Tuesday, October 22, 2013

Every Man for Himself?

Every person who owns a business has to look out for his or her own best interests and for the best interests of the business. That’s just common sense. How far, however, should a person go to protect his or her business and his or her own interests? Should he or she go to the extent of potentially scamming others or to encouraging and charging for unneeded services? Most people would say the answer would be no but, surprisingly, it’s recently been discovered that doctors, who are supposed to be some of the most ethical people on earth, have been going to great lengths to earn some extra bucks.

A recent study published in Radiology, for example, finds that patients are more likely to have and pay for MRIs when the doctor who recommends the MRI owns the machine and stands to benefit financially and directly from the scan. What’s more is that, more often than not, those who undergo scans on a doctor-owned machine end up with negative scans, scans that demonstrate that absolutely nothing is wrong with the patient and that there was likely no need for him or her to have the scan in the first place.

Obviously, you don’t ever want your business to get to this point—to the point where it’s so financially desperate that you must prey on your very clients in order to survive. Keep good track of your money and stay on top of your business with Quickbooks and, chances are, you won’t have to scam anybody. For help setting up and/or managing Quickbooks, contact Susan S. Lewis, Ltd. of Naperville. #NapervilleQuickbooks
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Friday, October 18, 2013

Employment in Financial Fields

Are you interested in working in the financial sector? If so, you’re not the only one. Recent reports from The Guardian, a UK based journal, indicate that a large number of today’s prospective workers and/or recent college graduates are expressing an interest in working in the financial sector. In fact, as of 2012, around 7.4% of all compensation in the United States was going to people working in finance and/or insurance industries. For the record, most of these individuals were highly educated, so the more education you have, the better your chances appear of landing the job you want.

Unfortunately, it’s been a while since a survey was conducted to determine how many aspiring financial workers there are. Back in 2006, though, a researcher by the name of Catherine Rampell found that 25% of graduating Harvard students, 24% of graduating Yale students, and 46% of graduating Princeton students were interested in working in the financial sector.  It’s quite likely that these numbers have dropped with the recent financial problems facing the US, but there are still plenty of people hoping to work in payroll processing, investing, and other financial fields.


I
f you would like to learn more about payroll processing and other financial careers, know that Susan S. Lewis, Ltd. of Naperville can be an excellent resource for you. #NapervillePayrollProcessing
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Tuesday, October 15, 2013

Tough Times for Citigroup

Bernanke and Company recently enacted a taper postponement, and this action has put the financial sector into somewhat of a downward spiral. A few lucky companies made it through the postponement just fine; in fact, a very select few even experienced a rise. For the most part, though, companies fell after the news of the postponement hit.

One company that took a particularly hard hit after the postponement is Citigroup, which fell a whopping 3.2% and reported that its interest rates and currency businesses could eventually cause a vast reduction in bond trading. It is also estimated that Citigroup’s earnings will be greatly reduced this year from what they have been in previous years.
This isn’t to say, however, that there isn’t some hope left for Citigroup. An improvement in equity trading could turn things around for the company. Curious (or anxious!) individuals will likely have to wait until income tax time to see for sure how things will turn out.


Don’t let yourself or your company be put in this situation; get ready for income tax time by utilizing the services available through Susan S. Lewis, Ltd. of Naperville.  #NapervilleIncomeTax
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Thursday, October 10, 2013

Is Blackberry Going Private?

Once upon a time, Blackberry was the number one producer of smartphones in the United States. Unfortunately, however, that time has passed; after undergoing an audit and simply falling in popularity, the company has found itself in financial hot water. Luckily for it, however, there is another company—Fairfax Financial—that is reportedly willing to pay $4.7bn to acquire the company. Fairfax, which is based in Canada, is not new to dealing with Blackberry. The firm already owns around 10% of Blackberry and now wants to work with other buyers to own the company for an estimated $9 per share.

If the deal goes through, what would this mean for Blackberry? Well, the change would turn Blackberry into a private company and would remove its public Nasdaq listing. Really, though, this might not be such a bad thing for a company whose stocks have been falling at an alarming rate.


