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Category Archives: Portland CPA Blog Posts

Navigating the Corporate Transparency Act: Compliance Advisory for Small Businesses

The Corporate Transparency Act (CTA) is a new regulation that impacts small businesses across the U.S., requiring many companies to disclose ownership information to the federal government. This law, which took effect on January 1, 2024, is designed to combat financial crimes such as money laundering and fraud by increasing business transparency. For small business […]

Navigating Taxes for IT Businesses: A Detailed Guide

The tech industry is booming, and IT businesses—whether startups, SaaS companies, or IT consulting firms—have unique tax considerations. From R&D tax credits to sales tax on digital products, navigating tax compliance can be complex. However, with the right strategies, IT businesses can minimize tax liabilities, maximize deductions, and stay compliant with ever-changing tax laws. This […]

Navigating BOI Reporting Requirements for Private Companies

If you own a privately held company, there’s a new compliance requirement that should be on your radar: Beneficial Ownership Information (BOI) reporting. Under the Corporate Transparency Act (CTA), many businesses are now required to disclose information about their owners to the Financial Crimes Enforcement Network (FinCEN). This is a big shift aimed at preventing […]

Mastering CTA Beneficial Ownership Reporting Services

With the Corporate Transparency Act (CTA) now in effect, businesses must navigate a new set of compliance requirements, including Beneficial Ownership Information (BOI) reporting. This regulation aims to enhance corporate transparency and combat financial crimes like fraud and money laundering. For small business owners, understanding and properly managing BOI reporting is essential to avoiding penalties […]

Leveraging Small Business Cloud Accounting Services for Agility

In today’s fast-paced business environment, agility is key to staying competitive. Small business owners need real-time access to financial data, seamless collaboration, and efficient bookkeeping processes to make informed decisions. Cloud accounting services provide the flexibility, automation, and security needed to manage finances efficiently while adapting to changing business needs. Here’s how cloud-based accounting can […]

Integrating IT Accounting into Modern Business Practices

In today’s digital age, businesses are becoming increasingly reliant on technology to streamline operations, improve financial reporting, and maintain compliance. IT accounting, which blends information technology with traditional accounting practices, is a game-changer for businesses looking to improve efficiency, accuracy, and financial decision-making. Whether you’re a small business or a growing enterprise, integrating IT accounting […]

How to Find Affordable Bookkeeping Services for Your Small Business

Keeping track of your finances is essential for running a successful small business, but hiring a full-time bookkeeper can be expensive. Many small business owners struggle to balance cost and quality when looking for bookkeeping services. Fortunately, there are several ways to find affordable bookkeeping solutions that meet your business’s needs without breaking the bank. […]

How Professional Bookkeeping Spurs Small Business Growth

Running a small business is exhilarating, but it also comes with its fair share of challenges—especially when it comes to managing finances. Many entrepreneurs wear multiple hats, juggling everything from marketing to operations, often leaving bookkeeping as an afterthought. However, professional bookkeeping isn’t just about keeping the numbers straight—it’s a game-changer that can fuel growth, […]

Essentials of Small Business Financial Bookkeeping: Key Practices for Success

Running a small business is no small feat, and managing finances effectively is a major part of that journey. Proper bookkeeping is the backbone of a financially healthy business—it helps with everything from tax compliance to cash flow management and strategic decision-making. Whether you’re just starting out or looking to improve your financial systems, here […]

Ensuring Accuracy in Bookkeeping Services for Small Business Owners

Bookkeeping is the backbone of a small business’s financial health. Accurate financial records help business owners make informed decisions, manage cash flow, and stay compliant with tax regulations. However, bookkeeping errors—whether small miscalculations or major discrepancies—can lead to costly financial mistakes, penalties, and even cash flow crises. That’s why ensuring accuracy in bookkeeping is not […]

Decoding BOI Obligations Under the Corporate Transparency Act

The Corporate Transparency Act (CTA) has introduced new Beneficial Ownership Information (BOI) reporting requirements that impact many U.S. businesses. Effective January 1, 2024, the law requires companies to report details about their ownership to the Financial Crimes Enforcement Network (FinCEN) to improve transparency and prevent financial crimes. Understanding these obligations is essential for small business […]

Compliance Simplified: FinCEN Beneficial Ownership Information

The Corporate Transparency Act (CTA) has introduced new Beneficial Ownership Information (BOI) reporting requirements, requiring many businesses to disclose ownership details to the Financial Crimes Enforcement Network (FinCEN). These rules, effective January 1, 2024, are designed to prevent financial crimes and increase corporate transparency. For small business owners, understanding what needs to be reported, who […]

