November 14, 2014
5 Tech Time-Savers to Consider Using in Your Business
Where has the time gone, seriously? The holiday season is right around the corner (unless you’ve stepped foot into a department store, then it has been here since early September). No matter how hard you try to fight against it, attending holiday parties, performing your annual reviews, and drinking eggnog will keep your schedule filled to the brim. So what tech solutions are you leveraging to help you be more productive with the time you do have this holiday season? When time is money, tech solutions can bring in a lot more of both. See how these five options might enhance the day-to-day operations of your business.
Virtual Meeting Tools – Nothing beats a face-to-face meeting when it comes to cementing a business partnership or getting a deal done. But with the use of virtual communication tools like Skype and GoToMeeting, business leaders can spend finite resources on in-person meetings in ways that provide the greatest return. For example, web conferences can be used to present preliminary proposals and, based on initial feedback, be modified for a later in-person presentation to clients in refined form.
Bookkeeping Applications – With so many viable and cost-effective accounting applications for small businesses, no one should be manually tracking income and expenses across multiple tables, spreadsheets and systems. Software and cloud-based options allow business decision-makers to create and track professional invoices, see payments and outstanding balances at a glance, enter bills and print checks, and reconcile for tax purposes.
Online Timesheet and Payroll Services – Online time-tracking solutions make it easy for employees to submit timesheets (and managers to approve them) from anywhere and everywhere. To choose the right system for your business, think about the ways different employees would use it and where their data will need to go, from payroll to billing to reporting. If you have an existing accounting program like QuickBooks in place, a payroll solution that syncs data and issues paychecks to employees can be a great option.
Social Media Tools – It’s a full-time job creating a strategy for a business’s social media presence, selecting the channels that best suit outlined goals, and then implementing a plan of action. Programs like Buffer and HootSuite help connect accounts so businesses can plan, schedule and post to multiple outlets at one time. Leaders can set up a schedule for sharing content based on the best time for it to be released. Plus, you get the chance to see comparative analytics that can improve future planning.
Customer Service Support – With tech applications like Desk.com and Zendesk, a business can be small but still have a big customer service presence. Help desk solutions can increase the number of positive interactions customers have with you company, improve their opinions of your brand, and raise their intent to purchase from your business. Support staff can field inquiries from email, phone calls, live chat or social media using one main system, giving customers the chance to choose their preferred form of interaction.
If bookkeeping, timesheet or payroll technologies are on your list of productivity tools to investigate, Talley & Company can provide you with important points to consider when choosing the right tool for your business. Contact us and we’ll be glad to assist.
November 7, 2014
Tax Breaks Could Cut Ballmer’s $2 Billion Payment for Clippers in Half
There’s been a lot of debate on both sides as to whether Steve Ballmer’s purchase price of $2 billion for the Los Angeles Clippers exceeded the team’s worth and revenue potential. On one hand, it’s hard to ignore the fact that no one has paid remotely as much to buy any one of the 30 NBA teams in the franchise’s entire history. Then again, the NBA just inked a deal with ABC/ESPN and Turner for broadcast and Internet rights earning the franchise nearly $2.7 million each season between 2016-2017 and 2024-25. That’s almost three times what the NBA gets with its current contract.
Maybe Ballmer believed that with this new deal in the works, along with a turnaround of the team’s reported mismanagement under previous ownership, he would have a real shot at making money on his investment despite his sky-high purchase price. And, maybe he just wanted the shiny new toy badly enough to pay whatever price it took to ensure it was his.
Still, there might have been at least one other factor that impacted his decision. Because as it turns out, Ballmer could claim about half of his purchase price of $2 billion over the next 15 years against his taxable income in a niche section of the tax code applicable only to sports franchise owners. To take advantage of it, an accounting treatment using goodwill, which refers to the difference between the purchase price and the cash and fixed assets of the team, would be used to structure the deal.
The Financial Times has reported, “Using a conservative model that assumes Mr. Ballmer could account for $1.5 billion in goodwill and a re-investment rate of 7 percent, the potential tax credits equate to about $1 billion in current terms.”
In the words of Washington Wizards owner Ted Leonsis, “There’s never been a better time to be an owner of an NBA franchise or frankly any professional sports team.” And, well…it pays to have an astute group of professionals keep their eye on the ball no matter what move a billionaire makes.
But perhaps buying a sports franchise isn’t your game, and this small corner of the tax code doesn’t apply to you. That still leaves thousands pages of rules and opportunities that could. The tax code is full of small but powerful regulations that can easily escape taxpayer notice. Ballmer has a powerful tax advisory team mining it to better inform his decisions for work and play. You can, too.
October 31, 2014
If Only There Was Fitness Tech for Your Business. But Wait—There IS.
These days, we’re tracking everything from our steps taken to our sleep patterns thanks to a proliferating number of wristband devices like the FitBit, Jawbone UP24, and Life Tracker 1. New technologies for monitoring our day-to-day health are making it simpler and easier to catalog and retrieve voluminous amounts of data so that we can better understand how our bodies run and make adjustments to improve our fitness. So the question is: Are you doing this for your business?
If you’re keeping track of income and expenses, you may be doing just enough to avoid financial disaster. But it’s nearly impossible for a business to thrive without the additional data required to make more strategic decisions.
By collecting, monitoring and analyzing our personal health data, we can identify opportunities for improvement and track our progress in a continuous feedback loop. Affordable bookkeeping software and processes work much the same way for a business, helping to automate what would otherwise be a tedious task so we can access timely data on business profitability.
An accountant or financial advisor can not only set up this software but also establish a streamlined process that makes it work for your business. This process includes effective recordkeeping for all expense and income types, properly entering this information into the bookkeeping software, and lastly, generating financial reports. Business owners that attempt to DIY the first two steps often get so bogged down they never get to the last one. This can be a costly mistake.
With up-to-date information in your bookkeeping system, you can track account balances and create sophisticated financial reports, putting vital financial information in easy reach. Everything from profit/loss statements and cash-flow projections help you detect patterns to different aspects of your business’s financial health. You can evaluate whether your goods or services are priced competitively, determine if certain expenses should be cut back or outsourced, and identify profitable revenue lines to pursue further.
In essence, professionally managed statements can help you make data-based decisions for your company more regularly and reliably, taking operations from good to great. The best part is, a good financial advisor that sets up the reporting system for your business can also give you valuable guidance on how to transform data into real-world decisions.
If you’re interested in identifying key numbers, tracking changes and reading trends to reveal tremendous insights on your company’s financial fitness, Talley & Company and its affiliate Group 11 Advisors can help guide you through the essential steps. Schedule a consultation with us to learn more.