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

Unlocking Your Business Potential with Financial Dashboards

Running a business comes with constant financial decisions, having the right tools to understand where your money is going can make all the difference. Financial dashboards are a game-changer, giving business owners real-time insights into their company’s financial health. With all critical financial data in one easy-to-read format, these dashboards help track performance, increase profitability, …

Every business strives to grow its profits, but achieving this requires a clear understanding of the numbers behind operations. One of the most important figures in this process is the Cost of Goods Sold (COGS). This financial measure captures the expenses directly tied to creating or purchasing a company’s products or services. Understanding how COGS …

Every year, the IRS adjusts tax rules to account for inflation. These changes are meant to ensure fairness and prevent people from paying more taxes solely because of rising costs. For 2025, the IRS has updated tax brackets, deductions, credits, and more. Here’s a simple explanation of what’s new and how it might affect you. …

If you’ve been trading or holding digital assets, some significant tax changes are heading your way, and they could shake up how you track and report your transactions. Starting January 1, 2025, the universal accounting method is going away. In its place, the IRS is introducing a wallet-by-wallet approach—and they’re offering a one-time safe harbor …

Proper inventory management is essential for sustaining your business’s financial health. Though it may not always be the most obvious focus, how you handle your inventory significantly impacts cash flow, profit margins, and long-term growth. This article will discuss how maintaining an organized inventory can lay the foundation for enduring success. Why Inventory Management …

Running a business is no easy feat. Every day, you’re juggling several different things—keeping customers happy, managing operations, thinking about growth—sometimes, it can feel like things are going great, and other times… not so much. That’s the thing about business: It’s unpredictable. That’s why having cash reserves in place can make all the difference. It’s …

As a business owner, the Profit & Loss (P&L) report is one of your most vital tools. This financial statement gives a window into your business, revealing how your money is generated and spent. The main goal of the P&L report is to understand how your business has earned a net profit or incurred a …

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 …

For many business owners, taxes often represent a hurdle to clear rather than a strategic asset to leverage. However, those who look beyond mere compliance can unlock the transformative power of tax planning as a key driver for sustainable business growth. Rather than viewing tax as a static annual obligation, repositioning it as a dynamic …

Navigating economic fluctuations successfully requires strategic foresight and planning. In this article, we’ll delve into industry best practices specifically curated for construction companies. Our goal is to arm you with strategies not only to withstand potential recessionary periods but also to emerge more robust and resilient. Let’s explore how construction businesses can fortify themselves against …