Starting a Business: What Business Entity Should I Choose?

Posting by Jacqueline Thompson, CPA

There are many decisions to be made when starting a business, not least of which is the business structure for your company. Your business structure will not only have legal implications, but also tax and operational consequences. To help you get started as you form your company, here is a list of common business structures, as well as the advantages and disadvantages of each type:
Sole Proprietorship
In this structure, you are the sole owner of the company. […]

February 11, 2014 Accounting, Valuation Read more...

Principal Lawrence Beebe Presents Seminars for Multi-Employer Training Funds

Bond Beebe, a certified public accounting and advisory firm with offices in Bethesda, Maryland and Alexandria, Virginia, announced that Principal Lawrence R. Beebe, CPA participated in the International Foundation of Employee Benefit Plans’ (“IFEBP”) Trustees Institute for Jointly Managed Training & Education Funds, which took place February 3 – 5, 2014 in Rancho Mirage, CA. The IFEBP is a non-profit organization offering an objective and independent global source of employee benefits, compensation and financial literacy education and information; the […]

February 5, 2014 Benefit Plan Accounting, Firm News & Events Read more...

Preparing the Next Generation of Leaders for the Family Business: Part 1 of 4

Posting by Geoffrey D. Brown, CPA, Principal

Preparing the next generation of leaders for the family business is a difficult task, one that many businesses begin after it is much too late. In reality, successful succession begins with developing tomorrow’s leaders today, and undergoing a thoughtful selection process to educate, engage, and grow a leader that will help your family business beat the odds and continue for generations to come.

To distill the basic principles of developing leaders in the next […]

February 3, 2014 Family Owned Businesses Read more...

5 Strategies for Effectively Managing Cash Flow for Your Start-Up

Posting by Geoffrey Brown, CPA

Starting a business is fraught with many potential pitfalls, but there is one important area of focus that can help you avoid those pitfalls and grow your business: cash flow. By managing cash flow and treating cash as if it’s a finite asset, you can avoid some of the common pitfalls facing start-ups.

Here are five basic steps to help you manage your company’s cash and build a foundation for a profitable business:

Establish Goals. Every start-up […]

January 31, 2014 Wealth Management Read more...

Streamlining Your Business Processes

As a business owner, your to-do list is most likely a mile long (or at least it feels like it is). You may be focused on becoming more organized, revamping your marketing strategy, or launching a new product. When thinking about your goals and upcoming tasks, I’d like to suggest an item that will have far-reaching impacts: streamlining.

You may be surprised at the wide-ranging impacts of creating greater efficiencies and streamlining operations. There are a number of specific solutions you […]

January 30, 2014 Uncategorized Read more...

Minimizing Tax Liabilities

Most small businesses pay more tax than necessary, because they don’t take advantage of common business tax deductions and tax credits. As your choice of business structure will largely determine how your business income will be taxed – should you incorporate? And if so, which business entity should you choose? Do you know what the tax law has to say about what constitutes business income? Are you making the most of saving the environment in exchange for business tax […]

January 28, 2014 Tax Read more...

Conducting a Health Claims Audit for Your Plan

Linh Crider, CPA, CFE

When do you need to have a health claims audit performed for your plan? Hint: the answer is not “never.” Audits can be one of several tools in Plan management’s arsenal to assist in analyzing cost and utilization anomalies. It is a very effective way to find out what has happened in a specific time period. All you need are reliable claims paid data and a knowledgeable audit team.

Here are some trends you may see in […]

January 28, 2014 Accounting, Audit Read more...

Common Misconceptions about Fraud in the Family Business

Jacqueline Thompson, CPA

No family-owned business likes to think that their trusted employees would steal from the business –certainly not their family members. Unfortunately, family businesses aren’t exempt from fraud, and assuming that your company is safe from embezzlement, malfeasance, or any other fraudulent act can put your business at grave risk.

In my years of accounting work, here are the most common misconceptions I’ve encountered regarding family business fraud:

Fraud Doesn’t Happen in Family Businesses. Any business is vulnerable to fraud. […]

January 28, 2014 Accounting, Family Owned Businesses, Forensic Accounting Read more...

Under-reported Contributions: Checking for an Outdated CBA

Posting by James Capers & Ron Chandler, CPA

Over our many years of conducting payroll audits, we have found that some discrepancies are the direct result of outdated collective bargaining agreements (CBAs). In these cases, employers are reporting contributions based on the language of a CBA from five, ten and sometimes fifteen to twenty years ago.

Payroll reporting discrepancies may have nothing to do with the frequency of contract negotiations, but rather the tenure of certain employees involved in the reporting […]

January 23, 2014 Payroll Audit Read more...

Effective Succession Planning: Expecting the Unexpected in Your Family Business

Posting by Geoffrey D. Brown, CPA

Last week, I had the pleasure of speaking to the Exit Planning Exchange’s DC Metro chapter regarding the unexpected events that can complicate effective succession planning.  I had the opportunity to talk to several advisors about the issues they have seen family businesses face, and also heard some fascinating stories – both positive and negative.

I chose to speak on “Expecting the Unexpected” because I have seen so many family businesses fail to plan for […]

January 23, 2014 Family Owned Businesses Read more...