ESOPs offer businesses a variety of potential benefits
Wouldn’t it be great if your employees worked as if they owned
the company? An employee stock ownership plan (ESOP) could make this a reality.
Under an ESOP, employee participants take part ownership of the
business through a retirement savings arrangement. Meanwhile, the business and
its existing owner(s) can benefit from some tax breaks, an extra-motivated
workforce and a clearer path to a smooth succession.
How they work
To implement an ESOP, you establish a trust fund and either:
- Contribute shares of stock or money to buy the stock
(an “unleveraged” ESOP), or - Borrow funds to initially buy the stock, and then
contribute cash to the plan to enable it to repay the loan (a “leveraged”
ESOP).
The shares in the trust are allocated to individual employees’
accounts, often using a formula based on their respective compensation. The
business must formally adopt the plan and submit plan documents to the IRS,
along with certain forms.
Tax impact
Among the biggest benefits of an ESOP is that contributions to
qualified retirement plans (including ESOPs) are typically tax-deductible for
employers. However, employer contributions to all defined contribution plans,
including ESOPs, are generally limited to 25% of covered payroll. But
C corporations with leveraged ESOPs can deduct contributions used to pay
interest on the loans. That is, the interest isn’t counted toward the 25%
limit.
Dividends paid on ESOP stock passed through to employees or used
to repay an ESOP loan may be tax-deductible for C corporations, so long as
they’re reasonable. Dividends voluntarily reinvested by employees in company
stock in the ESOP also are usually deductible by the business. (Employees,
however, should review the tax implications of dividends.)
In another potential benefit, shareholders in some closely held
C corporations can sell stock to the ESOP and defer federal income taxes
on any gains from the sales, with several stipulations. One is that the ESOP
must own at least 30% of the company’s stock immediately after the sale. In
addition, the sellers must reinvest the proceeds (or an equivalent amount) in
qualified replacement property securities of domestic operation corporations
within a set period.
Finally, when a business owner is ready to retire or otherwise
depart the company, the business can make tax-deductible contributions to the
ESOP to buy out the departing owner’s shares or have the ESOP borrow money to
buy the shares.
Risks to consider
An ESOP’s tax impact for entity types other than
C corporations varies somewhat from what we’ve discussed here. And while
these plans do offer many potential benefits, they also present risks such as
complexity of setup and administration and a strain on cash flow in some
situations. Please contact us to discuss further. We can help you determine
whether an ESOP would make sense for your business.
© 2020
Back-to-school tax breaks on the books
Despite the COVID-19 pandemic, students are going back to school
this fall, either remotely, in-person or under a hybrid schedule. In any event,
parents may be eligible for certain tax breaks to help defray the cost of
education.
Here is a summary of some of the tax breaks available for
education.
1. Higher education tax credits.
Generally, you may be able to claim either one of two tax credits for higher
education expenses — but not both.
- With the American Opportunity Tax Credit (AOTC), you
can save a maximum of $2,500 from your tax bill for each full-time college
or grad school student. This applies to qualified expenses including
tuition, room and board, books and computer equipment and other supplies.
But the credit is phased out for moderate-to-upper income taxpayers. No
credit is allowed if your modified adjusted gross income (MAGI) is over
$90,000 ($180,000 for joint filers). - The Lifetime Learning Credit (LLC) is similar to the
AOTC, but there are a few important distinctions. In this case, the
maximum credit is $2,000 instead of $2,500. Furthermore, this is the
overall credit allowed to a taxpayer regardless of the number of students
in the family. However, the LLC is also phased out under income ranges
even lower than the AOTC. You can’t claim the credit if your MAGI is
$68,000 or more ($136,000 or more if you file a joint return).
For these reasons, the AOTC is generally preferable to the LLC.
But parents have still another option.
2. Tuition-and-fees deduction. As an
alternative to either of the credits above, parents may claim an above-the-line
deduction for tuition and related fees. This deduction is either $4,000 or
$2,000, depending on the taxpayer’s MAGI, before it is phased out. No deduction
is allowed for MAGI above $80,000 for single filers and $160,000 for joint
filers.
The tuition-and-fees deduction, which has been extended numerous
times, is currently scheduled to expire after 2020. However, it’s likely to be
revived again by Congress.
