Allen Bostrom – Universal Accounting

It’s fourth quarter, and so that means it’s time to assess your record keeping position.

Some small business owners think that electronic filing eliminated the need for adequate record keeping.  That is far from the case.  It’s just as critical today that you have good records as it was before.  Electronic filing just made it easier for the IRS to gather your tax forms, but are just as likely,  if not more likely, to request copies of documents that will support and prove your deductions.

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I know I do! Life and work can be stressful.  Laughter is great medicine.  Here’s a joke I came across on Mark Lee’s blog Accountant jokes and fun, ranked one of the Top 50 Accounting Blogs by BIZ.edu.

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Which stores and restaurants and stores do you patronize most often?  Are you treated poorly there?  I would guess you are not!  Not long ago, my oldest son managed a store for an AT&T cell phone dealer.  His customers often came to his store straight from another dealer’s store a mile up the street, where they had been ignored or treated disrespectfully.  While the location of his store was poor and his prices were often higher, my son won many customers for his employer because he provided the world class customer service that his competitor did not.  Kudos to my son’s employer for building and sustaining a culture with such emphasis on customer service.

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I am seeking thoughts, ideas and important questions to address regarding the topic of helping accounting clients who are in the red. I have been invited to speak on the profit recovery process described in my book, Red to Black in 30 Days, at the CBA conference (http://www.c-b-a.ca/conference.htm) in Toronto Canada in three weeks.  What would you want to hear if you were in the audience?  I will use this information to improve my presentation and address questions & issues most important to accountants and bookkeepers.  Please include only those examples or questions that you don’t mind me sharing.

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The accounting system and the people who run it are tremendous assets within a business. The accounting function is powerful in helping any business operator and department manager understand what is happening within the business.

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Whether you are a small business owner or the accountant of a small business, or both, it is important to realize that nothing happens until you make a sale!

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Every year, since 2004, there’s been chatter regarding tax preparer registration or licensing.  Five years ago, there was even legislation proposed, but other priorities trumped it and it was allowed to die.  Each year, since that time, someone has tried to carry the flag, but with minimal success even though the abuse of RALs and error rate for Earned Income Credit claims have been rising.

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An associate of mine once took over the management of a car dealership that was really having some financial difficulty. In order to generate more cash, he sold one of the product lines to another company. It raised a lot of immediate cash. Then, after reviewing the accounting statements, he realized that this particular product line had been generating a large portion of the profit. Although he was able to solve a short-term cash problem, he created a longer-term problem. He then had to acquire other product lines to replace the moneymaker that was lost. This problem could have been avoided altogether if the accounting system had been set up in order to give him the information that he needed to take immediate action. This accounting problem was soon remedied, but it took several months to re-build sales to previous levels.

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Google, watch out!  You may have hell to pay!

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I have always had a passion for business. I enjoy working with company owners and managers in improving their businesses, but I am often astonished at how little they know about their own companies.

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