Fred Crooks, Author at Checkbox Accounting

27Apr 2018 by Fred Crooks

Business Exit Planning

Business Advisory, Fundamentals, Small Business

Business Exit Planning - Planning with the End in Mind There comes a time for every small business owner to exit their business. Properly positioning your business to be sold can be one of the most rewarding aspects of being a business owner, but also one of the most challenging. Failing to plan for the sale or succession can lead to a disappointing, and sometimes catastrophic, ending to what has been an otherwise successful and fulfilling business career. When it comes to developing a business exit plan, those who have worked with some kind of business or strategic plan in the past are at an advantage. Regardless, putting together a workable exit plan is not an impossible task. Start with a self-evaluation of your personal and business needs, goals and…

22Feb 2018 by Fred Crooks No Comments

How to judge your business success

Business Advisory, Fundamentals, Small Business

Once you’ve checked your business vitals (see our previous post, Why You Need to Regularly Check Your Business Vitals ) the next step in assessing the health and performance of your organization is to begin comparing your key business metrics with your competitors.Now, every industry has its own challenges, and its own means of measuring success, but there are a few universal standards that can be relied upon when making such comparisons.In particular, you should look at gross profit and break-even analysis.Gross profit is rather simple - it’s your sales minus the cost of goods sold (the direct cost of the production of goods sold or service provided).The break-even analysis, however, is a little more complex. It is designed to help you analyze the various aspects of your business to…

22Jan 2018 by Fred Crooks No Comments

Tax Reform Changes

Business Advisory, Compliance, Tax, Uncategorized

Tax Reform Changes - How will they affect you? When you file your 2018 tax returns - about a year from now - your return will look very different. Here are a few of the biggest changes that may affect you. Individual TaxIndividual tax rates will range from 10% to 37%.Standard deduction increases and personal and dependent exemptions eliminatedThe Child Tax Credit increased and a new Dependent Credit created.Disappearing deductions: Beginning with the 2018 tax year, you will no longer be able to deduct:State income tax and property taxes above $10,000 per year in total;Moving expenses (with an exception for certain military);Employee business expenses such as mileage, travel, entertainment, home office expenses, union dues, tax preparation fees, and investment fees, among others;Mortgage interest beyond interest on $750,000 of acquisition debt (if…

14Dec 2017 by Fred Crooks No Comments

Is your business ill?

Business Advisory, Small Business

When a doctor first examines a patient, they’ll typically check their vital signs. This includes the pulse or heart rate, body temperature, respiration rate, and blood pressure. Taken together, these help indicate the state of the patient’s essential body functions. If any - or all - offer some cause for concern, the doctor can start diagnosing the patient more thoroughly, before suggesting a course of action... And now we’ve arrived at the part where you’re wondering why we’re discussing basic medical practice. Well, this idea of ‘vital signs’ is something that can be comfortably extended to your business. Your company’s financial health should be examined regularly to make sure there are no underlying maladies that will only grow worse if left untreated. Knowing What to Look For These financial ‘vital…

15Aug 2017 by Fred Crooks No Comments

Don’t Be Afraid to Work Together

Uncategorized

Owning and operating a small business can be a lonely endeavor. Long days, longer nights, and no-one to talk to when the going gets tough - it can feel isolating and demoralizing. But there is a solution: speak and share with other business owners. Many small business owners actively fear working with other businesses, worried that they may take advantage of them rather than offering guidance and advice. However, the rewards can be terrific. By tapping into your local network of fellow entrepreneurs, you have the opportunity to become more knowledgeable, understanding, and efficient. Why Should I Reach Out? There’s no two ways about it; being a small business owner is stressful. All the responsibility, all the decisions, the planning, strategy, and execution; it all falls squarely at your feet.…

20Jun 2017 by Fred Crooks No Comments

The Four Biggest Questions You’ll Ask Yourself as a Business Owner

Uncategorized

There are many reasons for starting a business. Perhaps you’ve spotted a gap in the market. Maybe you’ve grown weary of working for someone else. Or it might just be the fulfilment of a lifelong dream to be your own boss. No matter your reason for taking the leap as an entrepreneur, you will encounter a number of concerns as you progress. It’s important that you know how to recognize and handle these concerns so as to avoid derailing your business. In dealing with many small and medium-sized businesses over the years, we have been able to distill some of these concerns down to four of the most common questions. At some point in your business journey, you will find yourself asking a variation of the following: How will I…

09May 2017 by Fred Crooks No Comments

The many benefits of an outsourced CFO

Business Advisory

As your small business or nonprofit grows, so to does your need for professional assistance. In particular, the financial aspects of a growing organization require a great deal of attention. And while you may not be in a position to bring someone on full-time to take care of this for you at the moment, that doesn’t mean that you shouldn’t look to delegate these tasks to a professional. By outsourcing your financials to a part-time CFO (Chief Financial Officer) you can access “big company” resources without the expense. In this post, we take a look at the benefits of appointing an outsourced CFO. What is a CFO? A CFO is a senior executive who is responsible for the financial affairs of a company or other institution. These responsibilities often include…

18Apr 2017 by Fred Crooks No Comments

Should you buy or lease your business assets?

Business Loans

Having previously describing the types of loans available to businesses (read here) and the benefits of SBA loans (read here), we now move on to the question of buying vs leasing. If you’re looking to borrow money for your business with the express purpose of adding new and improved equipment to your operation, you really ought to consider the pros and cons of buying vs leasing. You might think that doing one is more savvy than the other, but it really comes down to circumstance and personal preference. It might just be the case that you are adverse to leasing, preferring to own the equipment outright. But if, for example, you are adding a new vehicle to your business, you should consider how far and how often it will be…

21Mar 2017 by Fred Crooks No Comments

The Benefits of SBA Loans

Business Loans

Last month we explored the types of loans available to businesses (read here). Now we explore the benefits of SBA loans. SBA loans are partially guaranteed by The U.S. Small Business Administration. They offer a variety of loan programs for very specific purposes, from Small Business loans and Microloans to Real Estate & Equipment loans and Disaster loans. Depending on where you are with your business, and if you fulfill their criteria, you can borrow money from the SBA for a number of different reasons. These include: Purchase of real estate Building renovation Equipment purchase Inventory purchase Business acquisition Expansion of an existing business Business startup Refinancing of an existing debt; or Supply working capital SBA loans typically have lower interest rates and fees than the more conventional loans from…

23Feb 2017 by Fred Crooks No Comments

A Guide to Selecting the Right Business Loan

Business Advisory, Business Loans

You might be in front of your laptop in a coffee shop, scribbling notes for a new startup venture. Or maybe you’re between boardroom meetings, planning the growth and expansion of an existing company. No matter where you are in the lifecycle of your business, one thing will always ring true. You will need cash. After all, cash is king. But it’s not always readily available. That’s why it’s fundamentally important that you, as a business leader, understand the ins and outs of business loans. In this series of three posts, we’ll provide you with an overview of the available loan types; the concerns you may experience as a borrower; the various push backs that can come from lenders; the benefits of SBA loans; and the pros and cons of…

Author: Fred Crooks