In June of 2016 the Financial Accounting Standards Board (FASB) finally issued its pronouncement on the Current Expected Credit Loss (CECL). Although this pronouncement does not go into effect until the year 2021 this is not something you should put on the back burner. CECL is going to take time and planning in order to...
keep readingOkay, this year is looking to be different than what we have been expecting over the past years. Obviously, I am merely speaking from my vantage point; after being involved in audits, sitting through board and annual meetings, visiting with you managers and our partners who are involved in your audits. What we expect to...
keep readingWith the firm’s 100+ cooperative client base, we like to reflect back in the first edition of each year’s newsletter on what we have seen over the past year. There is obviously exceptions, outliers that performed much better than our overall characterization of the past year. Sadly, there are those that performed much worse. That...
keep readingChances are, you know who your business rivals are. But do you know what they’re up to? Most companies don’t take enough time to analyze the competition and use the information to find better ways to market and sell. Here are 10 illuminating ideas: Call or visit competitors’ stores or showrooms.Experience your rivals’ products or services from a customer’s standpoint....
keep readingBefore your salespeople hit the streets, help them analyze prospects based on some key factors. That way, they can use their time more efficiently and close more sales. Here is a simple numeric rating system: Does the potential customer perceive a need for the product? · Customers who get along fine without your product and don’t...
keep readingDid you know that, once you turn age 70½, you must start taking mandatory annual withdrawals from your traditional IRAs, including any simplified employee pension (SEP) accounts and SIMPLE IRAs that you set up as a small business owner? These mandatory IRA payouts are called required minimum distributions (RMDs). And there’s a stiff penalty if you...
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