How We’re Turning Small Business Accounting on Its Head

Only one in 20 small businesses has accurate financial statements.

That makes up only five percent of businesses. Almost half of all small businesses experience some kind of accounting theft at their company, which costs them an average of about $114,000 per occurrence.

The Association of Certified Fraud Examiners puts out a report annually that is a giant eye-opener for how much fraud and theft is out there. The numbers are staggering–and it’s was one of the factors that led CEO Matt Garret to found TGG Accounting. Small business accounting can help mitigate these threats.

In an interview with Stay Wealthy San Diego, Garrett shares the story behind TGG and how it’s turning traditional accounting on its head.

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Plan B – Preparing for the unexpected

Contingency planning for the 1 in 100 situations that can arise may seem like catastrophic thinking, a waste of time, or farfetched, until a widespread virus disrupts supply chains the world over. Having a Plan B can be the difference between dying intestate and losing all you and a partner had worked for and having the time and space to deal with unexpected crises knowing the business is taken care of. 

  • Corporate Governance
  • Business Documentation
  • Tax Planning
  • Buy/ Sell Agreements
https://youtu.be/4O9rnZLg6dQ
 

This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.

This post contains trusted sources. All references are hyperlinked at the end of the article to take readers directly to the source.

Guide: Is Outsourcing Right for Your Nonprofit?

Nonprofit executives must wear many hats. Not only are they responsible for fundraising to advance their organizational mission, but they may also be responsible for strategic planning, board communications, human resources, and recruiting, among other things.

More so than ever before, nonprofit leaders are under pressure to fundraise, manage operations, comply with state and federal regulatory requirements, and leverage resources cost-effectively.

The challenge of hiring and retaining talent is intensifying as the US workforce shrinks and wages increase. Most nonprofits do not have the resources to achieve all of this this in-house.

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Selling Your Business? What You Need to Know Before You Start

Selling your business can be a cumbersome task. Where do you even start?

Most business owners are experienced at running a business, often very successfully. However, selling a business is usually not something most business owners have a great deal of experience with, especially if this is their first sale.

Most business owners know about valuation and exit scenarios and have heard stories from others about their experiences selling their business – both positive and negative. But there are so many terms, details, possible scenarios, and implications involved in any merger and acquisition (M&A) transaction that it’s next to impossible for most business owners to be experts in this area.

Rather than getting caught up in all sorts of lingo and potential details, it’s best to understand that any sort of M&A transaction is a nebulous process – the value of the deal is as acceptable as whatever both parties involved agree it is. Instead focus on a couple of key areas that you, as the business owner, can control.

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Small Business Taxes and the Trap you Need to Avoid

tax traps for small businesses

There’s a small business tax trap that many owners fall prey to. The IRS requires you to make quarterly estimated payments of your tax liability. Most of us small business owners either underpay the tax rate or not even pay at all. The worst part is that, unfortunately, a lot of CPAs aren’t paying attention to this either.

So how do we plan for taxes appropriately? We need to make sure we’re not falling into this tax trap, where we get stuck and end up paying a huge chunk of our revenue at the end of the year to pay for taxes we didn’t expect.

Remember, the number one cause of business failure in this country is a lack of cash. To combat this small business tax trap what you’ve got to do is make sure you have enough cash on hand to pay your taxes. After all, they’re your number one creditor every single year.

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Why Accounting Matters for Your Business

This is an article about our CEO, Matt Garrett’s presentation to Vistage.  You can view the original article on the Vistage Website.

As the COVID-19 pandemic continues to worsen, finance experts say the global economy is spiraling towards a recession at best. Some also warn that a depression may be right around the corner with unemployment levels we have not seen for 90 years.

“This is 100% unprecedented,” says Matt Garrett, CEO of TGG Accounting, who has spoken to more than 600 Vistage groups about finance best practices for small and midsize firms. “We’re going to lose years and years of productivity. It’s going to present a massive unemployment problem…and a massive problem for the business community at large.”

Having led businesses through the 2008 recession, Garrett offers candid advice for CEOs trying to prepare their firms for today’s tumultuous environment. “Run your business by the numbers,” he says. “Get the numbers right and then make decisions based on those numbers.”

From a tactical point of view, Garrett says, this means taking seven steps.

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Data-driven Fundraising Ideas for Nonprofit Organizations

TGG recently hosted a roundtable on nonprofit fundraising. We invited our clients and other nonprofits in the community to discuss strategies for increasing donations, expanding their donor base, and appealing to millennial donors.

The forum was moderated by Steve Goldstein, a Consulting CFO with TGG. Steve not only serves some of our not-for-profit clientele, but also founded and runs his own non-profit, Starfish Asset Fund, which provides low interest loans and financial education for transitioning foster youth.

We’ve compiled some of the takeaways from the roundtable because we believe these insights apply to a broad range of not-for-profit organizations.

The agenda covered many aspects of marketing, with an emphasis on using technology and data to improve results.

There were many great discussions and actionable items that can be applied by any nonprofit organization intent on realizing their mission. We have summarized a number of the top takeaways:

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Cash vs Accrual Accounting

Cash accounting and accrual accounting are two concepts that are foreign to most people, but it’s important to understand the difference. As a business owner, if you manage your books on a cash basis, you will ultimately fool yourself. Why is this?

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