Must Read

New Requirements for Small Businesses: Beneficial Ownership Information Reporting

In an effort to crack down on money laundering, financing terrorism, tax fraud, and other illegal acts via sketchy shell companies, Congress has enacted the Corporate Transparency Act. If you’re a small business owner, you and about 32 million other business entities have a part to play in fighting the bad guys...and the fines are steep for not complying.

Quick hits

Stat of the Month: Profitable Small Businesses

According to Guidant Financial's 2024 Small Business Trends, just 65% of small businesses are currently profitable. (Which is why we love to put Profit First!)

Tax Tip of the Month

With wedding season in full swing, the IRS has released a Newlyweds Tax Checklist. Compliance may not be as fun as the bachelorette party, but most people will save on taxes with the "Married filing jointly" status.

Finance Tip of the Month

Raising prices can have an exponential effect on your bottom line. A Harvard study from 1992 still holds true: A 1% increase in price increases operating profit by 11.1%.

When was the last time you raised your prices?

Essential Reads

Why your business needs clean books and financial clarity to survive and grow

CEO Gretchen Roberts had a blast on the Business Growth Connector Podcast with Brigitte Adofo Agyapong talking about why it's important for business owners to "Know Your Numbers." Catch the full episode on Spotify >

Client Story of the Month

At Red Bike Advisors, we believe that small business is the greatest vehicle for value creation. We love helping entrepreneurs acquire their first or one of several small businesses with financial due diligence, tax advisory, and post-close accounting & tax services.

One business buyer needed to understand the true net profit and working capital required in order to run numbers for an offer and to calculate debt service. Our forensic accounting team worked with the buyer to review financials and help the buyer feel confident in the numbers in order to move forward with the deal.

New Around Here

Our Fraud & Forensic Accounting team are experts in complex financial cases, offering tailored solutions to attorneys and their clients. But sometimes budget constraints can stand in the way. Introducing StatementIQ: our affordable service for attorneys and their clients who need clear insights into the other party’s financial transactions. We convert months or years of data into an easy-to-navigate Excel format, saving you time and ensuring accuracy for your case.

We welcomed Sr. Tax Accountant Tracy Ayers, CPA to the tax team in April. Tracy has worked with small and medium size businesses to maximize after-tax income and look for tax-efficient methods of achieving their goals since 2015. Meet Tracy (and her adorable kitty) here.

A Question for You

Is your business profitable? How can we help?

Until next month,

Your Red Bike Advisors Team

About Red Bike Advisors

We're on a mission to equip small business owners with finance and tax insights that create exponential value for their companies, customers, employees, and families. From compliance to advisory, we take the confusion and scramble out of business finance and tax strategy and bring in clarity, growth, and peace of mind.

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1650 Military Cutoff Rd. Suite 104, Wilmington, NC 28403
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