How often do you find yourself saying,” I can’t believe we are already halfway through the year”? Time moves fast and it can be challenging to manage all the parts of our life. Birthdays sneak up on us, milestones come and go, and before you know it – it’s a new year! While much[…]
When Should You Update Your Trust?
By diamondcpas Best Practices, Estate Planning, Estate Planning, Money, Personal Finance, Personal Finance, Personal Taxes, Succession Sep 08, 2022
7 Financial Ratios to Discover Where Your Business Is Struggling
By diamondcpas Business Accounting, Entrepreneurs, Small Business Sep 08, 2022
Whether large or small, all businesses rely on technical data to measure their performance. Financial ratios in particular can easily communicate if a business is struggling. Accountants similarly both calculate and analyze these financial ratios to advise clients on how to improve their financial activity. By understanding how these ratios work and what they communicate,[…]
The Lowdown On Living Trusts
By diamondcpas Estate Planning, Estate Planning, Personal Finance Jul 25, 2022
A living trust is a legal agreement in which a person’s assets can be transferred and handled by an individual or corporation. The person or company managing the trust is called a trustee. Whether or not to create a living trust is a major decision that requires considerable thought and well-informed advice. In Pennsylvania, whether[…]
It’s certainly no secret that historic inflation rates are impacting everyone’s investments, and not in a good way. However, financial advisors suggest now is the time to continue funding your long-term stock market savings, where equities, typically, will prevail over inflation, given enough time. If history is any indication, experts say, the average annual return[…]
There has been a lot of discouraging financial news of late. But don’t despair. There is some positive news as well. Let’s start by looking at interest rates, which are on their way up, quite possibly very significantly so. While the last dozen-plus years have seen unprecedented low interest rates, those rates have benefited borrowers,[…]
When it comes to deciding whether you need an accountant or a financial advisor, the answer is, you likely need both. Each of these specialists in money management has unique skills and knowledge that, when used in tandem, can be very beneficial to your financial health. One expert is not interchangeable with the other. To[…]
Between supply chain problems, labor shortages, fuel costs and inflation at record highs, costs for business owners have been steadily on the rise. According to some economic experts a typical yearly jump in inflation in the U.S. is two percent, yet prices are rising about five percent annually as inflation continues to disrupt the economy.[…]
In the aftermath of the COVID-19 pandemic, small businesses can look to economic indicators to help guide their planning and decision making. Economic studies are indicating that with the health crisis beginning to subside in the United States, small businesses are reporting strong growth. According to responses in a recent Small Business Recovery Report, the[…]
Deciding whether to loan money to a friend or family member can be a tricky road to navigate. It is important to understand the personal, legal and tax consequences of your decision. When someone asks for financial help, saying “no” can be hard. And, if it’s a family member, it can even be harder. To[…]
How to protect your business from ransomware attacks
By diamondcpas Best Practices, Technology Apr 25, 2022
In a world where hackers strike at the heart of business servers every day, the risk of having your data held hostage to ransom is extremely real, extremely costly and extremely concerning. Should you become a victim of such a disruptive hack, your options are few and none of them are good. Obviously, you can[…]