Don’t let audits or other happenings put your business in the same state as Blackberry. Protect your business, your investments, and yourself by working with Susan S. Lewis, Ltd. in Naperville. #Naperville Audits
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Monday, October 7, 2013

Falling Stocks

Are you involved in the stock market? If so, then you know how important it is to stay on top of what’s going on in the world of stocks and bonds. In fact, some recent developments happened on September 23, 2013—developments that all serious stock market investors should be aware of. What happened was that many shares fell, following conflicting regional reports on the overall state of the market.

One of the falling stocks was Goldman Sachs, which fell a large 2.65%, while Morgan Stanley dropped an even larger 3.4%. Though not quite as affected, Citigroup C still went down 0.69%, and the Dow Jones industrial average went down 0.32%. Other “fallers” included the Standard and Poor’s 500 Index, which dropped 0.47%; and Nasdaq, which dropped 0.25%.


It’s easy to see how quickly things can change in the stock market. Since it’s impossible to keep on top of every little development that happens, consider working with an accounting firm in your area. These firms can keep you abreast of stock market news and can help you to use that news to make wise decisions with your money. For a great accounting firm in Naperville, call on Susan S. Lewis, Ltd. #AccountingFirminNaperville
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Wednesday, October 2, 2013

Want to Work in Finance?

Do you want to work in finance? If so, getting paid well and dealing with payroll processing might not be your biggest worries! In fact, finding a job in the first place might just be the biggest obstacle you face. A recent report reveals that finding a job in the financial sector is harder than ever before. However, it also lists the top cities for finding a job in the industry. These cities include Dallas, Texas; Houston, Texas; San Francisco, California; Irvine, California; New York City, New York; Long Island, New York; Atlanta, Georgia; Seattle, Washington; Richmond, Virginia; Phoenix, Arizona; and Chicago, Illinois.


Sure, your city might not be on the list, but that doesn’t mean that you can’t find a great job! Chicago is fairly close to Naperville, so if you can get on the payroll processing role there or at least somewhere nearby, you could be all set. If you want to learn more about the financial industry in general and about job possibilities, contact Susan S. Lewis, Ltd.
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Monday, September 30, 2013

Laying it All On the Line

If you own a business, chances are you have a corporate tax accountant who handles all of your financial matters. Consider, for a moment, how you would feel if your corporate tax accountant told the world all the ins and outs of your personal finances? Chances are, you’d probably feel pretty naked and vulnerable. Well, that’s exactly how the California Secretary of State’s Office feels right now. The Office has finally made the decision, after facing months of pressure, to provide its financial data online.

Of course, putting information online isn’t an entirely new thing for the Office. In fact, much of its financial information was previously available online, albeit in a somewhat jumbled, hard-to-understand format. Now, though, the Office has made the information easier to understand, placing it in separate, searchable files.

The best way for any organization to avoid being forced into such a vulnerable position is to be honest and forthright in all of its financial dealings. You can get help being honest and still coming out on top by contacting Naperville financial firm Susan S. Lewis, Ltd.
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Wednesday, September 25, 2013

Emirates Seeks to Buy More Planes

Good bookkeeping is important for all organizations large and small. Without it, a company or organization won’t always have money for the things it needs. This truth could never be truer or more hard-learned than by Emirates. Emirates, for those who don’t know, is the world’s biggest airline when you factor in international passengers, and despite that fact, it’s desperately in need of some new planes. And, because the company doesn’t have the money for the planes it wants, it’s considering what might seem like a dire action: selling Islamic bonds.  Whether or not the sale of Islamic bonds would be enough to earn the 4.5 billion dollars the company claims it needs is yet unclear but, in any case, such a figure would likely make a nice dent in helping the company reach its goals.


While your organization might not be as large-scale as Emirates, keep in mind that proper bookkeeping can help your organization to afford the things it needs without having to resort to desperate measures to acquire funds. If this sounds like your business or company, contact Susan S. Lewis, Ltd. of Naperville today!
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Monday, September 23, 2013

Himanshu Raja Named New Finance Chief

On August 27, 2013, GS4 made the decision to appoint Himanshu Raja as its new finance chief.  Putting a new person in power isn’t the only change that GS4 is making however; the company claims that hiring Raja is simply the first step in a whole new direction.

