Bringing You Tools for a Pain Free Tax Filing
March 18, 2022

A guest blog post from John Nealon, our small business practice leader

Working with small business owners for most of my professional career, I’ve witnessed the daily pressure that coincides with managing a business. For many small business owners this anxiety peaks at tax filing time.  That’s why we’ve launched the ParenteBeard Small Business Tax Toolkit, an online resource updated regularly with information to help small businesses get through tax time with fewer headaches.

Small businesses owners face an additional concern this year as the IRS is increasing the number of small business audits in an effort to close the $450 billion tax gap. This is why it’s critical for small businesses to be extremely diligent when filing and avoid any mistakes that could raise a red flag. And, the fiscal cliff deal presents a number of upcoming changes that small businesses need to be familiar with.

How can small business owners wade through 70,000 pages of tax code and find time to manage their business? Realistically, it’s not possible.  We invite you to check out our Small Business Tax Toolkit to find all the information in one spot.  The toolkit includes articles written by our team of tax professionals, weekly tax tips, industry surveys, tax jokes and relevant news articles.

We hope our toolkit offers small businesses everywhere some relief during this hectic time of year.

I appreciate that Bob gave me the opportunity to share this space and look forward to dropping in again soon.

Leave a comment

You’re at bat, but who’s on deck?
February 13, 2022

As chairman and CEO at ParenteBeard, I am actively involved with Baker Tilly International, the world’s eighth largest network of independent accounting and business advisory firms, of which we are one. Serving as Chairman of Baker Tilly International’s North American Regional Council and on their international board allows me to travel the world and meet inspiring and innovative business advisors and business owners of all types.

I’ve sat across the table from countless business advisors like myself who relay to me the struggles and triumphs their clients have faced in building their own businesses. Many of their clients have moved on successfully. Others have retired without reaping the benefits of the hard work they put into their companies. Having spent decades guiding our firm’s expansion, I have a profound appreciation for what the success of one’s business and its continuation means to the owner. I know what it takes to keep your business in the Major Leagues both during your tenure and when you retire. Yet from what our partners and I hear, many business owners do not have a formal succession plan in place. In fact, some of the best and brightest have not even given it real thought.

Succession is about outcomes.   It’s about guaranteeing a home run and preparing for curveballs. It’s ensuring you get what you want for your business, family and yourself. In the next decade, small businesses and middle market companies worldwide-worth trillions of dollars-will change hands as baby boomers pass their businesses on. I’ve seen it. I understand how this change can vary greatly between businesses and families. The smoothness of this transition depends on the owner’s willingness to plan and plan early.

We here, along with Baker Tilly, are committed to helping our family business and privately held clients plan successfully. Baker Tilly International has launched a succession planning research project that, with the help of business owners around the world, will allow us to understand, then overcome, the obstacles to sound exit planning. We invite you to participate in this landmark research project by taking 15 minutes to complete an online survey to share your knowledge and experience.

Before you know it, your turn at bat will be over and you’ll need to know who will be next to take a swing at running the business. You should have the best statistics to determine who that should be.

Thanks for stopping by.

2 comments

New Year’s Resolutions for Your Business
December 21, 2021

This year I really intend to stick to my New Year’s resolutions. Everyone knows the end of the year is the perfect time to re-evaluate and look ahead, in both your professional and personal life. Keeping to our goals through the entire year can be difficult. But in this uncertain business climate heading into 2013, business leaders need to firmly commit to their resolutions and plans this year.

For many business owners, even developing those plans is fraught with fear and anxiety. Whether it’s because of ongoing economic uncertainty, the fiscal cliff or just general pressures, businesses large and small are trying to figure out the right plan. Here are some new twists on old resolutions that I’m offering to break out of the bottom line doldrums and experience a happier and more profitable new year.

  1. Lose Weight: Most businesses have already trimmed costs and reduced inefficiencies, but there may still be more to do.  Do you have customers who don’t pay on time? A disgruntled worker who is hurting morale?  Complaints about your systems, delivery or process?  Pinpoint what is weighing you down and trim the fat.  Lighter businesses will win in 2013.
  2. Quit Smoking: Clear the air with accurate and concise communication with investors, employees and customers.  Face reality. Be more specific about finding a distinctive value proposition for your customers because chances are, it has changed over time.  Create a clear, authentic and compelling sales story that represents the heart of your business and why you are unique.
  3. Nurture Friendships: Every business has certain centers of influence that can help with strategic advice, recruiting, networking and sales prospecting.  Don’t wait for a yearly trade show.  Connect with key contacts regularly through blogs, webinars, Facebook, LinkedIn, Twitter and other avenues. It is critical to take advantage of every networking opportunity.  These touch points could lead to strategic partnerships and alliances that round out your value proposition.
  4. Read More: With more information available, it is more important than ever to stay current on industry trends.  Don’t get bogged down by information overload. Start by creating helpful and immediate links to prioritize key sources and streamline your reading list.  It’s as easy as setting up Google alerts and reading blogs from industry thought leaders.  That way you won’t just be reading more — you’ll be getting more value.
  5. Get in Shape: Your quarterly revenues may be strong, but there may be some hidden hazards that could impact your long-term business health. It’s time to look at more than just sales figures and get into tip-top regulatory shape. Regulators are like doctors. Follow their instructions and your business will be healthier for it. Ignore them and you’ll be forced to deal with the consequences.
  6. Run a Marathon: Building a successful business is no longer a sprint, it’s a marathon.  Do you have a succession plan? How about a plan for three, five and ten years down the line? Pace yourself so you’ll have enough in reserve for a strong kick at the tape. Many enter, but few will finish.

These are some resolutions that I’ve come up with, but I’m sure you can think of others that would help improve your business. My hope is that you and your company have a happy, healthy and profitable 2013.

Thanks for stopping by.

Leave a comment