Make sure your company is prepared for any disaster

  What could stop your company from operating for a day, a month or a year? A flood or fire? Perhaps a key supplier shuts down temporarily or permanently. Or maybe a hacker or technical problem crashes your website or you suddenly lose power. Whatever the potential cause might be, every business needs a disaster […]

Listening to your customers by tracking lost sales

  “Sorry, we don’t carry that item.” Or perhaps, “No, that’s not part of our service package.” How many times a year do your salespeople utter these words or ones like them? The specific number is critical because, if you don’t know it, you could be losing out on profit potential. Although you have to […]

Does your business have too much cash?

  From the time a business opens its doors, the owner is told “cash is king.” It may seem to follow that having a very large amount of cash could never be a bad thing. But, the truth is, a company that’s hoarding excessive cash may be doing itself more harm than good. Liquidity overload […]

Rev up retirement offerings with an NQDC plan

  Many business owners and executives would like to save more money for retirement than they’re allowed to sock away in their 401(k) plan. For 2017, the annual elective deferral contribution limit for a 401(k) is just $18,000, or $24,000 if you’re 50 years of age or older. This represents a significantly lower percentage of […]

Back-to-school marketing ideas for savvy business owners

  August is back-to-school time across the country. Whether the school buses are already rumbling down your block, or will be soon, the start of the school year brings marketing opportunities for savvy business owners. Here are some examples of ways companies can promote themselves. A virtual “brag book” A creative agency posts on social […]

Ensuring a peaceful succession with a buy-sell agreement

  A buy-sell agreement is a critical component of succession planning for many businesses. It sets the terms and conditions under which an owner’s business interest can be sold to another owner (or owners) should an unexpected tragedy or turn of events occurs. It also establishes the method for determining the price of the interest. […]

Credit loss standard: The new CECL model

  A new accounting standard on credit losses goes into effect in 2020 for public companies and 2021 for private ones. It will result in earlier recognition of losses and expand the range of information considered in determining expected credit losses. Here’s how the new methodology differs from existing practice. Existing model Under existing U.S. […]

Close-up on cutoffs for reporting revenues and expenses

  Under U.S. Generally Accepted Accounting Principles (GAAP), there are strict rules on when to recognize revenues and expenses. Here’s important information about end of period accounting “cutoffs” as companies start to adopt the new revenue recognition standard. Cutoff games How closely does your company follow the cutoff rules? The end of the period serves […]