Whatever GS4’s plans for the future may be, Raja appears to be a smart move. He was formerly an employee of Misys, a financial software distributor owned by Vista Equity Partners. And, before that, Raja worked with both BT Global Services and Logica. He joined each of these companies when they were going through times of stress and change, and, in each circumstance, helped to turn things around for the better. Perhaps that’s why there is so much speculation that Raja was brought on to the GS4 team in order to make positive changes and to prepare the company for the future ahead, including any audits that may take place in the near future.


If you or your company is facing an audit, you might not be able to call on someone like Raja to help you through the audit process, but you can call on Susan S. Lewis Ltd. of Naperville.
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Thursday, September 19, 2013

Housing Prices are Rising!

It’s no secret that the economy has been on a downward spiral for quite some time. While it’s hard to find anything good about that fact, the one bright spot has been, at least for hopeful soon-to-be-homeowners, that home prices were cheaper than ever before. However, a new report from the S&P/Case-Shiller Home Price Index demonstrates that home prices may be rising. The index, which tracks home prices from twenty US cities, shows a 12.1% rise in home prices in June 2013, as well as an even larger rise in May of the same year.

While prices seem to be rising across the board, the cities facing the biggest pricing increases are Denver and Dallas. Don’t let this scare you too much, however. If you’re working with a quality accounting firm, you can determine your budget for a home; in other words, your accounting firm can keep you from spending too much. For help finding a home within your budget, rely on the accounting services available through Naperville company, Susan S. Lewis, Ltd.

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Monday, September 16, 2013

Donations Spark Litigation

How much can you really trust your tax advisor? Sure, you might think the person giving you tax help is on your side, but that’s not always the case. Having an untrustworthy tax advisor and/or dealing with less than legitimate financial maneuvers isn’t a problem that affects only average, everyday people; it’s a problem that affects even the most high-up officials. That’s why Mayor William Lantigua is currently being sued by the state of Massachusetts. The state alleges that Lantigua and his campaign officials violated fundraising policies from 2008 onward.


While the state has brought several allegations against the Mayor, some of the major violations include accepting illegal contributions, keeping poor records, and forcing public employees to ask for and then accept illegal donations. If this can happen to such a high-profile professional, it can happen to any Naperville resident, which is why it’s so important to work with only the most trustworthy financial professionals, such as the ones found at Susan S. Lewis and Associates.
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Thursday, September 12, 2013

Sandra N. Berlin Passes Away

Finance

Long before there was Quickbooks or other sophisticated forms of financial software, there were financial experts, people who knew their stuff inside and out. One such financial genius was Sandra N. Berlin, a finance specialist for the American Anthropological Association until her retirement in 2006. Berlin, who had previously served as the organization’s deputy director and chief financial officer, passed away on August 22, 2013. Her untimely death—Berlin was only 63—took place at the Sibley Memorial Hospital. The cause of death was reported as complications from multiple myeloma.


Though Berlin’s death is unfortunate, what she did in her lifetime is anything but. In addition to her work for the Anthropological Association, she served as an independent management consultant for Benton Foundation, American Security Bank and Trust, and several other financial organizations. Her unfortunate death should serve as a warning to Naperville residents to back up the advice and practices of their financial advisors using modern software such as Quickbooks.
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Monday, September 9, 2013

No More Worrying About How to Afford Your Phone?

Do you stress out each time tax prep season rolls around? If you’re one of those people who constantly stresses over which tax services to choose and how your taxes will turn out, some of the worry may be lifted off of your shoulders, at least if that worry pertains to how to pay for your phone! The reason is that Apple has recently announced that it plans to expand its iPhone line with a newer, cheaper device that just about anyone should be able to afford.


