Growth and Beauty after a Storm

Posted by Vince Callaghan in Uncategorized on May 7, 2012

They saying goes ‘April Showers bring May Flowers’, this is in reference to the stormy weather that provides the resources and change for things to grow in the future. This analogy is true in business as well.

In this trying economy, the storms of April, businesses have been buffeted with many challenges and opportunities. Some of you have been more successful at dealing with the storm than others, but those that have made it through the storm should expect to do well in the ‘May flowers’. You have diminished competition, not everyone has survived the storm. You have learned how to run lean and mean and how to do more with less.

These combined attributes should allow you to grow significantly as the economy improves and you have the opportunity to bloom and grow again. I look forward to the opportunity to talk to people and learn how they think the springtime will help or hurt them.  If you have challenges that you need some help with, please give me a call I am here to help.

If you have any questions, concerns or ideas please reach out to me, I am here to help you achieve your growth potential and bloom into what you want to be.

Partner B2B CFO®

 

 

 

 

 

 

 

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The Benifits of Having a Plan

Posted by Vince Callaghan in Uncategorized on March 15, 2012

The Benefits of a Plan
How a strategy enables you to achieve your goals

If you had to make a significant payment to Uncle Sam this year for your taxes or worse you received a large tax refund do you know why it happened? Having to come up with additional cash to pay an unexpected tax bill or providing the government with an interest free loan of your money for the whole year should make most business owners upset. The tax rules are a little complex but well understood by your B2BCFO®, so we can help you ensure that you get to keep as much of your money as possible while making your business more valuable.

If you were taking a dream trip across country would you just jump in the car and start driving? Most people would not, you would carefully map out your route, plan your stops and hit a couple of the sites along the way. You would certainly figure out how much it would cost and what you planned to spend on places to stay and things to see because you would hate to run out of cash half way through the trip. Your trip plan would help you to have a successful vacation.

Your As-Needed CFO™ can do the same thing for your business adventure. We will work with you to map out the trip, plan your budget and set up the milestones you want to visit as you move forward to your final destination. Not to mention we can help you make sure that you do not run out of cash along the way. We plan for the things that are going to happen, taxes, payroll, inventory costs and we plan for things that might happen. That sales program that did not meet expectations or the untimely breakdown of some plant equipment. If you have a plan these bumps in the road are inconvenient, but not catastrophic. It make your life as a business owner less stressful, more enjoyable and more profitable.

Since most business owners have too much on their individual plate, they need some help with major issues like adding value to their business and putting more cash in their pocket. Our model of an As-Needed CFO™ is unique and helps provide many benefits to business owners. Increased company value, reduced cash flow worries, reduced stress, more free time and an exit strategy plan are just some of the benefits of B2BCFO®.

We have A GamePlan™ for you that provides the resources, methods and expertise you need to be more successful as a business owner. Take a look at Our GamePlan™ brochure and please contact me for your free Discovery Analysis™ or with any questions you may have, I am here to help.

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Smart 25 Awards

Posted by Vince Callaghan in Uncategorized on February 10, 2012

B2B CFO Announces the Call for Nominations and Event Sponsors for the Inaugural
“Smart 25 Awards”

Nominations for the Inaugural “Smart 25 Awards” are being accepted through March 20, 2012

B2B CFO, the nation’s largest CFO services firm, is accepting nominations for the first annual “Smart 25 Awards” through March 20, 2012. The award program recognizes outstanding companies and individuals for driving smart business growth in one of the toughest economies.
Honorees and finalists will be celebrated during the awards ceremony on May 4th, 2012, at the Aria Resort in Las Vegas, Nevada, during B2B CFO’s annual National Partners Conference.
The Smart 25 Awards were launched to coincide with B2B CFO’s silver anniversary and recognize the critical components of best business practices that create jobs and improve the economy. Open to all growth-oriented privately-held businesses from around the United States, the awards honor companies and leaders for their significant accomplishments.
Award categories include:

• Fastest Growing in Sales – presented to companies that demonstrate strong sales growth over a period of three years 2009-2011.
• Top Job Creators – presented to companies that created most jobs over a period of three years 2009-2011.
• Largest Loan Secured – presented to companies that managed to secure the largest loan (single or cumulative) during a three-year period 2009-2011.

• Best Working Capital Increase – presented to companies that demonstrate the healthiest growth in their working capital.

“Businesses are thriving despite these tough economic conditions and the Smart 25 Awards is our opportunity to celebrate and showcase their accomplishments,” said Jerry L. Mills, founder and CEO of B2B CFO. “These awards recognize the smartest business practices and provide a platform for national exposure. So we encourage the business community from around the nation get involved and get recognized for the great impact they are making in our economy every day.”

Company nominations and self-nominations are accepted. Up to five finalists will be chosen for each category by a selection committee comprised of distinguished representatives from the media and financial community.

The inaugural Smart 25 Awards will be presented at the B2B CFO National Partners Conference which brings together Partners and Service Providers from around the country. More than 300 attendees are anticipated to participate.
“2012 marks a very big year for B2B CFO,” added Mills. “It’s our company’s 25th anniversary and we cannot think of a better way to celebrate then by launching an awards program that recognizes other successful businesses.”
Conference sponsors include Morgan Stanley Smith Barney, SAP, and Intuit among many others.

