Posts Tagged ‘Unsuitable on Rea Radio’

Business Podcast Heats Up In July

Thursday, July 28th, 2016

Regular listeners of unsuitable on Rea Radio already know that the summertime lull had no effect on the show’s quality. July has been an entertaining and informative the month for the Rea & Associates’ podcast. From discussing the many reasons American consumers should support locally-owned businesses (Self-Reliance: Made in America) to this week’s episode about cybersecurity concerns, (The Hacked & The Hacked Nots) featuring Rea’s own Joe Welker, CISA. Listeners also got a spoonful of crisis communication advice and insight from Denny Lynch, Wendy’s former senior vice president of communications (The Infamous “Finger In The Chili” Incident) and then learned that LLC’s, C-Corps and S-Corps were not created to be equal in the world of entity structure (Maximize Your Equity: Maintain The Right Business Entity) form Gene Spittle, CPA, PFS, CGMA. In short, there was literally something for everybody to listen to and enjoy.

Want to hear what you’ve been missing? Check out this month’s episodes below.

Happy listening!

Episode 38: Self-Reliance: Made In America

Long days, vacations, barbecues, baseball … what’s not to enjoy about summer?! It’s also the time of year when we celebrate what it means to pursue the American dream. And, for many, this dream materializes in entrepreneurship and, going a step further, buying American-made products as a way to support a strong domestic economy. Kyle Stemple, CPA, CGMA, principal and director of manufacturing services at Rea & Associates, talks about the value of “buying American,” and the direct impact consumers have on America’s marketplace and the quality, customer service and product support we receive from domestically-run businesses.

Episode 39: The Infamous ‘Finger In The Chili’ Incident

Remember the time America began checking their Wendy’s chili for rogue fingers? Denny Lynch does. As the senior vice president of communications at the time of the crisis, Denny and his team was not only responsible for helping disprove the claim, but to maintain the brand’s image and reputation as one of the nation’s premier fast food restaurant brands. On episode 39, “the infamous ‘finger in the chili’ incident,” Denny and Mark discuss crisis communications and why clear, consistent internal and external communication strategies are critical when businesses have to protect their brands from unforeseen crisis situations.

Episode 40: Maximize Your Equity: Maintain The Right Business Entity

How much thought did you put into how your business would be structured. Did you consider whether economic conditions would be more favorable if your company operated as a LLC (Limited Liability Company), C Corp or S Corp? Were the tax implications weighing heavily on your mind as you wrestled with this important decision? Your business’s structure is not a decision to be taken lightly and Gene Spittle, CPA, PFS, CGMA, a principal at Rea & Associates, will tell you why on this episode of unsuitable on Rea Radio.

Episode 41: The Hacked & The Hacked Nots

Lack of cybersecurity training has left companies nationwide vulnerable to the ever-growing and constantly changing threat of cybercrime. On episode 41 “The Hacked & Hacked Nots,” we learn why many companies are incorporating third-party software to monitor and protect their firewalls to determine which sites are safe and which ones should be avoided at all costs to help protect you from cybercriminals. Joe “Captain Data” Welker, CISA, Rea & Associates’ IT Audit Manager, joins us once again to give listeners some valuable insight into current cyber hacking and internet threats and what we can do to keep ourselves, and our businesses, safe. You are not gonna want to miss this episode!

If you like what you hear, subscribe to unsuitable on Rea Radio on SoundCloud or iTunes or sign up to receive weekly email alerts when new episodes drop.

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Do You Know The Best Way To Buy A Business?

Thursday, June 2nd, 2016
Business Acquistions - Ohio CPA Firm

Ryan Dumermuth, principal at Rea & Associates, and Kirk Spillman, president and CEO of Eagle Machinery in Sugarcreek, Ohio, join Mark Van Benschoten on episode 34 of unsuitable on Rea Radio.

Generally speaking, relationships are easier to develop and maintain when you work with the other person. The same is true in business, especially when you’re considering the relationship between a business owner and an advisor. I had a chance to be a guest on an episode of unsuitable on Rea Radio with Kirk Spillman, president and CEO of Eagle Machinery, a manufacturing company located in Sugarcreek, Ohio, to talk about what goes into developing a strong business advisory relationship – particularly when buying a business. Bottom line, a successful relationship with your advisor goes far beyond any monetary transaction; it’s rooted in mutual trust and respect. And, if nurtured, a relationship with your advisor can last a lifetime and can help drive long-term business success.


Listen to episode 34: the best way to buy a business, build a relationship that matters, on unsuitable on Rea Radio, Rea & Associates’ financial services and business advisory podcast.


How Well Do They Know Business & Can You Trust Them?

