This document discusses financial controls and monitoring a business. It covers accounting methods, engaging an accounting firm, selecting an accounting system, understanding financial statements including the income statement, balance sheet, and cash flow statement. It also discusses metrics and key performance indicators to monitor business performance, as well as information management systems.
This document discusses various strategies for business growth, including organic growth and inorganic growth. It describes four main ways for a business to expand: organic growth through increased sales and output, horizontal expansion by diversifying into related markets, vertical expansion by adding complementary services, and inorganic growth through mergers and acquisitions. The document focuses on organic growth and provides six keys to achieving consistent high organic growth according to Edward Hess's book The Road to Organic Growth. These include having a simple business model, a small company culture, comprehensive measurement, high employee retention, a focus on execution over strategy, and paranoia about complacency.
This document discusses performance management and agent training. It provides details on performance management processes, comparing annual reviews to ongoing performance management. It outlines steps to develop effective training programs for agents, including orientation, ongoing training, meetings, and retreats. It also discusses ways to minimize agent turnover such as personal interaction, financial stability, prospecting goals, monitoring for trouble signs, analyzing performance data, and parting peacefully when necessary.
The document discusses factors to consider when selecting a business facility, including expectations of the target market, budget, and technology needs. It describes options like a traditional bricks and mortar office, virtual office, or hybrid model. Physical office types could include a retail space, office building, or executive suites. Key steps in the leasing process include determining space and location needs, negotiating the lease terms, and planning for occupancy. The timeline for leasing can range from 4-12 weeks depending on construction requirements.
The document discusses strategies for improving real estate agent productivity, including developing a business plan, marketing plan, and time management plan. An agent's business plan should answer questions about financial goals and priorities. Marketing plans can range from limited-budget options using business cards and open houses, to larger-scale monthly mailings. Analyzing marketing activities through an income funnel spreadsheet allows agents to quantify prospects and transactions from each activity. Effective time management requires action plans, task lists, and dedicated scheduling.
The document discusses the key elements of an effective marketing plan, including defining objectives, target markets, budget, promotional strategies, tactics, and brand building. A marketing plan aligns marketing resources to project a company's brand and personality into the marketplace. It provides direction, identifies advantages, and ensures consistent messaging. The plan should define objectives, markets, budget, strategies, tactics and include implementation timeline and metrics to measure results.
Buying an existing business or turnaround business and opening franchises are two options for entrepreneurship. When buying an existing business, advantages include an established business, lower costs, and established policies, while disadvantages include negative seller motivation and key employee losses. Evaluating a turnaround business requires analyzing assets, operations, and the business environment. Guidelines for purchasing turnarounds include establishing a clear market/product, determining profit margins, achieving sales, implementing financial controls, and analyzing statements. Franchising provides advantages like a proven product and business plan but also has disadvantages like restrictions and high startup expenses. Proper evaluation of the franchiser and an understanding of franchise fees are important.
EY offers transaction advisory services to help companies with their capital planning needs like preserving, optimizing, investing, and raising capital. These services include mergers and acquisitions advisory, due diligence to validate financial statements and reduce risk, business valuations, and debt restructuring. EY's transaction advisory services aim to help clients grow and achieve their objectives through arranging capital, integrating businesses through M&A, and selecting partners to benefit from transactions. This supports clients' expansions which in turn generates employment and economic growth, thereby building a better working world.
EY Valuation & Business Modelling - Luxembourg officeeyluxembourg
The need for transparent and robust valuations to support corporate transactions and to meet regulatory requirements has increased. Justifying the value of assets and liabilities has grown more complex and is increasingly critical for businesses. Our experienced valuation professionals ask the right questions and help you find the right answers.
This document discusses various strategies for business growth, including organic growth and inorganic growth. It describes four main ways for a business to expand: organic growth through increased sales and output, horizontal expansion by diversifying into related markets, vertical expansion by adding complementary services, and inorganic growth through mergers and acquisitions. The document focuses on organic growth and provides six keys to achieving consistent high organic growth according to Edward Hess's book The Road to Organic Growth. These include having a simple business model, a small company culture, comprehensive measurement, high employee retention, a focus on execution over strategy, and paranoia about complacency.
This document discusses performance management and agent training. It provides details on performance management processes, comparing annual reviews to ongoing performance management. It outlines steps to develop effective training programs for agents, including orientation, ongoing training, meetings, and retreats. It also discusses ways to minimize agent turnover such as personal interaction, financial stability, prospecting goals, monitoring for trouble signs, analyzing performance data, and parting peacefully when necessary.
The document discusses factors to consider when selecting a business facility, including expectations of the target market, budget, and technology needs. It describes options like a traditional bricks and mortar office, virtual office, or hybrid model. Physical office types could include a retail space, office building, or executive suites. Key steps in the leasing process include determining space and location needs, negotiating the lease terms, and planning for occupancy. The timeline for leasing can range from 4-12 weeks depending on construction requirements.
The document discusses strategies for improving real estate agent productivity, including developing a business plan, marketing plan, and time management plan. An agent's business plan should answer questions about financial goals and priorities. Marketing plans can range from limited-budget options using business cards and open houses, to larger-scale monthly mailings. Analyzing marketing activities through an income funnel spreadsheet allows agents to quantify prospects and transactions from each activity. Effective time management requires action plans, task lists, and dedicated scheduling.
The document discusses the key elements of an effective marketing plan, including defining objectives, target markets, budget, promotional strategies, tactics, and brand building. A marketing plan aligns marketing resources to project a company's brand and personality into the marketplace. It provides direction, identifies advantages, and ensures consistent messaging. The plan should define objectives, markets, budget, strategies, tactics and include implementation timeline and metrics to measure results.
Buying an existing business or turnaround business and opening franchises are two options for entrepreneurship. When buying an existing business, advantages include an established business, lower costs, and established policies, while disadvantages include negative seller motivation and key employee losses. Evaluating a turnaround business requires analyzing assets, operations, and the business environment. Guidelines for purchasing turnarounds include establishing a clear market/product, determining profit margins, achieving sales, implementing financial controls, and analyzing statements. Franchising provides advantages like a proven product and business plan but also has disadvantages like restrictions and high startup expenses. Proper evaluation of the franchiser and an understanding of franchise fees are important.