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What to Throw Away and What to Keep

Posted by Vince Callaghan in Uncategorized on January 17, 2012

With the New Year starting it is time to get organized. This means cleaning out old inventory and old information from your systems. But the big question is usually what am I supposed to keep and for how long. It is important to keep those records that will be required if you every get audited, because without the proper documentation your claims will be denied by the IRS and you may be subject to additional taxes, penalties and interest.

It is also important to dispose of records that are beyond the required retention periods, because if you do get audited and you have older records they can potentially be used against you. In short, keep only those things you are required to keep.

Here is a partial list of documents from the IRS and the suggested retention times, this is not a complete list and should only serve as a guideline.
The Internal Revenue Service has stated:
“Records such as receipts, cancelled checks, and other documents that
support an item of income or a deduction appearing on your tax return should
be kept until the statute of limitations expires for that return. Usually this is
three years from the date the return was due or filed, or two years from the
date the tax was paid, whichever is later. There is no statute of limitations
when a return is false or fraudulent or when no return is filed.
“You should keep some records indefinitely, such as property records, since
you may need them to prove the amount of gain or loss if the property is sold.
Generally, income tax returns should be kept for a three-year period. They will
help you prepare for future tax returns and amended returns.  If you are an employer, you must keep all your employment tax records for at least four years after the tax is due or paid, whichever is later.”

Following is a non-IRS list of recommendations for records retention:
Accounts payable ledgers and schedules – 7 years
Accounts receivable ledgers and schedules – 7 years
Audit reports – Permanently
Bank statements and reconciliations – 7 years
Capital stock and bond records – Permanently
Chart of accounts – Permanently
Cancelled checks, except as follows – 7 years
Cancelled checks for important payments (taxes, purchases of
property, special contracts, etc.) – Permanently
Contracts, mortgages, notes and leases – Permanently
Correspondence – legal and important matters- Permanently
Cash register tapes – 7 years
Deeds, mortgages and bills of sale – Permanently
Depreciation schedules – Permanently
Deposit slips – 3 years
Employment applications – 3 years
Expense reimbursement requests – 7 years
Financial statements (year-end)- Permanently
Garnishments – 7 years
General ledger and year-end trial balances – Permanently
Insurance policies (expired)- 3 years
Insurance records, current accident reports, claims, policies, etc. -
Permanently
Internal financial statements – 3 years
Inventories of products, materials and supplies – 7 years
Invoices (to customers, from vendors) – 7 years
Journals to general ledger – Permanently
Lease agreements – after expiration of the lease – 7 years
License, permits, royalty agreements – after expiration – 10 years
Minute books of directors, stockholders, bylaws and charter- Permanently
Notes receivable ledgers and schedules- 7 years
Patents and related papers – Permanently
Payroll tax returns, W-2′s, Form 1099′s, etc. – 7 years
Personnel records – 10 years
Property appraisals by outside appraisers – Permanently
Property records, including costs, depreciation schedules,
year-end trial balances, blueprints and plans – Permanently
Purchase orders – purchasing department copy – 7 years
Receiving sheets – One year
Retirement and pension records – Permanently
Sales commission reports – 3 years
Sales invoices, shipping documents – 7 years
Sales tax returns – 7 years
Scrap and salvage records (inventories, sales, etc) – 7 years
Stock records and certificates – Permanently
Tax returns – Permanently
Time cards – 7 years
Trademark registration and copyrights – Permanently
Training manuals – Permanently
Withholding tax statements – 7 years

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Year End Top 10 List

Posted by Vince Callaghan in Uncategorized on December 5, 2011

With the end of the year approaching all business owners should tackle a basic top ten list of actions to be done to close out the year.

1. You need to know what you own.

Take a physical inventory of all of your assets (inventory, equipment, real estate, intellectual property).

2. You need to know what you are owed.

Review your accounts receivable information and make sure you inform everyone on the list what they owe you. Be polite and professional, every company is tight on funds,if you do not ask you will not be on the top of the list to get paid.

3. You need to know what you owe other entities.

Review your accounts payable information and put a plan in place to prioritize who gets paid when and how much.

4. Meet with your financial expert to plan out the cash needs for the next three quarters.

Meet with you financial expert and calculate what your cash needs will be and if you will meet them for the next three quarters. If you know today that you you will have an issue 6 months from now, you should be able to resolve it before it becomes a major problem.

5. Make sure all of your tax obligations are payed up or scheduled to be paid.

This is all of the taxing authorities you have to deal with as a business owner. Federal, state and local income tax; payroll taxes; personal property tax; company registration fees; license renewals (state, professional); 401K payments.

Over time, in many cases, the penalties and interest can be larger than what you owed if you do not address the issue.

6. Clean up loose-ends on pending deals/arrangements/ventures, so you know what your activities will or will not be.

Year end is the time to decide, you have to make decisions about the future or the future will make your decisions for you.