Before you decide who you should work with from an advisory perspective, you need to consider what kind of assistance you’re looking for. Remember that while it’s not always necessary for your advisor to have expertise specific to your industry (although that is undoubtedly helpful), it is critical for your advisor to be a business expert who can effortlessly apply general business tactics, strategies and best practices to address your specific needs and drive results. Don’t miss out on an opportunity to work with the best advisor in the market simply because they don’t market themselves as an expert in construction or healthcare. Call them up and get to know them before making a decision. Your choice should ultimately hinge on the advisor’s business prowess and out-of-the-box thinking.

When You Don’t Know, Ask An Advisor

We hear a lot about the importance of bringing an advisor on to assist with succession, but there are important considerations an advisor should be privy to when buying a business as well. Over the course of my career, I’ve learned that a person looking to buy a business needs just as much help, if not more, than the tenured business owner seeking to embark on retirement.

Those who are new to business ownership are trying to overcome a variety of obstacles, not to mention the difficulty associated with managing a smaller budget. And while it may not seem to make much sense to “splurge” on advice from a professional business consultant when there are other bills to be paid, the best way to navigate this unknown territory is to turn to a trusted advisor who has seen the situation you are facing.

“I learned very quickly how much I did not know about business,” said Kirk, during the podcast. “I thought I knew enough about operations and customer service and marketing all of those things that I could just step into this business and be very successful. [Before long] I recognized that there were going to be things that I would need that I didn’t have experience or resources for … [like] the entity itself. How do we set this entity up? I knew nothing about that.”

Your business advisor will be able to shine light on the areas you know nothing about, such as how to structure your business entity, how to determine the true value of the business, setting up payroll, managing inventory, etc. There’s a lot of risk involved in buying a business because, particularly for owners who are new to entrepreneurship, there are so many unknowns. Your team of advisors will help take the guess work out of business ownership.

I invite you to learn a little bit more about Kirk’s experience and to learn how a business advisor can help you establish, manage and grow your business until you decide it’s time for you to move on. Click on the media player below or visit www.reacpa.com/podcast to learn more about the best way to buy a business.

By Ryan Dumermuth, CPA, CFP (Mentor office)

Want to learn more tips to help you succeed in business, check out the following articles for additional insight.

Dream Big: Considerations For The Aspiring Business Owner

So You Want To Buy A Business: Now What

Getting By With A Little Help From Your Friends

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Business Improvement Begins Internally

Wednesday, May 18th, 2016
Lean Six Sigma - Ohio CPA Firm

Chris Liebtag recently appeared on an episode of unsuitable on Rea Radio, a weekly podcast produced by Rea & Associates. Chris, and host Mark Van Benschoten, discuss Lean Six Sigma and why all businesses can benefit by implementing the discipline. Click here to listen to the show!

When you think about the utility of Lean Six Sigma, you are likely thinking about its usage in the manufacturing industry. But did you know that business owners across a wide range of industries can find value in Lean Six Sigma as well? The usefulness of this practice spans far beyond a manager’s ability to improve efficiency on the production room floor. In fact, this discipline has yielded significant results in a variety of businesses spanning all types industries with varying product and service offerings.

Start listening and Discover The Hidden Factory of Lean Business Building on unsuitable on Rea Radio

Why You Should Run A Lean Office

Like most businesses (if not all businesses), one of the basic tenants of Lean Six Sigma is to understand and drive client value. Using this fact as a starting point, the Lean Six Sigma discipline is then used to identify areas of improvement in your organization while implementing effective, more efficient, solutions.

Even though a manufacturing company and a doctor’s office appear to be fundamentally different, both organizations can find significant value through the implementation of Lean Six Sigma because they share the same basic tenant – to understand and drive client value. From a healthcare perspective we know that patients value shorter wait times and improved professional interaction. Using Lean Six Sigma, we would review the office’s processes and determine how to make them more effective in the interest of driving client value. One solution might be to improve the general organization of the office. Doing so could feasibly result in greater efficiency among the staff, shorter wait times and longer, more meaningful interactions with patients.

This same scenario can play out in all offices where client value is considered a priority.

Better Quality Begins At The Beginning

When you have two people doing the same job without any formal processes, they’re bound to produce different results. Unfortunately, lack of consistency negatively impacts the company’s overall ability to produce quality products and/or services.

Companies and organizations that implement Lean Six Sigma, go through the exercise of deconstructing organizational processes to determine best practices, implement changes and establish quality control measures throughout every step of the process – not just at the end. Making quality a priority early in the process will consistently produce higher quality products and services.