While the latest iPhone currently sells for around $649 without a contract deal—a price that has tax prep professionals in utter disbelief—reports indicate that the cheaper model, known as the iPhone 5C, could sell for as little as $300 t o $350. Really, though, it’s not about the price of the phone you have; it’s about making smart decisions with your money. Naperville residents can make smart decisions about their phones and in general with the help of Susan S. Lewis, LTD.
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Friday, September 6, 2013

Jean Raby Named Finance Chief

If you’re not someone who is particularly familiar with the financial world, you might think that being a CPA is an admirable career.being a CPA Is certainly a fabulous career, and even a somewhat prestigious one, there are other prestigious jobs in the financial sector. One such example is finance chief; that’s a big and important title, and it was just awarded to Jean Raby. On August 23, 2013, Alcatel-Lucent appointed Raby to the position. Raby isn’t the only new addition to this renowned company either. No, Alcatel-Lucent just named a new chief executive as well.
While

Just as any high-powered professional must work long and hard to earn his or her title, a finance chief must do the same. At 49 years of age, Raby has definitely paid his dues. His last position was partner and managing director for Goldman Sachs Group’s investment banking division.


Naperville residents who are thinking about investing in Alcatel-Lucent will be happy to know that this recent change is considered a smart one for the company.
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Tuesday, September 3, 2013

Isaac Galvan Finally Files Forms

Most of us have been a little late filing our taxes a time or two. Whether you simply forgot about the deadline or just didn’t have a chance to meet with a qualified accountant in your area, missing deadlines happens. Depending on how late you are, though, correcting the problem is usually just a matter of a slap on the wrist, most commonly in the form of a fine. Things get a little more difficult for high-profile individuals, however, such as Compton City Councilman, Isaac Galvan. Galvan was under intense pressure for not filing required campaign finance forms, and it was only after state officials said that they were going to open a formal investigation into the campaign that Galvan filed the necessary forms on August 22, 2013.
The forms revealed some interesting information, information that, prior to the 22nd, only Galvan and his accountant knew. They showed that Galvan spent a whopping $29,000 on his campaign, that he raised around half of what he spent, and that he received the vast majority of his campaign contributions from those not living in the Compton area.

To avoid being like Galvan, always get your tax and financial forms in on time! If you’re working with a qualified accountant in your area, one who reminds you of upcoming deadlines, that shouldn’t be a problem. There are many wonderful accountants in Naperville, including the friendly professionals at Susan S. Lewis, Ltd.
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Friday, August 30, 2013

Finances and the Elderly

If you own a business, you probably spend time worrying about things like corporate taxes and payroll processing. The truth is, however, that if you have an elderly family member, you may have much bigger concerns on your mind than payroll processing or anything related to work. The National Endowment for Financial Education recently released tell-tale warning signs that an elderly loved one is no longer adept or as adept at handling his or her personal finances. These warning signs are becoming more common as people are living longer and, unfortunately, can sometimes appear earlier than expected.

Signs that the organization cautions family members, friends, and caregivers of the elderly to watch out for include difficulty understanding or paying bills, decreased mathematical capabilities, impulsive buys, irresponsible spending of savings, and more.


No matter what other concerns you may have in your day to day life, you’ll want to take some time out to see how your elderly loved one is doing financially. If you find there are problems, you may want to step in and help or to hire a professional service in Naperville that can manage your elderly loved one’s finances.
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Tuesday, August 27, 2013

Hiring a Corporate Tax Accountant

As a business owner, you are responsible not just for paying your own, personal taxes but also for paying corporate taxes. Since there is no escaping the corporate tax you must pay, the best you can do is to take advantage of any and all tax benefits possible in order to pay as little in taxes as you can. The average business owner isn’t going to know all of the loopholes and tax codes that could potentially allow him or her to save big, which is why it’s very important to hire a professional corporate tax accountant.


That’s not to say, of course, that you should just hire any corporate tax accountant you happen to come across. No, you have to be very selective about which accountant you hire. A good place to start is by asking prospective accountants for references. Any legitimate accountant or accounting service will have plenty of satisfied customers and will not hesitate to offer references from those customers. One place to find a corporate accountant who is guaranteed to have great references is Susan S. Lewis, Ltd. in Naperville.
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Friday, August 23, 2013

The New York Times’ Must-Read List

Cover of "Barbarians at the Gate: The Fal...
Cover via Amazon
The New York Times recently released its “Essential Wall Street Summer Reading List,” which includes must-read books for those in the business sector and/or anyone who is trying to make smart financial decisions. The list includes books that offer tips on everything from basic bookkeeping to higher-level investment advice.

