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  • 8 strategies for getting ahead of the Great Resignation

    What would you do if 40% of your firm quit next week? While such a mass exodus is highly unlikely — at least all at once — it’s a question that every employer should be asking themselves right now. According to Microsoft’s 2021 Work Trend Index, 41% of the global workforce is likely to consider leaving their current employer within the next year, and 49% of those plan to make a major pivot or career transition. In the business world, that means you don’t just need to worry about losing your best people to other companies or industry roles, but to other careers: teaching, nursing, tech, entrepreneurship and more. By now, you’ve likely seen the headlines about the Great Resignation. The pandemic led many people to realize they weren’t happy in their careers, and they’re leaving in search of more money, career potential, flexibility, happiness, etc. But is this loss of talent inevitable? I don’t think so. I believe any business with the right culture can take steps now to hold onto their best people and attract new employees looking for a change. Here’s how. 1. Pay your people well We know that money isn’t the only component to keeping people happy, but let’s face it: For most people, the reason they’re employed is to get paid. In the past 18 months, businesses across the country figured out how to support remote work. So you’re no longer competing against other businesses and employers in your geographic area — you’re competing with companies across the country and maybe even around the world. So if you’re not paying your people well, they will leave your firm for someone who will. 2. Invest in learning, development and upskilling Many talented professionals in your business today know that the future of the professional life is changing, but they don’t feel like they have the education and experience to be successful in these areas. Invest time and money into upskilling them for the future. This includes core skills like communication, active listening, building trust, project management, problem-solving and collaboration. It may also include technical skills beyond their current roles, such as data analytics or specialized technical certifications. Incorporate these upskilling opportunities into your business's formal learning and development program and into each employee’s quarterly goals. Discuss them as part of your regular check-ins and performance reviews. When you show your team you’re invested in their professional development, they will feel more secure in their careers and know they have a purpose and a future in the firm. This applies to all staff, including admin, IT and marketing. 3. Support lateral moves Try to accommodate people who decide that their current career path isn’t right for them. For example, you may have accountants who want to go into IT or admin professionals who want to go into marketing. It’s better to hold on to a great employee in a different role than to lose them entirely, so take steps to help people make meaningful lateral moves. 4. Listen to your team People want to feel heard and valued by their colleagues and coworkers. So take time to build relationships with people beyond the work they do every day. This helps build a foundation that will create loyalty and increase their likelihood of staying with your firm. Building relationships takes time, so make it part of your daily routine. Whether team members are in the office or working remotely, schedule regular catch-ups and informal meetings to ask them how they’re doing on a personal level and find out what you can do to support them. 5. Offer flexibility In the past few months, we’ve heard a lot of leaders talk about getting people “back to work” — meaning back in the office. This is troublesome for two reasons. First, your people have been working very hard, whether in the office or working from home. Suggesting they need to get “back to work” diminishes the amazing effort they’ve put in to stay productive during an extremely difficult time. Secondly, forcing people back to the office will likely backfire. While some people are excited to return to the office, many people don’t want to work in the office full-time, and some want to retain the flexibility of remote work permanently. If one or two employees struggle to remain productive and accountable while working from home, address them separately. Don’t let one or two exceptions dictate the rules for everyone. People don’t have to be together in an office five days a week to do their jobs well. Where people work is a lot less important than how they can be most productive. Trust people to deliver their best work no matter where they’re located, and everyone will be more successful. 6. Invest in technology and process improvement It’s tough to get excited about doing your job every day when that job entails dull data entry, wasting hours looking for information, redoing work you thought was complete, and navigating the personal preferences of every person you work for. Good talent leaves bad managers, yes. But they also leave bad technology and processes. So invest in giving your people the tools and processes that will make their jobs easier and free up time to do higher-level, more valuable work. Job satisfaction will improve. 7. Cultivate culture In the past year, we’ve talked to many leaders worried that they’re losing some of the culture they built while everyone was in the office. Yet culture can’t be a reason you force everyone back to the office. Building and maintaining culture in a hybrid or fully remote firm is possible, but it takes intentional effort. Some of the things you can do to promote culture include: Organizing treats for in-person and virtual meetings; Hosting fun events and challenges; Celebrating birthdays, anniversaries and other life events; Sharing personal and professional wins; and, Encouraging “water cooler conversations” on our social platforms. Because we work hard to maintain culture when we’re remote, when we do get together in person, these occasions are more like meeting old friends than gathering with acquaintances. Culture will always be a work in progress, but when you’re on the right path, it will bind your top performers together and become a competitive advantage. 8. Be proactive There are many reasons why people may consider leaving their jobs. Some will be outside your control, but be proactive about addressing the areas you can control: leadership, growth, technology, process and talent. This will help you get ahead of the Great Resignation and avoid losing the talent you’ve worked so hard to attract and retain. We believe ELO CPA's & Advisors leadership have built a winning and growing culture. Our advisory and consulting team can help you put a plan into action that fits your business. We want to assist you before the Great Resignation hits your business. Call your local office today. Our Locations

