Share what you know with millions of people

Focus is the best place to turn what you know into remarkable content

×

Wray Rives

Follow Following Unfollow

CPA CGMA, Wray Rives, CPA CGMA

264 points

Certified Public Accountant Chartered Global Management Accountant with over 20 years of experience with large to small business.
Tax, accounting, M&A, business process expertise.

WEB: http://www.needacfo.com/

April 16, 2012

Wray Rives and 2 other people answered this question

What is the best OS X accounting software for small professional services?

For a Mac, I would recommend a web based app such as Waveaccounting.com, XERO or even Quickbooks Online. more

Accounting Software

July 6, 2011

Wray Rives recommends this answer by Diane Kennedy

What are the advantages to an LLC compared to a Corporation?

An LLC (limited liability company) can elect how it wants to be taxed. So an LLC, can make an election to be taxed as an S Corporation or a C Corporation. For tax purposes, an LLC-S is identical to an S Corporation.
If you don't ... more

Business Finance

Company Formation

May 23, 2011

Wray Rives is now following Jaymie Arcilla and 9 other people

April 26, 2011

Wray Rives and 5 other people answered this question

What should a business do to compensate employees if it can't make payroll?

I am going to agree with Rick on this one. Not paying payroll is generally not an option. The consequences in not just California, but most states are pretty harsh for the business owner. In many cases resulting in significant personal liability on the part ... more

Human Resources

April 15, 2011

Wray Rives and 1 other person answered this question

Do you consider a home based business to be the same as a small business?

No I do not consider home based business and small business to be synonymous. I have clients who operate business with well over $1M in revenue from their home and I also have clients that operate business with under $50,000 in revenue from locations outside ... more

April 1, 2011

Wray Rives and 14 other people answered this question

Is Twitter really useful? Has it really helped you achieve your professional goals?

I guess I have had about the opposite experience as some on here, because I have gained significantly more new clients from Twitter than from Facebook. At least when I ask that seems to be where folks say they first saw me. As Michael said, ... more

Social Media Marketing

March 26, 2011

Wray Rives and 5 other people answered this question

Why is the finance/accounting functions looked down upon in the corporate environment?

First off I would not generalize that finance and accounting is looked down upon in every organization, because I have seen plenty where finance and accounting probably had too much power and influence. Secondly I am speaking as a finance and accounting guy who moved ... more

Accounting and Business Management

March 15, 2011

Wray Rives and 1 other person answered this question

Are there tax breaks in the cloud?

I don't know that I would consider this an actual "tax break". What it is is a somewhat aggressive tax strategy on the part of NetFlix to capitalize and then amortize current payments for future services. The effect of what NetFlix is doing is to ... more

Information Technology

Business Finance

March 12, 2011

Wray Rives recommends this answer by Mariette Knoblauch

What is your favorite software for small business accounting?

For the specific niche of Mac users who travel and do business internationally, Xero is excellent. It's full accounting software with balance sheet and journal entry and does a great job with VAT and GST and multi-currency. Very easy to use, even if I'm here ... more

Accounting Software

March 10, 2011

Wray Rives and 2 other people answered this question

objectives of a comparative income statement?

The objective of comparative income statements is to make it easier to "compare" the current period income and expenses to another base period, such as the prior year, prior month or planned budget. more

March 4, 2011

Wray Rives recommends this answer by Rob Luciano

What professional thank you gifts do you actually enjoy receiving?

Starbucks gift cards.

Relationship Building

Feb. 23, 2011

Wray Rives and 5 other people answered this question

How many people are actually using Android phones for business purposes?

I am a heavy Google Apps user, so the Doid phone is a perfect fit for me and my business. It works so much better for me than the previous iPhone or Windows phones. more

Enterprise Mobility

Feb. 23, 2011

Wray Rives recommends this answer by Douglas Millington

Thoughts? '[IRS] wins court case after arguing that CPA used ploy to avoid payroll taxes'

What a classic set of facts. This is the perfect example of abusing the benefit of S-Corp distributions not being subject to self-employment tax. This guy has ZERO chance to win his appeal. ZERO. Shareholders of S-Corps must set a reasonable compensation level to avoid ... more

Financial Services

Feb. 10, 2011

Wray Rives and 6 other people answered this question

In today's society, has the college degree become the new "high school" degree?

Yes, most office jobs today expect you to have a college degree. I find it uncommon to speak with anyone in a management level position or up that does not have a college degree.
I place a lot of the blame on colleges that have ... more

Business Acumen

Feb. 5, 2011

Wray Rives and 9 other people answered this question

Cell Phone Decision

I am extremely mobile and on the road all the time and personally I love my Android phone.
I have had an iPhone and a Blackberry prior to the Droid. The Blackberry is great for email especially if you are on a corporate email server. The ... more

Information Technology

Jan. 29, 2011

Wray Rives and 3 other people answered this question

What are the top features that SMBs should look for in accounting software?

I think the most important feature is to find something the business will actually use. A lot of SMB owners are DIY bookkeepers and frequently are not very good at it. I would rather my clients have very basic accounting software they will actually use, ... more

Accounting Software

Jan. 26, 2011

Wray Rives asked a question

Is there a new "normal" that we need to consider when we make financial plans now?

Following 4 Topics

General Management

Following 15 People

Followed by 34 People

Knowledgeable in 32 Topics

#18 of 749

#78 of 1456

#3 of 88

Business Finance

#1 of 52

Financial Services

#5 of 139

Accounting Software

#5 of 54

Small Business Advice

#2 of 21

#8 of 47

#28 of 91

Information Technology

#487 of 2263

#22 of 42

#6 of 21

Tax and Regulation

#10 of 35

#125 of 341

#180 of 419

Cloud Computing

#159 of 462

General Management

#415 of 1194

#989 of 2156

#1137 of 2984

#27 of 60

#74 of 99

Mobile Wireless

#64 of 107

#75 of 115

#105 of 155

#167 of 234

Social Media Marketing

#179 of 366

#213 of 386

#264 of 443

#284 of 480

Customer Service

#573 of 785

#531 of 822

#900 of 1429