Starting a business and working for yourself is the American Dream. Unfortunately, according to Bloomberg, as many as 80 percent of new businesses fail within the first two years. The majority of those businesses fail because the owners did not adequately plan for the financial hardship of starting and maintaining a business. Following a financial planning […]

Planning for the future and creating wealth are important for individual success. However, many people feel that they do not have the skill required to properly manage and grow their finances. The truth is, there are five simple steps that everyone can follow in order to save money, get out of debt and improve their financial standing. […]

Every business, be it large or small, is affected by the Affordable Care Act (ACA). ACA changes how organizations view health benefits, provide those benefits to employees and report on those benefits. According to ADP, many employers lack a true understanding of what ACA means for their business and are therefore failing to make the necessary plans to be […]

Enacted in 2010, the Affordable Care Act (ACA) established guidelines for comprehensive health care reform. The ACA provides guidelines for how employers are to provide, administer and report on health coverage. Failing to provide health coverage or failing to accurately report on offered coverage can be detrimental to an organization’s bottom line. In 2015, a number of the ACA compliance reporting mandates […]

Correctly recognizing revenue is an important accounting function for all organizations. Often, it is not as simple as recording a sale when it is made.  In order to conform to generally approved accounting practices (GAAP), organizations must account for their revenue in specific ways. For consistency, once an organization begins using a revenue recognition method, it […]

In May of 2014, the Financial Accounting Standards Board (FASB) unveiled new revenue recognition criteria in NJ and nationwide for contracts with customers. The old rule addressed this issue by having different standards based on the type of business. In order to simplify reporting methods, all industries will now use the same five-point-method to identify and recognize revenue.  […]

The employer mandates of the Affordable Care Act (ACA) are quickly approaching. Although stiff penalties may be assessed if an organization does not meet requirements, many organizations lack an understanding of ACA and what is required of their businesses. Following the ACA compliance timeline below can help your organization become prepared to meet all ACA standards. 2014 ACA Compliance Timeline Organizations that offer wellness […]

It seems as though there is a change made to the Affordable Care Act (ACA) every day. Even with the transition relief and recent clarifications, complying with the ACA is a challenge. Below is a summary of the major recent clarifications, upcoming due dates and updates made to the ACA that will help guide you […]

Providing retirement plans is one of the greatest perks a company can offer. Benefit plans allow businesses to attract and retain high-quality talent. Additionally, providing employees with quality benefits and the ability to build wealth increases loyalty and employee satisfaction. The Employee Retirement Income Security Act (ERISA), is a federal law that dictates how employer-sponsored benefit plans must […]