Getting HR and financial departments in an organization to work together effectively is a daunting challenge. If their goals aren’t aligned, though, organizations are destined for failure if they take this approach. But what if the two departments were actually built on the same foundation? The result is that both would share the same goals. Having this common foundation helps organizations achieve success because both HR and finance play important roles in creating a successful organization.
Starting a business requires initial capital for inventory, renting office space, and other startup costs. There are different approaches to financing a business: personal savings, taking on debt (from a bank or the SBA), or receiving investment capital from outside sources.
Cryptocurrencies have become an interesting topic of discussion lately and with the continual rise in their value, it’s easy to understand why. If you’ve dabbled into bitcoin trading or you’re curious about how crypto works come tax season, then you’ve come to the right place. We’ll cover four of the most important questions you need answered to understand crypto this coming year
If you use a vehicle in your business, there are three common deduction options you can choose to maximize your deduction. The three options are: business use of vehicle up to the standard mileage rate, actual expenses (mileage and expenses), and the cents-per-mile method for business use of your vehicle. Business vehicles are different from your everyday personal vehicles, but they’re used by many to get to work or run errands. The biggest difference? You can write off certain vehicle expenses on your taxes. Vehicles are considered business vehicles if your business is required to operate them for income-producing activity. If you are using a vehicle for income-producing activity, the IRS has strict requirements for what type of vehicle you are allowed to deduct expenses on.
Whether you’re an experienced entrepreneur or someone who is just making the leap from 9-5 job to business owner, deciding which type of business structure to create is a big decision, with a lot at stake. Taxes, flexibility, liability, and more can be affected by your choice of legal entity. Here, we’re covering the difference between each business entity type so you can make a more informed decision about what’s best for your new company.
Did you know that over half of businesses fail within the first two years (Upwork) and 65% won’t last longer than six years due to lack of planning, inadequate financing, bad marketing, and ineffective management? These top 4 reasons why businesses fail are enough to scare anyone away from starting a business. But all businesses face exigencies and dangers, so let’s look a closer look at each so you can get a better picture of how to avoid them
Hiring a freelancer is a great way to fill a position, often without the overhead costs associated with a full-time employee. On the other hand, independent contractors have no benefits and come and go as they please. Sometimes, it turns out that hiring independent contractors is not the best option from a cost point of view. It may be better to hire employees instead. But how do you know?