Algonquin Accountant Reveals 10 Most Common Financial Mistakes

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Business Owners Beware: Top Toxic Financial Mistakes, Algonquin Accountant Dale Kubiesa www.CFO-accounting.com

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Algonquin Accountant Reveals 10 Most Common Financial Mistakes

  1. 1. 10 of the Most Common, Most Damaging Financial Mistakes Business Owners Make and How to Avoid Them Part One in a Two Part Series Mistakes 1 Through 5 www.CFO-Accounting.com Financial Mistakes You Can Avoid! Dale Kubiesa, MBA, CPA, CFO The Accounting-CFO Brutally Honest, Trusted Advisor 847.458.8477
  2. 2. Algonquin, Illinois Accountant Background <ul><li>Dale Kubiesa is a certified public accountant with more than 25 years experience. </li></ul><ul><li>15 years service as a strategic advisor to small and medium-sized businesses </li></ul><ul><li>Undergraduate Degree in Commerce and </li></ul><ul><li>MBA from DePaul University </li></ul><ul><li>Recognized Expert </li></ul><ul><ul><li>Commercial Real Estate Strategy and Valuation </li></ul></ul><ul><ul><li>Tax Compliance Issues </li></ul></ul><ul><ul><li>Overall Financial Strategies </li></ul></ul><ul><ul><li>Ratio Analyses </li></ul></ul>
  3. 3. Financial Mistake #1: Acting on Inaccurate or Untimely Information <ul><li>Many believe accounting done solely for year end or end of quarter tax compliance </li></ul><ul><ul><li>Too Late For </li></ul></ul><ul><ul><ul><li>Costs vs. Estimate Comparisons </li></ul></ul></ul><ul><ul><ul><li>Managing Profitability of </li></ul></ul></ul><ul><ul><ul><ul><li>Overall Company </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Each Division </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Each Job </li></ul></ul></ul></ul><ul><ul><li>Accounting Systems & Processes Should Be the Foundation of Your Financial Success </li></ul></ul>
  4. 4. Financial Mistake #2: Failing to Use More Than One Set of Books <ul><li>Perfectly Legal and Sensible! </li></ul><ul><li>Different Data for Different Reasons </li></ul>Generally Accepted Accounting Principles Tax Compliance Format Managerial Format
  5. 5. Financial Mistake #2 (cont.): Failing to Use More Than One Set of Books <ul><li>Generally Accepted Accounting Principles </li></ul><ul><ul><li>For Your Banker </li></ul></ul><ul><ul><li>Does Little in Running Your Business </li></ul></ul><ul><li>Managerial Format </li></ul><ul><ul><li>For Managing Profitability and Costs </li></ul></ul><ul><ul><li>By Segments and Profit Centers </li></ul></ul><ul><ul><ul><li>Products & Services </li></ul></ul></ul><ul><ul><ul><li>Geographic Area </li></ul></ul></ul><ul><ul><ul><li>Crew or Service Team </li></ul></ul></ul><ul><li>Tax Compliance Format </li></ul><ul><ul><li>Saves Time & $$ in Tax Prep </li></ul></ul>
  6. 6. Financial Mistake #3: Failing to Monitor Performance on a Timely Basis <ul><li>Monthly, Weekly, or Daily </li></ul><ul><li>Using Managerial Books </li></ul><ul><li>Daily Feedback Mechanism </li></ul><ul><ul><li>Simple to Complete </li></ul></ul><ul><ul><li>Provides Necessary Overview </li></ul></ul><ul><ul><ul><li>To Make Timely Adjustments </li></ul></ul></ul><ul><ul><ul><li>To Manage Professionally & Profitably </li></ul></ul></ul>
  7. 7. Financial Mistake #4: Not Understanding Why Your Profits or Sales Are Not Growing <ul><li>Timely Analysis of Sales vs. Projections </li></ul><ul><li>Expanded View of Marketplace </li></ul><ul><li>Comparison vs. Competition </li></ul><ul><ul><li>Pricing </li></ul></ul><ul><ul><li>Product Quality </li></ul></ul><ul><ul><li>Customer Service </li></ul></ul><ul><li>Combined External View & Managerial View Enables Course Correction </li></ul><ul><li> - Sooner Rather Than Later! </li></ul>
  8. 8. Financial Mistake #5: Letting Overhead Get Out of Control <ul><li>Only a Problem in Slow Times </li></ul><ul><li>Must Balance Current Needs & </li></ul><ul><li>Future Ups and Downs </li></ul><ul><li>In General – Keep Fixed Cost Low & Remaining Costs Variable </li></ul><ul><ul><li>Caution! – This May Mean Lower Profitability on Percentage Basis </li></ul></ul>
  9. 9. Want Help Avoiding These Mistakes? <ul><li>For More Details & Examples </li></ul><ul><li>Get the free, yet powerful White Paper here </li></ul><ul><li>Algonquin Accountant White Paper </li></ul><ul><li>www.cfo-accounting.com/cfo-resources.html </li></ul><ul><li>Call Dale Kubiesa to Discuss Your Situation </li></ul><ul><ul><li>At the end of the call we’ll decide whether or not I can be of assistance & either way we’ll part as friends. </li></ul></ul>More Options
  10. 10. Want Help Avoiding These Mistakes? <ul><li>For More Details & Examples </li></ul><ul><li>Rather listen than read? Download the Podcast </li></ul><ul><li>Algonquin Accountant Podcast </li></ul><ul><li>www.cfo-accounting.com/cfo-resources-pod.html </li></ul><ul><li>Call Dale Kubiesa to Discuss Your Situation </li></ul><ul><ul><li>At the end of the call we’ll decide whether or not I can be of assistance & either way we’ll part as friends. </li></ul></ul>Dale’s Info
  11. 11. Contact Information <ul><li>Dale Kubiesa </li></ul><ul><li>MBA, CPA, CFO </li></ul><ul><li>The Accounting-CFO </li></ul><ul><li>Brutally Honest, Trusted Advisor </li></ul><ul><li>847.458.8477 </li></ul>www.CFO-Accounting.com

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