Category: Business Principles
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I-9 Compliance
To ensure that only individuals that are legally allowed to work get to work, the federal government mandates completing a Form I-9 for every new hire. The Immigration Reform and Control Act of 1986 (IRCA) requires employers to verify that the potential hire is allowed to work in the United States.
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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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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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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…
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Up Time – Business Concept
Up Time in business refers to maximizing opportunity to generate profit. There is one key modifier. If the marginal costs to generate revenue exceeds the revenue generated, the business is no longer maximizing profit.
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Cross Purchase Agreements – Business Issues
To prevent an uncomfortable and embarrassing separation, the owners should agree on how to separate before joining together. Very similar to a prenuptial in marriage, a ‘Cross Purchase Agreement’ identifies the various business issues to address such as valuation of the ownership position, the respective form of purchasing the departing ownership and time period of payout.
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Advertising – Monitor Performance
This article will illustrate tools you can use to monitor performance of various advertising methods.