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How Do I Pay Myself in Owner's Compensation? How Much, When, and Which Method?

Oct 26, 2021 2:53:37 PM / by CSI Accounting Staff posted in small business payroll, small business operations

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Running a business is a lot of work! When you're just getting started, one of the things you need to consider is owner's compensation - or how to pay yourself for your time and effort. How should you take the money? When should you start paying yourself? How much is too much or too little? We consider these questions here.

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How Do I Find My Small Business's Break-Even Point?

Oct 18, 2021 3:53:31 PM / by CSI Accounting Staff posted in small business accounting, small business operations

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To succeed, your company must be profitable. When you own a small business, you need to be aware of your financial health, and this is done through tracking KPIs (Key Performance Indicators).

An important one that's easy to calculate on your own is your break-even point. In this blog, we cover:

  • What is a break-even point, and why is it important?
  • How do I conduct a break-even analysis?
  • What are other crucial KPIs, and how can I track them?

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What Should a Small Business Do If a Remote Worker Wants to Relocate to a New State?

Sep 27, 2021 2:30:03 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business operations

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With so many businesses turning to COVID-related remote work over the past year and a half, employees are feeling as though they have fewer things tying them to a certain area. Because of this, many employees have begun to relocate. What does this mean for employers?

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How Can a Small Business Budget For Variable Expenses?

Sep 23, 2021 1:52:09 PM / by CSI Accounting Staff posted in small business accounting, small business operations

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Budgeting for your small business would be much easier if it only required adding up your fixed expenses. However, when you throw in variable expenses, it can be easy to go over budget. How can you expect the unexpected and get a more accurate idea of what you should be spending?

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The Importance of Small Business Customer Communication

Aug 3, 2021 3:35:59 PM / by CSI Accounting Staff posted in restaurants, automotive repair shops, small business operations

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All business owners know the importance of communication. Good communication is needed with your suppliers, advisors, and employees to keep your business running smoothly from an internal standpoint. Do you ever think about the importance of communication with your customers?

Regardless of your type of business, this needs to be considered. Customers who purchase more temporary goods or services have the opportunity to be repeat visitors, customers who make a large single goods or services purchase have the opportunity to offer impactful referrals or reviews, and clients with accounts have the opportunity to be long-term partners. Gaining insight into customers' perspectives is ideal for growth.

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Do Small Businesses Need an HR Professional?

Jul 7, 2021 10:13:47 AM / by CSI Accounting Staff posted in small business operations

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Small business owners understand the challenges of staying up-to-date with HR requirements, as well as handling any accidents or resolving personal issues that might come forward. It's important to have a resource to handle these situations, but how can that be done on a tight budget?

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Can I Fire an Employee Because They Were Just Arrested?

May 27, 2021 10:39:32 AM / by CSI Accounting Staff posted in small business operations

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The political climate over the last year has resulted in various protests and riots on American soil. As a result, many people who had not previously had an encounter with the law found themselves being arrested.

This led many employers to ask, "Can I fire my employee because they were arrested?" The answer is complicated due to protections for employees, which we will cover here.

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The Beginner's Guide to New Hire Reporting

May 19, 2021 2:49:25 PM / by CSI Accounting Staff posted in small business taxes, small business payroll, small business operations

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When we sit down with clients who don't have an HR department, they often ask us about new hire reporting. While we recommend that businesses of all sizes work with at least one HR professional (even if it requires partnering with an outsourced company rather than hiring internally), this is one of those things that can be done by the business owner - with the right knowledge, of course. Here's what you need to know.

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Top 10 Tips to Maximize the Value of Any Business & Have it Ready to Sell For Top Dollar

May 12, 2021 9:33:37 AM / by Brian Paulson posted in small business taxes, small business accounting, small business operations

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If you own a business but haven't read Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow, we highly recommend it! Its concept is to run your business as if you are going to sell it tomorrow. You should maximize what your business is worth at all times, not just when you're getting ready to sell. CSI Accounting & Payroll's owner, Brian Paulson, took inspiration from this book while creating some of these tips.

Small businesses tend to miss the mark on this and consequently are not worth very much. Sales and profits can be high, but the purchase price can be low at the same time. The following blog post is a list of tips to maximize the value of your business to a potential buyer.

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Are There Any Risks in Asking Your Employees to Prove That They Have Received COVID Vaccinations?

Apr 20, 2021 3:25:01 PM / by CSI Accounting Staff posted in small business operations

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Are you wondering if you can ask your employees to prove that they've had their COVID vaccinations? Many people receive CDC vaccine cards that show the date and type of COVID vaccine received. Wouldn't it be easy to ask to see these cards?

Maybe not. First, we need to know if your employees are even required to get the vaccine. Second, we will discuss whether you can require proof of vaccination or not, especially when some vaccine sites don't supply CDC cards.

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