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A CFO “Must Do” List for Business Owners

Published by Adam Hale on 09 Jun 2015

As a business owner you are already monitoring daily business operations and everyday issues that pop up. However, there may be some important things you will need to add to your list of tasks to monitor on an annual basis. This list can play a vital part in the success of you your personal and business success in the long term.

* Insurance. Instead of using your automatic pilot to just write a check each year, review your business insurance coverage. Talk to your agent about any changes that need to be made. Your agent can help identify any new risks and make suggestions for more suitable coverage.

* Business tax strategy. Are using the correct business entity? Have there been any new tax changes that may benefit your business? Sit down with your tax advisor and review your tax plan to ensure that you are getting the most out of your deductions.

* Banking. Sit down with your CFO annually to review your cash balances and banking relationships. Meet with your banker and review new services that may benefit your business. You should look for ways that will reduce idle cash and boost earned interest that will improve your cash flow. This is a good time to address any service concerns you might have too.

* Succession planning. Do you have a succession plan? If not, this is the time to think about one and review it annually. You should have a specific plan for each manager position that includes yourself. This will prepare you for a short-term or permanent job vacancy whether you promote internally or externally in the company.

* Estate planning. It’s important to review and keep your personal estate planning up to date. As a business owner your company is a significant part of your estate. If you are planning on passing your business to your heirs, a good estate plan is essential. Meeting with your estate planner annually will keep you plans current.

It’s a good idea to have a CPA as well as an attorney assist you with the planning and estate review to ensure the long-term success of your business and personal finances. At Summit CPA we can help your get on the right personal and business financial track. We also have the capability to assist you virtually anywhere in the USA. If you need assistance, contact our office at (260) 497-9761 to schedule an appointment with our advisors.

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