In addition to these tax breaks, there are other ways to save
and pay for college on a tax advantaged basis. These include using Section 529
plans and Coverdell Education Savings Accounts. There are limits on
contributions to these saving vehicles.
Note: Thanks to a provision in
the Tax Cuts and Jobs Act, a 529 plan can now be used to pay for up to $10,000
annually for a child’s tuition at a private or religious elementary or
secondary school.
Final lesson
Typically, parents are able to take advantage of one or more of
these tax breaks, even though some benefits are phased out above certain income
levels. Contact us to maximize the tax breaks for your children’s education.
© 2020
5 key points about bonus depreciation
You’re probably aware of the 100% bonus depreciation tax break
that’s available for a wide range of qualifying property. Here are five
important points to be aware of when it comes to this powerful tax-saving tool.
1. Bonus depreciation is scheduled to phase
out
Under current law, 100% bonus depreciation will be phased out in
steps for property placed in service in calendar years 2023 through 2027. Thus,
an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40%
in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and later years.
For certain aircraft (generally, company planes) and for the
pre-January 1, 2027 costs of certain property with a long production period,
the phaseout is scheduled to take place a year later, from 2024 to 2028.
Of course, Congress could pass legislation to extend or revise
the above rules.
2. Bonus depreciation is available for
new and most used property
In the past, used property didn’t qualify. It currently
qualifies unless:
- The taxpayer previously used the property and
- The property was acquired in certain forbidden
transactions (generally acquisitions that are tax free or from a related
person or entity).
3. Taxpayers should sometimes make the
election to turn down bonus depreciation
Taxpayers can elect to reject bonus depreciation for one or more
classes of property. The election out may be useful for sole proprietorships,
and business entities taxed under the rules for partnerships and S
corporations, that want to prevent “wasting” depreciation deductions by
applying them against lower-bracket income in the year property was placed in
service — instead of against anticipated higher bracket income in later years.
Note that business entities taxed as “regular” corporations (in
other words, non-S corporations) are taxed at a flat rate.
4. Bonus depreciation is available for
certain building improvements
Before the 2017 Tax Cuts and Jobs Act (TCJA), bonus depreciation
was available for two types of real property:
- Land improvements other than buildings, for example
fencing and parking lots, and - “Qualified improvement property,” a broad category of
internal improvements made to non-residential buildings after the
buildings are placed in service.
The TCJA inadvertently eliminated bonus depreciation for
qualified improvement property.
However, the 2020 Coronavirus Aid, Relief and Economic Security
Act (CARES Act) made a retroactive technical correction to the TCJA. The
correction makes qualified improvement property placed in service after
December 31, 2017, eligible for bonus depreciation.
5. 100% bonus depreciation has reduced the
importance of “Section 179 expensing”
If you own a smaller business, you’ve likely benefited from
Sec. 179 expensing. This is an elective benefit that — subject to dollar
limits — allows an immediate deduction of the cost of equipment, machinery,
off-the-shelf computer software and some building improvements. Sec. 179
has been enhanced by the TCJA, but the availability of 100% bonus depreciation
is economically equivalent and has greatly reduced the cases in which
Sec. 179 expensing is useful.
We can help
The above discussion touches only on some major aspects of bonus
depreciation. This is a complex area with tax implications for transactions
other than simple asset acquisitions. Contact us if you have any questions
about how to proceed in your situation.
© 2020
Helping employees understand their health care accounts
Many businesses now offer, as part of their health care
benefits, various types of accounts that reimburse employees for medical
expenses on a tax-advantaged basis. These include health Flexible Spending
Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings
Account (HSAs, which are usually offered in conjunction with a high-deductible
health plan).
For employees to get the full value out of such accounts, they
need to educate themselves on what expenses are eligible for reimbursement by a
health FSA or HRA, or for a tax-free distribution from an HSA. Although an
employer shouldn’t provide tax advice to employees, you can give them a
heads-up that the rules for reimbursements or distributions vary depending on
the type of account.
Pub. 502
Unfortunately, no single publication provides an exhaustive list
of official, government-approved expenses eligible for reimbursement by a
health FSA or HRA, or for a tax-free distribution from an HSA. IRS Publication
502 — “Medical and Dental Expenses” (Pub. 502) comes the closest, but it should
be used with caution.
