The Financial Accounting Standard Board (FASB) recently released a new lease accounting standard, which took effect for public firms on January 1, 2020, and will take effect for private firms on January 1, 2021.
The new lease accounting standard will require companies to record operating leases as both liabilities and assets on their balance sheets to give a more complete picture of a company’s financial obligations.
The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses, including the Paycheck Protection Program and the payroll tax credit.
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.
3 Ways Staffing Firms Can Use Technology to Increase ROI
In today’s technology-driven world, successful businesses across all industries must constantly be adapting to and utilizing new solutions and technologies to stay ahead of the curve. In the staffing industry, agencies are using internet-based solutions to boost the reach of their job postings and meet with candidates wherever they are online. Never has this been more obvious or important than in 2020, when virtual interviews have become the norm.
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.
The IRS recently announced per diem rates that can be used to substantiate the amount of business expenses incurred for travel away from home on or after October 1, 2020. Employers using these rates to set per diem allowances can treat the amount of certain categories of travel expenses as substantiated without requiring that employees prove the actual amount spent. However, employees must still substantiate the time, place and business purposes of their travel expenses.
You’d be hard-pressed to find a business that doesn’t value its customers, but tough times put many things into perspective. As companies have adjusted to operating during the COVID-19 pandemic and the resulting economic fallout, prioritizing customer service has become more important than ever.
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.
Although many businesses have had to reduce their workforces because of the COVID-19 pandemic, others are still hiring, or may start bringing on new employees in the weeks or months ahead. A thoughtful onboarding program has become more important than ever in today’s anxious environment of safety concerns and compliance challenges.
As the COVID-19 pandemic continues to impact businesses across all industries, business owners are being forced to reevaluate all aspects of their operations and are relying on technology now more than ever before.
