Allen Bostrom – Universal Accounting

Bill Catlette recently released an article entitled, A recession is a terrible thing to waste.  His message lists a number of things an individual can personally do to make our Nation’s economic problems a positive opportunity.  Although they don’t have anything to do with accounting, this quote does have application to our profession.

In fact, this principle is true in accounting, more so than virtually any other business skill.  During this period of fiscal troubles, we as accountants have an opportunity to educate business owners, and help them maintain, and even recover from financial annihilation.After all, we are the profit experts.

When you’re sick, who do you call?  Someone in the medical field.  Similarly, when your business is failing, who should you call?  Someone in the accounting field.  There’s a lot of financially ailing businesses out there, that need some help.  The accountant who knows how to help the business owner recover is a professional in high demand indeed during these troublesome months.

In my recently published book, Red to Black in 30 Days, I demonstrate the six steps to placing a company back on their feet.  Here they are in a nutshell:

• Assess the situation
• Plan the turnaround project
• Improve cash management
• Reduce expenses
• Increase revenues
• Monitor and reassess

Following these steps will ensure structure and a more organized effort in helping businesses endure.

Allen Bostrom
Universal Accounting Center