EY offers transaction advisory services to help companies with their capital planning needs like preserving, optimizing, investing, and raising capital. These services include mergers and acquisitions advisory, due diligence to validate financial statements and reduce risk, business valuations, and debt restructuring. EY's transaction advisory services aim to help clients grow and achieve their objectives through arranging capital, integrating businesses through M&A, and selecting partners to benefit from transactions. This supports clients' expansions which in turn generates employment and economic growth, thereby building a better working world.
EY Valuation & Business Modelling - Luxembourg officeeyluxembourg
The need for transparent and robust valuations to support corporate transactions and to meet regulatory requirements has increased. Justifying the value of assets and liabilities has grown more complex and is increasingly critical for businesses. Our experienced valuation professionals ask the right questions and help you find the right answers.
This document provides an overview of finance basics for small businesses, including cost calculation, pricing methods, sales forecasting, and budgeting. It discusses the different types of costs (fixed, variable, direct, indirect), principles of cost accounting, and methods of costing (job, process, activity-based). The document also covers various pricing approaches (cost-plus, target return, value-based, psychological) and factors that influence sales forecasting (internal, external). It emphasizes the importance of designing customer profiles, mapping customers and competitors, and creating detailed financial plans to serve as budgets.
This course will take you through the process of a typical business valuation engagement, from scoping the work to ultimately arriving at a conclusion of value. Through a case study, we will address fundamental issues including valuation approaches (asset, income and market), normalizing analysis and valuation discounts.
This document discusses the reasons for and purposes of business valuation. It explains that corporate valuation is the process of determining the economic worth of a company based on its business model and external environment. It then lists several common reasons for conducting a business valuation, including for financing, selling a company, estate and gift tax purposes, litigation support, insurance purposes, and divorce or estate settlements. The valuation depends on factors like the company's purpose, stage of business, past and expected financial results, and industry scenario.
This document discusses key financial documents and concepts for businesses: the balance sheet, income statement, statement of cash flows, financial projections, budgets, forecasts, and break-even analysis. It explains how to calculate and use ratios from the balance sheet to analyze a company's financial health. Preparing budgets, forecasts, and break-even analysis can help entrepreneurs understand their business's financial requirements and determine if a certain output level will be profitable.
Financial Due Diligence - Real Estate Marketmadisoncres
1) Real Diligence provides commercial real estate financial due diligence services including lease abstracting, CAM reconciliation, tenant estoppel preparation, and portfolio management.
2) Financial due diligence is valuable at various stages of an acquisition to verify rental income, CAM expenses, operating expenses, and ensure tenants are paying correct amounts.
3) Post-acquisition, Real Diligence can compile rent rolls, prepare CAM reconciliations, provide comprehensive lease abstracts and ensure proper lease administration software is in place.
The document provides an overview of business valuation, including key principles and methodologies. It discusses:
- The definition and purpose of valuation as estimating economic worth subject to assumptions and data available.
- Common standards of valuation including fair market value and intrinsic value.
- Approaches to valuation including income, asset, and market based methods.
- Key valuation methods like relative valuation using multiples and discounted cash flow valuation.
- Factors that influence valuation like purpose, industry, stage of business, and financial performance.
Veracap M&A International Inc. is a leading investment bank advising on acquisitions, divestitures, financing and shareholder value initiatives.
This presentation provides a overview of basic concepts and principles of business valuation and walks you through valuation methodologies, rates of return and valuation multiples, acquisitions and divestitures.
Due Diligence for Merger & Acquisition, Corporate Restructuring and TakeoverPavan Kumar Vijay
This document provides an overview of due diligence for mergers and acquisitions. It discusses why due diligence is important, the objectives of due diligence, common types of due diligence including financial, legal, tax and operational due diligence. It also outlines the due diligence process, key focus areas, common issues in India and case studies. The goal of due diligence is to evaluate all material aspects of a target company to identify risks and determine an appropriate purchase price, while aiming to make deals rather than kill them.
Corporate Valuations “Techniques & Application”: A compilation of research oriented valuation articles.
Contents: Business valuation, Relative valuation, Sum of the parts valuation and value creation, ESOP valuation, Discounted Cash Flow Valuation, Enterprise Valuation etc.
This document outlines the agenda and content for a presentation on mergers and acquisitions (M&A) valuations. The presentation covers:
I. An introduction to M&A valuation, including key terms like firm value, equity value, and net debt.
II. Dynamics of M&A valuation, including drivers of deals, the role of investment bankers, and valuation methodologies represented by a "football field".
III. Initial public offering (IPO) valuation, specifically important factors and an in-depth IPO valuation analysis.
The document provides an overview of investment readiness and valuation for startups. It discusses key concepts such as understanding market opportunities, financial projections, stages of funding, and common valuation methods. The goal is to help entrepreneurs prepare effectively to attract investors and secure funding by demonstrating an accurate valuation of their business based on its potential for growth and profitability. Key steps include understanding what investors consider important, assessing the financial health and moneymaking potential of the business, and learning from others who have successfully raised startup capital.
This document provides an overview of value investing. It introduces value investing as investing in undervalued stocks with a margin of safety based on calculating a stock's intrinsic value using fundamental analysis tools like EPS, P/E ratio, and book value. It then discusses strategies for fundamental analysis using financial statements and developing a user interface. Some learnings are an overview of markets, the process of value investing, and business analysis. Limitations include the time-consuming nature, lack of awareness, reliance on developers, and needing meetings. The document aims to guide investors on value investing principles and methodology.
Watch full webinar here: http://www.firmex.com/Due-Diligence-Best-Practices-and-Pitfalls-sign-up/
LOIs and NDAs signed. Now art meets science with the legal, financial and strategic review of the business. How do you test the value proposition and identify potential risks? Select the best tools to streamline the process? And prepare for regulatory and legal compliance issues arising from legislation like FCPA? Learn what it takes to avoid pitfalls that plague even the most experienced due diligence experts.