  • Shuttered Venue Operator Grant program enters supplemental phase

    The U.S. Small Business Administration (SBA) is raising the curtain on the next stage of the $16.25 billion Shuttered Venue Operator Grant (SVOG) program. The agency said in a news release Aug. 27 that it would begin sending invitations for supplemental SVOG awards, which are to be provided to live entertainment venues and other entities that received an initial grant and reported at least a 70% reduction in 2021 first-quarter revenue as compared to the same period in 2019. Since opening in April, the SVOG program has awarded around $9 billion in grants to more than 11,500 organizations that suffered revenue loss due to restrictions on public gatherings imposed to limit the spread of COVID-19. As of Aug. 23, the SBA was actively reviewing 1,063 applications, with another 1,288 applications in the queue to start review. The SBA stopped accepting initial applications on Aug. 20. The initial grants provided recipients with funding equal to 45% of their gross earned revenue, up to a maximum of $10 million. Supplemental award applicants can apply for any amount up to 50% of their original SVOG amount, with the $10 million cap still in place for initial and supplemental grants combined. The supplemental awards also allow SVOG recipients to extend the time to use their grant funds for expenses accrued through June 30, 2022, and lengthen their budget period to 18 months from the initial grant’s disbursement date. The SBA said it expects to begin sending out the supplemental awards within two weeks. In the unlikely event that sufficient funding is not available for all eligible entities to receive a supplemental award, priority will be given to applicants that have reported the greatest revenue loss for the first quarter of 2021 compared with the first quarter in 2019. Live venue operators or promoters received 4,072 SVOG awards through Aug. 23, the largest share among the six types of recipients reported by the SBA. The other grants were distributed as follows: 3,002 to live performing arts organization operators, 1,480 to motion picture theater operators, 1,217 to talent representatives, 838 to theatrical producers, and 712 to museum operators. The SVOG so far The SVOG was created by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260, which was signed into law in late December. That bill appropriated $15 billion to the SVOG, which received another $1.25 billion after the American Rescue Plan Act, P.L. 117-2, became law March 11. Working with vendors to develop a new platform to facilitate the SVOG application and grant process, the SBA didn’t open the application portal until April 8. The agency then had to shut the portal down for repairs after only a few hours due to venue owners and other eligible businesses being unable to upload supporting documents for their applications. After nearly three weeks of repairs and testing, the SVOG application portal reopened on April 26 and the first applications were successfully submitted to the program. Grants were slow to be made, due in part to the way the program was structured. While grants are awarded on a first-come, first-serve basis, Congress structured the SVOG to prioritize the hardest-hit venues. The first 14 days of SVOG awards were reserved for those entities that suffered a 90% or greater revenue loss between April and December 2020 due to the COVID-19 pandemic. Some 3,765 grants were made to applicants in this group through Aug. 23. The second 14 days of awards (days 15–28) expanded eligibility to entities that suffered a 70% or greater revenue loss between April and December 2020. The SBA made 2,440 grants to applicants in that group. Following those periods, SVOG award eligibility was expanded to entities that suffered a 25% or greater revenue loss between one quarter of 2019 and the corresponding quarter of 2020. That group received 5,116 grants. The SBA reported June 4 that it had awarded 50 SVOGs totaling $54.2 million. As of June 10, the SBA had awarded just over 100 SVOGs. In a news release July 27, the SBA said the pace of SVOG grant-making increased after the agency made adjustments to its process based on successful aspects of the Paycheck Protection Program and Restaurant Revitalization Fund. The SBA did not detail what changes were made to the SVOG process. If you have questions please contact your local office for assistance.

