Posted on Jan 24, 2010 in Budgeting & Planning Tips,Operational No Comments »
Question – We would like to reduce our projected taxable income but due to current cash flow volume, we are unable to reduce all of our accounts payable. Would it be wise to take money from our line of credit to pay vendors? Or are we better off not taking out additional debt? Answer – [...]
Posted on Jan 02, 2010 in Budgeting & Planning Tips No Comments »
Question – I bought my home in 2002 so I should be eligible for the new homebuyer credit, right? Answer – You’re not the first and won’t be the last to assume that the Federal credit was intended for all existing homeowners in good standing. It’s not immediately obvious that to qualify for the credit, [...]
Posted on Jan 01, 2010 in Budgeting & Planning Tips No Comments »
This recommendation may seem obvious but I come across it all the time. The number one avoidable estate-planning mistake made by individuals is failing to name a living beneficiary on all retirement accounts. Regardless of your will, if not done properly with the fiduciary, your estate will be exposed to higher taxes than the circumstances [...]
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.
Geoff Goudy: The Certified Public Accountant Colorado Businesses Trust.
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