Author: David J Hoare MSA
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Financial Statements for the Small Business
Financial statements serve the purpose of presenting economic activity and status related to a particular date and over a particular time frame. Accountants record monetary transactions and via financial reports present the information in an easy to understand format.
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Owner’s Draw in Business
When an owner of a small business operation transfers money from the business bank account to their personal bank account the transaction is commonly referred to as a ‘Draw’. There are other terms but this is the traditional word used. The technical definition is: ‘A transfer of earnings from the business on behalf of the owner…
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Team Based Pay in the Hair Salon Industry – A Critique
Team based pay in the hair salon industry is the newest solution for compensating employees and increasing the overall performance of a salon. IT WILL NOT WORK. This article is a critique of this program and provides several reasons why this management style is ineffective for a salon.
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Job Cost Reports – Balance Sheet Set
Construction accounting uses job cost reports to inform management of progress and existing issues with projects. There are several different sets of reports. The balance sheet set functions as an overall financial picture for the company.
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Fair Labor Standards Act – HR Compliance
The Fair Labor Standards Act of 1938 (FLSA) promulgates rules related to minimum wages, compensation related to overtime, and recordkeeping requirements. The Act also defines the terms ‘Exempt’ and ‘Non-Exempt’ employees related to overtime.
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Project Reports – Introduction
There are basically three groups of financial based project reports. Each set has its own priorities and purposes. Project reports are a function of production reporting with the exception of the balance sheet set (commonly used for cash flow purposes).
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Control Accounts in Accounting
Accounting uses control accounts to sum up activity related to a particular function of business. As an example the bank account has a register which identifies the activity in a ledger format of what transpires at the bank for this particular account.
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Owner Compensation in an S-Corporation
One of the tax attributes of an S-Corporation over other forms of tax entities is the ability to reduce the overall tax obligation. Naturally the lower the overall tax requirement the more profit generated for the owner(s). The S-Corporation allows an owner to reduce their tax responsibility via the compensation package assigned to the owner.
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Roofer – Business Dynamics
Business dynamics for roofers depend heavily on labor to accomplish their task. They are also highly susceptible to weather conditions and dangerous variables.
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Age Discrimination – Small Business Impact
The Age Discrimination in Employment Act of 1967 (ADEA) is a federal law that protects workers age 40 and older. It is administered and enforced by the Equal Employment Opportunity Commission (EEOC). The goal of the Act is to provide equal opportunity for citizens age 40 and older. The Act does generally exclude small businesses and…