How hackers hack small businesses

Man showing his empty pockets on grey background

Sony Pictures Entertainment (SPE) is finally starting to move beyond the hack attack which began on November 24th, 2014 and led to tremendous embarrassment for executives and multi-million dollar losses for the company. Hackers stole over 100 terabytes of confidential information, the equivalent of ten times the entire printed collection of the U.S. Library of Congress. In this attack the victim is a small division of Sony which has over $120 billion in assets and $65 billion in annual revenues. … [Read more...]

Getting paid what you’re owed without breaking the law

small-business-debt-collection

Collecting from customers that can’t or won’t pay you is one of the trickiest parts of running a small business. If you are too lenient you could go bankrupt; if you are too strict you could turn away good customers that just need a little flexibility; if you are too aggressive you could find yourself being sued by a Federal Agency or a State Attorney General. This last mistake – being too aggressive – could have dire consequences for your business. Both Federal and State government agencies … [Read more...]

2015 income “taxmageddon” breakdown

small-business-2015-taxes

As IRS commissioner John Koskinen has publicly admitted, the 2014 tax year will be one of the most complicated and stressful to process in the history of the IRS. Last-minute changes to tax credits and deductions, new tax rules relating to the Patient Protection and Affordable Care Act (“Obamacare”) and a reduced IRS budget will create a perfect storm of hot tax mess starting in January. Processing delays – even disappearing returns according to National Taxpayer Advocate Nina Olson – can be … [Read more...]

Margin Makeover for 2015

small-business-profit-margin

How profitable is your business? How do your profits compare to other companies in your industry? These are two questions that small business owners need to consider very carefully before jumping into 2015. Profitability can be measured in different ways but the basic measure is “net profit” which is calculated by subtracting all of your expenses including interest, taxes, depreciation and amortization from your revenues. Sageworks, a leading provider of risk management solutions to … [Read more...]

Choose a payroll strategy for 2015

small-business-payroll

Choosing how often to pay your employees can be just as important for your business as choosing how much to pay them. While at first it seems like a simple decision, there are a number of factors that can impact employee morale, payroll processing costs and compliance with state and federal regulations. As you prepare for 2015 let’s take a closer look at your different options for paying your people. Standard payroll periods There are four standard options for choosing pay periods: weekly, … [Read more...]