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Small Business Consulting Tips |
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Please note that some of our
Small Business Consulting Tips may be presented in PDF
format. The Adobe Acrobat Reader is required to view PDF
documents. If you do not have the latest version of the
reader already installed, you can download the
Adobe Acrobat Reader here. Periodically we will add
new Small Business Consulting tips, please check back
again in the future! |
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February 2012 Business Tip of the Month
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CLICK HERE
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January 2012 Business Tip of the Month
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CLICK HERE
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December 2011 Business Tip of the Month
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CLICK HERE
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Avoiding Estate Tax of Life Insurance Proceeds
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Why buy life insurance? Very often, it's to protect your loved ones from financial hardship. You expect that all of the proceeds will go to your beneficiary. But did you know that life insurance proceeds are sometimes subject to federal estate tax?
Many people don't realize that life insurance proceeds are an asset that must be included in an estate for federal estate-tax purposes.* In 2004, the top federal estate-tax rate is 48%. In that bracket, nearly half of your insurance proceeds could go to Uncle Sam instead of your loved ones.
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Valuation Services
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Why is a Business Valuation Necessary? A brief discussion of business valuation.
 Click Here for more information in PDF Format
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Business Retention Schedule
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Here is a pdf file with a listing of selected records with suggested retention schedules for businesses and corporations.
Click Here for more information in PDF Format |
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Financial Statements
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I can’t help but be obvious and somewhat self promoting when drafting this, my first small business tip. I tend to want to start talking about business tips from the beginning, so whether you are a start up or going concern business my first tip would be this. Develop, if you haven’t already, adequate, relevant and accurate management information to run your business. The starting point to management information is to prepare, or have prepared for you, accurate internally prepared financial statements on a regular (monthly or quarterly) basis. These financial statements should include at the very minimum, a detailed balance sheet, income and expense statement and a statement of cash flows.
My next suggestion is for you, as a business owner, to learn to read, interpret and understand the financial statements - particularly amounts and percentages on the statements that are most relevant to operating your business. A consistent financial review of “how the business is doing” will, in a very short period of time, allow you to maintain a certain mental presence about the financial position of your company at all times. Inadequate or poorly prepared information will do just the opposite. It will distort your knowledge of how the business is doing and can lead to false perceptions as well as poor business decision making. Your accountant should be able to set up, adjust and work with you to prepare your company’s financial statements . That’s the self-promoting part.
In the future I’ll comment on start-up companies. If you have questions or just want to share some small business tips just email me at bruce@rukkilanegro.com. If I can’t answer your questions, I’ll find someone that can.
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Did you know our firm is comprised of 12 professionals,
each with a unique and experienced background? |
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Get acquainted with... |
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Patricia Kearly
CPA
Personnel Director Senior
Accountant
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