Published Aug. 22, 2014
My beauty supply business has grown significantly in the short time we’ve been in
business and I’m considering hiring an accountant. How do I find the right one?
There are many responsibilities that come with being a small business owner, and everyone is critical to maintaining profitability and promoting growth. You can’t risk letting a deadline slip or overlook an administrative requirement, yet there are only so many hours in the
day to get things done.
Current City: Columbus, OH
Current City: The Villages, FL
Professional accountant [CPA; Canada, USA]
- Worked in public accounting for "Big 4" audit firms PwC, Deloitte], and had my own practice, with major emphasis on family-owned businesses
- Worked in industry as a CFO [heavy equipment; HVAC contractor]. Major emphasis on Business Plans and Cash Flow. Expert with Jian's BizPlan Builder and suite of management tools.
- Director [completed professional qualification course] of a major Canadian Credit Union and of a Central Credit Union. Major emphasis on Strategic Planning and Corporate Governance
- Instrumental in designing and developing an online consulting practice "Family Business Experts" [www.family-business-experts.com]. Major emphasis on Succession Planning.
- Specialized earlier in my career as a Chartered Business Valuator [Canada] and qualified as a Business Arbitrator [Canada]
Published Jul. 31, 2014
This is a check list of the steps involved in starting a nonprofit in Michigan. Other documents that will be helpful are "Starting a Tax Exempt Non-Profit in Michigan" and "Planning Tools for Non-Profit Organizations". Both of these documents are available on this site.
For many nonprofits, tax-exempt status is everything. Not only does this exemption allow nonprofits to avoid federal corporate taxes, but allows donors to write off their contributions at the end of the year. In many states, IRS-granted, tax-exempt status can also open doors to other exemptions on property taxes and sales tax. But when filing the application for exemption, the process is daunting, if not utterly overwhelming.
There are 1.4 million non-profits (tax exempt) in the United States today. And, 61% have annual revenues under $100,000.
Non-profits are using savvy marketing to further their mission.
7% have revenue of $100K-$250K
4% have revenue of $250K-$500K
3% have revenue of $500K-$1M
4% have revenue of $1M-$5M
1% have revenue of $5M-$10M
1% have revenue > $10M
72% comes from individuals
15% from foundations
6% from coorporations
Published Jul. 28, 2014
This 14 page booklet provides specific information about starting a Non-Profit in Michigan. It is produced by the Non-Profit Association of Michigan.
Published Jul. 28, 2014
This is a very helpful booklet for entrepreneurs who are trying to start a non-profit or who are involved in the operation of a non-profit.
Published Jul. 24, 2014
Learn the Basics - Tips for Non-Profits
Many people find that the best outlet for their entrepreneurial spirit is to improve the quality of their communities and their world by starting a non-profit organization. But while non-profit and for-profit organizations share many similarities, there are also key differences that can doom even the best of intentions.
Jim Maltry, a SCORE mentor with 26 years of experience in the non-profit community, discusses several of the most important factors to consider when planning and launching a non-profit.
How is the process of starting a non-profit similar to that for starting a small business? How do the processes differ?
Every so often a front page news story will appear citing a seemingly outrageous number as the salary of a nonprofit’s CEO. The question most people ask is how could a tax-exempt organization justly pay someone so much? In rare instances, the CEO in question has manipulated their salary in his or her favor or taken benefits not owed to them. The vast majority of the time, however, the answer rests with what the Internal Revenue Service calls “reasonable compensation.”