One of the books that tops the list is James B. Stewart’s Den of Thieves. The book is older—published in 1992—so it’s a bit of a surprise pick for the New York Times. However, it talks about insider trading in great detail, and the relevance of this topic to today’s world likely has a lot to do with why it made the cut.

Other books on the list include Barbarians at the Gate: The Fall of RJR Nabisco by Bryan Burrough and John Helyar; and Liar’s Poker by Michael Lewis. While you might be able to get some great tips from these books, remember nothing beats the bookkeeping and general financial advice you can find at Susan S. Lewis, Ltd., based in Naperville.
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Wednesday, August 21, 2013

Scam Risks High for Military

While the average American worries about having to undergo an audit, military personnel often have even more serious financial worries in mind. While audits might not be pleasant, it’s even more unpleasant to fall victim to a financial scam, a sad fact of life for many military professionals. In fact, the threat to military workers is so great that, back in 2012, the Federal Trade Commission reported over 62,000 consumer complaints related to scams from active or retired military personnel and their spouses. Fortunately, having realized the severity of the situation, several organizations banded together to create National Military Consumer Protection Day.


July 17th marks the official day, but protecting vulnerable service members should be a concern all year long. Military personnel, with their regular moves and long stints away from home are easy targets for identity theft, online scams, and more. So instead of worrying about whether or not you’ll be facing an audit, why not get out there and do what you can to spread awareness about this special day? Check for events related to the day in and around Naperville, and do whatever you can to alert people to this growing problem.
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Sunday, August 18, 2013

Cowpie Music Festival Cancelled

It’s no secret that the economy is bad. It’s so bad, however, that many fun events, such as festivals and fairs, are being forced to take a rain check this year. Unfortunately for Michigan residents, this includes the much-loved Cowpie Music Festival, which originated in 2002 and is held each summer. The festival, which included 43 musical performance groups last year, draws in visitors from the surrounding states. The festival organizer, John Crissman, reported, sadly, that he had lost over $40,000 in the past two years and would not be able to hold the festival this year as a result.

The economy alone isn’t to blame for this bad news, however. Crissman also expressed difficulty with managing his own finances and with making a profit from the festival. Furthermore, inclement weather back in 2012 also cost the festival organizer some profits, a loss from which he still hasn’t fully recovered.

While this news is unsettling, there is a lesson in it for others who organize events or who are otherwise in business: make sure you’re working with an experienced accounting firm to stay on top of your finances. right accounting services provided by the right Naperville accounting firm, you will hopefully never have to experience the same difficulties as Crissman.
With the
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Friday, August 16, 2013

Is Your Financial Advisor Looking Out for You?

When you visit a tax advisor for tax help and advice, you probably just assume that the person you’re working with has your best interests at heart. While it might seem like that should be the case, it isn’t always. In fact, unless your tax advisor can legally be termed a “fiduciary,” he or she is under no legal option to put what’s best for you ahead of what’s best for him or her! Hopefully, that will change in the near future, since the Labor Department and the Securities and Exchange Commission are both pushing for more and more types of finance professionals, including those who offer basic tax help, to fall into the fiduciary category and to thus be held to the same standards of those who currently uphold the title.

Really, though, what’s in a name? The trick isn’t so much to choose financial advisors with the “fiduciary” title as it is to find advisors with strong reputations in your community. A great example of such an advising firm in Naperville is Susan S. Lewis, Ltd.
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Tuesday, August 13, 2013

Don’t Trust Wall Street

CBSNews.com recently released a rather scary article, one that disclosed a frightening fact: Wall Street executives aren’t getting more ethical; they’re getting less ethical! While many of Wall Street’s past actions are largely to blame for the financial crisis the United States is currently in, there is no evidence that Wall Street execs have learned from their mistakes. In fact, a recent survey from Labaton Sucharow LLP revealed that a whopping 25% of professionals providing financial services and advice admitted that they would readily engage in insider trading. Similarly, approximately 25% of financial services providers admitted knowing of unscrupulous practices within their workplaces.


