BTerrell Group Blog

Your company may show signs of success with a long list of happy customers and products in high demand.  However, do you know what you do well?  Could it be your product quality or customer service team, your price structure or reliable delivery, or other value-added services all-together?  Replace disparate management systems with an enterprise resource planning (ERP) solution to tap into your business drivers, add new initiatives, and boost profits.

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Many business owners and managers would agree, to the extent that it has become rather cliché, that employees are a company’s biggest asset.  However, even with highly skilled employees, you may still find dysfunction and inconsistency.  While your employees may not be the direct source of wasteful practices, their productivity and your profits are still suffering.   You can get to the bottom of the matter by taking a hard look at your business systems.

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Many mid- to large-sized businesses have a chief financial officer (CFO) managing the finances and a human resources (HR) manager managing the workforce.  These two seemingly unrelated elements have a rather significant impact on your bottom line.  Connecting the CFO and HR can bridge the gap between human capital and financial performance, which can create even more value within your business.

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Tax season is a stressful time for businesses and individuals alike.  Some of us may be lucky enough to get a tax refund in the mail; however, we all can’t be so lucky.  If you are amongst the many citizens that must write a check to the Internal Revenue Service (IRS), make sure you follow these tips offered in “When Paying the IRS, Handle Checks With Care,” posted by Julian Block on AccountingWeb.com:

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The Internal Revenue Service (IRS) issued final rules for the “repair regulations” back in September of 2013, as indicated in “To Expense Or Not To Expense,” posted by Gerald S. Silberstein on SFMagazine.com.  These rules apply to the treatment of getting, repairing, or improving physical property.  An addition made in August 2014 included how to handle tangible property, which can be capitalized in most cases or expensed if items are below a certain value or have a life expectancy of 12 months or less.  The IRS released two new sets of procedures in January 2015 that are causing big stress to small businesses.  Amongst the controversy is a rule that divides businesses by those with an acceptable financial statement (AFS) and those without.  Those without an AFS can only expense for repair items that cost $500 or less, which is far below the $5,000 limit that those with an AFS can expense.  Many small businesses don’t have the resources available to secure proper AFS and the capitalizing or expensing of repair items could significantly impact finances.

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