Introduction to Business Valuation, Fair Market Value, reasons and elements of business valuation, methodologies of business valuation, case study on net asset value.
Growth equity and buyout funds use leverage and operational improvements to increase returns. Growth equity invests in growing companies, while buyout funds seek undervalued companies. Leverage multiplies returns through debt financing, allowing buyouts to exit at higher valuations. For example, a buyout may use 10x annual profits to value a $10M profit company at $100M, financing $70M with debt. If profits stay flat but exit at 15x in 5 years, equity returns double to 22% annually despite no profit growth.
The document summarizes key concepts in business valuation for closely held companies. It discusses approaches to valuation including asset-based, market, and income approaches. Specifically, it covers the discounted cash flow method for valuation and how to determine discount and capitalization rates. Issues like control premiums, minority discounts, and discount for lack of marketability are also addressed.
01 imcost class presentation valuation of businessCA Mandar Joshi
The document discusses business valuation, including defining valuation as estimating the worth of assets, securities, or a business. It notes valuation is needed for tangible assets like equipment as well as intangible assets like goodwill. Common uses of business valuation are discussed like tax purposes, bankruptcy, and mergers and acquisitions. The key business valuation methods are then outlined as asset-based valuation focusing on net assets and earnings-based valuation using approaches like capitalization of earnings or discounted cash flow analysis to determine the value based on future earnings potential.
For full text article go to : https://www.educorporatebridge.com/finance-for-non-finance/finance-for-non-finance-professionals/
This article on Finance for Non Finance Professionals will help you to gain basic finance knowledge, accounting concepts and better understanding of financial statement required for growth of your organization.
Budgeting is a process of expressing quantified resource requirements (amount of capital, amount of material, number of people) into time-phased goals and milestones.
Check out more @ www.eleaderstochange.com
Follow: #eleaders2change
Accounting Department Structure in BriefAslan Umarov
The accounts receivable clerk is responsible for collecting payments from customers, maintaining customer accounts and records, resolving queries, and following collection processes. Key tasks include generating and sending invoices, monitoring accounts for non-payment, collecting and allocating payments, and reporting. The clerk aims to maximize collection within deadlines and targets, analyzing metrics like debt coverage, aging reports, and balances. Maintaining accurate records and customer communication are important.
This document provides an overview of finance basics for small businesses, including cost calculation, pricing methods, sales forecasting, and budgeting. It discusses the different types of costs (fixed, variable, direct, indirect), principles of cost accounting, and methods of costing (job, process, activity-based). The document also covers various pricing approaches (cost-plus, target return, value-based, psychological) and factors that influence sales forecasting (internal, external). It emphasizes the importance of designing customer profiles, mapping customers and competitors, and creating detailed financial plans to serve as budgets.
This course will take you through the process of a typical business valuation engagement, from scoping the work to ultimately arriving at a conclusion of value. Through a case study, we will address fundamental issues including valuation approaches (asset, income and market), normalizing analysis and valuation discounts.
This document discusses the reasons for and purposes of business valuation. It explains that corporate valuation is the process of determining the economic worth of a company based on its business model and external environment. It then lists several common reasons for conducting a business valuation, including for financing, selling a company, estate and gift tax purposes, litigation support, insurance purposes, and divorce or estate settlements. The valuation depends on factors like the company's purpose, stage of business, past and expected financial results, and industry scenario.
This document discusses key financial documents and concepts for businesses: the balance sheet, income statement, statement of cash flows, financial projections, budgets, forecasts, and break-even analysis. It explains how to calculate and use ratios from the balance sheet to analyze a company's financial health. Preparing budgets, forecasts, and break-even analysis can help entrepreneurs understand their business's financial requirements and determine if a certain output level will be profitable.
Financial Due Diligence - Real Estate Marketmadisoncres
1) Real Diligence provides commercial real estate financial due diligence services including lease abstracting, CAM reconciliation, tenant estoppel preparation, and portfolio management.
2) Financial due diligence is valuable at various stages of an acquisition to verify rental income, CAM expenses, operating expenses, and ensure tenants are paying correct amounts.
3) Post-acquisition, Real Diligence can compile rent rolls, prepare CAM reconciliations, provide comprehensive lease abstracts and ensure proper lease administration software is in place.
The document provides an overview of business valuation, including key principles and methodologies. It discusses:
- The definition and purpose of valuation as estimating economic worth subject to assumptions and data available.
- Common standards of valuation including fair market value and intrinsic value.
- Approaches to valuation including income, asset, and market based methods.
- Key valuation methods like relative valuation using multiples and discounted cash flow valuation.
- Factors that influence valuation like purpose, industry, stage of business, and financial performance.
Veracap M&A International Inc. is a leading investment bank advising on acquisitions, divestitures, financing and shareholder value initiatives.
This presentation provides a overview of basic concepts and principles of business valuation and walks you through valuation methodologies, rates of return and valuation multiples, acquisitions and divestitures.
Due Diligence for Merger & Acquisition, Corporate Restructuring and TakeoverPavan Kumar Vijay
This document provides an overview of due diligence for mergers and acquisitions. It discusses why due diligence is important, the objectives of due diligence, common types of due diligence including financial, legal, tax and operational due diligence. It also outlines the due diligence process, key focus areas, common issues in India and case studies. The goal of due diligence is to evaluate all material aspects of a target company to identify risks and determine an appropriate purchase price, while aiming to make deals rather than kill them.
Corporate Valuations “Techniques & Application”: A compilation of research oriented valuation articles.
Contents: Business valuation, Relative valuation, Sum of the parts valuation and value creation, ESOP valuation, Discounted Cash Flow Valuation, Enterprise Valuation etc.
This document outlines the agenda and content for a presentation on mergers and acquisitions (M&A) valuations. The presentation covers:
I. An introduction to M&A valuation, including key terms like firm value, equity value, and net debt.
II. Dynamics of M&A valuation, including drivers of deals, the role of investment bankers, and valuation methodologies represented by a "football field".
