Thryve Group LLC

🚀 Exciting News for Small Business Owners! 🚀 We're launching a Free Workshop: Financial Fitness Break—designed to give you the tools and confidence to grow your business. In just 1 hour, you’ll learn how to: ✅ Reveal a new angle to view your financial information ✅ Maximize profitability for products/services ✅ Optimize your pricing for success Join us to gain practical, actionable insights that will drive your growth. Don’t miss this chance to connect with fellow entrepreneurs and level up your financial game! Register now and secure your spot! 🔗 https://lnkd.in/eq8Vnhg8 #ThryveGroup #SmallBusiness #Entrepreneurship #FinancialSuccess #BusinessGrowth #FreeWorkshop

Had a great catch-up with Jakecia Durham this week! It's always nice to check in with others from my #10kSB cohort and share what we've been up to. We were able to exchange valuable insights, tips, and strategies. Grateful for the connections I've made through the program. If you're thinking about applying for Goldman Sachs 10kSB, I highly recommend it. Reach out with any questions! #ThryveGroup #Entrepreneurship #Networking #BusinessGrowth #10kSB

𝗠𝗮𝗰𝘆'𝘀 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗦𝗰𝗮𝗻𝗱𝗮𝗹 𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗲𝘀 A couple weeks ago, we posted about Macy's delayed quarterly earnings report after discovering an employee hid over $150 million in expenses. Macy's has now released additional information around their accounting scandal after an internal investigation. It seems the employee made a bookkeeping mistake and then continued to intentionally make false accounting entries to cover up their mistake. These ongoing incorrect entries caused a drop in stock price and reduced trust in the business and its financial information. For small business owners, this is a reminder that fraud can occur even without direct theft of money. In this case, the employee simply did not want the error to be found, so additional band aids continued to be applied until the house of cards fell. Simple accounting errors for ongoing transactions, if not addressed quickly and transparently, can spiral into bigger problems. To avoid this, it’s crucial to implement strong financial controls, put review processes in place, and foster a culture of honesty within your team. Integrity should always be a priority to safeguard your business and reputation. How much of Macy's value and reputation would have been saved if the original error was reported to management and remediated at the time of its first discovery? #ThryveGroup #SmallBusiness #AccountingInsights

𝗬𝗲𝗮𝗿 𝗘𝗻𝗱 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗦𝗺𝗮𝗹𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝘄𝗻𝗲𝗿𝘀 Now is the time for small business owners to prepare for success in 2025. Here are a few Year-End Planning To-Dos to help set your business up for success: 👉 Review Your Financial Statements Assess your financial health by reviewing your statements. What can you learn from this year? Are there areas you can improve or pivot from? 👉 Get Organized for Taxes Gather all your receipts and invoices to support your tax deductions. Tools like Dext can help streamline expense tracking and ensure you’re on top of your finances. 👉 Evaluate Your Pricing & Offerings Take a fresh look at your product or service lineup. Are there market opportunities you're missing? Could you raise prices by adding more value to your offerings? Let’s finish this year strong and set ourselves up for an even better 2025! 💪 #ThryveGroup #SmallBusiness #2025Goals #BusinessGrowth #Entrepreneurship

Unemployment fraud is costing small business owners time and money they can’t afford to lose. Here's an example from my own business that I am currently dealing with: I recently received a letter from the unemployment office for a claim tied to someone who had never worked for me. I called and clarified the situation with the agent that they are fraudulently claiming benefits. I received a second letter a couple of weeks later saying the fraudulent claim had been approved—unless I appealed. I plan to appeal, but it just doesn't make sense. I submit payroll every two weeks and the government receives monthly reporting forms from my payroll company. Ohio has my payroll data showing the person was never on payroll. The problem is the data is with another department. Unfortunately, stories like this are all too common among busy small business owners. Have you experienced unemployment fraud in your business? I'd love to hear your thoughts in the comments below! #ThryveGroup #SmallBusiness #UnemploymentFraud #BusinessOwner

