05.25.17

Is Your Restaurant Ready for a Second (or Third) Location?

Are you thinking about expanding your restaurant? Is now the time to open a second location? Opening a second (or third) location for your restaurant is not a decision to be taken lightly. This article provides a few considerations restaurant owners should take before they map out their move for expansion.

05.17.17

The 28 Accounting Terms Every Entrepreneur Should Know

It happens more often than you might think. High-growth business owners that think they are “in the know” when it comes to finance and accounting jargon. But, in reality, they do not understand the most important accounting terms every entrepreneur should know.

05.17.17

Combining Liquidity and Efficiency Metrics: Cash Conversion Cycle Can Be a Useful Management Tool
Kenneth Tornheim

The cash conversion cycle is a financial metric that evaluates the time it takes your company to convert raw materials to cash collected from customers. This article tells how it is calculated and what it means.

05.12.17

Is it Time for Your Company to Draft an Expense Policy?

Still don’t have a written expense policy? Do not worry, you are not alone. Many businesses and startups overlook this item at the beginning. Initially, it may seem unnecessary because there are not a lot of travel and expenses incurred and, if there are, they are mostly incurred by a select few people. However, as your business grows, you will notice more of your staff are either requesting reimbursements or you are having to add more employee credit cards to your account. Worse, you may begin to be concerned that your employees are over-spending on certain expenses. This article provides a few considerations you should take when drafting your company’s expense policy.

05.09.17

Is Now the Time to Lock In a 30-Year Mortgage?

Buying a home is one of the most exciting and expensive purchases you will make. Whether you are buying a new home for your growing family, a vacation home for the summer or winter, or an investment property, deciding how to pay for it is just as important of a decision as it is to pick the house that is right for you. How you choose to finance such a major purchase can have a significant long-term impact on your finances. If you are purchasing your home and are considering a mortgage loan, this article will provide you with an understanding of the main types of mortgages and what benefits they can provide to help you determine which mortgage is most appropriate.

05.05.17

Fraud and the Not-for-Profit Organization: How to Counter Your Vulnerabilities
Kenneth Tornheim

Every organization, whether for-profit or not-for-profit, is at risk of falling victim to costly acts of fraud. Not-for-profit organizations, however, have some common characteristics that can make them particularly susceptible to fraud. This article discusses organizational weak spots and advises on ways to combat risks by implementing some simple controls. A Sidebar discusses the “fraud triangle” of conditions that can lead to fraud.

05.05.17

Helping Soon-to-Be Retirees Understand RMD Rules
James Pellino

Employees who are approaching retirement age may be unaware of their required minimum distribution (RMD) obligations, which begin at age 70½ for both individual IRAs and 401(k)s. This article summarizes what they need to know for financial and tax-planning purposes.

05.02.17

Communicating Your Financial Performance to Get Noticed By Investors

It is not easy communicating financial performance for investors. Inc. recently published an article titled, “Seven Horrifying Mistakes Founders Make in Their Pitches,” and that got me thinking about what the best approach is, specifically when communicating financial performance to investors. This article provides a few considerations business founders should take into account in order to best convey their business’ financial performance to investors.

04.28.17

City of Chicago Extends Amusement Tax to Satellite TV Services

Over the past few years, the City of Chicago and Cook County have enacted two new taxes that directly impact restaurants and bars. Last fall, we reported on Cook County’s penny-per-ounce tax on sales of sugary drinks, which will take effect on July 1, 2017. On the entertainment front, the City of Chicago’s “Amusement Tax,” originally implemented in 2015, left many restaurateurs and bar owners less than amused, as a tax was placed on streaming services, such as Netflix, Hulu and Spotify, as well as cloud computing services to which many subscribe. Now, the City has extended that same Amusement Tax to cover satellite TV services. This article provides a play-by-play on how the tax works.

04.28.17

Five Best Practices for Improving Collections
Jacqueline N. Janczewski

Unlike other businesses, which often stop providing goods and services until clients pay their bill, attorneys generally cannot withdraw representation while waiting for a client to remit an invoice. This article suggests other ways to improve collections, including billing promptly, checking invoices for accuracy and following up with clients as soon as a payment is late. A Sidebar helps attorneys avoid the conditions that lead to late payments.