III. Initial public offering (IPO) valuation, specifically important factors and an in-depth IPO valuation analysis.
The document provides an overview of investment readiness and valuation for startups. It discusses key concepts such as understanding market opportunities, financial projections, stages of funding, and common valuation methods. The goal is to help entrepreneurs prepare effectively to attract investors and secure funding by demonstrating an accurate valuation of their business based on its potential for growth and profitability. Key steps include understanding what investors consider important, assessing the financial health and moneymaking potential of the business, and learning from others who have successfully raised startup capital.
This document provides an overview of value investing. It introduces value investing as investing in undervalued stocks with a margin of safety based on calculating a stock's intrinsic value using fundamental analysis tools like EPS, P/E ratio, and book value. It then discusses strategies for fundamental analysis using financial statements and developing a user interface. Some learnings are an overview of markets, the process of value investing, and business analysis. Limitations include the time-consuming nature, lack of awareness, reliance on developers, and needing meetings. The document aims to guide investors on value investing principles and methodology.
Watch full webinar here: http://www.firmex.com/Due-Diligence-Best-Practices-and-Pitfalls-sign-up/
LOIs and NDAs signed. Now art meets science with the legal, financial and strategic review of the business. How do you test the value proposition and identify potential risks? Select the best tools to streamline the process? And prepare for regulatory and legal compliance issues arising from legislation like FCPA? Learn what it takes to avoid pitfalls that plague even the most experienced due diligence experts.
Introduction to Business Valuation, Fair Market Value, reasons and elements of business valuation, methodologies of business valuation, case study on net asset value.
Growth equity and buyout funds use leverage and operational improvements to increase returns. Growth equity invests in growing companies, while buyout funds seek undervalued companies. Leverage multiplies returns through debt financing, allowing buyouts to exit at higher valuations. For example, a buyout may use 10x annual profits to value a $10M profit company at $100M, financing $70M with debt. If profits stay flat but exit at 15x in 5 years, equity returns double to 22% annually despite no profit growth.
The document summarizes key concepts in business valuation for closely held companies. It discusses approaches to valuation including asset-based, market, and income approaches. Specifically, it covers the discounted cash flow method for valuation and how to determine discount and capitalization rates. Issues like control premiums, minority discounts, and discount for lack of marketability are also addressed.
01 imcost class presentation valuation of businessCA Mandar Joshi
The document discusses business valuation, including defining valuation as estimating the worth of assets, securities, or a business. It notes valuation is needed for tangible assets like equipment as well as intangible assets like goodwill. Common uses of business valuation are discussed like tax purposes, bankruptcy, and mergers and acquisitions. The key business valuation methods are then outlined as asset-based valuation focusing on net assets and earnings-based valuation using approaches like capitalization of earnings or discounted cash flow analysis to determine the value based on future earnings potential.
For full text article go to : https://www.educorporatebridge.com/finance-for-non-finance/finance-for-non-finance-professionals/
This article on Finance for Non Finance Professionals will help you to gain basic finance knowledge, accounting concepts and better understanding of financial statement required for growth of your organization.
Budgeting is a process of expressing quantified resource requirements (amount of capital, amount of material, number of people) into time-phased goals and milestones.
Check out more @ www.eleaderstochange.com
Follow: #eleaders2change
Accounting Department Structure in BriefAslan Umarov
The accounts receivable clerk is responsible for collecting payments from customers, maintaining customer accounts and records, resolving queries, and following collection processes. Key tasks include generating and sending invoices, monitoring accounts for non-payment, collecting and allocating payments, and reporting. The clerk aims to maximize collection within deadlines and targets, analyzing metrics like debt coverage, aging reports, and balances. Maintaining accurate records and customer communication are important.
This document provides an overview of basic accounting and financial management concepts. It defines accounting as identifying, classifying, recording, and summarizing business transactions, and interpreting and communicating the results. It distinguishes accounting from bookkeeping, and explains the differences between management accounting for internal users and financial accounting for external users. Key financial statements like the income statement, balance sheet, and cash flow statement are also summarized.
This document provides an overview of cost accounting, including definitions, objectives, key terms, and differences from financial accounting. It defines cost accounting as the process of recording, classifying, and analyzing costs to provide management with information to control costs and make decisions. The objectives of cost accounting are to ascertain costs, control costs, provide information for decision making, and determine selling prices. Key terms explained include cost unit, cost centre, and types of each. Differences between cost and financial accounting are outlined across areas like purpose, statutory requirements, and cost analysis capabilities.
This document defines various accounting terms and types of accounting. It describes transactions, assets, liabilities, equity, revenues, expenses, and other basic accounting concepts. It then explains the main types of accounting as financial accounting, management accounting, governmental accounting, tax accounting, forensic accounting, project accounting, and social accounting. For each type, it provides a brief description of what it entails and how it differs from other accounting types.
PCO Bookkeepers is an accounting and business advisory firm obsessed with providing pest control companies’ information they need to prosper in today’s competitive business environment
This document provides information about PCO Bookkeepers, an accounting and business advisory firm that serves pest control companies. It discusses Daniel Gordon's experience in the pest control industry. It then outlines the services PCO Bookkeepers provides, including monthly closeout services, tax preparation, and consulting on areas like pricing, advertising, and software. The document shares case studies of three pest control companies that worked with PCO Bookkeepers and were able to significantly grow their businesses. It emphasizes that PCO Bookkeepers can help pest control operators work on their business, rather than in it, to focus on growth.
This document provides information about PCO Bookkeepers, an accounting and business advisory firm that serves pest control companies. It discusses Daniel Gordon's experience in the pest control industry. It then outlines the services PCO Bookkeepers provides, including monthly closeout services, tax preparation, and consulting on areas like pricing, advertising, and software. The document shares case studies of three pest control companies that worked with PCO Bookkeepers and were able to significantly grow their businesses. It emphasizes that PCO Bookkeepers can help pest control operators work on rather than in their businesses to focus on growth.
