It has been a while since we shared our vision. It is placed on the website 24/7 Here

Core Values & Integrity- Requires that we possess and steadfastly adhere to high moral principles and professional standards.
 
Excellence- Requires us to provide clients (both external and internal) with exceptional service and experience.  This means that our work product is of outstanding quality, meets delivery promises and provides value to our clients. 
 
Career Development/Continuous Improvement - Our professionals dedicate themselves to constantly improving client experiences.  As individuals we continuously learn new skills and improve existing skills and competencies.  As accounting, tax and consulting professionals we are committed and dedicated to our clients, the firm, and ourselves.
 
Work/Life Balance – We respect various work/life requirements of our people and strive to be sensitive and flexible to each individual case.  We work with our full time and part time employees to create a win-win arrangement for them and the firm.  We work to live rather than live to work.
 
Client Service – We are committed to providing timely, reliable responses and to nurture the relationship with our clients.  Our goal is to define, measure, understand, manage and improve client expectations and be able to align them with firm core values, goals and regulatory compliance.

Successful business owners tell us that they are concerned about:
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• Rising labor costs
• Health Insurance
• Workers Comp
• Government Regulations
• Declining Sales
• Taxes
• Fighting Fires
• Tight Cash Flow
• Errors, Mistakes, Quality
• Productivity & Attitude
• Equipment Capacity
• Customer Demands
• Not having anyone to talk with

What concerns do you have?

Do they keep you up at night?

Successful business owners also tell us they have a solid relationship with their accounting firm. They indicate this has occurred because of a unique process that allows them to spend more of their time growing their business.

The result is increased business and a better night’s sleep!

Your business concerns are discussed during regular consulting sessions. Our deep network of contacts can help you solve most of your business concerns. These specialist are experts in their respective field.

What is a “Typical Situation” people are in when they realize they need your help?
Someone who has been using the same vendors and suppliers for a long time without sending them out to bid. OR Someone who needs to reduce costs but doesn’t have the time or the staff to perform a competitive analysis.
 
What is something someone might say that would lead me to think of you?
I can’t make sense of my complicated bill and I don’t know if I am paying the right amount...or I think I am being over-charged by a particular supplier!
 
What (Specifically) do you do?
We make sure our clients are paying the right amount to their suppliers of telecommunications, credit card processing, small package shipping, electronic document signature and waste services
 
How do you do it?

1. We review the last 3- 12 months of billings and recover any overcharges and incorrect billings.
2. Then we make sure our clients are only paying for services they need.
3. Last we negotiate new rates with current suppliers and alternative suppliers and present a report for the client to decide for themselves.

We do this service with no upfront fee. There is only a fee if we save money and the client decides to go ahead. 
 
Matching Ideas with Resources: 

Good recordkeeping is an essential element of tax planning

Now is a good time for people to begin thinking about next year’s tax return. While it may seem early to be preparing for 2022, reviewing your recordkeeping now will pay off when it comes time to file again.
Here are some suggestions to help taxpayers keep good records.

Taxpayers should develop a system that keeps all their important information together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders.

Throughout the year, they should add tax records to their files as they receive them. Having records handy makes preparing a tax return next year easier.
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• Taxpayers should notify the IRS if their address changes. Taxpayers should let the IRS know if they change their address. They should also notify the Social Security Administration of a legal name change to avoid a delay in processing their tax return.
  
  
• Review their tax return to make sure they didn’t overlook any credits or deductions. Double check credits and deductions.  Records that taxpayers should keep include receipts, canceled checks and other documents that support income, including any unemployment compensation.
  
  
• Taxpayers should also keep records relating to property they dispose of or sell. They must keep these records to figure their basis for figuring gains or losses.
• Taxpayers should keep records for three years from the date they filed the return. Taxpayers who have employees must keep all employment tax records for at least four years after the tax is due or paid, whichever is later.

“The Friendly Club,” as the Rotary Club of Schaumburg / Hoffman Estates is known, was founded in 1969 by a dedicated group of local business leaders committed to making their community and the world a better place to live. 

The group of 70 business and community leaders are devoted to the ongoing efforts of Rotary International’s 1.2 million neighbors, friends, and community leaders who come together to create positive, lasting change in local and global communities.  Together they have raised millions of dollars used to enrich the lives of youth, families and seniors, through our own efforts and by providing assistance to other charitable organizations.

The member's differing occupations, cultures, and countries give us a unique perspective. Our shared passion for service helps us accomplish the remarkable.

What makes Rotary Club of Schaumburg / Hoffman Estates DIFFERENT? The unique point of view and approach gives distinct advantages:

• They see differently: The multidisciplinary perspective helps see challenges in unique ways. 
• They think differently. Applying leadership and expertise to social issues—and find unique solutions.
• They act responsibly: Members are all volunteers with a passion and perseverance to create lasting change so every dime raised goes toward projects. 

