Jessica Elliott

Jan 22, 2025 | uschamber.com | Jessica Elliott

Using standard accounting methods benefits any small business. For those looking to level up their financial reporting, adopting generally accepted accounting principles (GAAP) can unlock new opportunities but also involve challenges. This guide defines GAAP, who uses them, and how regulation works. Explore GAAP accounting principles to understand the key concepts. What is GAAP? GAAP stands for generally accepted accounting principles.

Jan 14, 2025 | uschamber.com | Jessica Elliott

When tax season rolls around, neglected accounting tasks can haunt small business owners. It’s a pain to categorize income and expense transactions from memory or track discrepancies among hundreds of entries. A daily accounting checklist can streamline routine activities and improve year-round cash flow. Here are the day-to-day accounting duties that should be on your bookkeeping checklist. Why do small businesses need to stay on top of accounting regularly?

Jan 9, 2025 | uschamber.com | Jessica Elliott

Modernizing payroll processing delivers big returns for small businesses. Whether using a corporate payroll service provider (PSP) or professional employer organization (PEO) for payroll, you can save time, increase accuracy, and improve employee experiences. The outsourcing models differ, yet both automate payroll administration and tax filings. As you evaluate PEO vs. payroll services, consider how each option can support your company's unique payroll, compliance, and human resources (HR) needs.

Dec 11, 2024 | uschamber.com | Jessica Elliott

Retirement plans consistently rank as a top employee benefit, second only to health insurance. When businesses offer matching 401(k) contributions, they may attract more job candidates and increase their employee retention rate. A 401(k) company match doesn’t need to be complex; contribution limits can keep it predictable and within your budget. Explore average company contributions and formulas to build a competitive 401(k) match plan.

Nov 21, 2024 | uschamber.com | Jessica Elliott

It’s no secret that employer-sponsored retirement plans help businesses attract and retain workers. However, finding affordable 401(k) management companies is challenging. The top retirement plan providers offer low-cost 401(k) programs, SIMPLE IRAs, and defined benefit plans for small business owners. These firms stand out for their transparent fee structures and support services.