The Benefits of Paying Wages

By |2021-10-24T09:53:15+00:00February 1st, 2020|Taxes|

An important part of tax planning is determining if you will pay yourself wages out of your company. There are a number of benefits to paying wages, including increasing deductions in your company, contributing to your retirement, and receiving additional tax credits. Here's a breakdown of the advantages that come with paying yourself wages. Reduce Corporate Taxes  When you pay yourself wages out of your company, you can claim a deduction against your company's income.  For example, if you have $95,000 net profit in your company, and you decide to pay yourself $25,000 in wages, your company's income is reduced to [...]

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Lean Accounting: What it is and Why your Business Needs it

By |2017-06-26T23:11:54+00:00June 28th, 2017|Accounting, Business|

Lean Accounting is the next big movement for companies looking to gain an edge. The term "lean" was coined in the 1990's to refer to the systematic reduction of waste in the manufacturing process. The purpose is to get rid of anything that does not add value to the product. Lean accounting is the same application except applied to the accounting process. This is not a new term, however, it is made all the more powerful by the opportunities presented with new technology. Your company can reduce the non-value adding processes of your accounting. The effects of this will be: Less [...]

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Will Robots Take All Our Jobs?

By |2021-10-24T09:53:18+00:00May 24th, 2017|Technology|

If you listen to any current tech or business podcasts, chances are you will have heard one on how robots are taking over our jobs. The doomsayers say that computers (including robots and artificial intelligence) will have the capacity to overtake many jobs. Boston Consulting Group predicts that they will take over up to 25% of jobs by 2025. An Oxford University study shows this margin to be higher (35%) but gives a longer timeline of two decades. So what does this mean to you? - Well a lot. Maybe everything. I am an Accounting Futurist - What is that you say? Well [...]

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