  • IRS adds address change capability to Child Tax Credit portal

    The Internal Revenue Service added a new feature Friday to its online portal for the Child Tax Credit allowing parents to update the mailing address where they should receive the monthly payments. The new feature will enable any family that opts to receive their payment through a paper check to avoid mailing delays or have a check returned as undeliverable. To ensure the change in address takes effect in time for the September advance payment on the Child Tax Credit, the IRS is advising parents to submit any changes before midnight Eastern Time on Monday, Aug. 30. Any changes made before that time will apply to the Sept. 15 payment and all subsequent monthly payments, scheduled for Oct. 15, Nov. 15, and Dec. 15. The expanded Child Tax Credit was included as part of the Biden administration’s American Rescue Plan Act in March in hopes of cutting in half the rate of child poverty in the U.S. Families can receive up to $3,000 or $3,600 per child, depending on their age. Eligible families can receive advance payments of the tax credit, either by direct deposit or check. Each payment will be up to $300 per month for each child under the age of six and up to $250 per month for each child ages six through 17. In most cases, the IRS is relying on prior tax returns and sending out automatic payments, but for those families who don’t normally file taxes or need to update their information, the IRS set up an online portal in June as a way to help families register the information (see story). It has been adding new features, including the ability to opt out of the payments for those families who worry that they could end up owing money if the IRS sent too much. The portal already allows families to verify their eligibility for the payments and then, if they choose to, they can switch from receiving a paper check to direct deposit; change the account where their payment is directly deposited; or end monthly payments for the rest of 2021. Future improvements are planned for the portal, according to the IRS. Later this year, families will also be able to use the Update Portal tool to add or remove children in most situations; report a change in marital status; to report a significant change in income. If a parent changes their mailing address using the Child Tax Credit Update Portal, the IRS will use the updated address for all future IRS correspondence so the address change feature can also be helpful to taxpayers that are receiving payments by direct deposit. For example, the IRS will mail a year-end summary statement (Letter 6419) to all taxpayers who have received advance Child Tax Credit payments this year, and having a current address on file with the IRS will ensure prompt delivery of this statement. Families will need to have Letter 6419 to fill out their 2021 federal income tax return next year. For most families, the advance payments they are getting this year cover only half of the total credit. They will claim the remaining portion on their 2021 tax return. The IRS has created a special Advance Child Tax Credit 2021 page to provide up-to-date information about the credit and the advance payments. Our professional advisors are available to help you navigate your financial decisions. Contact your local office today: FIND A LOCATION

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  • Medical & Health Services | ELO CPAs & Advisors | South Dakota

