Mulligans Are Allowed In Business

If you’re a golfer, you’re probably familiar with what a mulligan is. For those not so familiar, a mulligan is simply put: “a do-over.” In professional golf, mulligans aren’t allowed. But in business, you have opportunities to correct an errant shot. Three Dreaded Letters: I-R-S For some folks, just hearing these three letters – IRS … Continued

Budgeting: An Opportunity, Not a Necessary Evil

Those who aim at nothing, tend to hit their mark with incredible accuracy. This notion may ring true for you if you find yourself wondering why your business isn’t progressing like you would expect. If you find yourself in this situation, consider setting some goals and using a commonly overlooked financial tool— a budget. To … Continued

Does This Inventory Make My Business Look Fat?

Diet and exercise. Ugh. With spring right around the corner, many of us are scrambling to shed that extra winter weight by eating right and exercising. If you’re focusing on your personal health, look at your business, too. Is it overweight? Inventory, fixed assets and unused supplies have hidden “carrying cost” that can weigh your … Continued

Accounting for the Accountants

All business owners are concerned about the quality of their products and services. Without quality, your revenue decreases and your reputation suffers. As business owners ourselves, we take the quality of Rea’s services seriously. In an effort to live up to our own expectations, we turn our efforts inward and audit ourselves. Here’s how we … Continued

Do You Utilize Your Team of Trusted Advisors?

Most small business leaders have several trusted advisors to help them with various aspects of their business. These advisors include your accountant, attorney, banker and insurance advisor. Consider inviting all these advisors to a year-end meeting. Allowing all of these advisors to see a snapshot of your business (together) will enable them to better serve … Continued

Drive a Cadillac

There is an old country song about a man who works in an automobile factory who builds his own car from parts he has stolen over a long period of time. Like any good country song, this tale is full of real life lessons. Lesson one is for business owners: Don’t underestimate the total value … Continued

Year-end Planning: Equipment Purchases

In order to stimulate economic activity, Congress passed legislation many years ago allowing businesses to expense certain qualifying property when purchased. The expensing election (referred to as Code Section 179) allows a current year deduction as opposed to capitalization and depreciation expense over a period of time. Starting in 2011, the maximum deduction is reduced … Continued

IRA Checkup

Do you have a qualified designated beneficiary for your IRA or other qualified plan? Simply naming a benefactor in your will (or ignoring it completely) for your qualified retirement plan may have significant negative implications. If you haven’t already done so, you should check with your retirement plan administrator to see if you have named … Continued

Company Organizational Structure

Does your company have an organizational chart? You might think your company isn’t large enough to have one, and you may be right. However, no matter the size of your organization, you may be surprised how this document serves as a very useful communication tool. Organizational charts serve many important functions. They enable others to … Continued