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frequently asked questions

  • What Is A Virtual CFO & How Can It Transform My Business?
    • a. A Virtual CFO can be a much-needed sounding board, coach, and guide. Outsourced Virtual CFO is generally not just one person, but an experienced team of professionals providing a full-stack Accounting and Finance Department at a fraction of the cost that it would otherwise cost a business to hire even just one full-time CFO internally. The right virtual CFO service team, such as the one at Perpetual CPA, can deliver timely, detailed, comprehensive financial reporting, interpret the financial data, prioritize recommendations, give expert guidance on how to execute those recommendations, and ultimately give a better path to business success.
  • How can a Virtual Accounting Department help small businesses scale and grow?
    • a. A growing number of small businesses are opting to outsource services such as IT, human resources, or accounting. The benefit of a Virtual Accounting Department is that the company can reduce or increase services to accommodate current business needs. Because the service provider has multiple clients they can absorb fluctuations in workflow more easily than the average small/medium business can on its own.

      b. A Virtual Accounting Department can integrate with a company’s own accounting department to create a blended solution or provide a full-stack accounting department, including Accounting Staff, Manager, Controller, and Virtual CFO. By using a Virtual Accounting Department Small business owners don’t have to worry about hiring, training, figuring out compensation, and payroll compliance for the internal accounting team. Also as the business grows and new and more complex accounting and tax issues come up, the outsourced Virtual Accounting Department can provide all the needed expertise to facilitate continued business success.
  • What are the benefits of hiring a CPA firm?
    • a. Certified Public Accountants (CPAs) do a lot more than just crunch numbers and prepare taxes. They provide valuable expertise and strategies to help businesses and individuals achieve their business and financial goals. A CPA firm can help small businesses with management financial reporting, tax compliance, strategic business advice, and much more. Firms like Perpetual CPA, that specialize in helping small and medium-sized businesses achieve growth, can also provide Virtual CFO services, that help the business owners have the foresight into the short-term future cashflows and be able to more successfully navigate their business performance.
  • What are the best strategies for small business growth?
    • a. A business growth strategy is, simply, a plan of how a business gets from where it is today to where it wants to be in the future.

      b. Some of the questions to consider when coming up with a growth strategy are:
      i. Where will the business get new customers from?
      ii. How will the business expand into new markets?
      iii. What new products could the business offer?

      c. In reality, what happens with many small businesses, is that they generally achieve a specific level of business activity or sales and then the business growth trend flattens. In those cases, working with a firm like Perpetual CPA, which provides Virtual CFO services, can help small businesses avoid stagnation. Virtual CFO services, aside from providing timely accounting and tax reporting, can also provide valuable insight into the current performance of the business, as well as, foresight into the future cash flows for the business. Perpetual CPA Virtual CFO team helps small businesses interpret their financial information and come up with business strategies to help improve business performance and achieve growth.
  • What are the best strategies for small business risk management?
    • a. A risk management plan helps a business develop a detailed strategy to deal with certain risks that are particularly important for the businesses’ success.

      b. For many small and medium-sized businesses, the easiest way to develop and implement a business risk management plan is to work with a reputable CPA firm, such as Perpetual CPA. Large corporations invest a lot of resources and time into managing risk, which is a material factor that allows those large corporations to continue to generate billions of dollars in revenue every year. Small businesses, however, almost never manage any business risks, which is the major reason that over half of all the small businesses do not survive for more than 5 years. Generally, small business owners are not experienced corporate business professionals and lack the needed business knowledge, yet they often have to wear many hats while trying to get their businesses off the ground. In those situations, a CPA firm such as Perpetual CPA, can help small businesses better manage tax compliance risks, cash flow, internal controls, business administration, financial reporting, and much more.
  • What is Strategic Advisory and Virtual CFO? / How do Strategic Advisory and Virtual CFO services work?
    • a. When small businesses start spinning wheels, it is a good time to consider hiring a reputable CPA firm, such as Perpetual CPA, which can provide both Strategic Advice and Virtual CFO services.

      b. As a strategic advisor, the CPA firm will work with business management to improve the effectiveness and profitability of the business. They will look holistically at the business and find ways to operate the business more efficiently, increase customers through additional or improved marketing or improve customer touchpoints and service.

      c. As a Virtual CFO, the CPA firm is like a part-time version of a traditional CFO or Chief Financial Officer plus a full Accounting support team. They perform the tasks that in a larger organization would be performed by the CFO, Controller, and Accounting Staff such as preparing and overseeing the budget process, identifying and analyzing current and future trends, and developing strategies for the business growth.
  • How can timely financial visibility and management reporting help with better business decisions and growth?
    • a. A simple way to a successful business is to prioritize the timely financial visibility and management reporting as it means:
      i. Timely financial information and analysis are essential for making informed decisions, evaluating your company’s results, improving financial performance, and ensuring you are on the path to meet your strategic goals.
      ii. Management reporting is a source of business intelligence that helps business leaders make more accurate, data-driven decisions. But, these reports are most useful if they are available timely and the management receives proper interpretation of the business financial information.

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