Pub. 502 is written largely to help taxpayers determine what
medical expenses can be deducted on their income tax returns; it’s not meant to
address the tax-favored health care accounts in question. Although the rules
for deductibility overlap in many respects with the rules governing health
FSAs, HRAs and HSAs, there are some important differences. Thus, employees
shouldn’t use Pub. 502 as the sole determinant for whether an expense is
reimbursable by a health FSA or HRA, or eligible for tax-free distribution from
an HSA.
Various factors
You might warn health care account participants that various
factors affect whether and when a medical expense is reimbursable or a
distribution allowable. These include:
Timing rules. Pub. 502
notes that expenses may be deducted only for the year in which they were paid,
but it doesn’t explain the different timing rules for the tax-favored accounts.
For example, a health FSA can reimburse an expense only for the year in which
it was incurred, regardless of when it was paid.
Insurance restrictions.
Taxpayers may deduct health insurance premiums on their tax returns if certain
requirements are met. However, reimbursement of such premiums by health FSAs,
HRAs and HSAs is subject to restrictions that vary according to the type of
tax-favored account.
Over-the-counter (OTC) drug documentation. OTC drugs
other than insulin aren’t tax-deductible, but they may be reimbursed by health
FSAs, HRAs and HSAs if substantiation and other requirements are met.
Greater appreciation
The pandemic has put a renewed emphasis on the importance of
employer-provided health care benefits. The federal government has even passed
COVID-19-related relief measures for some tax-favored accounts.
As mentioned, the more that employees understand these benefits,
the more they’ll be able to effectively use them — and the greater appreciation
they’ll have of your business for providing them. Our firm can help you fully
understand the tax implications, for both you and employees, of any type of
health care benefit.
© 2020
Will You Have to Pay Tax on Your Social Security Benefits?
If you’re getting close to retirement, you may wonder: Are my
Social Security benefits going to be taxed? And if so, how much will you have
to pay?
It depends on your other income. If you’re taxed, between 50%
and 85% of your benefits could be taxed. (This doesn’t mean you pay 85% of your
benefits back to the government in taxes. It merely that you’d include 85% of
them in your income subject to your regular tax rates.)
Crunch the numbers
To determine how much of your benefits are taxed, first
determine your other income, including certain items otherwise excluded for tax
purposes (for example, tax-exempt interest). Add to that the income of your
spouse, if you file joint tax returns. To this, add half of the Social Security
benefits you and your spouse received during the year. The figure you come up
with is your total income plus half of your benefits. Now apply the following
rules:
1. If your income plus half your benefits isn’t above $32,000
($25,000 for single taxpayers), none of your benefits are taxed.
2. If your income plus half your benefits exceeds $32,000 but
isn’t more than $44,000, you will be taxed on one half of the excess over
$32,000, or one half of the benefits, whichever is lower.
Here’s an example
For example, let’s say you and your spouse have $20,000 in
taxable dividends, $2,400 of tax-exempt interest and combined Social Security
benefits of $21,000. So, your income plus half your benefits is $32,900
($20,000 + $2,400 +1/2 of $21,000). You must include $450 of the benefits in
gross income (1/2 ($32,900 − $32,000)). (If your combined Social Security
benefits were $5,000, and your income plus half your benefits were $40,000, you
would include $2,500 of the benefits in income: 1/2 ($40,000 − $32,000) equals
$4,000, but 1/2 the $5,000 of benefits ($2,500) is lower, and the lower figure
is used.)
Important: If you
aren’t paying tax on your Social Security benefits now because your income is
below the floor, or you’re paying tax on only 50% of those benefits, an
unplanned increase in your income can have a triple tax cost. You’ll have to
pay tax on the additional income, you’ll have to pay tax on (or on more of )
your Social Security benefits (since the higher your income the more of your
Social Security benefits that are taxed), and you may get pushed into a higher
marginal tax bracket.
For example, this situation might arise if you receive a large
distribution from an IRA during the year or you have large capital gains.
Careful planning might be able to avoid this negative tax result. You might be
able to spread the additional income over more than one year, or liquidate
assets other than an IRA account, such as stock showing only a small gain or
stock with gain that can be offset by a capital loss on other shares.
If you know your Social Security benefits will be taxed, you can
voluntarily arrange to have the tax withheld from the payments by filing a Form
W-4V. Otherwise, you may have to make estimated tax payments. Contact us for
assistance or more information.
