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How to Choose the Right KPIs During an Economic Crisis
Posted: June 19, 2020
In challenging economic times, an agile business can not only survive, but thrive. With so much of the business environment turned upside down by the pandemic, executives in every industry are scrambling to reimagine the plans they brought into 2020. As they make adjustments, business leaders should double check that their key performance indicators (KPIs) are appropriate for the times. The wrong KPIs can send a business off course. The right KPIs serve as valuable…
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Strategies for Controlling Accounts Payable
Posted: June 5, 2020
Summer is heating up, but an economic snowball is growing larger every day. Many businesses are seeing wild fluctuations in revenue and cash flow, which may translate into ballooning accounts payable (AP) ledgers. The cascading effect of interconnected businesses not paying their bills threatens to topple firms that aren’t following good practices for financial health. Especially during these times of tight cash, getting control of accounts payable is an essential part of improving overall financial…
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The Accounting and Tax Implications of PPP Loans
Posted: May 21, 2020
Many of our clients have taken advantage of the Small Business Administration’s Paycheck Protection Program (PPP). PPP loans are providing essential relief to businesses that might otherwise be forced to cut staff, or worse. With the cash in hand, now is the time to understand how the loan should be treated for accounting and tax purposes. PPP Loans under U.S. GAAP: Debt or Grant? U.S. Generally Accepted Accounting Principles (GAAP) do not currently have guidance…
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A Simple Approach to Analyzing the Source of a Business’s Cash Crunch
Posted: May 13, 2020
The economic shock of the coronavirus pandemic is starving many businesses of cash. The crisis has radically disrupted the flow of payments that usually lubricates the interconnected world of business. Especially impacted are smaller firms that rely on revenue from a few customers to balance the books at the end of each month. A surprising number of businesses don’t systematically track their cash flows. As a result, when cash gets tight they don’t have the…
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Key COVID-19 Stimulus Resources for Businesses
Posted: April 6, 2020
Whittaker & Company is here to help businesses affected by the COVID-19 crisis. The Association of International Certified Professional Accountants (AICPA) has released several useful resources related to programs the Small Business Administration (SBA) is administering to assist businesses during this challenging time. In the links below you will find the AICPA’s tools as well as a number of other important resources. Navigating the Paycheck Protection Program (“PPP”) within the CARES Act The Association of…
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3 Steps to Performing Your Breakeven Analysis
Posted: May 24, 2017
Finding out what sales volume you need to achieve to at least breakeven is critical to managing your business. Once you know what your variable costs and fixed costs are, finding your breakeven point is easy. Variable costs are directly related to your sales levels in dollars or units sold. For example, materials and supplies, commissions on sales, sales incentives or bonuses for employees and shipping costs are all considered variable costs. Fixed costs are…
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3 Things to Consider When Creating Business Goals
Posted: May 16, 2017
Strategic planning is important for your business because it provides a sense of direction and outlines measurable goals to keep you and your business on track. In order to make the most of strategic planning, your business should give careful thought to the goals it outlines and then back up these goals with realistic measures for evaluating results. Here are three tips on how to create business goals and things to consider: 1. Plan Strategically…
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Why Forming a Mission Statement is Critical to Your Marketing Strategy
Posted: May 3, 2017
If you don’t know the answer to this question, your customers surely won’t either. More importantly, if you don’t know, you won’t be able to tell your customers why they should choose you over your competitors. Answering this simple question is critical to forming a mission statement and creating your marketing strategy. Undoubtedly when you decided to start your business you had an inspiration. Was it to provide a service or product better, faster or…
Read MoreWHY WHITTAKER?
There’s a difference between an “owner mindset” and a “manager mindset”. Those with an owner mindset are those we not only have experience working with: it’s who we really like. We see the changing tax landscape, the critical financial issues, and more.