This document summarizes the services provided by PCO Bookkeepers, an accounting and business advisory firm that serves pest control companies. PCO Bookkeepers offers monthly accounting services, tax preparation, management consulting, and customized reporting to help pest control businesses improve operations and scale rapidly. Their process involves an initial assessment of a client's systems, setting up optimized processes and tools, and then ongoing monthly services tailored to each client's needs. The goal is to provide clients with clear visibility into their business through integrated technology and reporting in order to facilitate strategic decision making and sustainable growth.
Branches of Accounting What You Need to Know When Writing an Assignment.pdfMatt Brown
Accounting is a fascinating and complex field, so it can be hard to know where to start when writing an assignment. This article will give a couple of supportive tips to fanning out into new areas of bookkeeping. You will be better able to write about the various accounting fields accurately and thoroughly if you comprehend them. When writing your next assignment, keep these suggestions in mind!
This document discusses management by metrics (MBM) and provides guidance on developing and using metrics to track business performance. It defines what a metric is and explains that the goal of metrics is to measure performance relative to goals and objectives. It then provides a five-step process for developing appropriate metrics and discusses common business metrics such as sales revenue, customer retention, costs, margins, and productivity. The document emphasizes linking metrics to objectives and identifying the key drivers and processes that impact performance. Finally, it outlines a three-step leadership roadmap for managing with metrics that involves defining objectives, integrating the customer perspective, and identifying performance drivers and processes.
This document discusses accounting principles and practices. It defines key accounting concepts like generally accepted accounting principles (GAAP), assets, liabilities, and equity. It explains that GAAP are established by the Financial Accounting Standards Board and aim to standardize accounting practices. The document also outlines the basic accounting equation of assets = liabilities + equity and provides examples of common accounts for assets, liabilities, revenues, and expenses.
Introduction to Business Accounting and RatiosHazman Mat
The document outlines key accounting concepts including the accounting equation, the four main financial statements, ratio analysis, and budgets. It discusses the roles of various types of accountants and standards-setting bodies. It also covers international accounting issues and the move toward a single set of global standards.
Accounting is the process of measuring and recording financial transactions and preparing financial statements. The document outlines the key foundations of accounting including the accounting cycle, financial statements, ratio analysis, budgets, and international accounting standards. It describes the roles of various accounting professionals and how accounting supports decision making.
The document discusses the accounting challenges faced by Southeast Asian companies in recent years due to changes in technology, standards, and regulations. It introduces Logiframe as a company that provides accounting services and solutions to help clients address these challenges. Logiframe offers statutory bookkeeping, accounting advisory, audit management, accounting technology consulting, and learning and development services. Its goal is to help clients improve efficiency, compliance, and financial reporting through outsourcing and advisory support.
This document provides an overview of accounting concepts and principles for a business course. It defines accounting as a system that identifies, records, summarizes, and reports on a business's financial activities and transactions. The key topics covered include the accounting equation, the three main financial statements (balance sheet, income statement, cash flow statement), the differences between financial and managerial accounting, generally accepted accounting principles (GAAP), and how business transactions affect the accounting equation. The goal of the document is to explain the basic framework and purpose of accounting.
Mahatma Gandhi University provides presentation for " Accounting & Finance" .For more Information about "Accounting & Finance". Visit Online: http://www.mgu.edu.in/
Accounting is the process of identifying, classifying and recording business transactions to provide financial information to internal and external users. It involves measuring, interpreting, and communicating financial information to support decision making. There are various types of accounting, including financial accounting, management accounting, and cost accounting. Financial accounting focuses on preparing external financial reports based on generally accepted accounting principles, while management and cost accounting provide information for internal decision making and cost control.
Modern Accounting Systems In Modern OrganizationsAmanda Burkett
Here are a few key points about Samsung's accounting probe and its potential impacts:
- In 2017, Samsung came under investigation by South Korean regulators over allegations of
accounting irregularities. This included accusations of inflating profits and assets.
- Samsung initially denied any wrongdoing but later acknowledged "compliance issues." Several
Samsung executives stepped down in connection with the probe.
- Findings of financial misreporting could undermine investor confidence in Samsung's financial
statements and internal controls. This could increase the company's cost of capital as investors
demand a higher risk premium.
- Regulatory penalties from the probe, if any, may involve fines but could also include restrictions
on certain business activities or suspensions of responsible executives.
The document discusses the revised Uniform Residential Loan Application (URLA) and new Uniform Loan Delivery Dataset (ULAD). The objectives of revising the URLA were to collect more relevant information for underwriting, improve the consumer-friendly format and layout, and define a compliant dataset. The timeline outlines an optional use period from July 2019 to January 2020, a pipeline transition period from February 2020 to January 2021, and mandatory use starting in February 2021. The redesigned URLA includes the core application and additional forms for extra borrowers, unmarried applicants, lender loan information, and continuation sheets.
This document discusses the Government Sponsored Enterprises (GSEs) and their regulator, the Federal Housing Finance Agency (FHFA). It also describes the Uniform Mortgage Data Program (UMDP) and its components, which were established to standardize mortgage data collection and reporting across the mortgage industry, from loan application through acquisition by the GSEs. The UMDP includes the Uniform Appraisal Dataset (UAD), Uniform Loan Delivery Dataset (ULDD), and Uniform Closing Dataset (UCD) standards.
This document discusses various nontraditional VA mortgage programs, including:
- Adjustable-rate mortgages (ARMs), graduated payment mortgages (GPMs), and growing equity mortgages (GEMs), as well as interest rate buydowns.
- Construction, repair, and energy efficient loans, including VA energy efficient mortgages (EEMs) and loans for alteration and repair.
- Joint loans for multiple borrowers, farm and manufactured home loans, and loans on trust lands for Native American veterans.
- Housing grants for disabled veterans, including specially adapted housing (SAH) grants and special housing adaptation (SHA) grants.
This document discusses nontraditional VA mortgage programs, including VA benefits and loan amounts, eligibility requirements such as military service history and property qualifications, underwriting guidelines involving income, credit, and debt ratios, and the Interest Rate Reduction Refinance Loan (IRRRL) program which allows eligible veterans to refinance their existing VA loans at lower interest rates.