© 2020
CARES Act made changes to excess business losses
The Coronavirus Aid, Relief and Economic Security (CARES) Act
made changes to excess business losses. This includes some changes that are
retroactive and there may be opportunities for some businesses to file amended
tax returns.
If you hold an interest in a business, or may do so in the
future, here is more information about the changes.
Deferral of the excess business loss limits
The Tax Cuts and Jobs Act (TCJA) provided that net tax losses
from active businesses in excess of an inflation-adjusted $500,000 for joint
filers, or an inflation-adjusted $250,000 for other covered taxpayers, are to
be treated as net operating loss (NOL) carryforwards in the following tax year.
The covered taxpayers are individuals, estates and trusts that own businesses
directly or as partners in a partnership or shareholders in an S corporation.
The $500,000 and $250,000 limits, which are adjusted for inflation
for tax years beginning after calendar year 2018, were scheduled under the TCJA
to apply to tax years beginning in calendar years 2018 through 2025. But the
CARES Act has retroactively postponed the limits so that they now apply to tax
years beginning in calendar years 2021 through 2025.
The postponement means that you may be able to amend:
- Any filed 2018 tax returns that reflected a disallowed
excess business loss (to allow the loss in 2018) and - Any filed 2019 tax returns that reflect a disallowed 2019
loss and/or a carryover of a disallowed 2018 loss (to allow the 2019 loss
and/or eliminate the carryover).
Note that the excess business loss limits also don’t apply to
tax years that begin in 2020. Thus, such a 2020 year can be a window to start a
business with large up-front-deductible items (for example capital items that
can be 100% deducted under bonus depreciation or other provisions) and be able
to offset the resulting net losses from the business against investment income
or income from employment (see below).
Changes to the excess business loss limits
The CARES Act made several retroactive corrections to the excess
business loss rules as they were originally stated in the 2017 TCJA.
Most importantly, the CARES Act clarified that deductions, gross
income or gain attributable to employment aren’t taken into account in
calculating an excess business loss. This means that excess business losses
can’t shelter either net taxable investment income or net taxable employment
income. Be aware of that if you’re planning a start-up that will begin to
generate, or will still be generating, excess business losses in 2021.
Another change provides that an excess business loss is taken
into account in determining any NOL carryover but isn’t automatically carried
forward to the next year. And a generally beneficial change states that excess
business losses don’t include any deduction under the tax code provisions
involving the NOL deduction or the qualified business income deduction that
effectively reduces income taxes on many businesses.
And because capital losses of non-corporations can’t offset
ordinary income under the NOL rules:
- Capital loss deductions aren’t taken into account in
computing the excess business loss and - The amount of capital gain taken into account in
computing the loss can’t exceed the lesser of capital gain net income from
a trade or business or capital gain net income.
Contact us with any questions you have about this or other tax
matters.
© 2020
Take a fresh look at your company’s brand
A strong, discernible brand is important for every business.
Even a company that never undertakes a formal branding effort will, over time,
establish a brand through its communications with customers and interactions
with the public. For this reason, it’s a good idea to regularly take a fresh
look at your brand and determine whether tweaks or even a major overhaul may be
in order.
Who are you?
When reassessing your brand, consider the strengths of your
business and whether these have evolved over time — or very recently. Some
companies have pivoted during the COVID-19 pandemic to address the changed
circumstances of daily life. Look at strong suits such as:
- Distinctive skills, such as excellence in product
design, - Exceptional customer service,
- Providing superior value for your price points, and
- Innovation in your industry.
You need to match your business’s passions and strengths to your
customers’ needs and wants. To that end, ask current customers what they like
about doing business with you. Survey both customers and prospects about what
they consider when making buying decisions.
What’s your personality?
Look at any widely known brand and you’ll see a logo and
branding effort that conveys a certain personality. Some companies want to
appear creative and playful; others want to communicate stability and security.
What personality will draw today’s
customers to your business? You may think that every company in your line of
business has pretty much the same target audience. If that’s true, you must
come up with an edge that differentiates your company from its rivals.
Businesses tend to have various points of contact with customers
ranging from business cards to print advertisements or catalogs to the front
page of your website to social media accounts. All play a role in your brand’s
personality. Review what your company does at each point of contact,
considering whether and how these efforts accurately and effectively represent
the business’s core values and emphasize its strengths. Doing so will give you
more insight into the best way to portray your personality through your brand.
What’s the competition up to?
