How much is my business worth?

The value of a business is often determined by the expected future cash flows. Attributes that also help determine the value of a business include: History of cash flows Growth potential The age of the business Market share Barriers to entry Competition Location Risk of the industry Financial condition Regulatory… Read More»

How does the Affordable Care Act (ACA) affect me as an individual?

Beginning in 2014, ACA requires individuals to maintain minimum essential health insurance coverage with some exceptions. What is Minimum Essential Health Insurance Coverage? Eligible employer-sponsored coverage; Individual coverage; Medicare and Medicaid; State Children’s Health Insurance Program (CHIP); TRICARE; Department of Veterans Affairs health care program; Peace Corps program.   How… Read More»

How long should I keep my business records?

The following holding periods are suggestion only. Federal, state, institution rules, and regulations may apply. ACCOUNTING RECORDS RETENTION PERIOD Accounts payable 7 years Accounts receivable 7 years Audit Reports Permanent Chart of accounts Permanent Depreciation schedules Permanent Expense records 7 years Financial statements (annual) Permanent Fixed asset purchases Permanent General… Read More»

Do I need an audit?

Audits are generally requested by lenders, key stakeholders, grantors, investors, regulatory requirement, and by organizational documents. Audits provides a level of assurance that the financial statements and related notes are fairly stated. The auditor performs various audit tests, based on audit risk assessments of the entity, in order to issue… Read More»