This document discusses mortgage fraud, including an overview of different types of mortgage fraud like fraud for property or profit. It outlines several federal mortgage fraud offenses such as conspiracy, falsifying loan applications, mail fraud, and money laundering. It also covers types of mortgage fraud scams involving income, assets, debt, occupancy, employment, identity, and property valuation. Finally, it discusses risk management for mortgage loan originators and lenders, including red flags and how to avoid fraud.
This document covers ethics and fraud issues in the mortgage industry. It discusses the definition of ethics, characteristics of predatory lending and victims of predatory lending practices. Predatory practices discussed include kickbacks, excessive fees, unfair penalties, loan flipping, equity stripping and various mortgage scam. The document also outlines the Consumer Financial Protection Bureau's role in enforcing consumer protection laws through complaint processes, administrative adjudication, civil penalties, redress and enforcement actions against practices like false advertising, redlining, foreclosure deceit and steering.
This document outlines various federal laws pertaining to loan origination activities, including laws around consumer privacy, fair lending, fraud, identity theft, and anti-money laundering. It discusses the Gramm-Leach-Bliley Act, Privacy Rule, Home Mortgage Disclosure Act, Fair Credit Reporting Act, E-SIGN Act, Bank Secrecy Act, and USA PATRIOT Act. The document is divided into sections covering laws related to consumer privacy, fair lending, fraud and identity theft, and provides an overview of the requirements and regulations of each.
This document discusses selected topics from Regulation Z and the Equal Credit Opportunity Act (ECOA)/Regulation B related to federal mortgage laws. It covers refinancings, higher-priced mortgage loans, canceling escrow accounts, appraisal requirements and disclosures under Regulation Z. It also addresses handling credit applications, evaluating borrowers' income, extending credit, application denials, record keeping, enforcement and prohibiting disparate treatment under the ECOA.
This document outlines the key topics covered in Module 1 on federal mortgage-related laws, including:
1) The TILA-RESPA Integrated Disclosure Rule (TRID) and the types of loans that use integrated versus existing disclosures.
2) Requirements for providing the Loan Estimate, including timing, tolerances, revised estimates, and expiration.
3) Requirements for providing the Closing Disclosure, including timing, waiting periods, revisions, and record keeping.
4) Exceptions for providing the Your Home Loan Toolkit special information booklet for certain loan types like HELOCs and reverse mortgages.
The document discusses the California Homeowner Bill of Rights, which was established in 2013 and amended in 2018. The 2013 version established key provisions restricting dual track foreclosures, requiring a single point of contact for borrowers, verifying documents, and protecting tenants. The 2018 changes modified several sections, including lowering the bar for staying a foreclosure and specifying that borrowers only have a private right of action for certain code violations.
This document provides a review of the California Financing Law (CFL) in three sections. Section 1 discusses when a California finance lenders license is required and exemptions. Section 2 covers requirements for licensed lenders, including record keeping, reporting, bonding, net worth, and regulatory audits. Section 3 addresses the authority of the DBO Commissioner, prohibited acts, advertising rules, and how violating federal laws also violates the CFL.
The document discusses California's Residential Mortgage Lending Act (CRMLA), including when a license is required, exemptions, requirements after licensure such as supervision, reporting, assessments, and surety bonds. It also covers prohibited acts under CRMLA such as false statements, violations of federal law, and advertising restrictions. The Commissioner of the California Department of Business Oversight has disciplinary authority and can take actions such as suspending or barring employment, issuing citations, requiring restitution, imposing civil penalties, or initiating criminal proceedings.
This document compares the Home Possible and Home Possible Advantage affordable home loan programs. It outlines the guidelines for loan-to-value ratios, property eligibility, down payment requirements, loan terms, and cash reserves for each program. The Home Possible program has more flexible guidelines and allows manufactured homes and adjustable rate mortgages. The Home Possible Advantage program has higher maximum loan-to-value ratios but is limited to one-unit primary residences with fixed-rate financing.
This 1-hour continuing education module discusses regulations for mortgage licensees under the Mortgage Broker Practices Act (MBPA) and Consumer Loan Act (CLA). It covers regulating loan originators and mortgage brokers, their office locations, and consumer loan companies. Reporting requirements, advertising restrictions, recordkeeping obligations, and the examination and enforcement authority of the Department of Financial Institutions are also reviewed. The module concludes by detailing various prohibited business practices that can result in license revocation or disciplinary action.
This document provides an overview of mortgage industry regulation in Washington state. It discusses the Washington Department of Financial Institutions and the statutes and regulations that govern entities involved in mortgage origination, including the Mortgage Broker Practices Act, Consumer Loan Act, and relevant sections of Washington Administrative Code. The document also outlines the licenses regulated by the DFI, including requirements for loan originators, mortgage brokers, and consumer loan companies.
This document discusses various nontraditional VA mortgage programs, including adjustable-rate mortgages (ARMs), graduated payment mortgages (GPMs), growing equity mortgages (GEMs), construction loans, energy efficient mortgages, loans for repairs and alterations, joint loans, farm residence loans, loans for manufactured homes, and loans on trust lands. It also covers housing grants for disabled veterans, such as Specially Adapted Housing (SAH) grants and Special Housing Adaptation (SHA) grants. The document provides details on eligibility requirements, loan terms, underwriting considerations, and application processes for these different VA mortgage and housing assistance programs.
This document discusses nontraditional VA mortgage programs, including the benefits of VA-guaranteed home loans, eligibility requirements for VA loans such as military service periods and qualifying properties, underwriting guidelines that examine borrowers' income, credit, and debt ratios, and information on the Interest Rate Reduction Refinance Loan including eligibility and application process.
This document discusses various types of mortgage fraud schemes that are prosecuted at the federal level, including falsifying loan applications and appraisals, mail and wire fraud, bank fraud, and money laundering. It also describes different fraudulent activities like income and asset fraud, undisclosed debt fraud, occupancy fraud, and employment fraud. Mortgage fraud rings can engage in illegal property flipping, using straw buyers and piggybacking, as well as property flopping and rigging foreclosure bids. Additionally, the document outlines phantom help scams involving short sale scams, loan modification scams, mortgage rescue scams, and equity share scams.