    MEDICAL & HEALTH SERVICES Providing the care you and your business deserve. The right partner is always a difference-maker. ELO CPAs & Advisors can provide experience, knowledge and resources to aid executives, owners and doctors across multiple medical and health services platforms, including but not limited to, hospitals, medical clinics, dental practices, optometry clinics, physical therapists, chiropractic centers and more. We can provide the full portfolio of business services to support you from an ownership, operational and financial perspective. The medical & health services world is ever-changing and our dedicated team has the strategic insights to help you cope with change, protect your profits and achieve your goals. We can address your complex concerns so you can focus on delivering your patients the highest level of care. We work with a variety of medical & health service professionals including: ​ Dental Practices Hospitals Optometry Clinics Chiropractic Centers Physical Therapy Clinics Medical Clinics ​ Our Services: ​ Performances & Profitability Debt & financing advising Start-up analysis Turnarounds or restructuring Costing and overhead rate analysis Cash flow analysis Budgeting Labor analysis ​ Strategy & Management M&A structuring and closing Industry benchmark analysis Wealth management services Retirement plan design and analysis Succession planning and exit alternatives ​ Tax Planning & Preparation Tax preparation for owners Business tax preparation Tax strategy, planning and research Entity structure analysis ​ Compliance & Assurance Financial statement audits, reviews and compilations Employee benefit plan audits Agreed upon procedures ​ Client Accounting Services & Other Outsources Services Controller & CFO services Outsourced accounting and bookkeeping Payroll Accounting consulting and support for QuickBooks Accounting software recommendations Frequently Asked Questions How can we improve our operations? ELO can prepare a benchmark comparison of operating results to evaluate how your results compare to peers in the industry and to rating agencies. In addition, ELO has a consulting division and relationships with other professionals that can provide additional insights and analysis of your billing practices and your operations and provide recommendations to improve your operating results. How can ELO assist me in achieving my personal financial goals? ELO provides wealth management, entity structuring, tax planning and preparation and benefit plan design services that can provide you a comprehensive analysis of your financial picture and develop solutions to assist you in achieving your financial goals. Contact Karlee for more information Karlee Tiesler leads our Client Accounting Services practice and her team is engaged with multiple medical and health services clients and their owners. She and her team have the ability to manage and support clients with all their needs. If you need assistance, reach out to Karlee today. More About Karlee GET IN TOUCH Leave us a message... Submit Thanks for submitting!

  • Accounting Services | ELO CPAs & Advisors | South Dakota

    SANFORD INTERNATIONAL ELO CPAs & Advisors is proud to announce our partnership with The Sanford International. -- SEPTEMBER 13-19 | Minnehaha Country Club | Sioux Falls, SD Learn More Working Together. Finding Solutions. At ELO CPAs & Advisors, we believe when we work side-by-side with our clients as partners, we can find solutions to the most challenging issues together. OUR SERVICES What Our Clients Are Saying "Just like any other business, it is all about relationships and what you can do for me. ELO has done a great job of building that relationship of trust and offering many services to me and my businesses on top of that. ELO has earned my trust, and they provide great advice and I value that advice deeply." Terry Wieting, Managing Partner, Max Nutrition, LLC & Dak Pak, LLC "There is probably nothing that ELO has not seen or handled when it comes to Accounting & Auditing. Their broad spectrum of knowledge and speed of service is unmatched. When we need them, they can provide the support quickly and accurately which is important with our diverse and ever-changing businesses." Kevin Johnson, Managing Partner KAJ Hospitality "ELO sets themselves apart from other accounting services through their professionalism, integrity and openness. They are always willing to sit down and explain their work and provide guidance on how to maintain the financial health of our agency. They have earned our trust and business by consistently and efficiently producing high quality work that is accurate and organized." Sarah Shoffner, Executive Director Family Services, Inc. Current Insights VIEW ALL ELO CPAs & Advisors 8 hours ago 3 min IRS adds address change capability to Child Tax Credit portal 3 views Write a comment ELO CPAs & Advisors 4 days ago 1 min Truckers must file highway use tax form this month 11 views Write a comment ELO CPAs & Advisors Aug 9 2 min IRS Gives New Guidance on Employee Retention Credit 15 views Write a comment ELO CPAs & Advisors Jul 28 5 min Small businesses face bookkeeping challenges, overdue invoices during pandemic 13 views Write a comment Stay Informed Get the latest industry insights sent right to your inbox! SIGN UP Our Team ELO CPAs & Advisors has served the region for over 30 years and has develop one of the finest reputations in the industry. What has made us successful is our staff of over 70 hardworking professionals. We work every day to provide expert knowledge and unmatched service from professionals that have sat in the same chair as, or alongside of, our clients for decades. That sets us apart from all the other firms in the region. MEET THE TEAM JOIN OUR TEAM

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