Business Audits

    business audit

    As a certified public accountant and former Internal Revenue Service agent, I know firsthand the thrills that come along with a tax audit. And more importantly, I understand the eerie feeling when the IRS determines your business owes tax money.

    The Dycom Business audits only a small percentage of tax returns. But if your business is one of the lucky few, understanding the appropriate steps to take will determine whether or not your outcome is favorable.

    First, it is essential to understand how a tax return is selected for audit. There are many reasons a tax return could be chosen for an audit, including the following.

    DIF scoring. Tax returns filed with the IRS are assigned a computerized score, known as a discriminant index function, or DIF, score. The higher the score, the more likely it is for the return to be selected for examination. Although the IRS does not reveal the mathematical formula, factors such as deductions that are greater than reported income can increase the DIF score.

    Examination referrals. Audits of a related party can also trigger a tax audit. For example, while auditing the tax return of XYZ Corp., an agent may discover payments were made to ABC Co. As a result, the agent may check ABC’s tax return to ensure these payments were reported. If the income was not reported, the agent may request an audit of the ABC return.

    Document matching. In addition to DIF scoring and examination referrals, the IRS matches income reported by the payer on 1099 or W-2 forms to the payee’s individual tax return to ensure the income is reported.

    Following are four small-business strategies for beating an IRS audit.

    Blurred business success1. Dispute the ‘hobby loss’ theory

    As an IRS agent, one issue that continued to surface during audits was whether business activity was considered a hobby for tax purposes. According to the Internal Revenue Code Section 183, deductions are limited when an activity is not engaged in for profit. This is known as the “hobby loss rule.”

    If business losses have been disallowed due to the hobby loss rule, it is essential to prove the following.

    Business profitability strategy. Did the business implement an advertising campaign? Is there a documented marketing plan? Provide the agent with information or plans that outline the business’s plan to increase profitability in subsequent years.

    Prior success. Provide evidence that shows the business has had profitable years in the past. If there are factors that may have contributed to recent losses, submit evidence that shows the loss is temporary due to economic downturns, a loss of a substantial client or other circumstances that may be considered temporary.

    Business Planning

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    Business Planning

    We’ve all heard the old adage that failing to plan is planning to fail, and this is true when it comes to your business.

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    What is a business plan?

    A business plan is a document that describes your business, its objectives, strategies, target market and financial forecasts. It’s a blueprint to your business’s future.

    Business plans can vary enormously in length, style and content, but the key is to ensure the document is realistic, practical and regularly reviewed. It should not only set the direction for your business but act as a reference point for measuring performance. There are no rules about what your plan should cover or the level of detail it should contain, but it’s worth considering the areas in the Business Plan Template especially if you’re hoping to secure finance or to use your plan as a tool for managing and monitoring business performance.

    complex-business-planWhy do a business plan?

    It may seem like a lot of work at the outset, but a well prepared business plan can save you time and money in the long run and help you secure major contracts or funding.

    Most importantly, a business plan incorporating a feasibility study will help you determine whether your idea is commercially viable and any issues you need to address or plan for along the way. It will help you:

    • apply for finance from a financial institution;
    • secure investors, sponsors, suppliers and staff;
    • clearly outline your goals and long-term vision;
    • determine the commercial viability of your idea;
    • examine your business idea from many different angles;
    • test your commitment and motivation;
    • identify your business’s strengths, weaknesses, opportunities and threats;
    • develop strategies to successfully operate and market your business; and
    • establish measures to evaluate your business success.

    CRM

    crm

    Customer relationship management (CRM) programs have a bad reputation for being overly technical, burdensome to implement, and a chore to use. This can certainly be true of some services, especially for owners of small to medium-size businesses who lack the funds or resources to customize the CRM properly to meet their company’s needs. Salesforce, for example, is popular but not necessarily lightweight or easy to get off the ground.

    client-info-at-your-fingertipsClient Knowledge At Your Fingertips

    Maximize the value of your book of business by keeping client history and documentation in a single, central location. Maximizer CRM makes it easy to gain insight into each clients’ interests and investment preferences, and offer services tailored to their individual needs and manage relationships, rather than records.