Just Getting Started

Obviously we are just scratching the service of what Lean Six Sigma can do. I recently had the opportunity to talk about the effectiveness of Lean Six Sigma on an episode of unsuitable on Rea Radio with Mark Van Benschoten where I was able to talk a little more about the practice. You can go to www.reacpa.com/podcast or click the play button on the media player below to listen to our conversation. You can also email Rea & Associates if you have questions this topic.

By Chris Liebtag, LSSBB, PMP (Dublin office)

Check out these articles for even more tips to help you move the needle:

Your Business Could Be Doing Better

Turning The Tables On Ourselves: How We Used Lean Six Sigma

Gaining Efficiencies In Service With Lean Six Sigma

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Who’s Driving Your Business’s Results?

Monday, May 9th, 2016
Jeremy Senften | unsuitable on Rea Radio | Ohio Accounting Podcast

Jeremy Senften, CPA, CGMA, Rea’s chief operating officer, joins Mark Van Benschoten on an episode of unsuitable on Rea Radio to talk about the benefit of tracking your business’s success. Listen to episode 31, “Bet On Your Business By Scoring Your Success,” now!

Businesses that drive consistent revenue growth are able to do so because they have honed in on the importance of working with their teams to drive measurable results. And, believe it or not, it’s not rocket science! Take a look at these three tactics for tips to help you achieve the growth goals you’ve been working toward.

Listen To Bet On Your Business By Scoring Your Success on unsuitable on Rea Radio

Place Your Bet

If you had to bet that one particular action would drive the results you are looking for, what would that bet look like? For example, if your goal was to increase your company’s sales, I would be willing to bet that increasing the number of calls your team makes to customers would bring you closer to reaching your goal. Placing your bet on a particular initiative will help you identify where you need to focus your efforts and work you do to reinforce the bet will help you achieve the goal.

Keep Score

Just because you are not keeping score in the traditional sense, doesn’t mean somebody else isn’t tallying up points. Generally speaking, we like to keep score because we like to know if who is winning. As competitive beings, people like to see what the others are doing. That way we have an idea of what we need to do to one-up them. Companies can harness this drive and put it to good use when it comes to driving desired results in your business. Tracking your success is so important and communicating these results is just as critical. Your team wants to know how what they are doing has an effect on what is going to happen and how those results impact the big picture. It’s your job to show them.

Communicate

If you aren’t constantly communicating news, results and other critical information, your efforts are doomed to be chalked as just another “flavor of the month.” You’ve likely make a significant investment in this particular initiative, so it’s critical that you talk it up – and often. Some people say that a person has to hear something seven times before it actually “clicks.” I like to joke that you should talk about it until you are tired of talking about it … then mention it 10 times more. You shouldn’t be the only one delivering the message either. Try to establish a team to champion your message to encourage others to take ownership of the initiative as well.

Are you looking for more insight into the goal-setting (and achieving) process or would you like some additional clarity on the points above? Listen to my interview with Mark Van Benschoten on unsuitable on Rea Radio and “Bet On Your Business By Scoring Your Success.”

By Jeremy Senften, CPA, CGMA (New Philadelphia office)

For more insight into achieving business growth, check out these articles:

From Good To Great: How To Create A Strategic Plan That Propel Your Business Forward

If It’s Going To Be, Then It’s Up To Me

Measure Your Operations With Key Financial Information

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Your Secret Weapon: The Business Advisory Team

Tuesday, March 22nd, 2016
Business Advisory Podcast - Ohio CPA

On episode 25: the advisory advantage: a left-handed fireball pitcher for your business, Dave Cain, CPA, a principal at Rea & Associates, advises business owners about the benefit of having an advisory team. Start listening now.

If you have the opportunity to get great advice from a team of established business professionals and industry veterans, people who have lived, breathed, touched, and experienced the journey you are about to embark on – wouldn’t you? When you have a business advisory team to challenge and motivate you, you hold the secret weapon to long-term business value and personal and professional success.

But first you have to establish your team. Here are some tips that should help point you in the right direction.

Establishing A Core Group of Advisors

Although the makeup of the group could change or adapt depending on the needs of your business, usually the business advisory group will consist of a CPA, an attorney, a banker and a financial planner. Your advisory team has to be able and willing to have the crucial conversations necessary to facilitate real growth and change – and you need to be willing to hear all their opinions. Even if you don’t agree with some of the opinions that may be expressed, be an active participant in the conversation. Sometimes these dissenting opinions will become the catalyst for achieving some major milestones.

Trust that you’ve put together a strong group of advisors with a wide range of skills and experiences needed to take your business to the next level. The journey may, at times, be a little bumpy, but if you all stick together, the destination will be worth it.

