,

June News & Notes

Time for a Mid-Year Review

Well, we are almost to the half-way point of 2010. (I know. It is hard to believe.) Now is a great time to do some evaluation, not just about where your business has gone during the last six months, but where it stands right now, and where it is headed for the rest of 2010.

Information, properly evaluated, is essential to the long-term health of any business. Whether things have been good or bad up to now, it can be a mistake to assume that the status quo will prevail for the remainder of the year. Review your activity to date, and ask these questions:

• Should sales go up, down, or remain the same?
• Were there any unusually prominent sales in the first half that cannot reasonably be expected to be repeated in the second half?
• Are there unusual sales coming up, that will enhance the second half?
• Does my current overhead match up well with the level of expected activity?
• Is cash flow keeping pace with the level of business activity?
• Are there any obligations which will soon be paid off, or new ones that must be worked into the monthly budget?
• Is there any room to renegotiate some fixed payments, such as rent or loan payments?

As you can see, there is a lot to be considered. If you are unsure about how to get this information, or, if you are unsure how to evaluate it, ProfitBuilders stands ready to assist you.
 

Are You Getting the Most Out of QuickBooks?

QuickBooks accounting software comes in multiple versions.  Some are industry-specific.  No matter what type of business you have, proper setup of the software is essential to getting the most from QuickBooks.  If you are a new user, having the initial setup performed by a Certified ProAdvisor can help achieve smooth sailing from the outset.

If you have been using QuickBooks for awhile, a review and evaluation of your setup can do wonders to clean up recurring errors, improve functionality, and reset reports to provide the most meaningful information.  Custom reports are also easily designed, so that you can get the exact data you need at the touch of a button.

The Cost of Fraud

Is your organization vulnerable to fraud?  The answer is "yes."  According to the 2010 Report to the Nations on Occupational Fraud and Abuse, an estimated 5% of annual revenue is lost to fraud in the typical organization.  With margins for products and services even tighter than usual, 5% is an awful lot to lose from the bottom line.

The linked article from the Journal of Accountancy addresses the report's findings, highlighting types of fraud and prevention measures.

http://www.journalofaccountancy.com/Issues/2010/Jun/20102852.htm