4Thought Blog

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Lean Business, Accounting Processes to Gain Capacity (Video)

Posted by Andrea Brady on Thu, Jan 3, 2019

Lean experts with accounting experience can help improve internal controls and identify where companies are losing money through inefficiencies.

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Topics: Business consulting

Tax Moves for 2018: Act Now! Time’s Running Out!

Posted by Concannon Miller on Fri, Nov 23, 2018

The passage of the Tax Cuts and Jobs Act (TCJA) in late 2017 brought significant changes to the tax landscape. As the first tax season under the law looms on the horizon, new year-end tax planning strategies are emerging. Meanwhile, some of the old tried-and-true strategies have changed and others remain viable.

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Topics: Business tax planning, Business consulting, 2017 Federal Tax Reform

Buying a New Restaurant? Borrow Techniques from a Turnaround CFO

Posted by Ryan Moore on Thu, Nov 15, 2018

Growing your business is the primary focus of every entrepreneur. Whether growth occurs by way of increasing sales and cash flows at existing business divisions or via acquisition and expansion, the challenges faced are often strikingly similar.

That being said, let’s examine for a moment the prospects and hurdles one will often face when buying a new restaurant, through the lens of a turnaround CFO.

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Topics: McDonald's management, Business consulting, Restaurants

New Lease Accounting Standards: What Businesses Need to Prepare For

Posted by Cary Giacalone on Tue, Oct 30, 2018

If the financial covenants between your company and your bank are based on GAAP (Generally Accepted Accounting Principles) Financial Statements and include any measure of total liabilities – which most do – you need to be ready for what is coming.

Under an Accounting Standards Update which was issued in April 2016 and effective for 2020 to non-public entities with calendar year ends, the GAAP treatment for leases is changing. This ASU will remap your balance sheet and make your past success with covenant compliance take an unexpected turn for the worse. 

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Topics: Business consulting

Attention Franchisees: Payments Fraud at All Time High

Posted by Concannon Miller on Tue, Sep 4, 2018

Payments fraud is at an all-time high, according to the latest Association of Finance Professionals Payments Fraud and Control Survey.

A new record was set in 2017 with 78% of all organizations surveyed being touched by some type of payments fraud. So, how does that break out by payment category?

  • Checks 74%
  • Wire transfers 48%
  • Commercial credit cards 30%
  • ACH debits 28%
  • ACH credits 13%
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Topics: Fraud, Business consulting

Expatriate Tax Services: What to Look for in a CPA (Video)

Posted by Jane Spradlin on Tue, Aug 14, 2018

Concannon Miller provides white glove service to its expatriate clients, providing ongoing communication to ensure tax returns are filed accurately and timely. The firm’s affiliates in 90 different countries allows it to perform expatriate taxation services to just about any international company.

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Topics: Business consulting

Could an Association Health Plan Work for Your Privately-Held Business?

Posted by Concannon Miller on Tue, Aug 7, 2018

Association health plans (AHPs) are health benefit policies made available to small employers through a group purchasing arrangement for the benefit of association members and their employees.

Under the old rules, AHP availability was limited to tightly linked employers (such as parent-child companies). Under new regulations issued by the Department of Labor on June 19, "an AHP now could offer coverage to some or all employers in a state, city, county, or a multi-state metro area, or it could offer coverage to businesses in a trade or industry group nationwide."

The term "now" in that statement is somewhat misleading, as AHPs won't kick in until April 2019 for new associations creating self-funded plans. Existing AHPs will be able to reconstitute themselves under the new regulations in September.

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Topics: Business consulting

Financial Statements: 5 Key Indicators Business Executives Should Analyze

Posted by Harry Pietrouchie on Thu, Jun 14, 2018

Don’t just file away your company’s financial statements. There’s a lot business executives can learn by reviewing their financial statements – including their balance sheet and cash flow statement – in detail.

Below are five key indicators from your company’s financial statements every business executive should analyze for greater business insight:

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Topics: Business consulting

Business Strategy: Two Questions to Test Its Worth

Posted by Tom Garrity on Tue, Feb 13, 2018

33.jpgEvery business owner likes to think they are unique, different and better than the competition. Yet often when asked what makes them different from everyone else, their response is either overused terminology, a labored search for the right words or awkward silence.

True differentiation comes from having a real plan – a strategy – for growing the business.

Try these two tests to vet your current strategy:

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Topics: Business consulting

Lehigh Valley Entrepreneurs: Where to Get Business Plan, Other Startup Assistance

Posted by Concannon Miller on Tue, Feb 6, 2018

Entrepreneurs are widely credited with being a vital part of the U.S. economy. In addition to providing an economic boost to the owner, new companies also are a boon for their suppliers and their employees.

So your great idea for your own business might be worth exploring. For Lehigh Valley residents, there are several affordable options to help you start investigating whether you should start your own business, including assistance in writing business plans.

Read on to learn more about Community Action Committee of the Lehigh Valley’s and Lehigh University’s Small Business Development Center’s classes for budding entrepreneurs.

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Topics: Business consulting

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