Your Business Advisory Meeting

Meeting with your business advisory team should be more than a scheduled play date. You should have a plan for how the meeting is going to flow.

Remember that this meeting is a strategic session that will focus on the tactics necessary to fulfill the goals you’ve established for your business. This is not a time to look back at your prior year’s financial statements or tax returns. This is your chance to look at the stuff that you don’t get to touch every day because you have been too busy working in your business – rather than on your business.

To ensure that your advisory team leaves the meeting with a concrete action plan, make sure to come to the meeting prepared with an agenda. To maximize your success, everybody should have a clear picture of what their next steps are and what should be ready to the group at the next meeting.

It’s not always easy to stick to an agenda. Everybody has an opinion and new ideas will sprout from seemingly nowhere. Consider appointing an advisory team quarterback who can ensure that the meeting topics and decisions that materialize are consistent with the company’s mission statement, vision statement and core values. Your quarterback can also reel in the team when talks begin to become a little one-sided.

unsuitable on Rea Radio | Ohio Accounting Podcast | Rea & AssociatesWant more? Listen to episode 25: the advisory advantage: a left-handed fireball pitcher for your business on unsuitable on Rea Radio and find out if a business advisory team is right for you and your business.

By Dave Cain, CPA (Dublin office)

Still not sure if it makes sense to establish a formal business advisory team for your company? Check out these articles for further insight.

Getting By With A Little Help From Your Friends

Is Your Business Batting A Thousand?

5 Best Practices For Taking Your Business To The Next Level

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Dos and Don’ts of Gifting & Donations

Thursday, December 10th, 2015

Is it just me, or can you feel the magic in the air this time of year? Even though the days are colder and the nights are longer, the holidays seem to bring out the best of humanity; and, having worked with many not-for-profit organizations over the course of my career, I have the pleasure of seeing some of the best of humanity first hand.

Listen now: The Warm Glowing of Giving

People choose to make donations to organizations and initiatives for many reasons. We learned in episode 11 of our podcast: “The Warm Glow of Giving,” that charitable donations are primarily guided by the heart and that 87 percent of all donations are made by individuals. That being the case, I still believe individuals – as well as businesses – should embrace strategy (the head) when it comes to writing checks to a worthy cause.  Here are some do’s and don’ts to keep in mind when writing your check to charity.

Gifting Donations - Ohio Accounting Firm

Looking to make a donation this holiday season to your favorite charity? Keep these dos and don’ts in mind before making that donation.

Do

  1. Do your research. Make sure you learn all you can about the organization you are donating to. You want to make sure you are donating to a worthy cause and not a fake charity.
  2. Know where your money is going. Find out how the organization will use your donation. It is OK to ask prior to your donation.
  3. Understand how this will affect your taxes. Most people know that making a donation can lead to a tax deduction, but do you know how much you can claim? If not, this is something your Rea advisor can help you understand.
  4. Get documentation. Any donation of $250 or more requires documentation if you are going to use it as a tax deduction. A cancelled check, receipt, etc. all work as documentation to include with your tax return.
  5. Give away appreciated assets, such as stocks. When doing this you get a deduction for the full value in most cases and you escape  the capital gains on the appreciation.

Don’t

  1. Expect a gift in return for your donation. That’s not the true meaning of a donation. Also, to be deductible, a gift cannot be received when making the donation, including a meal. If the donation was made at a dinner event, the cost of the meal must be subtracted from the donation amount.
  2. Pay with cash. For tracking and to prevent fraudulent activity, paying by check or credit card is usually the best option.
  3. Give randomly. Do your homework when donating, you won’t regret it. Make sure your money is going to a good cause and being used properly.
  4. Give more than you can afford. We all want to help, but donating more money than you can afford just creates more problems for you. Don’t put yourself in a situation where you are giving away more money than you can afford.
  5. Give away assets that have declined in value. Doing this will waster the capital loss opportunity for you.

Around 358 billion dollars are donated to not-for-profit organizations every year and these organizations turn around and do amazing things with your gift. From feeding the hungry, providing support to veterans and ensuring that others get the health, monetary or education assistance they need, nonprofits are an critical component of our society and you can be sure that the money you donate to any one of these types of organizations is appreciated. But you should still make sure you are using your head when making a donation to ensure that your money is being used in the best way possible. Want to learn more about how to choose the right not-for-profit organization for your tax-deductible donation? Listen to episode 11 of our podcast, Unsuitable on Rea Radio. You can also email Rea & Associates to get answers to your specific questions..

By Lesley Mast, CPA (Wooster office)

Learn more about the benefits of donating to charity. Check out these blogs posts:

Is It A Charity Or A Scam?

