WINTER 2009
Obama signs the ARRTA of 2009
Ten tax planning ideas for 2009
What is transfer pricing?
What's new on 2008 tax returns?
Tips for Turbulent Times
|
|
About Corbett, Duncan & Hubly
Corbett, Duncan & Hubly, P.C. (www.cdhcpa.com)
is an accounting and
consulting firm that provides clients a full range
of professional services including: assurance, tax, risk
management, transfer pricing, business consulting and information technology consulting. We specialize in servicing our clients in manufacturing, distribution, construction, real estate and services businesses.
Corbett,
Duncan & Hubly
100 Pierce Road, Suite 100
Itasca, IL 60143
630-285-0215
630-285-1166 (fax)
www.cdhcpa.com
GENERAL
DISCLAIMER:
This newsletter is not intended to render legal, accounting
or other professional services. The publisher assumes no
liability for the reader's reliance on its contents.
©
2009.
IRS
CIRCULAR 230 DISCLOSURE:
To ensure compliance with requirements imposed
on
June 20, 2005 by the United States Treasury, we inform
you that any tax advice contained in this communication
(including any attachments) was not intended or written
to be used, and cannot be used, for the purpose of 1) avoiding
tax-related penalties or
2) promoting, marketing or recommending
to another party any tax-related matters addressed in this
communication.
|
|
|
William E. Hubly II, CPA, CFP, PFS
Managing Principal
Everyone is facing the challenge of the current economic downturn. You might be asking yourself, what are a few things
I can be doing to help my business weather the storm? Here are a few ideas
to consider:
Cash is King!
Everyone has heard this age-old adage. During this economic downturn, it is extremely important to closely monitor your accounts receivable collection. In addition to proactively collecting your over 90 day amounts, you should implement new processes to start proactively collecting your over 45 day amounts. Don't be content with just reviewing your sales figures against last year, compare your collections as well.
Service adds Value
Don’t compromise your service, enhance it! During tough economic times, it may be tempting to cut back service offerings. Enhancing your service will add value to your customer relationships and help differentiate your company from the competition.
Reduce Expenses
Closely analyze and monitor your largest expense categories. Review your prior year income statement and focus on the largest expense categories for opportunities to reduce expenses. Continually monitor your actual monthly performance to your budget. Avoid cutting expenses in areas that drive revenue, such as marketing, but closely monitor your ROI on those expenses.
Pay Attention to Detail
Fully understand the terms and conditions of your bank loans. Pay special attention to all loan covenants and work to make sure your business meets them. Develop early contingency plans should you need access to additional capital. Increase communication with your banker. Chances are, if they aren't hearing from you, they will become more nervous about the state of your business.
Stay Positive!
Follow Albert Einstein’s rule of work: “In the middle of difficulty lies opportunity.” Look for ways to increase market share and your company’s talent pool. The economic downturn will force your weak competitors out of business and the massive layoffs will mean more experienced talent is available.
CDH is ready to help you meet the challenges of the economic downtown, and take advantage of opportunties to improve your processes. If you would like more information, please contact
Bill Hubly, Managing Principal, for more information.
Back
to top
|