This document discusses ethics, fair lending practices, and mortgage fraud. It covers ethical lending standards, predatory lending practices like kickbacks, and how lenders can combat mortgage fraud by looking for red flags and filing suspicious activity reports. It also discusses the CFPB complaint process for consumers and the CFPB's enforcement actions against financial institutions for violations of consumer protection laws.
The document discusses the redesigned Uniform Residential Loan Application (URLA) form and the Uniform Mortgage Data Program (UMDP) implemented by Fannie Mae and Freddie Mac. It describes how the UMDP standardizes loan data to improve efficiency and transparency. It also summarizes the components of the redesigned URLA, including additional forms and sections for borrower information, property details, loan terms, and demographic data collection. The redesign aims to remove ambiguities, provide consistent definitions, and ensure loan eligibility for purchase by the GSEs.
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
Dholera Smart City Latest Development Status 2024.pdfShivgan Infratech
Explore the latest development status of Dholera Smart City in 2024. Discover the progress, infrastructure, and future plans of India's first greenfield smart city.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
Stark Builders: Where Quality Meets Craftsmanship!shuilykhatunnil
At Stark Builders our vision is to redefine the renovation experience by combining both stunning design and high quality construction skills. We believe that by delivering both these key aspects together we are able to achieve incredible results for our clients and ensure every project reflects their vision and enhances their lifestyle.
Although we are not all related by blood we have created a team of highly professional and hardworking individuals who share the common goal of delivering beautiful and functional renovated spaces. Our tight nit team are able to work together in a way where we pour our passion into each and every project as we have a love for what we do. Building is our life.
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
2. Financial Controls
• Introduction
o An accounting method is a set of rules used to
determine when and how income and expenses are
reported
o The cash method reports income when received and
expenses when paid.
o Many small businesses (with no inventory) use the cash
method because it is easier to keep cash method
records.
o The accrual method reports revenue when earned and
expenses when incurred.
o The purpose of an accrual method of accounting is to
match income and expenses in the correct year.
3. Financial Controls (continued)
• Engaging an Accounting Firm
o Factors to Consider When Selecting an Accountant
What services do you require?
How much are you willing to pay?
Who will be your direct contact?
What is your accountant’s philosophy regarding tax
accounting?
• Selecting an Accounting System
o Questions to Ask Before Buying Accounting Software
Can the software provide all of the bookkeeping functions
that your business requires?
Can the software provide all of the financial statements that
your business requires?
4. Financial Controls (continued)
• Selecting an Accounting System
o Questions to Ask Before Buying Accounting Software
Can the software provide the tax reporting capabilities
that your business requires?
Can the software provide the forecasting, budgeting, and
cash flow projection capabilities that your business
requires?
Can the software calculate the commission splits that your
business uses?
Is the software relatively easy to use?
Is your accounting professional proficient in the software?
Is the price within your projected budget?
Does the program have a large installed user base?
Is technical support available from other sources than
your CPA?
5. Financial Controls (continued)
• Financial statements are prepared from accounting data
and used to analyze one’s business investment.
• They generally include an income statement, a balance
sheet, and a statement of cash flow.
• Understanding Financial Statements
o Income statement
The income statement is a statement of all revenue and
expenses for a given period.
The first line on any income statement is the total revenue or
sales.
The direct costs or costs of goods sold expense is directly
related to the acquisition, creation, or distribution of its
products.
The gross income is the amount of money left after subtracting
the direct costs. In a real estate business, it is called the
company dollar.
The gross margin is a ratio used to calculate your company’s
profit margin after the direct costs of commissions and referral
fees have been subtracted.
6. Financial Controls (continued)
• Understanding Financial Statements
o Income statement
Operating expenses are the ordinary expenses that occur
while running a business. Operating expenses include rent,
office expense, supplies, administrative expenses,
depreciation, etc.
Operating income is the money a company generates from
its own operations.
Operating Margin = Operating Income ÷ Total Revenue
Income Before Taxes is the amount of money the company
earned before paying federal and state income taxes.
Income Tax Expense is the amount of federal and state
income taxes paid by the company.
Net (profit) margin is a ratio used to measure the profitability
(as a percentage) of your company.
Net Margin = Net Income (Profit) ÷ Total Revenue
7. Financial Controls (continued)
• Understanding Financial Statements
o Balance Sheet
The balance sheet is a statement of your financial position at a given
point in time, a snapshot of your business.
Assets are things of value and can be classified as current or fixed assets.
Current assets are assets that can be converted quickly to cash—assets
that have liquidity. They include cash, accounts receivable, marketable
securities, and prepaid expenses, such as insurance.
Fixed assets are less liquid and include such things as real estate and
office equipment.
Intangible assets include intellectual property rights, copyrights, and
goodwill.
Liabilities are all monetary claims against the company.
Liabilities are any monies owed to creditors. They are classified as
current liabilities (due within the next twelve months) or long-term debt
(due more than one year from the date of the statement.)
Net worth is the amount of money that would be left over if the company
was liquidated—all the assets were sold and all the liabilities were paid.
Net Worth = Assets – Liabilities
The return on investment (ROI) measures the profitability of the business
based on the amount of money the owner has invested in the company
(owner’s equity). ROI = Net Income (Profit) ÷ Owner’s Equity
8. Financial Controls (continued)
• Understanding Financial Statements
o Cash Flow Statement
The cash flow statement is a summary of the sources and
the uses of cash.
It demonstrates the company’s capability of carrying on
routine operations.
o Actual vs. Budget Income Statement
A budget is a balance sheet that identifies estimated or
future receipts and expenditures.
It is an estimate of the income and expenses for a period
of time.
A budget should provide a standard of comparison for
your actual expenditures and for industry standards.
9. Monitoring the Business
• Metrics are simply a standard of measurement.
o Metrics are a prescribed set of measurements that
quantify results.
o Metrics are a means to assess progress toward a goal.
o Key Performance Indicators (KPI) are metrics used to
measure the worth of the effort by a business or
individual in reaching goals.