Tis The Season: Charitable Giving Through A Donor-Advised Fund

Charitable Giving Is Good For The Heart, The Soul And The Tax Return

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It’s OK To ‘Think Small’

Friday, November 20th, 2015

Revenue Growth Isn’t Always The Solution

Revenue Growth - Ohio CPA Firm

Your revenue is like the water level. When it’s high, it hides a lot; but when it’s low, problems begin to reveal themselves. Unfortunately, some business owners believe that the best way to fix their business is by adding revenue. What they don’t realize is that this tactic is simply masking the real problem.

Have you ever been white water rafting? When the water is high, you glide effortlessly through the river, expertly navigating the bends and slicing through the current – it’s exhilarating. Flash forward a few months later, after the water level has dropped, and it’s a completely different story. Where it was once smooth sailing, you are now confronted with a scattering of rocks, boulders, logs and branches. Your ability to progress through the course takes a hit.

Your revenue is like the water level in this example. When it’s high, it hides a lot; but when it’s low, problems begin to reveal themselves. Unfortunately, some business owners believe that the best way to fix their business is by adding revenue. What they don’t realize is that this tactic is simply masking the real problem.

Sometimes, More Is Less

If you want your business to be healthier, you can’t rely on revenue growth to solve your problems. In fact, you may find greater success if you start thinking small.

Businesses that are healthy tend to be able to generate healthy cash flow. This means that you need to pay attention to more than just your ability to generate revenue. For example, you could find great success if you were to tighten up your billing strategy. Oftentimes, business owners will only focus on their monthly revenue and forget to consider how long it actually takes for the money to roll in. Even though your company’s revenue looks great for the month of July, it could be September (or later) before you actually get paid. In the meantime, you are stuck playing the waiting game.

Instead of looking for more customers to cover the difference, start thinking small. Get rid of the extra baggage that’s holding you down. Revenue doesn’t mean a whole lot unless you have the cash to back it up. To that point, it may be time to stop doing business with clients who aren’t prompt when it’s time to pay their bills on time. Instead, be more selective when choosing who you will do business with.

What’s Holding You Back?

It can be a lot of work to identify what’s holding you back and sometimes you need to look at your business from a different perspective, some business owners find great success simply asking for help from an outsider. There is no one-size-fits all solution. The best way to take control of your business is to work with a trusted advisor.

A great place to start is by listening to our podcast, Unsuitable on Rea RadioEpisode 10: The Revenue Sin covers business health and what you can do to strengthen your cash flow. When you are done, click here for additional resources.

Do you have a business question you need help solving? Send it to podcast@reacpa.com and let us know what issues are challenging your business. We could feature your question on an upcoming episode of Unsuitable or in a blog post.

By Brad Martyn, Founder & CEO, FocusCFO

Looking for more ways to improve your business? Check out these articles:

Not All Growth Is Good Growth

5 Reasons Why Managing A Solid Cash Flow Is Just Good Business Sense

Drive Internal Cash Flow And Improve Profitability

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Your Business Could Be Doing Better

Thursday, November 5th, 2015

 

Lean Six Sigma - Manufacturing CPA Firm

Kyle Stemple discusses Lean with Mark Van Benschoten on Episode 8 of Unsuitable on Rea Radio. You can find all our podcasts at www.reacpa.com/podcast.

Those in the manufacturing industry are familiar with the significance of implementing tactics to increase efficiency and effectiveness throughout the organization. But did you know that these same concepts can benefit businesses outside of the manufacturing realm?

Listen to Episode 8 of Unsuitable on Rea Radio: Don’t settle for a plate of spaghetti

Consider the five key principles identified in Jim Womack’s book, The Machine that Changed the World and think about how they relate to your company.

  1. The customer defines value.
  2. The company must focus on eliminating waste. (Waste is defined as any activity that doesn’t add value to the company.)
  3. The customer establishes pull.
  4. The company must involve and empower people who add value.
  5. Total cost is the ultimate performance metric.

Now, reflecting on these principles, how can you optimize performance of your people while optimizing the customer experience?

Focus On The Big Picture

Once you've decided to embrace Lean in your business, you need to step back and map out your existing processes. If, at the end of this mapping exercise, the lines that guide you through your processes begin to look like a plate of spaghetti, you've got a problem.

Once you’ve decided to embrace Lean in your business, you need to step back and map out your existing processes. If, at the end of this mapping exercise, the lines that guide you through your processes begin to look like a plate of spaghetti, you’ve got a problem.

You want to be successful. To do that, you must have a clear understanding of what “success” looks like to you. A good way to do this is to identify challenges (present and future) that may hinder you from realizing your maximum potential. Once you know what you are looking for, you can generate proactive solutions – ultimately increasing your efficiency.