This disturbing news just goes to show that you really have to be careful about whom you trust with your finances. As an added protection, you may even want to consider keeping your own records via Quickbooks or a similar program and checking your records against your financial advisor’s records. To get set up with Quickbooks and to find truly trustworthy financial services in Naperville, contact Susan S. Lewis, Ltd.
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Saturday, August 10, 2013

Europe and the Financial Transaction Tax

Eleven European unions have recently agreed to a financial transaction tax. That’s not to say, however, that everyone is fully on board. France, for example would prefer it if the tax included foreign exchange trading. Meanwhile, banks throughout all of the unions are fiercely opposing the tax, and many financial advisors and average consumers are also opposed to it for a variety of reasons.
Many have proposed that a higher and/or more inclusive sales tax might be a better alternative. Others feel that placing a levy on liabilities is the way to go. Fortunately, these changes to tax services are not a worry for United States residents.

In fact, the only thing United States consumers really need to worry about at the current time is gearing up for the upcoming tax preparation season. Though it may seem far away, tax preparation time will be here before you know it. If you’re in Naperville and wish to get a jumpstart, contact Susan S. Lewis, Ltd.
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Thursday, August 8, 2013

Rising Risk of Online Attacks for Financial Institutions

The International Organization of Securities Commissions recently released a warning that more and more online attacks are being lodged against securities markets and financial industries in general. Everyone from the local CPA to the major brokerage firm is at risk of these online attacks. While hackers orchestrate online attacks in many different forms, the most common ones involve intercepting exchanges of money and otherwise attempting to break down the security of financial websites and financial services offered online. While these online crimes are very serious, nothing so severe as to bring down an entire financial organization has occurred yet, though the International Organization of Securities Commissions reports that attacks are getting more and more sophisticated and severe.


While this doesn’t mean that you can’t share sensitive information with your CPA over the computer or that you can’t transfer money between accounts online, it does mean that you need to be cautious when handling financial transactions online. Always make sure you are on a secure, legitimate site before inputting passwords, credit card numbers, or other sensitive information, and change passwords frequently in case they are hacked. Remember that, no matter where you are, whether it’s in Naperville or halfway around the globe, you have to be vigilant in order to protect yourself.
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Monday, August 5, 2013

A New Man in Power (Potentially!)

The Senate recently cast a preliminary vote that will hopefully see Richard Cordray named the Director of the Consumer Financial Protection Bureau. The Bureau, which was designed to help protect average consumers from fraud and other financial dangers, has mostly been under Cordray’s leadership in recent years, though a final vote is still needed to make it official. If confirmed, Cordray would serve a five year official term in the position and the hope is that consumers would be better protected against illegitimate financial companies, unscrupulous debt collectors who use wrongful practices to collect money, payday lenders, and other financial hazards.  The organization, under the strong leadership of Cordray, might also do much to dissuade any accountants who operate falsely or who embezzle money from their clients.


Regardless of who ends up taking over leadership of the Bureau, it is always important to exercise caution when selecting an accountant in the public or private sector and when working with an accountant, no matter how trustworthy he or she might seem. For a very trustworthy accountant in Naperville, consider Susan S. Lewis, Ltd.
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Wednesday, July 31, 2013

Striking Out on your Own?



Have you always dreamed of being self-employed? If you’re ready to take that dream to the next level—to quit your day job and actually strike out on your own, there are a few things you need to know. First of all, you are now responsible for keeping track of your own earnings, expenses, and more; no one else is going to be doing that for you. Secondly, the tax filing process just got a lot more complicated. Of course, you don’t have to worry too much about all of this if you can hire a good accountant to work on your behalf, which is something you definitely need to do.

Hiring an accountant is especially important if you plan to open your own business and even more important if you plan to hire employees. When you take on employees, you have payroll processing to worry about and a million other things. Fortunately a good accountant can help you with payroll processing, as well as many of those “other things,” at least the financial ones.
You’ve already taken the plunge of breaking out on your own; now take the plunge and get the financial help and advice you need. Contact Susan S. Lewis Ltd., located in Naperville, today.