Ivory Coast strives to become a gateway for trade
With an expansive port and a booming cocoa industry, CNN explores how the west African country of Ivory Coast could become a central hub for trade throughout the continent.
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Forbes
19 minutes ago
- Forbes
Do You Need An Accountant For Your Small Business?
By Levi King An accountant brings expertise, efficiency, and strategic value to your business. My first year of business was one of the more interesting experiences of my life. I was still in my early twenties and had taken what I thought was a pretty significant leap of faith by dropping out of college in order to start my own company. When it was time for me to hire an accountant I asked my dad for a recommendation. He had used a local CPA for years, and since I was busy as hell with a million other things, I figured this was a good enough recommendation for me. During my first conversation with the CPA, he advised that I remain a sole proprietor rather than incorporate. I was just a kid in his eyes and therefore unlikely to make the kinds of profits my first year that would have justified changing my status for tax purposes. Nine months later, we met again. He studied my numbers in silence. He was a big dude, physically, so that when he started giggling, his whole desk shook. He proceeded to explain that if I'd rejected his advice and incorporated, I'd have saved an extra $20,000 in taxes. Writing that check took an unbelievably painful bite out of the operating capital I'd managed to build to that point. I fired the guy immediately and found a new CPA. The main point here is that even though I'd had a bad experience with my first CPA, I didn't let that stop me from doing some due diligence and hiring a better one right away Running a small business is a demanding endeavor, requiring owners to juggle numerous responsibilities—from sales and marketing to customer service and operations. Amid these daily challenges, financial management often becomes an overwhelming task, especially as the business grows. Hiring an accountant as soon as possible is not just a matter of convenience; it is a strategic decision that can profoundly impact the success, stability, and growth potential of your business. Many small business owners initially believe they can manage their own finances, especially with the abundance of accounting software available today. However, an accountant brings a level of expertise and specialized knowledge that goes far beyond basic bookkeeping. Accountants are trained to interpret complex financial data, stay current on ever-changing tax laws, and provide tailored advice that aligns with your business goals. Their insights can help you make better decisions about budgeting, forecasting, and risk management, ensuring your business remains compliant and financially healthy. Time is one of the most valuable resources for any business owner. Managing payroll, tracking expenses, preparing invoices, and reconciling accounts can consume countless hours each week. By hiring an accountant, you free yourself from these time-consuming tasks, allowing you to focus on what you do best—growing your business and serving your customers. Delegating financial responsibilities to a professional also reduces stress, as you can trust that your records are accurate, your tax filings are correct, and your financial statements are up to date. Financial errors can have serious consequences for small businesses. Simple mistakes, such as missing a tax deadline or misclassifying an expense, can result in penalties, audits, or lost deductions. Accountants are meticulous about compliance and accuracy, ensuring that your financial records are error-free and audit-ready. Their attention to detail helps you avoid costly pitfalls and provides peace of mind that your business is operating within the bounds of the law. Tax season is often a source of anxiety for small business owners, particularly those unfamiliar with the complexities of business tax codes. An accountant's expertise is invaluable in this area. They know which deductions and credits your business is eligible for, how to structure your finances to minimize your tax burden, and how to file all necessary forms correctly and on time. By optimizing your tax strategy, an accountant can save your business significant amounts of money—funds that can be reinvested into growth and innovation. As your business expands, so do its financial needs and challenges. Growth often brings increased revenue, but it also leads to more complex expenses, payroll, and reporting requirements. An accountant can help you navigate this complexity by providing financial projections, analyzing investment opportunities, and updating your business plan as needed. Their guidance ensures you make informed decisions about scaling your operations, hiring new employees, or pursuing new markets, all while maintaining a strong financial foundation. Accurate, timely financial reporting is essential for understanding your business's performance and making strategic decisions. Accountants provide detailed financial reports that offer clarity on profitability, cash flow, and expense management. These reports are not just numbers on a page—they are tools that help you identify trends, spot opportunities for cost savings, and set realistic financial goals. With an accountant's analysis, you gain a deeper understanding of your business's strengths and weaknesses, empowering you to make data-driven decisions. Regulatory compliance is a critical aspect of running a business, especially as laws and requirements evolve. Accountants stay up-to-date on changes in tax regulations, labor laws, and industry standards, ensuring your business remains compliant at all times. Their vigilance protects you from legal issues, fines, and reputational damage. In the event of an audit or financial review, having an accountant on your team provides invaluable support and documentation, making the process smoother and less stressful. Beyond day-to-day financial management, accountants serve as strategic advisors. They can assist with business planning, investment strategies, and succession planning, helping you set and achieve long-term goals. Whether you are seeking funding, preparing for expansion, or considering a business transition, an accountant's perspective is crucial for evaluating options and mitigating risks. Perhaps the greatest benefit of hiring an accountant early is the freedom it provides. With a trusted financial expert managing your accounts, you can devote your energy to innovation, customer relationships, and building your brand. This focus not only enhances your business's chances of success but also improves your quality of life as an entrepreneur. 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Trumponomics: Why China Can Afford to Wait on a Trade Deal
On this episode of Trumponomics, host Stephanie Flanders, Bloomberg's Head of Government and Economics, leads a panel from the Hong Kong Invest conference to unpack the latest round of high-stakes trade talks between the US and China, exploring why Beijing may still have the upper hand and how far any decoupling of the two economies will go. She's joined by Robin Xing, Chief China Economist at Morgan Stanley, Lotus Asset Management Chief Investment Officer Hao Hong, and Bloomberg reporter Rebecca Choong Wilkins.
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President Donald Trump said he intended to send letters to trading partners in the next one to two weeks setting unilateral tariff rates, ahead of a July 9 deadline to reimpose higher duties on dozens of economies. 'At a certain point, we're just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,' Trump told reporters Wednesday at the Kennedy Center in Washington where he was attending a performance.
