Posts Tagged ‘newsletter’

Is Your Accounting Department Dysfunctional?

By Mike Bedel, CPA, CGMA, MBA
Partner, Director of Audit & Assurance Services
mbedel@sponselcpagroup.com

Cash flow is the lifeblood of any business. That’s why the cornerstone of any company is an efficient accounting department and financial reporting system that promptly measures and reports the results of your operations.

Financial statements should be prepared on a regular, systemic basis, around the 15th of the month. Timely, accurate information is essential to your management team. Consistency of practice is crucial.

Is your accounting department meeting these demands? Failure to pay invoices on time or deliver accurate, comprehensive reports can severely harm your company’s reputation and result in late payment fees, decreased credit worthiness, issues with your suppliers, etc. Lack of consistency, planning, transparency and oversight can also quickly lead to untimely financial reporting and poor management information systems. The risk of fraud is also increased in an undisciplined accounting environment.

As a business owner, it’s vital that you determine the people, processes and discipline necessary to make your accounting function run as smoothly as possible. Your management team should be reviewing your financial statements and key performance metrics on a regular, MONTHLY basis! A business that is not doing this on a regular basis is setting itself up for a less than successful result!

If you’re experiencing accounting issues in your company, it’s time to step back and determine the source of the problem. And if you need a fresh set of eyes on your accounting function, Sponsel can help!  Is it your people? Is it your systems, or lack thereof? Or do you simply not know? Whether you’re seeking consultation or thinking about outsourcing your bookkeeping needs, we can offer support.

If we can assist you with achieving success in your business or personal affairs, please contact Mike Bedel at (317) 613-7852 or email mbedel@sponselcpagroup.com.

Who is the Monkey on Your Back?

By Eric Woodruff, CPA
Manager, Audit & Assurance Services
ewoodruff@sponselcpagroup.com

Are you feeling overwhelmed? Do you look at your workload and feel like you have too much on your plate? It’s time to step back and dig to the root of the problem.

Business owners and CEOs can often be their own worst enemies. Their extreme work ethic and type-A personalities can push them to pick up other people’s slack and take on too many projects. Many times those projects are the direct responsibilities of other managers!

This is a pattern of unhealthy behavior that needs to stop. The point of operating a business is to collaborate with others toward a common goal — not to conquer everything on your own.

How do you get the monkey of stress off your back? Maybe start by identifying the non-performing members of the staff and determining the areas in which they would be more effective and efficient. Maybe they’re just not working on tasks that best suit their skill set or they weren’t given proper instruction. Ineffective delegation and lack of training are usually the causes of poor workflow. But rather than simply taking over tasks yourself when this happens, work with your employees toward improvement. Two heads are better than one!

A large part of being a business owner is about holding people accountable. If you constantly take on other employees’ workloads or make up for others’ mistakes, your team will never grow. Remember, there’s no “I” in team! Don’t be your own worst enemy or let the monkeys keep piling up on your back. Start spreading the workload around and joining forces with your staff. Work smarter, not harder. Hold your staff accountable!

If Sponsel CPA Group can assist you with achieving success in your business or personal affairs, please contact Eric Woodruff at (317) 613-7850 or email ewoodruff@sponselcpagroup.com.

Do You Need an Attitude Check?

By Lisa Purichia
Partner, Director of Entrepreneurial Services & Employee Benefit Services
lpurichia@sponselcpagroup.com

In the business world, attitude is everything. And it trickles down from the top. A business owner or manager’s demeanor sets the mood for the entire workplace.

Do you need an attitude check? Think about how you interact with co-workers on a typical business day. Do you greet them in the morning with a smile? Do you ask how they’re doing? Do you emit an air of positivity?

Optimistic people tend to prosper. A positive attitude not only helps you persevere through the pressures and challenges of the professional world, but it also attracts those who can help your company grow. Your passion and enthusiasm will likely rub off on prospective clients and persuade them to do business with you. It will also convince your current clients to stick with you for the long run.

Business owners who treat people well and seem eager to join them on a road toward success are bound for bright futures. This is the power of positive thinking!

Your attitude ultimately complements your brand image. A company with high morale will attract and retain employees and clients, which will ultimately help you build a rock-solid reputation in your community and beyond.

Amid typical business obstacles and economic ups and downs, it can be difficult to maintain a positive mood and optimistic outlook. However, a persevering attitude can demonstrate a can-do experience that a leader must carry with her at all times! Just remember what the renowned motivational speaker Denis Waitley once said: “Your attitude is either the lock on or the key to the door of success.”

For more advice on the importance of attitude or for assistance with achieving success in your business. please contact Lisa Purichia at (317) 608-6693 or email lpurichia@sponselcpagroup.com.

How to Avoid Retirement Anxiety

By Tom Sponsel, CPA/ABV, CFF
Managing Partner
tsponsel@sponselcpagroup.com 

It’s never too early to start thinking about retirement. What’s especially important to consider is the fact that it’s different for everyone. It doesn’t have to mean a life of hanging out on the golf course or lounging in the sun. You may find yourself busier in your retirement than you were in the working world. Retirement can be whatever you want it to be!

The thought of retiring can also be overwhelming, as it marks the start of a whole new lifestyle for you and your loved ones. Don’t allow the status quo expectations of retirement at age 65 corner you into a decision that you are not ready to make. You need to not only include financial planning in your plan but also activity planning so you don’t become bored!  In order to avoid retirement anxiety, here’s a checklist of questions you should consider as you start the planning process.

  • When do you want to retire?
  • What are the major steps you need to take to prepare for retirement? (Who will take over your responsibilities in your business? Are you financially prepared? Are you mentally prepared?)
  • What are the main things you want to do with your free time? (Make a list of 5-10 activities.)
  • Do you want to move your homestead?
  • Do you want to travel?
  • What are your spouse’s needs/wants post-retirement? Are you in agreement?

If you are a business owner, you may not want to walk away entirely. Think about how active and involved you want to remain. Consider stepping down and taking on a lighter advisory role. Maybe limit your time in the office to one or two days a week.

Most importantly, don’t let retirement sneak up on you. Be proactive and intentional. Retirement anxiety comes from lack of consideration and preparation. So be sure to plan ahead of time and craft a crystal-clear vision of what you (if applicable — your spouse) want your retired life to look like. Also, be realistic. Know your limitations and be conscious of when it’s time for you to take a break from the business world. And make sure that break is exactly what you want it to be!

For further advice on preparing for retirement or assistance with your personal and business affairs, please contact Tom Sponsel at (317) 608-6691 or email tsponsel@sponselcpagroup.com.

Employee Spotlight — Ryan Hodell

Ryan Hodell joined Sponsel in January of 2015, fresh off the heels of graduating from Marian University with a bachelor’s degree in accounting and finance.

Last year, Ryan earned his CPA license, and he currently serves as a member of the Indiana CPA Society. This year, Ryan was promoted to a senior staff accountant in the tax services department, where he performs a variety of tax compliance and consulting services for individuals and businesses in addition to providing various tax planning and projection services.

Outside of work, Ryan enjoys spending time with his wife. (They tied the knot just last month!) He also loves playing golf and cheering on his favorite baseball and football teams — the Los Angeles Angels and Chargers.

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