𝗢𝘃𝗲𝗿𝘁𝗶𝗺𝗲 𝗥𝘂𝗹𝗲 𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 𝗦𝘁𝗿𝘂𝗰𝗸 𝗗𝗼𝘄𝗻 A recent decision by a Texas federal judge has struck down the US Department of Labor's new rule aimed at expanding overtime eligibility for millions of executive, administrative and professional workers. The rule, which was set to increase the salary threshold for overtime from $35,568 to $58,656 by January 1, 2025, would have granted millions of salaried workers overtime pay under the Fair Labor Standards Act (FLSA). Several business groups challenged it, arguing it would lead to significant increases in payroll costs and possibly fewer jobs for workers. The court agreed, ruling that the DOL had overstepped its authority. Ohio State University actions as a result of the new law and the court's ruling is facing backlash. The university had raised the salaries of over 300 workers to comply with the new overtime rule, totaling around $2 million in adjustments. However, after the court’s ruling, they announced that these raises would be rolled back, reverting those employees to their original salaries in January 2025. Employees are upset that their expectations were raised for higher salaries and now the benefit is being taken away. As a small business owner, this ongoing uncertainty definitely requires a delicate balance between cost to the company and employee morale and trust. How are you responding to these ongoing changes in labor regulations? Are you adjusting your payroll practices or holding steady? Let us know in the comments! ⬇️ #ThryveGroup #FLSA #OvertimeRule #SmallBusiness 

Had a great time catching up with Josh Troche of Pedal Stomper Productions this week. He always brings great energy to each conversation. I am grateful for the opportunity to share our small business challenges, successes, and ideas. Thanks for taking the time to meet, Josh! #ThryveGroup #SmallBusiness #Entrepreneurship

Thanks for the kind words, Melissa! It's been great getting to know you and assisting you with your growing business. We're looking forward to continued collaboration in the new year! #ThryveGroup #SmallBusiness #Accountant #Review

𝗪𝗵𝗮𝘁 𝗦𝗺𝗮𝗹𝗹 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗢𝘄𝗻𝗲𝗿𝘀 𝗖𝗮𝗻 𝗟𝗲𝗮𝗿𝗻 𝗳𝗿𝗼𝗺 𝗠𝗮𝗰𝘆’𝘀 $𝟭𝟱𝟰𝗠 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗦𝗰𝗮𝗻𝗱𝗮𝗹  Macy's announced earlier this week that it would be delaying its quarterly earnings report after discovering an employee intentionally hid $154 million in expenses over three years. The employee created erroneous accounting entries to hide small package delivery expenses. The impact was an inaccurate higher income over those years.  Macy's did not publish the reason for the employee pursuing this fraud. My guess would be that a personal bonus or other incentive scheme was tied to controlling that particular expense or the overall divisional income performance. While the scale of this accounting issue is unique to a huge retailer, small businesses can learn a few things from Macy's accounting blunder: 👉 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁 𝗢𝘃𝗲𝗿𝘀𝗶𝗴𝗵𝘁 - Regularly review your financial records.   Create checks and balances within your accounting processes such as authorization requirements for adjusting entries.  👉 𝗘𝗱𝘂𝗰𝗮𝘁𝗲 𝗦𝘁𝗮𝗳𝗳 - Promote a culture of transparency and ethical conduct within your team. 👉 𝗜𝗻𝘃𝗲𝘀𝘁 𝗶𝗻 𝗥𝗲𝗹𝗶𝗮𝗯𝗹𝗲 𝗧𝗼𝗼𝗹𝘀 - Using accounting tools and systems can help reduce human errors and fraud. What measures do you have in place to ensure your small business finances are accurate and secure? Share your thoughts below! #ThryveGroup #SmallBusiness #AccountingInsights

Enjoyed a productive meeting with Paula Pitasky earlier this week. She is definitely a marketing maven. We talked about some of the new opportunities in our respective industry and brainstorm how to implement the ideas in our business. Thanks for taking the time to catch up, Paula! #ThryveGroup #Networking #ProfessionalGrowth