Planning for retirement is a crucial aspect of managing a small business. Unlike traditional employees who may have access to employer-sponsored benefits, business owners must proactively manage their retirement savings. This involves navigating fluctuating incomes and variable cash flows while balancing the demands of running a business. Tax-deferred retirement plans offer a valuable solution, providing …
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Navigating a financial audit can be daunting, but with the right preparation and understanding, it can become a manageable and beneficial process. Financial audits help ensure the accuracy of your financial records and compliance with regulations and can reveal areas for improvement within your business operations. Understanding the Audit Process A financial audit is a …
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The construction industry has seen significant technological advancements and substantial financial benefits. Key technologies such as project management software, Building Information Modeling (BIM), and other digital tools enhance efficiency and drive cost savings. Here’s a detailed look at how these innovations transform the financial landscape of construction project management. Project Management Software: Streamlining Operations …
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In the construction industry, managing financial risk is crucial for ensuring project success and maintaining profitability. Financial risks can arise from various sources, including contract disputes, unforeseen expenses, and cash flow issues. This article will explore strategies for managing financial risk from a CPA’s perspective, helping construction business owners mitigate potential pitfalls and enhance their …
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Sandusky, Ohio – July 8, 2024 – Payne Nickles & Company CPAs and Business Advisors is proud to announce the promotion of four outstanding team members in recognition of their dedication, hard work, and contributions to the firm. Tanner Stiert, CPA, has been promoted to Manager. Tanner graduated from Miami University with a B.S. in …
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Sandusky, Ohio – July 8, 2024 – Payne Nickles & Company CPAs and Business Advisors is proud to announce the promotion of Brennan Otto, CPA, to Partner in Training in recognition of his dedication, hard work, and contributions to the firm. Brennan Otto’s journey with Payne Nickles & Company began as an intern during the …
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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 …
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A common question, and one where many taxpayers often make mistakes, is whether it is better to receive a home as a gift or as an inheritance. Generally, from a tax perspective, it is more advantageous to inherit a home rather than receive it as a gift before the owner’s death. This article will delve …
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Payne Nickles & Company, CPAs proudly announce the Todd Spore, CPA Memorial Scholarship recipients for the 2024-25 academic years! The annual scholarships are funded through an account established by Payne Nickles & Company, CPAs within the Huron County Community Foundation, and are available to any first, second, third, fourth, or fifth-year accounting major in Erie, …
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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 …
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