Friday, February 15, 2019

Are Those Business Meals Feeding Your Face or Eating Your Lunch?


By Ben Kinsey, CPA

Image courtesy of flickr
One of the perks of being a business owner is being able to write off meals when you travel for business or take a client out for lunch.  That’s the good news.  The bad news is that the IRS rules for deducting meals are complicated.  Get them right and you can enjoy that free lunch you’ve always heard about.  Get it wrong and you can wind up running afoul of those same regulations, which could cost you deductions or even give the IRS cause to begin an audit that could well eat your lunch.  Below is some food for thought regarding meals.

Monday, January 21, 2019

10 Ways to Improve Cash-flow


By Ben Kinsey, CPA

Image courtesy Picpedia
Now that everybody is up to their necks preparing their yearly taxes, I thought I’d take the time to help you take the steps to improve your business cash-flow in 2019.  Cash-flow is like the old Mark Twain ditty that goes, “Everybody talks about the weather, but nobody does anything about it.”  By that I mean, most business owners are always asking CPA’s like me to give them tips on how to improve their cash-flow.  Then they rail at the advice, since it usually requires them to take the time to assess their policies and procedures, as well as changing some of the ways that they do business.  Below is a list of 10 ways to improve your business’ cash-flow:

Friday, December 28, 2018

5 New Year’s Resolutions for Businesses


By Ben Kinsey, CPA

Image courtesy of flickr
With January less than a week away, I thought I’d take the time to remind you that not only individuals should consider making resolutions for the new year.  So should every business owner.  That’s because if you start off the new year with the right goals in mind, it will only make it easier to help you keep your cash-flow positive and make the bumps in the road smaller.

Tuesday, December 4, 2018

How Far Will You Go When You Need to Grow?


By Ben Kinsey, CPA

Image courtesy of flickr
Being in business is a lot like being a dinosaur.  If you don’t evolve, you’re doomed to become extinct.  If you believe Fortune Magazine, they stated that 9 out of 10 startup businesses are doomed to fail.  While that statistic is shocking, what’s even worse is that the top three reasons startups fail is because there is either little or no demand for their product, they run out of funds, or they don’t have the right team.  It isn’t until numbers four, five and six that Fortune points out that some businesses fail because they are outgunned, overpriced or they ignore their customer’s needs.

Wednesday, November 28, 2018

Are Your Customers Ruining Your Business?


By Ben Kinsey, CPA

Image courtesy of Max Pixel
When it comes to owning a business, most owners and managers are looking to find one thing above all else: More customers.  More customers mean more revenue. That’s got to be good if you hope to build your business, right?  Not necessarily so, as you’ll find out shortly.  Just as with many things in life, quantity doesn’t always trump quality.  In fact, too many clients can be a death knell for a business if you aren’t careful.  Don’t believe it?  Read on and learn.

Tuesday, November 20, 2018

So, You Want to Sell Your Business


By Ben Kinsey, CPA

Image courtesy of flickr
One of the reasons to own a business is to eventually sell it.  Whether the motivation to sell is to retire or simply to start another business is immaterial.  The most salient thing you need to consider if you hope to consummate a sale is to make the sale appealing to the buyer.  To accomplish that, you need to understand the process involved, the mistakes to be avoided and the time it takes to create a sellable business.

Wednesday, November 14, 2018

New Rules Benefit Contractors and Retailers


By Ben Kinsey, CPA

Calling all small contractors!  

Image courtesy of flickr
I have good news for contractors concerning long term construction contracts.  The 2017 Tax Act can save you money and reduce your accounting hassles. As long as your business does less than $25 million in gross receipts and the contract duration is over a year in length, you will be able to use cash accounting as opposed to the percentage of completion method you are currently forced to embrace.  In the past, long term construction contracts had to be reported using the percentage of completion method.  This method was very cumbersome to employ, since it required the contractor to even out the reporting of income over the life of the contract, regardless of the income collected. To use this method, all contractors were required to keep detailed accounting records of each period during the contract.