Family Biz Proliferates


Small businesses run by an individual or a family with no other paid employees made up a large chunk of U.S. companies and are growing in number, according to a recent U.S. Census Bureau study.

Such “nonemployer” businesses increased by more than 1 million between 2003 and 2004 to 19.5 million, or 70% of all companies.

Small businesses are becoming more varied, too, as the Internet opens up new opportunities. Internet service providers, in fact, were among the fastest-growing segments, increasing by 18.7%, and companies offering Internet-based consumer sales increased 12.7%.

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2019 State of Financial Reporting Survey

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VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.