Fred Crooks, Author at Checkbox Accounting

11Jan 2017 by Fred Crooks No Comments

Building a strong financial foundation

If you were planning to build your dream home, you wouldn’t start by designing the loft space and the balcony overlooking the swimming pool. Your first step would be to dig down and build the best possible foundation, to make sure your new house was based on solid ground. Only then would you start building on top, adding rooms and creating the perfect living space for you and your family. The same is true of your business planning. If you start developing grand plans for the future of your enterprise without getting your fundamental accounts and finances in order, you’re building your organization on extremely shaky ground – and that’s not an advisable plan for the long-term attainment of your goals. Getting your financial house in order At Checkbox, we…

16Nov 2016 by Fred Crooks No Comments

Why budgeting is essential to success

Business Advisory, Fundamentals

Whatever stage your business or organization is at, it’s important to have the best possible overview of your costs and cash flow. If you’re going to track and measure your overhead, you’re going to need to set a clear budget right from the beginning – and that means putting serious thought into your budgeting from day one. Budgeting is one of the fundamentals that can often be overlooked by business owners, or non-profit CEOs, whose focus is pushing forward the next goal on the horizon. But when you neglect your budgeting, you’re setting a highly unstable foundation stone on which to build the rest of your business plan. Why is budgeting so important to the health of your organization? And how can a more proactive approach to budget management improve…

27Apr 2015 by Fred Crooks

Ten Things to Know about IRS Notices and Letters

Business Advisory, Tax

Each year, the IRS sends millions of notices and letters to taxpayers for a variety of reasons. Here are ten things to know in case one shows up in your mailbox. 1. Don't panic. You often only need to respond to take care of a notice. 2. There are many reasons why the IRS may send a letter or notice. It typically is about a specific issue on your federal tax return or tax account. A notice may tell you about changes to your account or ask you for more information. It could also tell you that you must make a payment. 3. Each notice has specific instructions about what you need to do. 4. You may get a notice that states the IRS has made a change or correction to your tax return.…

08Mar 2015 by Fred Crooks

Can Professional Business Succession Planning Deliver Value?

Business Advisory

For most family and closely held business owners, planning for succession is the toughest and most critical challenge they face. Yet succession planning can also be a great opportunity to maximize the value of the business. For the majority of them, a significant portion of their wealth is tied up in this very non-liquid asset. The Sacramento Business Journal recently published an article on business succession planning in which I discuss several factors relevant to the importance of exit planning. Unlocking the cash behind the business, while maximizing its value during the ownership transition has always been a challenge. It is even more so since the economic slowdown that has and is currently affecting our economy. In the United States, it is estimated that there are approximately 9.2 million owners…

02Mar 2015 by Fred Crooks

Who Qualifies as an Angel Investor?

Business Advisory

By Fred Crooks Finding the "real deal" angel investor can be a hard proposition. In the past, there were three categories of investors that people joked about: - Friends - Family - Fools As time went by, the population has started to see good investments payoff and the idea of being an angel investor has blossomed. Now because EVERYONE wants to be an angel investor, we have moved further into the family, friends, and fools category. Many angel investors make their investment based on the "Get Rich Quick or Easily" premise. They lend money to new start-ups without understanding what they are really investing in, causing them to lose money and become dejected micromanagers who focus their extra energy getting in your way as you try to run the company. So how do…

04Dec 2014 by Fred Crooks

Donating to Charities: Where is your money really going?

Archived Posts, Non Profit Principles: Steering You in the Right Direction

When donating to charities, especially this holiday season, do you know where your money is going? Before giving money to a homeless person, many people stop and think about what they might use the money for. Are they going to use it to support a drug addiction or will they actually use it for food? This type of mindset should be used when deciding to give to a charity. People tend to give to better known philanthropies such as the Salvation Army, Feed the Children, the United Way. On a list of top-money raising charities there is Fidelity Charitable, which most people have never heard of. Yet people have given an amazing amount of money to this charity. Fidelity Charitable is a branch of a huge Boston based management firm…

25Nov 2014 by Fred Crooks

Xero vs. QuickBooks

Cloud Accounting Software

Xero vs. QuickBooks Online: Why Xero is better for small businesses For years, QuickBooks has been the standard accounting software for small businesses. However, since the advent of the “cloud” a number of new accounting software options are now on the market. QuickBooks does offer a cloud product – known as QuickBooks Online – but it’s no longer the must-have solution like it was during the desktop software era. There are now plenty of other comparable software options. Of all the choices available, Xero is our favorite online accounting software. Since releasing their U.S. version a few years ago, they’ve quickly become the premier QuickBooks alternative. Below are some of the attributes of Xero that set it apart from QuickBooks Online and make it a great accounting solution for small…

04Nov 2014 by Fred Crooks

Avoid Tax Surprises

Business Advisory, Tax

Still Time to Act to Avoid Surprises at Tax-Time Even though only a few months remain in 2014, you still have time to act so you aren't surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you expect. Here are some actions you can take to bring the taxes you pay in advance closer to what you'll owe when you file your tax return: Adjust your withholding. If you're an employee and you think that your tax withholding will fall short of your total annual tax liability, you may be able to avoid an unexpected tax bill by increasing your withholding. If you are having too much tax withheld, you may get a larger refund than you expect.…

01Oct 2014 by Fred Crooks

Small Business Identify Theft: Is Your Business in Danger?

Compliance

By David Fitkin and Fred Crooks Identity theft is on the rise. It is now the third most serious crime in our country according to the Federal Bureau of Investigation (FBI). The federal government is putting pressure on Visa and MasterCard to protect vital cardholder data at the point of sale. They are doing this by passing this responsibility on to their small business owner clients. Unfortunately, businesses are not taking this issue seriously because they feel they are too small and “under the radar”. However, just the opposite is the case as over 80% of all data breaches are from small “Mom and Pop” main street businesses. These businesses do not have the money to hire the IT personnel needed, or purchase the sophisticated software to help protect themselves…

06May 2014 by Fred Crooks

Principle 10: Board Size And Structure

Business Advisory, Non Profit Principles: Steering You in the Right Direction

Every charitable organization needs to establish the structure and size of their board. There should be enough board members in order to have different ideas and thoughts on governance and other organizational matters. This doesn’t pertain to smaller charitable organizations in which they should have at least five board members. -The charitable organization’s board size should be based directly on the needs of the organization. -The way for determining board size is the function that they serve. The structure and size of the board will naturally be different as time progresses, thus the size and structure should be reviewed as the organization grows. -Other things can affect the size of the board, such as the need for diversity, workload, phase in the life cycle, legal mandates, and maintaining a manageable group. LEGAL AND…

Author: Fred Crooks