No company is an island. Your competitors have brands all their
own — and they’re after your target audience. So, in creating or refining a
brand, you’ll need to identify their tactics and come up with countermeasures.
To do so, engage in competitive intelligence gathering by looking at their:
- Latest products or services,
- Current prices and special offers,
- Marketing and advertising methods, and
- Social media activities.
Sometimes a full rebranding campaign may be necessary to
differentiate yourself from a competitor. For example, let’s say a major player
has entered your market and you’re worried about visibility, or perhaps your
brand is blurring together with a competitor’s.
Are you making an impression?
In the end, branding can make a big difference in whether your
business gets lost in the shuffle or makes a singular impression. Our firm can
help you assess your marketing budget, including allocations for branding, and
identify opportunities for cost-effective improvements.
© 2020
What happens if an individual can’t pay taxes
While you probably don’t have any problems paying your tax
bills, you may wonder: What happens in the event you (or someone you know)
can’t pay taxes on time? Here’s a look at the options.
Most importantly, don’t let the inability to pay your tax
liability in full keep you from filing a tax return properly and on time. In
addition, taking certain steps can keep the IRS from instituting punitive
collection processes.
Common penalties
The “failure to file” penalty accrues at 5% per month or part of
a month (to a maximum of 25%) on the amount of tax your return shows you owe.
The “failure to pay” penalty accrues at only 0.5% per month or part of a month
(to 25% maximum) on the amount due on the return. (If both apply, the failure
to file penalty drops to 4.5% per month (or part) so the combined penalty
remains at 5%.) The maximum combined penalty for the first five months is 25%.
Thereafter, the failure to pay penalty can continue at 0.5% per month for 45
more months. The combined penalties can reach 47.5% over time in addition to
any interest.
Undue hardship extensions
Keep in mind that an extension of time to file your return doesn’t
mean an extension of time to pay
your tax bill. A payment extension may be available, however, if you can show
payment would cause “undue hardship.” You can avoid the failure to pay penalty
if an extension is granted, but you’ll be charged interest. If you qualify,
you’ll be given an extra six months to pay the tax due on your return. If the
IRS determines a “deficiency,” the undue hardship extension can be up to 18 months
and in exceptional cases another 12 months can be added.
Borrowing money
If you don’t think you can get an extension of time to pay your
taxes, borrowing money to pay them should be considered. You may be able to get
a loan from a relative, friend or commercial lender. You can also use credit or
debit cards to pay a tax bill, but you’re likely to pay a relatively high
interest rate and possibly a fee.
Installment agreement
Another way to defer tax payments is to request an installment
payment agreement. This is done by filing a form and the IRS charges a fee for
installment agreements. Even if a request is granted, you’ll be charged
interest on any tax not paid by its due date. But the late payment penalty is
half the usual rate (0.25% instead of 0.5%), if you file by the due date
(including extensions).
The IRS may terminate an installment agreement if the
information provided in applying is inaccurate or incomplete or the IRS
believes the tax collection is in jeopardy. The IRS may also modify or
terminate an installment agreement in certain cases, such as if you miss a
payment or fail to pay another tax liability when it’s due.
Avoid serious consequences
Tax liabilities don’t go away if left unaddressed. It’s
important to file a properly prepared return even if full payment can’t be
made. Include as large a partial payment as you can with the return and work
with the IRS as soon as possible. The alternative may include escalating
penalties and having liens assessed against your assets and income. Down the road,
the collection process may also include seizure and sale of your property. In
many cases, these nightmares can be avoided by taking advantage of options
offered by the IRS.
© 2020
The President’s action to defer payroll taxes: What does it mean for your business?
On August 8, President Trump signed four executive actions,
including a Presidential Memorandum to defer the employee’s portion of Social
Security taxes for some people. These actions were taken in an effort to offer
more relief due to the COVID-19 pandemic.
The action only defers the taxes, which means they’ll have
to be paid in the future. However, the action directs the U.S. Treasury
Secretary to “explore avenues, including legislation, to eliminate the
obligation to pay the taxes deferred pursuant to the implementation of this
memorandum.”
Legislative history
On March 18, 2020, President Trump signed into law the
Families First Coronavirus Response Act. A short time later, President Trump
signed into law the Coronavirus, Aid, Relief and Economic Security (CARES) Act.
Both laws contain economic relief provisions for employers and workers affected
by the COVID-19 crisis.
