Did You Count Your Inventory?

By josh | Oct 1, 2018

Did you know understating your inventory understates income (and vice versa)? If you carry inventory, managing it is no easy task. In fact, I’m amazed how many businesses still rely on the old fashioned “counting” method. Quick Accounting 101 on this. If you understate your inventory, you have more on hand than what your books … Read more

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Are Those Losses Real? This is How You Find Out

By josh | Sep 24, 2018

Hey everyone, Whether you’re running a business or buying one, it’s important to understand losses. By “losses”, I mean when expenses exceed sales. In simplest terms, it’s when the income statement or profit and loss shows a negative number. You don’t need to immediately panic. You need to review the causes. Here’s my list for … Read more

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How to use Business Tax Returns in Divorce

By josh | Sep 17, 2018

Hey everyone, You may know a business owner or their spouse involved in divorce. If a tax return is all they have, using it without adjustment can be like trying to jam a square peg in a round hole. Learn how to spot the seven red flags, what you should do, and how this impacts income … Read more

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Is Stepping Up a Better Standard for Ethics than Behaving?

By josh | Sep 10, 2018

Hey everyone! Here’s a short video I put together on a topic I’ve been wrestling with and maybe you have too. I added captions so you can watch without sound if you prefer. Check it out at the secure link here. Let me know what you think. And consider reading a great related post here: Doing … Read more

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A Business Isn’t a Garage Sale. Avoid Legal, Tax, and Valuation Problems

By josh | Sep 5, 2018

Owners put the darndest things in a business. I see a lot of stuff that shouldn’t be there like… Stocks and investments Real estate Land Extra Cash The reasons I’ve heard are too funny not to mention. None of them are good. “I don’t want my spouse to know or they’ll spend it.” (Yikes. Trust … Read more

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Do You Barrel Ahead Before You Know What You Have?

By josh | Aug 27, 2018

Without completeness, you’ll never get accuracy. This is obvious to a building contractor. This… …won’t get you this… Then, why do some “professionals” do this? -> Provide financial statements without all the transactions -> Divide a marital estate without an inventory -> Give financial advice without complete net worth -> Write a legal document without … Read more

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