Think Lean

Everything we do, whether it's in our personal life, in our business life, nonprofit, for-profit ... everything we do - is all determined by processes.

Everything we do, whether it’s in our personal life, in our business life, nonprofit, for-profit … everything we do – is all determined by processes.

You may consider Lean Six Sigma to be a tactic solely for manufacturing companies. But Lean can actually be very valuable to all types of companies. But first, you have to understand the Lean concept.  First, Lean is not “headcount reduction” and thinking of it as such could result in greater long-term problems. When you decide to embrace a Lean approach to business, you should actually be committed to:

  1. Understanding your customers better and making sure the processes your business adopts meets (and exceeds) their expectations.
  2. Harnessing your employees’ knowledge to better serve your customers.
  3. Continuous improvement while building greater business capacity.

Things Are not Always What They Seem

When it looks like you've solved your efficiency problems, step back and reassess. Never forget, Lean is about embracing continuous improvement. If you really start digging and asking the right questions, you are going to get answers - and your businesses processes will continue to improve.

When it looks like you’ve solved your efficiency problems, step back and reassess. Never forget, Lean is about embracing continuous improvement. If you really start digging and asking the right questions, you are going to get answers – and your business’s processes will continue to improve.

When you embark on your Lean journey, financial struggles early on are normal. It can be scary at first, but if you are persistent, you will ultimately realize positive results. Think about it this way, traditional absorption accounting allocates overhead to inventory. As inventories are reduced in the interest of becoming lean, prior period costs are expensed in the current period. When your finance experts and executive leadership team aren’t aware of this transitional lag, they may mistakenly associate Lean with declining profits. Instead, keep going – pretty soon you should be able to notice improvements to your company’s cash flow.

Take The Plunge

Your Lean initiative will only be successful if management commits to its success. Therefore, they must fully commit to the concept while taking the time to become familiar with the benefits of Lean. Sure, dipping your toe in and testing the waters may seem like a safe bet, but unless you take the full plunge, you will never realize your company’s full potential and world-class results.

Lean continues to evolve from a manufacturing concept to one likened to secret weapon used to boost the effectiveness of office and administrative processes (and so much more). In this era when continued improvement is idealized, Lean has emerged as the answer. Could your company benefit by becoming Lean? Listen to this 17-minute podcast to find out.

By Kyle Stemple, CPA, CGMA, Lean Six Sigma Green Belt (New Philadelphia office)

Kyle Stemple on Rea Radio - Lean for BusinessLearn more about Lean and how it can transform your business. Listen to Don’t Settle For A Plate Of Spaghetti on Unsuitable on Rea Radio at www.rea.com/podcast or on iTunes or SoundCloud.

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You Can Still Have The Final Say After Death

Friday, October 23rd, 2015
Estate Planning - Ohio CPA Firm

It doesn’t matter if you have a lot of assets to pass on or very few, estate planning is one of the best things you can do for yourself and for those you love.

Life is full of enjoyable experiences. Spending time with family and friends, hiking through the woods, spending the afternoon on the lake, immersing yourself in a hobby – these are the moments we live for. What if you could give yourself the opportunity to make those moments more enjoyable? Would you take that opportunity?

Click To Listen To Episode 6 of Unsuitable on Rea Radio: The Grim Reaper Is Coming … And He Wants Your Money

Every time you avoid the conversation about estate planning you miss out on a chance to make this period of your life even more enjoyable – for you, and for your loved ones. Once you have made your plans with regard to what you want to happen after your death, those thoughts are no longer in the back of your mind. They are decided and you can truly enjoy the moment with your friends and family.

Three Things Everybody Should Know About Estate Planning

  1. Estate planning is for everybody. Estate planning isn’t just dependent on your assets; it’s about identifying what you want to happen after you pass away. Who do you want to take care of your children, for example, and do you want that person to be financially responsible for them as well – they don’t necessarily have to be the same people. When you take control of your estate planning, you are effectively helping to ease the burden that is already felt by your loved ones. Not only will you have already made the difficult decisions, but you can do so in a way that provides additional benefits for your heirs while securing your legacy.
  2. If you have an IRA, don’t forget to name your contingent beneficiary.  It’s common to have an IRA through your employer, but oftentimes naming the IRA’s contingent beneficiary is forgotten. Usually it’s your spouse, but if your spouse has already passed away, you need to make sure to name a new contingent beneficiary. This is just one simple way to plan ahead, but it’s frequently overlooked.
  3. Probate Court isn’t always a bad thing. You hear people say things like: “You want to avoid probate at all costs.” But that’s not necessarily the case. For example, imagine that you’ve made plans to have all your assets go directly to your three children – avoiding the probate process altogether. When it comes time to pay for your funeral, you would hope that your three children would split the cost three ways without much ado. But, without Probate Court to mediate the situation, one child could decide that they don’t want to pay their portion, which would leave the other two children with the bill. When you bring probate into the equation, you help ensure that there is enough money available to cover these necessary funeral expenses.