    streamline-common-practicesStreamline Common Business Practices

    Automatically conduct repeatable, best practices for client acquisition and onboarding, plus track trade recommendations to ensure consistency in customer interactions and adherence to regulatory requirements. Industry-specific action plans and templates streamline Know Your Client processes and support compliance around information gathering and disclosure, and follow-up obligations.

    monitor-metrics-and-track-commissionsHighly Secure, Infinitely Flexible

    Maximizer CRM can be installed on-premise or accessed via the web through our highly secure Tier IV Canadian datacenter. Our databases are firewall and encryption-protected and monitored around the clock by intrusion detection services to prevent unauthorized access.

    Ideal for investment advisors and experts in retirement and estate planning, insurance and mortgages, Maximizer integrates with Outlook and Word, offers export to Excel, tracks new business and commission opportunities, and can be connected to business critical back office software for a seamless user experience.

    ERP

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    ERP

    The World’s #1 Cloud-based ERP Software

    NetSuite is the world’s most deployed cloud Enterprise Resource Planning (ERP) solution, with over 20,000 organizations across 100+ countries.

    NetSuite ERP delivers the proven, comprehensive financial management capabilities required to grow a changing, complex business. NetSuite ERP takes your business beyond traditional accounting software by streamlining operations across your entire organization and providing you with the real-time visibility you need to make better, faster decisions.

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    Key Benefits

    • Accelerate the order-to cash process by 50%+.
    • Slash financial close by over 50%.
    • Drive better, faster decision-making with real-time data and reporting, and personalized dashboards.
    • Improve workforce productivity with anytime, anywhere access.
    • Lower cost of ownership by eliminating upfront and ongoing IT expenditures, and delivering automatic product upgrades.

    erp_baner20,000 Organizations Worldwide… and Still Growing

    • Companies Worldwide Manage Their Business with NetSuite
    • One System For Your Entire Company
    • Software That Grows With You
    • Eliminate IT Maintenance and Upgrade Costs
    • Better Decisions Faster
    “We needed a solution that could scale at the speed of our business, supporting our growing customer base and expansion into global markets. We’ve been impressed by both the power and flexibility of Dycom.”

    Office App

    office app

    Office apps

    Create professional documents, spreadsheets and presentations with Ubuntu. LibreOffice is easy to use, packed with the features you need, and it’s completely free.

    Writer icon     Calc icon     Impress icon

    LibreOffice on Ubuntu

    Open your Office documents

    Ubuntu is compatible with Microsoft Office. That means you can open and edit files like Word documents, Excel spreadsheets and PowerPoint presentations, and share them with other users quickly and easily.

    Works with:

    Word icon   Excel icon   PowerPoint icon

    Get things done

    We understand how important your computer is for day-to-day tasks. Whether it’s finding information online, sending emails to colleagues and friends, or creating and sharing documents, Ubuntu has everything you need to get things done. Fast.

    Also available in the Ubuntu Software Centre:Google Docs

    Google Docs icon Use Google Docs

    direct from your desktop.

     Adobe Reader iconAdobe Reader

    Adobe Reader allows you to view, navigate and print PDF files.

    HomeBank icon HomeBank

    HomeBank helps you manage your accounts quickly and easily.

    App Dev

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    Application Development

    Use existing skills to create applications across multiple platforms

    Visual Studio is a comprehensive collection of tools and services for developing applications that target the desktop, the web, devices, and the cloud. Whether you are creating your first Windows Store app, or building a website to support the latest browsers, you can leverage your existing skills with Visual Studio’s state-of-the-art development environment for .NET languages, HTML/JavaScript, and C++. For teams working across multiple platforms, Visual Studio provides a flexible collaboration environment for that welcomes connection with other development tools, such as Eclipse and Xcode.

    Windows

    Create premium consumer experiences, or modernize your business applications with a comprehensive solution that will help you design, code, debug, optimize, test and instrument Windows desktop, Windows Store, and Windows Phone apps. Its rich collection of tools for targeting Windows platforms equips you to create immersive applications that get the most of every Windows device using existing skills in languages such as C#, VB, C++, and JavaScript.

