What gets measured, gets done. KPIs—or Key Performance Indicators—are an essential measurement tool used by successful businesses across all industries to track performance against benchmarks and achieve short- and long-term goals. For contractors, incorporating the right KPIs into your management toolkit can improve both your business and your bonding capacity.
The results are in, and regardless of which side you were rooting for, now is a good time to prepare for changes ahead in the new year. While President-elect Joe Biden has not yet provided concrete details on his plans to modify estate taxes, he has indicated that he supports raising estate taxes and changing the taxation of capital assets upon death.
Are your financial planner and CPA working together as a team on your behalf? For many people, this isn’t the case—but it should be. By incorporating tax planning into your investment strategy, you can make better informed decisions to maximize your dividends while maintaining tax efficiency.
Many employers have been forced to implement some form of workforce reduction in order to continue operating during the COVID-19 pandemic. While furloughs and layoffs have a significant and immediate impact on a company’s operations, plan sponsors also need to understand the longer-term effects that workforce reductions may have on participants’ benefits and retirement accounts.
In the first blog in our ‘Navigating the New Normal’ series, we will take a look at finances, and discuss some best practices for maintaining control in an uncertain economy.
The COVID-19 pandemic has changed life as we know it over the last several months, and businesses have been forced to adapt to the ‘new normal’, which in many cases, means having an entirely remote workforce for the first time ever.
As we approach the halfway mark of one of the most unprecedented years in recent history, many businesses are operating under completely different financial circumstances than they were when they outlined their 2020 budget. As states begin to reopen, now is a critical time to reevaluate your budget and forecast for the remainder of the year and beyond.
On May 20, 2020, the Financial Accounting Standards Board (FASB) voted to implement a one-year delay on the effective date of its Revenue Recognition Standard (ASC 606) for all non-public entities that have not yet issued their financial statements. The decision was based on the financial challenges faced by private companies who are currently focused on surviving the coronavirus pandemic, with FASB stating, “they may not have the technology or resources to effectively implement the standard”.
The economic impact of the COVID-19 pandemic has forced business owners to reevaluate their operations and make difficult decisions on how to best move forward. Looking to your financial statements—your statement of cash flows, balance sheet, and income statement—can help you make rational, informed decisions during these tough times.
Now that we’re a few months into the new year, it’s a great time to evaluate how far along you are in achieving your business goals, and outline steps you can take in the months ahead.
