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Marketing help, office space: How two banks support local businesses
Genesis Bank is just four months old, but already it’s doing something that few banks of its size have done — create a small-business accelerator, the Genesis Bank Institute of Entrepreneurship. It’s a new concept for serial entrepreneur Stephen Gordon, who founded two other banks before Genesis opened its doors in Newport Beach, California, on Aug. 4. Gordon, the CEO of Genesis Bank, said the idea of an accelerator never crossed his mind during the formation of Commercial Capital Bancorp or at Opus Bank, both of which were headquartered in Irvine, California. But it seemed a natural fit for the
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US businesses workers are sruggling with Omicron: ‘We’ve taken a big nose dive’ Covid-19 wave slams into US businesses
The 11-year-old restaurant with a James-Beard-award-winning head chef survived the traumatic spring of 2020, when New York City became the center of the coronavirus crisis in the United States. Lido shut down and then pivoted to outdoor dining. It navigated changing Covid-19 safety rules, mask requirements and vaccine mandates, supply chain delays, rising inflation, a labor shortage, and other challenges as it clawed its way to recovery. “We were getting close to 100%,” Susannah Koteen, who owns Lido and two other restaurants in New York City, said Monday. New York State reported record-setting highs of new coronavirus infections over the
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IRS issues accounting-method change procedures for small businesses
Under guidance in Rev. Proc. 2022-9 issued Thursday, taxpayers may obtain the IRS’s automatic consent to change their tax accounting methods to comply with final regulations relating to simpler tax accounting methods available to smaller businesses. Those final regulations, issued early in 2021 (T.D. 9942), implemented changes made by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, that generally exempt from more complex requirements businesses with average annual gross receipts of no more than $25 million (adjusted for inflation to $26 million for 2021). The final regulations apply to tax years beginning on or after
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Why Business Analysts are Important for Businesses : South Florida Caribbean News
Business Analysts serve a decisive role and thus are important for businesses. Business Analysis is about going through large volumes of data sets to extract insights to support decisions to help businesses. It is essential to solving business problems. Business Analysis helps in making decisions and taking data-backed actions to get the desired results. It’s the job of a Business Analyst to help the business move faster by solving problems. Today’s business scenarios are completely different from what they were. Today, fast decisions will help you bag opportunities. And for that, you must have a solid Business Analysis team who
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Accountants can help small businesses meet sustainability goals
The Association of Chartered Accountants, and Chartered Accountants Australia and New Zealand, released a playbook Wednesday to help accountants and their small and medium-size business clients reach their sustainability goals. The guide, How SMEs can create a more sustainable world, discusses the benefits that sustainable actions can have for both business success and the environment, including practical steps for embedding sustainable practices within small and midsized entities, case studies from around the world, and links to different tools and resources. Accountants are increasingly being called upon to help businesses with environmental, social and governance reporting as urgent calls grow
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Metro Detroit lenders growing with loans to ‘risky’ businesses
At Wing Lake Capital, the focus has long been on working with distressed small businesses caught up in high-interest merchant loans, and its original Franklin Fund works with clients to “clean them up, restructure them,” said Baum, who referred to the business as a “restructuring firm that also writes a check.” Still, as more companies have “graduated” from the firm’s established Franklin Fund for companies overwhelmed with high-interest debt, Baum said many are expressing need for more growth funding. Baum said he sees two distinct groups for the nascent Capstone Fund, which he said earlier this month closed on $50
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UK accounting watchdog tells Big Four to run businesses better
The head of the UK accounting regulator has warned top management at the Big Four audit firms that they should do a better job of running their own businesses. Sir Jon Thompson, chief executive of the Financial Reporting Council, made the comments ahead of the launch on Tuesday of the watchdog’s first blueprint for how accountants should carry out good audits. “If you were the head of audit at one of the Big Four and you read this document, you’d be thinking ‘I think those are the things I’m [already] trying to do’,” he said. “The problem, as far as
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Businesses ask White House to delay Biden Covid vaccine mandate until after holidays
US President Joe Biden gives an update on the Covid-19 response and vaccination program, in the Roosevelt Room of the White House in Washington, DC, on October 14, 2021. Nicholas Kamm | AFP | Getty Images Worried that President Joe Biden’s Covid vaccine mandate for private companies could cause a mass exodus of employees, business groups are pleading with the White House to delay the rule until after the holiday season. White House officials at the Office of Management and Budget held dozens of meetings with labor unions, industry lobbyists and private individuals last week as the administration conducts its
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