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Concannon Miller

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Unemployment: Which States Opted Out and How to Reboard Returning Employees

Posted by Concannon Miller on Thu, Jun 17, 2021

In recent weeks, many employers have complained about how difficult it is to fill job openings.

The country is returning to normalcy, with COVID-19 cases drastically falling, yet some businesses can't get all their workers to come back. Maryland recently joined 24 other states in ending the $300 per week federal unemployment benefits in a bid to encourage people to return to the workforce.

The Federal Pandemic Unemployment Compensation (FPUC) program was established under the CARES Act back in March 2020. Subsequently, it has been extended, most recently through the American Rescue Plan Act (ARPA). Federal unemployment benefits are scheduled to expire on September 6, 2021.

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Topics: Business consulting

Time to Make a Change? 6 Steps to Streamline An Auditor Transition

Posted by Concannon Miller on Tue, Jun 15, 2021

Was your annual audit or quarterly filing process painful? Did you hear more about issues, or did you access meaningful insights?

Whether you’re looking for new perspective, enhanced access to resources, or greater responsiveness, developing a new auditor relationship can seem like a daunting task.

However, the transition can be made simpler with a vetting process that identifies the right firm, people, processes and technology to meet your needs and ensure seamless onboarding.

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Topics: Nonprofit Organizations

6 Proactive Tips to Get Paid Quicker in Construction

Posted by Concannon Miller on Tue, Jun 8, 2021

One of the greatest challenges of running a construction company is getting paid in a timely manner. Waiting on unpaid invoices can put a serious dent in your cash flow — not to mention increase stress in an already stressful job.

But it's possible to put processes in place or fine-tune your existing ones to facilitate prompt remittance. Consider the following six tips:

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Topics: Construction & Real Estate Development

4 Pillars of Mid-Year Business Planning for Manufacturers

Posted by Concannon Miller on Wed, Jun 2, 2021

Manufacturing firms normally create a business plan at year end that focuses on the upcoming year. However, today's market conditions are anything but "normal."

So, it's important to take the time this summer to revisit your company's plan. A comprehensive mid-year review can help determine whether your business is on track or your plan needs some adjustments.

Here are four pillars that will help create a solid foundation for your business plan.

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Topics: Manufacturing

Restaurant Revitalization Fund Receives $65 Billion in Applications, More Money Sought

Posted by Concannon Miller on Thu, May 20, 2021

The U.S. Small Business Administration has received more than twice the amount of Restaurant Revitalization Fund requests than they have money for, though the National Restaurant Association is advocating for more funding.

As of May 12, there were 266,000 RRF applications seeking a total of $65 billion, more than double than the $28.6 billion fund total.

Applications were accepted starting May 3 and for the first 21 days, the SBA is prioritizing funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. Applications from that group alone totaled $29 billion.

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Topics: McDonald's management, Restaurants

Rent Your Vacation Home? Watch for Adverse Tax Consequences

Posted by Concannon Miller on Thu, May 13, 2021

Do you own a vacation home that's classified as a rental property for tax purposes? Rental property owners may be tempted to use their rental properties for their personal "staycations" or as remote office locations during the COVID-19 pandemic.

But this could cause adverse tax consequences, depending on your situation. Here's what you need to know.

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Topics: Individual tax planning

Why Manufacturers Are Looking Forward to Growth

Posted by Concannon Miller on Mon, May 10, 2021

As more Americans get vaccinations and an economic recovery is within sight, manufacturers can bring lessons learned during the pandemic to accelerate growth.

However, a recent BDO poll found that manufacturers are split; some are in growth mode and are focusing on product or service innovation and tech investments, while others are looking to weather the rest of the economic downturn and restructure.

During a recent webinar, BDO polled manufacturing executives on their business priorities, strategies for resilience and growth and overall outlook for their business. Here’s what we learned:

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Topics: Manufacturing

5 Innovations to Inspire Nonprofit Growth

Posted by Concannon Miller on Thu, May 6, 2021

Many nonprofit organizations have been hanging on for dear life for the past year. But the days of survival mode are coming to an end.

Now, nonprofit leaders need to be innovative to position their organizations for future growth. In other words, if you're not moving forward, you're moving backward.

But how do you cultivate a culture of innovation in a nonprofit where it doesn't traditionally exist? There's no foolproof plan, but five techniques can help get you and your staffers in the right mindset.

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Topics: Nonprofit Organizations

Key Tips to Prevent Profit Fade On Construction Projects

Posted by Concannon Miller on Tue, May 4, 2021

Have you ever completed a job only to realize that the cost of performing the work equals or exceeds the revenue that the project brought in? This phenomenon is called "profit fade" and, if it occurs repeatedly, it can prove fatal to your business.

Although profit fade could threaten any construction business, it's a particular concern for contractors who undertake long, complex projects. Calculating costs and predicting revenue for these jobs can be difficult because materials costs can rise during the project and unforeseen conditions — such as bad weather — can affect project schedules.

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Topics: Construction & Real Estate Development

Restaurant Revitalization Fund to Start Disbursing $28.6 Billion in Stimulus Aid

Posted by Concannon Miller on Fri, Apr 30, 2021

Applications for $28.6 billion Restaurant Revitalization Fund will be accepted starting at noon Monday, May 3, the U.S. Small Business Administration has announced.

The grants are for restaurants with 20 or fewer locations to help cover their pandemic-related revenue losses in 2020.

Restaurants can start registering for accounts now. In preparation, the SBA recommends qualifying applicants familiarize themselves with the application process in advance to ensure a smooth and efficient application experience, specifically by:

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Topics: McDonald's management, Restaurants, 2020 Coronavirus

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