Financial Planning Archives - Payne Nickles & Company - Ohio Accounting Firm, Business CPAs & Advisors

Unveiling the Optimal Accounting Method for Your Business’s Prosperity

Understanding and implementing the proper accounting method is a cornerstone for financial clarity and operational success. As a business owner, choosing between cash-basis and accrual accounting methods affects how you report financial transactions. This article delves into the essence of these accounting methods, their significance, and how to discern which is most conducive to your …

In the landscape of financial planning and tax optimization, Qualified Charitable Distributions (QCDs) stand out as a powerful mechanism for individuals looking to enhance their philanthropic impact while optimizing their tax situation. This article delves into the core of QCDs, providing insights into how they can serve as a strategic tool in your charitable giving …

A new year brings new opportunities and challenges, particularly for business owners aiming to streamline their financial management. In the fast-paced business world, effective management of finances is not just a necessity but a cornerstone of success. Here are essential tips for leveraging QuickBooks and other accounting software to enhance financial oversight and operational efficiency …

In business, where every decision can tip the scales of success or failure, a robust financial strategy is imperative. Enter Financial Planning & Analysis (FP&A) – an often underappreciated yet pivotal function that can revolutionize how businesses plan, analyze, and project their financial future. The Essence of FP&A in Accounting What exactly is FP&A? …

Inheritance brings its own set of challenges. Within the vast world of financial legacies, inherited Individual Retirement Accounts (IRAs) stand out thanks to their annual withdrawal requirements, also known as Required Minimum Distributions (RMDs). With these RMDs comes the caveat of taxation. However, when the Secure Act of 2019 was introduced, it brought clarity and …

Cash flow is a major concern for most construction firms. When cash is low, it could mean being unable to make payroll or purchase supplies for an upcoming project. If that happens, it’s more than the immediate profit at stake; you can damage your firm’s reputation and success. These tips can help you understand how …

The new Secure Act 2.0 legislation expands upon the Secure Act of 2019 with updates to retirement savings plans across the country. Here’s what you need to know. Automatic Enrollment Requirements Plan sponsors of 401(k) and 403(b) plans will be required to automatically enroll eligible employees with a starting contribution of 3% of their salary …

Record levels of inflation are weighing on the construction industry when contractors are already feeling the squeeze from labor and supply shortages. Contractors are seeing staggering increases for construction inflation, according to Associated General Contractors analysis. The Producer Price Index for inputs to new nonresidential construction — a weighted average of the goods and services …

From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end of 2021, the global cryptocurrency market was worth more than $3 trillion, up from $14 billion just five years earlier. About 16% …

As Tax Day approaches, taxpayers will often rush to complete their returns by the April 15th deadline. While it’s ideal to file your return by the IRS due date, there are many instances that can prevent this. In these circumstances, it can be beneficial to extend your return. Consider, for example, K-1s from pass through …