for reporting you still want to get the difference to zero. Excel offers at least ten different rounding formulas, but we’ll…
Read MoreDon’t Count on Your Bank Balance
One of the most common misconceptions we run across regarding cash flow, is individuals believing that their current bank account balance is the amount of cash they have available to spend. In almost every case, this is inaccurate. There are many reasons for this. Most commonly, there are outstanding checks that haven’t cleared the…
Read MoreA Simple Start to Taking Control of Your Workday
Many times we begin our workday already overwhelmed by the amount of tasks we need to take care of. However, before we know it, the day is half over and we now have double the list we started with – when we then reach the end and have no idea where the day went. It…
Read MoreManagement vs. Leadership
The words fade out, the music starts to rise, the drums kick in and the underdog begins to train harder, run faster and do better than they’ve ever done before. You can physically feel your heart rate begin to increase, your pride begin to swell and you are in their corner! This is what the…
Read MorePaycheck Checkup!
As we near the end of the year, it’s important to do a “Paycheck Checkup” so you’re not surprised by your tax bill come April. The Tax Cuts and Jobs Act was passed by the Trump administration and went into effect on January 1, 2018. This Act made sweeping changes to the Internal Revenue Code;…
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