The CARES Act allows employers to defer paying their portion of
Social Security taxes through December 31, 2020. All 2020 deferred amounts
are due in two equal installments — one at the end of 2021 and the other at the
end of 2022.
New bill talks fall apart
Discussions of another COVID-19 stimulus bill between Democratic
leaders and White House officials broke down in early August. As a result,
President Trump signed the memorandum that provides a payroll tax deferral for
many — but not all — employees.
The memorandum directs the U.S. Treasury Secretary to defer
withholding, deposit and payment of the tax on wages or compensation, as
applicable, paid during the period of September 1, 2020, through
December 31, 2020. This means that the employee’s share of Social Security
tax will be deferred for that time period.
However, the memorandum contains the following two conditions:
- The deferral is available with respect to any
employee, the amount of whose wages or compensation, as applicable,
payable during any biweekly pay period generally is less than $4,000,
calculated on a pretax basis, or the equivalent amount with respect to
other pay periods; and - Amounts will be deferred without any penalties,
interest, additional amount, or addition to the tax.
The Treasury Secretary was ordered to provide guidance to
implement the memorandum.
Legal authority
The memorandum (and the other executive actions signed on August
8) note that they’ll be implemented consistent with applicable law. However,
some are questioning President Trump’s legal ability to implement the employee
Social Security tax deferral.
Employer questions
Employers have questions and concerns about the payroll tax
deferral. For example, since this is only a deferral, will employers have to
withhold more taxes from employees’ paychecks to pay the taxes back, beginning
January 1, 2021? Without a law from Congress to actually forgive the
taxes, will employers be liable for paying them back? What if employers can’t
get their payroll software changed in time for the September 1 start of the
deferral? Are employers and employees required to take part in the payroll tax
deferral or is it optional?
Contact us if you have questions about how to proceed. And stay
tuned for more details about this action and any legislation that may pass
soon.
© 2020
5 common accounting software mistakes to avoid
No company can afford to operate without the right accounting
software. When considering whether to buy a new product or upgrade their
current solutions, however, business owners often fall prey to some common
mistakes. Here are five gaffes to avoid:
1. Relying on a generic solution. Some
companies rush into buying an accounting system without stopping to consider
all their options. Perhaps most important, they may be missing out on specific
versions for their industries.
For instance, construction companies can choose from many
applications with built-in features specific to how their businesses work.
Nonprofit organizations also have industry-specific accounting software. If you
haven’t already, check into whether a product addresses your company’s area of
focus.
2. Spending too much or too little. When
buying or upgrading something as important as an accounting system, it’s easy
to overspend. Those bells and whistles can be enticing. Then again,
frugal-minded business owners may underspend, picking up a low-end product and
letting staff deal with the headaches.
The ideal approach generally lies somewhere in the middle.
Perform a thorough review of your accounting needs, transaction volume and
required reports, as well as your employees’ proficiency and the availability
of tech support. Then calculate a reasonable budgeted amount to spend.
3. Getting stuck in a rut. Assuming
you already have an accounting system, one of the keys to managing it is
knowing precisely when to upgrade. You don’t want to spend money unnecessarily,
but you also shouldn’t risk errors or outdated functionality by waiting too
long.
There’s no one-size-fits-all answer. Your financial statements
are a potentially helpful source of information. A general rule of thumb says
that, when revenues hit certain benchmarks (perhaps $5 million,
$10 million or $15 million), a business may want to start thinking
“upgrade.” The right tipping point depends on various factors, however.
4. Neglecting the importance of integration
and mobile access. Once upon a time, a company’s accounting
software was a standalone application, and data from across the company had to
be manually entered into the system. But integration is the name of the game
these days. You should be able to integrate your accounting system with all (or
most) of your other software so that data can be shared seamlessly and
securely.
Also consider the availability and functionality of mobile
access to your accounting system. Many solutions now include apps that users
can use on their smartphones or tablets.
5. Going it alone. Which
accounting package you choose may seem an entirely internal decision. After
all, you and your staff will be the ones using it, right? But you may be
forgetting one rather obvious person who could help: your accountant.
We can help you assess and determine your accounting needs, set
a feasible budget, choose the right solution (or upgrade) and implement it properly.
Going forward, we can even periodically test your system to ensure it’s
providing accurate data and generating the proper reports.
© 2020