William Simi, Author at Checkbox Accounting

21Dec 2013 by William Simi

SETTING THE TONE – WE ARE NOT THE “DECIDER” BUT THE “INQUIRER”

In doing the 3 Bottom Lines Blog we will be doing something we are not accustomed to and something that runs counter to what is a strong, almost compulsive, professional tendency for us as accountants…. to think we must always have a clear answer to all our client’s questions, a definitive solution to their every problem. We understand that there are frequently times when our clients rely on us to have answers and solutions. They place their trust in our expertise and knowledge in helping them with their accounting, tax and financial statement issues. In those situations, we are much more comfortable giving answers. But for many of the issues we want to discuss here in the 3 Bottom Lines Blog, there will be no definitive answer, no one solution…

23Nov 2013 by William Simi

Hidden profits you may be missing discovered in 20 minutes.

Archived Posts, Business Advisory

Are you sure your business is as profitable as it could be? Take 20 minutes to find out... Just log on to www.cpacorporation.com, go to the "Resources" tab and we'll get you started. In 20 minutes you will be able to: - find the hidden profit potential in your business - take a test to ascertain your Professional Wellbeing score - conduct a business health check and review - develop a personal financial and business plan - perform a marketing survey of your business clients and customers - and more by simply clicking on a link These programs will provide invaluable information and guidance you can put to use in your business immediately to - - discover the ways to stop your business from leaking cash - monitor and take…

17Nov 2013 by William Simi

10 mistakes that can cost you your business

Business Advisory

Even the smartest small business owner can do dumb things now and then. Unfortunately, some mistakes can kill a company. Just ask Jeff Seifried, small business coordinator for the City of Aurora, Colo., and Peter Tourtellot, chairman of the Turnaround Management Association. They, along with other experts who prefer to keep their observations anonymous, have seen the best - and worst - of small-business operations. Here are 10 examples of common, but potentially deadly, errors committed by otherwise brilliant small-business owners. Don't make the same mistakes. Underestimating the importance of cash flow management Two woodworkers had a thriving business building interiors for retail stores. They did beautiful work and their customers were pleased, but it often took them 60 or even 90 days to pay the bill. Until the money…

14Nov 2013 by William Simi

Simple Accounting Tips for Small Businesses

Business Advisory, FREE Business Tools: Learn the Secrets

Do you manage a small business and are overwhelmed with dealing with taxes and invoices while trying to keep your business afloat? By following these tips, you can simplify accounting for your small business. You should first break down the accounting into smaller pieces and set easily attainable goals for yourself. Know that accounting is a time consuming process so splitting it into parts will make is more manageable. This will also help with your stress and anxiety about accounting since you will see the completion of your smaller goals. -Calculate minimum and ideal monthly profits Keep track of all invoices and calculate revenue each month to make sure you can successfully keep your business running. Calculating a number for the invoices will allow you to have an exact number…

02Oct 2013 by William Simi

Knowing Your Company’s Critical Success Factors Can Increase Performance

Business Advisory, FREE Business Tools: Learn the Secrets

KPIs (Key Performance Indicators) are measures of business performance. They are used to check performance against targets, or as benchmarks to signal areas of performance in need of improvement. They are, therefore, measures of a firm’s Critical Success Factors. In any company there may be dozens of Critical Success Factors and literally hundreds of KPIs to use to track your performance. Which ones are significant for any particular company at any particular time depends on what you are planning to achieve and what your current situation is, so a SWOT (Strengths, Weaknesses, Opportunities, Threats) paradigm provides a way of classifying Critical Success Factors as in the Table below. factor example kpis MONITORING OPERATING STRENGTH: those factors that are the basis of continuing successful performance 1.Percentage of seats filled…

26Sep 2013 by William Simi

IRS Crackdown on Small Business Underreporting

Tax

The IRS has recently begun cracking down on small businesses. Nearly 20,000 small business owners have received notifications of possible income under-reporting since fall of 2012. The notifications have come in light of an IRS analysis that compares percentages of gross receipts from cash transactions versus credit card transactions. If the ratio is different than what they would expect, they send out a notification. This can be a serious issue if you don’t use great care in your bookkeeping. Many of the businesses that receive these notifications are able to go back through their books and provide explanations as to why the ratios are off. Internet sales, for example, would result in higher numbers of credit card transactions versus cash. A change in tax ID number may also set off…

11Sep 2013 by William Simi

The Envelope System: How to Create a Budget to Reach Your Goals

Business Advisory

By Fred Crooks Creating a budget can be a tricky task. Allocating money to different areas of your life or business takes time and effort, and occasionally some deep introspection into your personal spending habits. Sticking to a budget can be just as tedious, particularly if you don’t have a great system for remembering how much money is budgeted for what. But creating and following a budget is a critical practice if you want to achieve success. Very few people achieve success in life or in business without a plan. Budgeting is exactly that: a plan – for your money. When you have a plan, it’s far easier to reach your goals than going at it blindly. How you create your budget depends on your goals. If you are working…

06Sep 2013 by William Simi

Healthcare Update

Business Advisory, Employees

Starting October 1, 2013, all employers must provide written notification to their employees about their health insurance coverage options under the new healthcare laws to take effect in 2014. Employers can send this information via email or regular mail. Also, starting in 2014, employers will have 14 days from the date of hiring a new employee to provide this information to the new hire. There are model notices available from the Department of Labor at the links below: If you do not offer healthcare insurance to employees, go to: http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf If you do offer healthcare insurance to employees, go to: http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf You or your employees can go to www.healthcare.gov to learn more about the new law. As always, we will do our best to keep you up to date on…

09Jul 2013 by William Simi

From Scouts to Managers

Business Advisory, FREE Business Tools: Learn the Secrets

We want to welcome Amelya Stevenson at e-VentExe as our guest blogger this week. She submitted this article to us and we think it is a great help for business owners. Attention managers! Here at e-VentExe, we are rounding up the troops and initiating our very own set of guidelines to becoming a superstar manager. Ever wondered what makes a good manager great? Sure, anyone can become a manager, but not everyone can be a great manager. Do your mind, body, and company good -- challenge yourself and commit to your important leadership role by taking the exclusive Manager's Oath. The Manager's Oath has three components: The Manager's Code, The Manager's Promise, and the Manager's Law. The Company Manager's Code As a Manager I will do my best to: -Be clear and concise,…

05Jun 2013 by William Simi

Principle 12: Board Independence

Non Profit Principles: Steering You in the Right Direction, Not For Profit

The majority of the board members of a charitable organization should be independent. Two-thirds of them should be independent and they shall not be entitled to compensation, receive any financial benefits, and should not be related to anyone one in the organization who does. -All members must have loyalty to the company and put the organization’s interests above their own. -Pushing for a nepotism policy will help elude favoritism among the board members. LEGAL AND COMPLIANCE ISSUES -IRS Form 990 asks how many of the board members that are independent. -The IRS defines what independent board member is. -A few state laws set a minimum number for independent board members.

Author: William Simi