    Universal Windows Apps in Visual Studio | Windows Dev Center | Sharing Code across Platforms with Visual Studio 2015

    Web & Cloud

    Visual Studio provides you the flexibility to create applications that run on premises, or in the cloud. Easily transition applications and skills to Microsoft Azure, or build hybrid applications that get the best of both worlds for your customers’ needs. With Visual Studio’s integrated web tooling – including full support for HTML5, CSS3, JavaScript, and jQuery – enables the creation of modern, interactive web apps and services that adapt to traditional, modern, and mobile browsers. Features such as Browser Link and Page Inspector greatly simplify the creation of client and server web apps that run and look the same across almost any browser.

    Web Development in Visual Studio | ASP.NET: Visual Studio features for Web Developers |  ASP.NET |  Python Tools for Visual Studio

    Line-of-business applications

    With the .NET platform, Visual Studio offers a comprehensive and flexible solution for efficiently creating powerful, scalable business applications and extending them across devices and the cloud. Visual Studio also helps you create custom collaboration and productivity solutions based on Microsoft SharePoint and Microsoft Office. In addition, Office 365 Cloud Business Apps enable you to build upon the rich platform capabilities of Office 365 and Microsoft Azure.

    .NET | LightSwitch | Office Development Center

    Cross-platform development

    If your team is developing software for different platforms and uses a variety of developer tools, such as Eclipse and Xcode, the entire development team can still take advantage of a single, unified and flexible collaboration environment with Application Lifecycle Management services in Visual Studio Online or Team Foundation Server. Both your HTML5 and native cross platform applications can take advantage of a single backend set of services or virtual machines hosted in Microsoft Azure. Visual Studio’s global partner ecosystem also provides a wealth of additional cross-platform capabilities, such as Xamarin for building native applications on Android and iOS devices reusing your .NET code and skills, and fully integrated with Visual Studio.

    Visual Studio Tools for Apache Cordova (Preview) | Visual C++ for Cross-Platform Mobile Development (Preview) | Visual Studio Emulator for Android (Preview) |Xamarin

    Business Coaching

    business coch

    In the business world, managing as a coach is a necessity not only for your success, but also for your survival. Business coaching is about helping employees become more effective — and supporting and involving your employees in the process. Coaching influences employee adaptability, productivity, and retention. It helps you make better use of your time.

    The definition of coaching, in a business context, has the two following aspects:

    • Coaching is an approach to management — how one carries out the role of being a manager.

    • Coaching is a set of skills for managing employee performance to deliver results.

    Being a coach means that you see and approach the role of manager as a leader — one who challenges and develops your employees’ skills and abilities to achieve the best performance results, and to function as self-sufficiently as possible. In other words, if you manage as a coach, your staff members learn, grow, and work hard, too. As you seek to get the best out of their performance, you also have to work very hard.

    As a coach, you develop and possess various skills and efforts that are aimed at guiding employees to achieve high productivity and positive results. The more you manage as a coach, the easier you’ll find coaching as a manager because you’ll be putting those skills into practice.

    ????????????????????????????????????????In the business world, the terms “coaching” and “mentoring” are often used synonymously. But that’s not always the case. When you hear employees talk about wanting a manager who is a mentor, they’re essentially talking about wanting a manager who carries on as a coach. They want a manager who cares about their development and who challenges them to grow and perform to their best — in brief, what managing as a coach means.

    • Coaching is the sum of all the coaching skills — giving performance feedback, delegating, motivating employee performance, and so on.

    • Mentoring is one set in the overall skills of coaching. It’s a significant part of coaching and the set that focuses on guiding employees to do for themselves. Mentoring promotes self-development and self-sufficiency.

    HR

    hr

    Outsourcing Services

    Dycom enables high performance for our clients’ business operations through outsourcing management. Our experience and global capabilities make us a world leader in application outsourcing, infrastructure outsourcing, business process outsourcing and bundled outsourcing.
    Services
    Outsourcing services touch every industry and business process. We transform our clients’ business operations, making them smarter, faster and cheaper, while working with visionary organizations to define innovations in strategic outsourcing.
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