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Your Recipe for Business Success

 

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Small Business

Are You Headed to Sales Tax Hell?!

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If you sell products or services online, you need to be aware of your ever changing responsibilities with sales taxes. States are becoming more aggressive in collecting what they believe is owed to them from companies selling online in their state. Quill vs North Dakota is still the relevant interpretation of the law but states are challenging in court while waiting for Congress to act.

Checkout this video where we discuss sales taxes and your business. If you want more information be sure to set up an appointment with the Accounting Chef or email me at david@theaccountingchef.com

 

Your 6 Step Recipe for a Productive 3rd Quarter Review

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Wow did time ever fly by! We are already 75% through 2017. Cooler weather is in the air, at least in Kansas finally. My garden is winding down, although I am still getting great spaghetti squash, zucchini,  bell peppers and jalapeño peppers! It’s also time for our 3rd Quarter review.

Today we are going through Your Business 3rd Quarter Review process. It’s not too late to finish 2017 year strong. My 6 step recipe for a Productive 3rd Quarter Review can help guide you. The video is below. Be sure to schedule a free appointment with the Accounting Chef if you would like help finishing 2017 strong and getting a head start on 2018.

 

The video goes through the 6 step process. Here is the short version of the recipe.

  1. Review your Key Performance Indicators
    1. Financial KPIs
      1. Ratios such as current ratio, debt to equity ratio, working capital, etc.
      2. Review your Financial Statement Budget to Actual.
        1. You should be at around 75%
        2. Make adjustments as needed
        3. Can be your most useful financial tool if you actually USE it!
      3. Profit margins
    2. Non Financial KPIs
      1. Cost per Click on Ads (Facebook ads for example)
      2. Average revenue per customer
      3. Additions to Email list
      4. Whatever measurements you need to track to make Your business grow
  2. Strategy & Planning
    1. Does Your Budget Need Adjusting?
      1. Sales Forecasts
      2. Expense Levels
      3. Capital Spending
      4. Taxes
    2. Progressing with Your Strategic Plan?
    3. New Product Launches
    4. Holiday Sales
  3. Check Your Margins!!!
    1. Review your margins on each product
    2. Do you need to cut costs, raise prices?
    3. Be careful on your margins with any Holiday Sales
  4. Cash Flow
    1. Nothing more important than cash flow for your business!
    2. Can our cash flow get us through rough times?
    3. Do we need to borrow or tap our line of credit (or arrange for borrowing or a capital infusion)?
    4. Do we have adequate cash for taxes, payroll, bonuses, capital spending, etc?
    5. Accounts Receivable Collection – be careful of late payers, especially around the holidays
    6. Accounts payable outstanding – Including bills that are coming but not recorded yet
  5. Taxes
    1. Pay your Quarterly Taxes!
    2. Project your year end
    3. No surprises!
    4. Not too late to do Tax Planning. Capital investments, payment of bills, Donations, etc.
  6. Regulatory Compliance
    1. Are you in compliance with all Federal, State & Local regulations?
    2. All required forms filed with the respective agencies? Taxes, EEOC, etc
The spaghetti squash mentioned in the video turned out spectacular with my homemade red sauce

 

If you need help or want to really turbocharge your business review process, schedule a meeting with the Accounting chef!

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