The members can be found in your  community, as well as, around the globe. Visit the Local Website at www.scherotary.org 

This Saturday, this amazing club is holding their Classic, hosted by NBC 5 News' Natalie Martinez.  We would love your support of our Classic Fundraiser. You can buy a $25 ticket to the Virtual Classic or a $100 ticket for the chance to win $10,000. Our Classic on March 13th at 5:30pm is hosted by NBC5’s Natalie Martinez  http://www.scherotary.org Click on the 2021 Classic. or go directly to:

https://www.betterunite.com/rotaryclubofshe-honoringourcommunityheroesarotaryclassicvirtualgalaonlineauction

Even if you are not currently thinking of selling your business, you should make every effort to prepare or ‘groom’ your business so it is sold successfully at the first opportunity. While the financial advisors you appoint will work with you to address issues specific to your company, there are a number of general grooming points worth considering (even before you appoint advisors) to maximize the value of your business:

Sales & Profitability: Historically, you may have been setting your prices, and thus your profit margins, at levels designed to create barriers to entry for your competition. If you are planning for a business sale your focus is likely to be short term strategies. It will be time to re-examine your market and customer base to see if higher sales and turnover levels are achievable. If the proposed sale itself is a number of years away, you should consider performing a strategic review of the entire business.

Operating Costs: You should regularly review your operating expenses but this is especially so when preparing your business for sale. You need to identify avenues to reduce expenses without affecting the operational effectiveness of your business.

Profit Trends: Apart from current margins, a purchaser will be looking at profit trends. Buyers are looking to see stable and steady yearly profit trends. Therefore, risky projects should be avoided and longer-term contracts that may prove to be onerous should be fully considered before acceptance. Unprofitable contracts need to be reevaluated and, if appropriate, terminated, as it is quite possible they will be detrimental to the value of your business.

Management Team: The purchaser of your business will be looking to acquire a high caliber management team. It may be worth reviewing your corporate structure to ensure that job titles and role descriptions adequately reflect the contribution that your management team makes to your business. Any re-structure needs finalization well in advance of an anticipated sale. A purchaser may also want assurance that the management team is supportive of your decision to sell or at least that it is likely to stay with the business for a reasonable period post-transaction. You should consider talking to management - how cooperative will they be? You never know, they may be interested in buying the business themselves.

Asset Base: Are there any assets in the business that may be of little or no interest to potential purchasers- e.g. short-term investments, under-utilized property, equipment or perhaps surplus cash? Think about realizing and removing them from the business before the sale. It is also worthwhile having all your property assets valued individually.

Restructuring: If your business has more than one division, some thought should be given to restructuring it into a number of stand-alone entities and perhaps selling these separately. Any such reorganization will have potential tax implications and other complexities associated with it and it will be important to take professional advice before undertaking any such initiative.

Tax Planning: Details of the various tax factors that you need to consider are set out in section 4 of this guide. Initial points to address include making sure that all your Corporation Tax, PAYE and VAT returns and payments are up to date. In addition, any tax losses that your company may have built up over the years may now have a value to the extent that they are available for use by the potential purchaser. Personal tax planning opportunities should be discussed with your tax adviser.

Valuation Expectations: You must have realistic valuation expectations. Valuation is important but do not let it get in the way of securing the sale.
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Timing: Deciding the best time to sell your business can be a difficult decision to make. Factors to be considered when making this decision include the level of corporate activity in your industry; the state of the economy; changes in sector relevant legislation; and available tax reliefs (e.g. do you have to be a certain age to avail of certain retirement reliefs or pension planning opportunities).

Accounting:

• An information system that provides reports to stakeholders about the economic activities and condition of a business.
  • Financial accounting: The area of accounting that focuses on recording transactions and events so that general-purpose financial statements can be prepared.
  • Managerial accounting: The branch of accounting that aids management in making financing, investing, and operating decisions for the company.
  • The head of the accounting department in a company is called comptroller or chief financial officer (CFO).

 
Statement of stockholders’ equity: A financial statement that reports the change in financial condition due to the changes in stockholders’ equity items for a specific period of time.
 
Retained earnings: Net income retained in a corporation. (Beginning retained earnings + Net income – Dividends = Ending retained earnings)
 
Stockholders’ equity: The stockholders’ rights to the assets of a business.
Assets = Liabilities + stockholder’s Equity
 
Statement of cash flows: Provides a summary of the cash receipts and cash payments and reports the change in financial condition due to the change in cash during a specific period of time.
 
Financial Accounting Standards Board (FASB): The authoritative body that has the primary responsibility for developing accounting principles.
 
Financial accounting system: A system that includes:

• (1) a set of rules for determining what, when, and the amount that should be recorded for an economic event;
• (2) a framework for facilitating preparing financial statements; and
• (3) one or more controls to determine whether errors could have occurred in the recording process.

 
Cash basis of accounting: A system of accounting in which only transactions involving increases or decreases of the entity’s cash are recorded. (Practiced in Chapter 2)

• Under the cash basis of accounting, net income and net cash flows from operating activities are equal.

 
Accrual Basis of Accounting: A system of accounting in which revenue is recorded as it is earned, and expenses are recorded and matched against the revenue they generate.

• Under the accrual basis of accounting, net income and net cash flows from operating activities may be significantly different.
• Revenue is recorded when it is earned, expense when expense is incurred in generated revenue, and adjusting entries required in order to prepare financial statements.

Tom Gosche had the pleasure of being the guest or Frank Again.

Explore how Tom Gosche got into business development for a CPA practice as well as insight on how to build B.R.A.N.D.

Do you need to network to generate great success? Do you want to be better at networking to better position yourself, both personally and professionally?

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​Drawing from his own experiences, observations and research, Frank Agin ... entrepreneur, attorney, author and founder of AmSpirit Business Connections ... will share insights and ideas for building a better more productive life through a better understanding and execution of professional networking.

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