Find Time To Enjoy More

It doesn’t matter if you have a lot of assets to pass on or very few, estate planning is one of the best things you can do for yourself and for those you love. The sooner you start planning yours, the sooner you can get back to enjoying the moments that truly make life worth living.

By Dave McCarthy, CPA, CSEP (Medina office)

Dave McCarthy Discusses Estate Planning during Unsuitable on Rea RadioLearn more about the importance of estate planning. Listen to “The Grim Reaper Is Coming … And He Wants Your Money” podcast on Unsuitable on Rea Radio at www.reacpa.com/podcast or on iTunes or SoundCloud.

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Stop The Family Drama With A Buy-Sell Agreement

Thursday, October 8th, 2015
Take control of your future with a buy-sell agreement - Unsuitable on Rea Radio

You don’t know what the future holds, but if you don’t take steps to prepare for the unknown you are leaving your business and your family vulnerable. Click here to listen to How To Ruin Thanksgiving Dinner on Unsuitable on Rea Radio, a new finance and business management podcast.

It seems like when the holiday season comes around everybody does their best to put their best foot forward and to portray the image of “the flawless family.” From the turkey dinner on Thanksgiving, to the Christmas cards featuring happy, loving families – we do all we can just to make sure everything is … perfect.

Listen to the podcast: How To Ruin Thanksgiving Dinner

The holiday season is also notorious for other less-than-perfect qualities, such as family fights, holiday shopping stress and, ultimately, increased depression and anxiety.

Now imagine you are battling the normal holiday stressors while trying to manage a family business. And what if your business is in crisis mode and your life, the future of your family members and the sustainability of your company hangs in the balance?

When you own a business with family or friends you already run the risk of business matters spilling over into your personal affairs. But when you haven’t invested the time and resources needed to plan ahead, you are leaving your business and your family vulnerable. Take control of the future of your business and the general well-being of your family all year long by knowing the true value of your business and investing in a proper buy-sell agreement.

Click here to read the full article.

By Tim McDaniel, CPA/ABV, ASA, CBA (Dublin office)

Business Valuations - Ohio CPA firmLearn more about the importance of securing a custom business valuation and buy-sell agreement. Listen to the How To Ruin Thanksgiving Dinner” podcast on Unsuitable on Rea Radio at www.reacpa.com/podcast or on iTunes or SoundCloud.

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Why would I want to listen to a podcast from an accounting firm?

Wednesday, October 7th, 2015
Unsuitable Podcast - Ohio CPA Firm

Mark Van Benschoten (left) talks with Doug Feller, a principal and financial advisor with Investment Partners, talks about wealth enhancement and investment tactics for an upcoming episode of Unsuitable on Rea Radio, a new financial and business advisory podcast from Rea & Associates. Click here to learn more about Unsuitable on Rea Radio.

I know what you’re thinking – listening to a podcast from an accounting firm is probably about as entertaining and insightful as watching paint dry. But Unsuitable on Rea Radio isn’t your typical accounting podcast, and here’s why.

Real, Simple Solutions

Who doesn’t like a good story? What about one that leaves you with greater insight into the financial wellness of your own company? And if you had a better idea of how other successful entrepreneurs manage their wealth, wouldn’t you try to follow their lead?

The professionals at Rea have seen a lot over the last several decades and they are willing to open the curtain just enough to provide you with the information to forge your own success. And on Unsuitable, they do just that.

An Effective Kick In The Pants

Unsuitable offers a little something for everybody and I am confident that this is a show that will not only help provide you with more clarity, but will motivate you to take the next step as a professional and as a business leader.

Look at what has already been discussed in the first four episodes:

And this is just the beginning. Look for episodes highlighting investment strategies, Affordable Care Act compliance and retirement preparedness – just to name a few.

Accountants Like To Laugh Too

This may come as a surprise to many since those in the accounting profession tend to be thought of as dry, stuffy, number-crunching fanatics, but that’s just not true – well, most of the time. The Rea team consists of some pretty humorous, outgoing folks and I think that the diverse sense of humor of our team shines through. Mark Van Benschoten, the host of the show, helps a lot, of course. He does an excellent job addressing each guest and makes them feel comfortable … then the show gets really good.

