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Professional valuations provide businesses with more than a number
Are you selling your business, soliciting new investors, updating a buy-sell agreement, pursuing litigation or drafting an estate plan? An accurate business valuation prepared by a valuation professional is critical to the success of these and many other activities. Knowing some fundamentals about the process can help you understand your valuator’s conclusions, what drives business…
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How can barcodes improve asset management?
From laptops and tablets to power tools and safety equipment, misplaced or mismanaged assets can quietly drain profits and disrupt operations. By tracking equipment and other assets with barcodes, your business can connect its physical property to its financial records. Here’s a closer look at how this technology can help you control costs, strengthen internal…
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How a lockbox or other service can benefit accounts receivable
For decades, businesses have used bank lockbox services to speed up collections and reduce administrative work involved in processing customer checks. Today, the basic idea remains the same, but modern lockbox services can automate your accounts receivable processes. Automated clearing house (ACH), credit card and instant-payment services can also provide efficient collections. So the question…
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A closer look at shareholder advances
Shareholders sometimes provide funds to their businesses outside of their initial investment or regular capital contributions. These transfers — commonly referred to as shareholder advances — raise an important accounting question: Under U.S. Generally Accepted Accounting Principles (GAAP), should the business report the advance as a liability or as equity? The term “shareholder” technically refers…
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Cross-functional teams can boost collaboration — and sales
“Cross-functional” sales teams that collaborate with other departments often perform more effectively than siloed ones. By providing feedback and support, employees with varied skill sets and knowledge bases can help your sales team create more holistic sales strategies, better align product offerings with customer needs and efficiently adapt to market changes. Here’s how sales can…
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How nonprofits can better engage members and encourage renewals
These days, many people are evaluating recurring expenses and deciding which memberships deserve a place in their budgets. At the same time, members increasingly expect personalized experiences, flexible engagement options and clear value from the organizations they support. If renewals are slowing at your nonprofit, it’s time to strengthen your retention strategy. Learn what today’s…
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Considering layoffs? Try these alternatives first
It’s every business owner’s least-favorite task: laying off staff. But sometimes, layoffs are unavoidable. Labor costs are a significant line item on most companies’ income statements, and reducing your workforce can potentially help restore stability if your business hits choppy waters. On the other hand, many costs are associated with staff reductions. These include severance…
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Does your nonprofit need a CFO?
Most nonprofits begin with a deep commitment to serving a mission — not a love of financial management. Yet as organizations grow, financial oversight becomes increasingly complex and critical. This often leads to an important question: Is it time to hire a chief financial officer (CFO)? The answer depends on your organization’s size, structure and…
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Caution is required when addressing a gun collection in your estate plan
For many, the primary reason for creating an estate plan is to ensure their assets are passed on to family members according to their wishes. But when it comes to estate planning, not all assets are created equal. One asset type that can be tricky to transfer to beneficiaries is firearms. According to a Pew…
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Business owners: You don’t need a crystal ball to see the future, just your CPA
Financial statements report historical financial performance. But sometimes management or external stakeholders want to evaluate how a business will perform in the future. Forward-looking estimates are critical when evaluating strategic decisions, such as debt and equity financing, capital improvement projects, shareholder buyouts, mergers, and reorganization plans. While company insiders may see the business through rose-colored…