• Real Estate Brokerage Metrics
o Key Performance Indicators in the Brokerage Business
Market Share
• What is your company’s percentage share of your target
market? How does that compare to last year’s figures?
10. Monitoring the Business (continued)
• Real Estate Brokerage Metrics
o Key Performance Indicators in the Brokerage Business
Total Closed Transaction
• What is your total number of closed transactions? What is
your total Gross Closed Commission? What is your average
commission?
Company Dollar
• What percentage of gross closed commissions is paid out
to your agents?
Marketing Efforts
• Where did the leads come from? Which lead generation
technique is the most cost-effective?
Lead Conversion Ratios
• Of the inquiries your company receives through various
marketing efforts, how many contacts does it take to
generate a closed transaction?
11. Monitoring the Business (continued)
• Real Estate Brokerage Metrics
o Key Performance Indicators in the Brokerage Business
Seller-Close & Buyer-Close Percentages
• What percentage of leads results in a listing or buyer
appointment?
• What percentage of appointments results in a listing or in buyer
representation agreements?
• What percentage of listing agreements result in a closed
transaction?
• What percentage of buyer representation agreements result in a
closed transaction?
Listing Management
• What is the total number of listings taken, listings expired, and
listings cancelled?
• How does your company’s average sales price compare to the
MLS figure?
• What is your company’s percentage of List Price-to-Sale Price
compared to the MLS percentage?
• How does your average days on the market compare to the MLS
average?
12. Monitoring the Business (continued)
• Information Management
o Information management is a terms that refers to all
the processes and systems within an organization that
support the creation and use of information.
o An information management system a type of system
that focuses on managing information in order to
provide efficiency and effectiveness of strategic
decision making.
o Types of Information Management Systems
Web content management is a type of information
management system that provides website authoring,
collaboration, and administration tools to allow end users
to create and manage website content with relative ease
without in-depth knowledge of web programming
languages.
13. Monitoring the Business (continued)
• Information Management
o Types of Information Management Systems
Document management is a form of information
management that utilizes computer system and software to
store, manage, and track digital documents and images
originated through a non-digital format such as paper.
Records management refers to the professional practice of
managing the records of an organization throughout the
business life cycle.
Digital asset management is the business process that
involves organizing, storing, and retrieving rich media. Rich
media refers to photos, music, videos, animations, podcasts,
and other multimedia content.
A learning management system is a type of a software
application that facilitates administering, documenting,
tracking, reporting, and delivery of digital educational
technology courses or training programs.
14. Monitoring the Business (continued)
• Information Management
o Types of Information Management Systems
A collaborative management system is a type of information
management system designed to help those involved in a
common task to achieve their goals.
An enterprise management system is an information
management system designed to support a large scale
organization in making its operations more efficient.
o Common Issues When Developing Information Management
Systems
Large number of various information management systems
rather than fewer systems or a single system to facilitate ease
of use
Little integration or coordination between information
systems
A number of systems that require constant maintenance
Direct competition between information management
systems
15. Monitoring the Business (continued)
• Information Management
o Common Issues When Developing Information
Management Systems
Lack of a clear strategic direction for the overall
technology environment
Poor quality of information, such as the lack of
consistency and duplicate or outdated information
Little recognition and support of information management
by senior management
Limited resources for deploying, managing, or improving
information systems
Difficulties in changing working practices and processes
of staff
Internal politics impacting on the ability to coordinate
activities enterprise-wide
16. Monitoring the Business (continued)
• Information Management
o Developing Successful Information Management Systems
Manage Complexity
Adopt the Technology
Deliver Tangible Benefits
Prioritize Tangible Benefits
Prioritize Business Needs
Make Incremental Changes
Strong Leadership
Mitigate Risk
Communicate Effectively
Deliver a Painless User Experience
17. Maximizing Income and Minimizing Expenses
• Tips for Minimizing Expenses
o Minimize the savings impact on employees
o Eliminate underperforming vendors
o Reduce Cost-to-Serve:
o Making last-minute changes to the original agreement
that could disrupt vendors’ schedule
o Contacting suppliers more often than their other
customers, requiring them to devote more time to
customer service
o Factors like this can affect a company’s cost-to-serve:
the total cost to that company’s vendors of doing
business with the company
18. Maximizing Income and Minimizing Expenses
(continued)
• Tips for Maximizing Expenses
o Raise Prices
o Up-sell
o Bundle services
o Communicate often:
o Have a special event
o Say “No” to Bad Customers
19. Exit Strategies
• An exit strategy is the method planned by a business
owner to sell or close the business.
• Steps in an Exit Strategy
o Be sure to hire professionals (legal counsel, CPA, and a
business broker or valuation expert) to advise you.
o Determine the value of your business as a going concern as
well as a liquidated value.
o Prepare a current inventory of your business assets. Include
photographs, serial numbers, and a brief description of the
condition of each item.
o Prepare your assets for sale by cleaning, painting, or
repairing the items you intend to sell.
o Do not overlook your intangible assets—an assignable lease,
business licenses, or permits. If these can be transferred or
assigned, they may have value.
20. Exit Strategies (continued)
• Types of Exit Strategies
o Transfer Ownership
Planning the succession of a business creates stability and
saves taxes.
Estate tax is a tax on the transfer property at death.
Federal gift tax may apply if you give someone money or
property during your life.
Whoever is selected to run the family real estate brokerage
business must also be a licensed real estate broker.
21. Exit Strategies (continued)
• Types of Exit Strategies
o Sell the Business
Possible buyers include your agents or another brokerage in the area.
Usually, a profitable business will sell for more than the value of its
liquidated assets.
If a buyer can be found, this is a good exit strategy.
o Close the Business Liquidate the Assets
If you have decided to get out of business and are not able to pass
your business on, merge, or sell it as a going concern, closing the
business and liquidating the assets could be the only exit strategy.
If you close the business and liquidate the assets, you have to do
more than just lock the doors and walk away.
You must pay any creditors and file appropriate tax forms.
Liquidating your assets will give you less than if you sold the
business as a going concern.