Time flies when you’re busy running a business. But it’s important to occasionally pause and assess interim performance — otherwise you’re likely to be surprised by the year-end results. When reviewing midyear financial reports, however, recognize their potential shortcomings. These reports might not be as reliable as year-end financials, unless a CPA prepares them or performs agreed-upon procedures on specific accounts. Diagnostic benefits Monthly, quarterly and midyear financial reports can provide insight into trends and possible weaknesses. Interim reporting can be especially helpful for businesses that were struggling at the end of 2017. For example, you might compare year-to-date revenue for 2018 against 1) the same time period for 2017, or 2) your annual budget for 2018. If your business isn’t growing or achieving its goals, find out why. Perhaps you need to provide additional sales incentives, implement a new ad campaign or alter your pricing. You can also review your gross margin [(revenue – cost of sales) ÷ revenue]. If your margin is slipping compared to 2017 or industry benchmarks, find out what’s going wrong — and take corrective actions. Don’t forget the balance sheet. Reviewing major categories of assets and liabilities can help detect working capital problems before […] Details
Most charitable not-for-profits have a never-ending need for volunteers. But finding new ones can be time-consuming — and volunteer searches aren’t always successful. Here are three recruitment ideas that can help. 1. Look nearby Is your nonprofit familiar to businesses, residents and schools in the surrounding community? People often are drawn to volunteer because they learn of a worthwhile organization that’s located close to where they live or work. Start to get to know your neighbors by performing an inventory of the surrounding area. Perhaps there’s a large apartment building you’ve never paid much attention to. Consider the people who live there to be potential volunteers. Likewise, if there’s an office building nearby, learn about the businesses that occupy it. Their employees might have skills, such as website design or bookkeeping experience, that perfectly match your volunteer opportunities. Once you’ve identified some good outreach targets, mail or hand-deliver literature introducing your nonprofit as a neighbor and describing your needs. Consider inviting your neighbors to a celebration or informational open house at your offices. 2. Fine-tune your pitch By making your pitches as informative and compelling as possible, you’re more likely to inspire potential volunteers to action. Specifically, explain the: […] Details
Good morning and Happy Thanksgiving everyone! On a day where we are thankful for friends, family, and loved ones, we at TSS want to share another reason we are thankful. As of day-end on Tuesday, November 21st, our 10th Annual Food Drive came to a close. With many fundraising events over the last five weeks, our team set records with their generosity! Each fall we collaborate with a couple local organizations with this year’s food drive and supporting events benefiting the Upper Valley Haven and David’s House. The fundraising began on October 16th with the first of our themed giving days. With one themed giving day each week (listed below), employees were challenged to bring in the most items for the corresponding day. Microwave Monday (October 16th) Toiletries Tuesday (October 24th) Warm Up Wednesday (November 1st) Time for a Snack Thursday (November 9th) Fruit Loop Friday (November 17th) Our annual TSS breakfast kicked off November 8th, with members of our team volunteering to cook and those in attendance bringing a monetary donation. We were able to raise $560! At this time, the Upper Valley Haven presented us with an additional challenge of coming up with 500 boxes of stuffing to […] Details
Tyler, Simms & St. Sauveur, CPAs, P.C.
Phone: +1 (603) 653-0044