7. Set your sales objectives for the next 3 quarters and make the plan to achieve the objectives.

Now that you have figured out what your cash need is, put together your sales plan to reach that sales goal. Knowing you cash need is great, but you need a plan on how you will achieve get it.

8. Update/create your business metrics so you know how you will measure your success.

Do not expect what you do not inspect, you need to develop a set of measurements for your success. It can be as simple as monthly sales expectations and a tracking system to show how well you have followed the plan.

9. Set your short term milestones and make plans to achieve them.

Setup some short term targets, usually a month or two at a time, and strive to achieve them. Several small steps are much more productive than trying to take a giant leap forward.

10. Meet with your staff/employees/management team to tell them what the plan is and what each of their roles are in the plan.

The light is worthless if kept under a basket. Meet with your people and make sure they all know what the plan is, their role in the plan and what you expect from them. If they do not know what they are expected to do, how can they achieve it.

If you need any help with any of these top ten items, please give me call or drop me an email, I am here to help you be as successful as you can be.

Vince Callaghan
vcallaghan@b2bcfo.com
248-435-9570

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B2B CFO NAMED IN PRESTIGIOUS INC. 5000 LIST

Posted by admin in Uncategorized on September 1, 2010

B2B CFO NAMED IN PRESTIGIOUS INC. 5000 LIST

184% Growth Earns B2B CFO Spot in the 2010 List of Fastest
Growing Companies in America

Phoenix, Ariz. August 24, 2010 – B2B CFO, nation’s largest
provider of CFO services to small businesses, has been named to the
prestigious Inc. 5000 list of fastest growing companies in America.

logo

Now in its 29th year, Inc. Magazine’s annual ranking judges US-based
and privately held companies by their revenue growth. This year’s
list was ranked on the percentage in revenue increase from
2006-2009. B2B CFO’s growth earned 84th place in its industry.

“There are approximately 27 million small businesses in the U.S.
today,” said Jerry L. Mills, founder and chief executive officer of
B2B CFO, “It is a huge honor to be among the fastest growing and the
most successful businesses in the country. Our firm has experienced
tremendous growth over the past few years and we are on track to
continue expanding. I am especially grateful to all of the firm’s
dedicated Partners who continue to advocate our services around the
nation.”

In a personalized letter congratulating B2B CFO on this
accomplishment, Jane Berenston, editor-in-chief of Inc. Magazine’s
wrote “Congratulations: your company, B2B CFO, has made the 2010
list of the fastest growing private companies in America. This
achievement puts you in rarefied company, especially if you consider
that over 27 million businesses are registered in the USA. The elite
group you’ve now joined has, over the years, included companies such
as Microsoft, Timberland, Visa, Intuit, Jamba Juice, Oracle, and
Zappos.com. I look forward to congratulating you in person in
Washington, D.C.”

B2B CFO’s growth is reflected in numerous awards this year. The
company was also recently named in ACE Corporate Growth Awards,
which recognized the most successful and fastest growing companies
in Arizona.
In August 2010, B2B CFO has grown to 170 Partners across 39 states,
representing 5,000 years of cumulative experience. Each Partner is a
seasoned financial executive who serves as CFO to growing businesses
on as-needed basis. Approximately 80% of the Partners have a
background that includes senior executive positions at the Big Four,
and all of the Partners have held high level executive finance
positions in various industries in corporate America. Together, B2B
CFO Partners work with more than 500 businesses in the nation with
combined annual sales of more than $3 Billion.

Jerry L. Mills and many of the B2B CFO Partners regularly dedicate
time to educate business owners on financial matters. Mills is a
frequent speaker and contributor and has been featured on many
national media networks including FOX Business, Fortune Small
Business, Smart Money and many others. Mills is also the author of
The Danger Zone – Lost in the Growth Transition, and Avoiding The
Danger Zone – Business Illusions, both business non-fiction books
that help entrepreneurs understand and build a strong financial
strategy.

“We look forward to participating in the Inc. 500|5000 conference in
Washington, DC this fall,” added Mills. “Along with my colleagues, I
look forward to the October 2nd awards ceremony and to meeting the
entrepreneurs that created the other 5000 fastest growing companies
in America.”

About Inc. Magazine

Founded in 1979 and acquired in 2005 by Mansueto Ventures LLC, Inc.
is the only major business magazine dedicated exclusively to owners
and managers of growing private companies that delivers real
solutions for todays innovative company builders. Inc. provides
hands-on tools and market-tested strategies for managing people,
finances, sales, marketing, and technology.

Inc. Magazine’s 29th annual Inc. 5000 ranking of the fastest-growing
private companies in the country is available online at
www.inc.com/inc5000/list

About B2B CFO

Headquartered in Phoenix, Ariz., the firm was founded in 1987 by
Jerry L. Mills. B2B CFO is the nation’s largest CFO firm serving
entrepreneurial, growth and mid-market companies with revenue under
$75 million. The firm’s partners have an average of 25 years of
experience and each individual partner is a senior level executive
with a broad range of expertise. Please visit online at
http://www.b2bcfo.com/

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