Just The Right Length

Our firm has 11 offices throughout Ohio, which means I do a lot of driving. When I’m on the road I like to listen to podcasts – and there are a lot of them out there! What I really like about Unsuitable, is that it’s long enough to be really informative and wraps up nicely before it reaches the point where I am wishing it would end. In fact, when it does end I find myself wanting to start the next one. Mark and his guests get right to the point of the show, provide examples and offer hard-hitting advice in a concise, enjoyable format – all while having a great time and avoiding stuffy accounting jargon.

Go to www.reacpa.com/podcast now and start listening or subscribe to Unsuitable on Rea Radio on iTunes or SoundCloud. I also want to encourage you to use #ReaRadio to join the conversation on Twitter and Facebook.

By Lee Beall, CPA (Dublin office)

Click here and start listening to Unsuitable on Rea Radio now!

 

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5 Financial Secrets Of Successful Business Owners

Tuesday, September 29th, 2015
Financial Secrets Of Successful Business Owners - Rea & Associates - Ohio CPA Firm

After following through with a 13-week cash flow for almost a year, you will have better insight into how to spend your profits to help your business generate additional cash and sales. Visit www.reacpa.com/podcast to learn more and listen to Rea’s podcast — Unsuitable on Rea Radio.

Many business owners find difficulty coming to terms with their financial obligations. They will dedicate long hours combing through their company’s expenses, invoices and payroll to arrive at an annual budget, only to let the report sit until it’s time to repeat the exercise again a year later. A 13-week rolling cash flow helps take the stress off business owners when it comes time to make important strategic decisions throughout the year. But in order to get your company back on the right track, you must be ready to change the way you look at your company’s finances. These five financial secrets of successful business owners will get you on the right track.

Listen To Unsuitable On Rea Radio – Why $1 Million Doesn’t Matter

1)     Know how much cash you have on hand.

We’re talking about tangible cash here; and to know how much you actually have on hand you will have to look beyond the ending balance on your business’s bank statement while not letting yourself get caught up in a sea of technical information, graphs and presentations. The three most important questions you should be asking every week are:

  • How much money do we have in the bank?
  • What is our accounts receivable balance?
  • Who do we owe and how much we owe them?

The other information and reports are still important, they just aren’t as critical when you have to make big decisions without a lot of time to ponder your company’s short- and long-term financial state.

2)     Understand your billing practices.

To get an accurate picture of your company’s cash flow, you will need to take a closer look at your current billing practices to find out if you are getting your bills out on a timely basis. Don’t be tempted to gloss over this step. It may surprise you to learn that a lot of decision-makers and business owners think they are on top of their billing activity, only to learn that they’re not. A 13-week cash flow budget will expose this weakness and will get you back on track.

3)     Delegate ownership of your cash flow. 

We are all busy and it’s easy to be enthusiastic about implementing a 13-week cash flow strategy — in theory. But when it’s time to actually put your strategy into action it’s easy to blame “lack of time” for why you put it off. The good news is that you can delegate the work to someone who has the time. You really can’t afford to ignore your cash flow. When you understand where your money is coming in from and where it’s going, you will begin to see positive results.

4)     Review your cash flow projection often.

While it’s great to write out an annual budget or a three-year-projection, most owners will push the document to the side … where it will begin to gather dust. Then, when the day comes when you need to know the financial state of your company for decision-making purposes, you are left with inaccurate, outdated information. When this happens, your effectiveness and accuracy as a leader is challenged. It doesn’t have to be though. When you review your cash flow regularly, you arm yourself with the tools need to make financially strategic decisions. For example, after following through with a 13-week cash flow for nearly a year, you will gain greater insight into how to spend your business profits to help generate the additional cash and sales needed to facilitate sustained growth.

5)     Put your accrual basis profit in its place.

While you may still need to have an accrual statement or generally accepted accounting principle statement to appease regulatory agencies, you would do well to remember that when it comes to the lifeblood of your business, cash flow is king. In all likelihood, businesses of all sizes should consider keeping two sets of records — an accrual and a cash basis statement — to maintain your company’s compliance among all stakeholders.

You can’t spend accrual basis profit. You can, however, spend cash basis profit. Which is why, at the end of the day, you’ll find that your banker, your lender, your shareholders, etc. … will take more interest in your cash flow strategy and your cash flow budget than your other reports.

Want to learn more? Click here to listen to Unsuitable on Rea Radio and find out “Why $1 Million Doesn’t Matter.”

By Dave Cain, CPA (Dublin office)

Visit www.reacpa.com/podcast for more episodes of Unsuitable on Rea Radio or click here to subscribe to the podcast on iTunes or click here to listen to the show on SoundCloud.

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