Posted on Dec 15, 2008 in Internal Controls No Comments »
Internal controls are critical as your business grows. And simple controls are often the best controls. The most important is the appearance that you know what is going on with all aspects of the accounting system. Therefore, require that you, and only you, can open bank and credit card issuer correspondence, transfer funds and sign [...]
Posted on Dec 15, 2008 in Internal Controls No Comments »
Business owners often issue credit cards to staff in an effort to gain convenience and promote responsibility. It is also a way to foster fraud within your company due to a lack of control – oversight and restraint. If issued, make certain monthly statements are delivered to you, receipts are turned in and account changes [...]
Posted on Dec 15, 2008 in Budgeting & Planning Tips No Comments »
Bar graphs and pie charts make good snapshots. However, don’t be fooled by what the picture painted may be saying about your company’s fortunes. Always digest the numbers behind the charts and graphs presented. This ancillary analysis completes the picture.
Posted on Dec 15, 2008 in Budgeting & Planning Tips No Comments »
Staff, Space, Systems. These three critical components represent the majority of your operating costs and failure to appropriately monitor them may lead to the dissolution of your business. Therefore, expand prudently and always have a written plan to ensure the future prosperity and goodwill of your Company.
Posted on Dec 15, 2008 in Budgeting & Planning Tips No Comments »
There is no ideal time to start your business. Please make certain you’ve examined your “4 P’s” – Product, Price, Place and Promotion – before you entertain the enterprise setup process. Missteps can be made at any time during a business’s lifecycle; startup should be relatively pain free regardless of timing if you have a [...]
Posted on Dec 15, 2008 in Budgeting & Planning Tips No Comments »
All too often the rewards of success are horded by few and sacrifice arising from failure is imposed on selected individuals or groups. Like it or not, every company is built on the premise of teamwork. So share success and spread the pain.
Posted on Dec 15, 2008 in Budgeting & Planning Tips No Comments »
More times than not, long-term projections often miss the mark. And fail to account for the unexpected…good or bad. Yes, they provide a practical benchmark or reasonable basis for decision-making. But look at figures greater than one year out skeptically.
Posted on Dec 15, 2008 in Budgeting & Planning Tips No Comments »
Keep these arrangements simple. Have both parties contribute cash. And don’t contribute equipment. Sell it to the entity itself and have the entity obtain debt financing if necessary. If you want the accounting to be straightforward, then so should the JV arrangement.
Posted on Dec 15, 2008 in Budgeting & Planning Tips No Comments »
Expansion requires risk, luck, patience and sacrifice. Above all, understand that you don’t want to grow too much too fast and thus, allow increases to space, staff and systems expenditures to occur without a corresponding increase in revenues. Therefore, you must have a plan in place before implementation.
Posted on Dec 15, 2008 in Budgeting & Planning Tips No Comments »
It’s such an easy trap – your Company has considerable cash coupled with some taxable income so you pay out significant bonuses to reduce the profits. Well, don’t blow out all your cash just to reduce profits. You’ll likely hamstring January cash flow and may do more harm than good. Sometimes paying taxes isn’t such [...]
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