Booking an allowance for bad debts on a balance sheet is something that you have to do by first analyzing your major accounts. Book an allowance for bad debts on a balance sheet with help from the fiscal doctor in this free video clip.
With Gary W Patterson FiscalDoctor Rapid Growth Profitably Expert
September 10, 2013 – Atlanta, GA – Gary Patterson, FiscalDoctor®, expert on profitable growth rapidly, becoming more bankable and staying banking, was selected by Chron to lead a present a series of ten videos to help increase your profitability. This series is available at http://smallbusiness.chron.com/increasing-profitability-73493.html
Owning and operating a business requires a great deal of savvy, but more importantly, an understanding of finance and budgeting. Gary W. Patterson is a financial advisor and entrepreneur who understands management, budgeting and stock market values that would help any company.
- Operating Budget Line Explanations http://smallbusiness.chron.com/operating-budget-line-explanations-73494.html
- How to Book an Allowance for Bad Debts on a Balance Sheet http://smallbusiness.chron.com/book-allowance-bad-debts-balance-sheet-73503.html
- How to Enter a Liability in Double Entry Bookkeeping? http://smallbusiness.chron.com/enter-liability-double-entry-bookkeeping-73501.html
- Examples of LBO http://smallbusiness.chron.com/examples-lbo-73495.html
- Financial Analysis for Loss Mitigation http://smallbusiness.chron.com/financial-analysis-loss-mitigation-73496.html
- Functions of Corporate Governance http://smallbusiness.chron.com/functions-corporate-governance-73499.html
- What Is LBO Modeling? http://smallbusiness.chron.com/lbo-modeling-73498.html
- Straight Line Depreciation’s Effect on the Financial Statement http://smallbusiness.chron.com/straight-line-depreciations-effect-financial-statement-73497.html
- How to Treat Construction in Progress on a Cash Flow Statement http://smallbusiness.chron.com/treat-construction-progress-cash-flow-statement-73502.html
- Various Functions of Supply Chain Management http://smallbusiness.chron.com/various-functions-supply-chain-management-73500.html
About Gary W. Patterson
Gary W. Patterson, president & CEO of FiscalDoctor®, has worked with over 200 companies spanning supply chain, technology, transportation, construction, and service industries and been interviewed or presented internationally at over 80 of the leading and most prestigious publications and groups in the world.
His 4 books include “Million Dollar Blind Spots: 20/20 Vision for Financial Growth” and “Find Your Million Dollar Blind Spots: 7 Thing You Need to Know.” For more information, visit http://www.fiscaldoctor.com
High-Growth ERM Expert Gary W. Patterson Warns, “Unnecessary reports are hazardous to your wealth creation and company’s bottom line.”
August 26, 2013 – Atlanta, GA – Get the best resources in the right spots to exploit growth opportunities. Profitable growth and Enterprise Risk Management (ERM) expert and speaker Gary W. Patterson, president and CEO of FiscalDoctor®, urges companies to slash dead-wood reports to reduce operating costs, enhance the performance of disgruntled employees, and improve business efficiency and bottom line net profits. This also makes organizations more bankable and keeps them more bankable.
To help companies do the most with existing resources, Patterson asks companies to consider the following points when determining which reports would accelerate strategic goals and which ones should be tossed out.
- Just as people get out of shape and get flat or flabby, companies and their reporting infrastructures may suffer the same fate. Is your company’s reporting structure fiscally fit?
- Most reports require a significant effort to gather data, record it, verify the information or at least conduct some form of sanity check on the final product. Are your concerted efforts worth the final product?
- When asked, most department heads and managers complain about drowning in useless data. Are your employees complaining of too much data?
- Those same managers who complain about drowning in data may be starving for information they need to run their business better. Don’t you think that now is the time to develop useful reports that will help your management team better run the company?
- When information technology publications start making this suggestion as they have been doing for some time, don’t you think it’s time for companies to take this suggestion seriously?
- If you think green, consider how many copies and how often reports are printed out, bound, and saved somewhere, sometimes in triplicate. Isn’t it time you think “green” when producing reports?
To leverage the pruning process even more, think about what other line items or issues deserve a periodic review? And remember to do this process in good times so your business does not get fat, flabby or overweight again.
One final suggestion. Why don’t you consider instituting this review process of “doing more with less” instead of firing people as a way of reducing inefficiencies? Just think if your employees had fewer useless reports to sift through perhaps they would be more efficient, and you’d have a happier and more productive workforce.
About Gary W. Patterson
Gary W. Patterson, president & CEO of FiscalDoctor®, helps leaders grow revenues profitably rapidly by helping avoid the 3 biggest problems in profitably growing their business. He has helped companies spanning supply chain, high tech, transportation, construction, and service industries. Patterson is a well-known speaker on high growth, enterprise risk management (ERM), operational risk management (ORM), strategic budgeting, risk assessments, leadership, and change management.
For more information on the FiscalDoctor or his book Million Dollar Blind Spots: 20/20 Vision for Financial Growth, visit his website at http://www.fiscaldoctor.com , “free” strategic fiscal fitness http://www.fiscaldoctor.com/fiscaltest.html or call 678-319-4737.
Every business owner should know how an asset impairment loss can impact a company’s financial statements. It’s important to try and find the problem immediately so it can be solved right away. Learn all about how to deal with asset impairment losses and company financial statements with help from an entrepreneur and financier in this free video at Chron
Strategic competitive comparison to increase bottom line profitability: Part 1
Most business leaders and CEOs are looking for ways to increase bottom line profitability on a beer budget. So here is the first of 2 articles to either put more money in your pocket or keep it there through an inexpensive strategic comparison to competitors.
When was the last time you truthfully and strategically compared yourself to both direct and indirect competition? If you are one of the few companies that consistently do this regularly, say quarterly or semi-annual, skim the rest of the article for one or more insights on different ways to improve your competitive analytics. For the rest, this article will provide a number of low lying fruits results to easily and inexpensively harvest.
Start with a strategic overview that can be as simple as answering the following questions yourself and then expanding those thoughts with input from your sales, customer service and operational key member.
Do your competitors see you as their primary competition? Why or why not? Let’s look at the financial aspects of getting you there or to accelerate and lengthen the lead you have over the competitor nipping at your heels.
Examine the competition that is out there. If you do not already know, determine where your corporate financial position is in relation to your competition. Knowing this will help you figure how much money you need to grow you company to either pull away from the competition or surpass the competition that’s currently ahead of you.
Who are your direct competitors, those companies that are going after the same target audience your company is? What about your indirect competition, the companies that attracting your potential audience with a different or similar (but not exactly like yours) product or service? Your potential clients can just as easily buy from these companies if they are not buying from you.
Brainstorm tactically to expand the strategic insights from the questions above:
- How do you differentiate yourself from the competition?
- Do you have the best quality?
- Fastest delivery time?
- Most competitive price?
- Best reputation?
- Best innovation?
- Best service or support?
Your answers will be enough to find at least one to three areas to improve either top line sales, bottom line profitability, or to plug a gaping hole that now seems clearly visible. For even better results, talk to customers to gain their input. After all, how customers see themselves being treated and the competitive landscape is much more important than what you think they are thinking.
Originally published by ezinearticles and reproduced with their and my permission for your reading.
Below is a link to the manufacturing/wholesale distribution report. These typically come out quarterly.
Below is a link to the private equity group survey results.
Annual survey finds firms are optimistic about growth