Accounting Archives - Page 2 of 5 - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Harnessing the Power of Profit Margin Ratios

Gaining a competitive edge in today’s market requires more than understanding one’s financials. It requires using financial metrics strategically to enhance business success. The Profit Margin Ratio is a crucial financial metric that predicts future viability and competitiveness. Understanding the Profit Margin Ratio Profit margins allow businesses to identify operational efficiencies or deficiencies. It’s not …

The Internal Revenue Service (IRS) unveiled proposed guidelines on Digital Asset Reporting, highlighting the mandatory reporting requirements for digital assets, from cryptocurrencies to non-fungible tokens (NFTs). This move comes in tandem with the exponential growth and mainstream acceptance of digital assets. In this article, we’ll review the reasons behind the proposed guidelines, what they mean …

Owning a business is an exciting journey filled with highs and lows. Establishing a clear, profit-driven strategy is one key factor that can tilt the scales toward success. The recent tax court case, Gregory v. Commissioner, highlighted how blurring the lines between hobbies and genuine business ventures can have significant financial implications. Not only did …

Governor Mike DeWine has recently enacted Amended Substitute House Bill 33 (HB 33), bringing significant benefits to Ohio businesses and their owners. This legislation, which includes several advantageous changes for taxpayers, will have a two-step implementation process. Operating appropriations are already in effect as of July 4, 2023, while the remaining provisions will come into …

As a business owner, your goal is to ensure your venture thrives and prospers. An essential aspect of this journey involves maintaining a clear, accurate financial perspective that allows you to make informed decisions. But what happens when accounting errors creep into this clear vision? These unintentional mistakes can significantly hinder your business’s growth and …

As a small business owner, every decision you make can significantly impact your business’s financial health and profitability. Among your numerous choices, selecting the right accounting method for your business stands out for its importance. The accounting method you opt for shapes your business’s bookkeeping practices, affects your financial reporting, tax liabilities, and profitability, and …

As we increasingly embrace the post-pandemic era, the world of work has undergone a significant shift. Many companies have opted for remote work models, dispersing employees across various states and countries. However, while beneficial in many respects, this transition carries complex tax implications for businesses. Understanding and adapting these implications has become vital to business …

Cash flow is a major concern for most construction firms. When cash is low, it could mean being unable to make payroll or purchase supplies for an upcoming project. If that happens, it’s more than the immediate profit at stake; you can damage your firm’s reputation and success. These tips can help you understand how …

Fraud. Scam. Phishing. Regardless of what you call these illicit activities, it’s important to protect yourself against the bad players that take advantage of weaknesses for their gain. Not only is it inconvenient, but there’s often a financial cost when you’re a victim of fraud. The IRS releases an annual ‘Dirty Dozen’ list featuring the …

As a business owner, you understand the importance of making the right decisions and keeping your finances to survive. When you want to thrive, however, you need the kind of insight and experience that will drive strategy and deliver results. The sharp financial perspective of a CFO can make a world of difference in a …