Accounting Archives - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

The Importance of Budget Reviews and Revisions

As a business owner, you already know the importance of setting a budget to help you manage income, expenses, and investments. But did you know that budgets are living documents that need regular review and revision to stay relevant? Whether unexpected expenses come up, your business takes a different direction, or market conditions change, keeping …

Navigating the complexities of business ownership requires a keen understanding of financial planning. A comprehensive financial plan is more than just a set of documents; it’s a roadmap that guides your business through the ever-changing landscape of commerce, helping to steer day-to-day decisions and long-term strategies. Essential Components of Financial Planning Efficient cash management is …

In the construction industry, effective record retention is not just a matter of administrative housekeeping; it is a critical component that can influence legal standing, financial health, and company reputation. Establishing a robust record retention policy is essential, ensuring all necessary documents are maintained to support business operations, comply with regulations, and prepare for potential …

Written by: Abbey Bemis, MBA The most common reason businesses report failing is their cash flow management (SCORE). At Payne Nickles we know cash flow is not just a driver of business failure, but instead a huge part of company success when properly managed, driving a company’s operational efficiency and strategic growth. Effective accounts receivable …

With lease accounting standards ASC 842 and IFRS 16 in place for several years, private businesses have navigated a significant shift in how lease obligations are reported on the balance sheet. Now is an opportune moment to assess the practical impacts of these changes on companies and explore the latest updates to these standards. The …

Understanding and implementing the proper accounting method is a cornerstone for financial clarity and operational success. As a business owner, choosing between cash-basis and accrual accounting methods affects how you report financial transactions. This article delves into the essence of these accounting methods, their significance, and how to discern which is most conducive to your …

In the landscape of financial planning and tax optimization, Qualified Charitable Distributions (QCDs) stand out as a powerful mechanism for individuals looking to enhance their philanthropic impact while optimizing their tax situation. This article delves into the core of QCDs, providing insights into how they can serve as a strategic tool in your charitable giving …

A new year brings new opportunities and challenges, particularly for business owners aiming to streamline their financial management. In the fast-paced business world, effective management of finances is not just a necessity but a cornerstone of success. Here are essential tips for leveraging QuickBooks and other accounting software to enhance financial oversight and operational efficiency …

Ohio’s Commercial Activity Tax (CAT) will undergo significant changes in 2024 and 2025, representing a substantial shift in the state’s approach to business taxation, with far-reaching implications for Ohio residents and the business community. The commercial activity tax (CAT) is an annual tax imposed on the privilege of doing business in Ohio, measured by gross …

As a business owner, do you wonder whether to focus more on profit or cash flow? Understanding the nuances of financial management is crucial. At the heart of this are two fundamental concepts: profit and cash flow. Profit measures your business’s financial gain, while cash flow represents the movement of money in and out of …