MANAGEMENT

How to Get Organization Minutes in Order

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A 34-point checklist.

By Ed Mendlowitz
77 Ways to Wow! The Checklist Handbook for Advisory Services.

Corporate, LLC, partnership and not-for-profit organizations are usually required to have minutes memorializing certain actions taken by the board of directors or governing body. Yet, many do not either because it has never been done, is a bother, is considered not necessary or overlooked through inaction or unawareness.

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However, it is something that should be done as a best practice, as recognition that there are non-active stakeholders who need transparency, or as tangible evidence that the actions recorded took place timely. In some instances, the IRS looks for minutes as a symbol that the affairs were handled on a businesslike basis or were not one-sided “secret” actions by those in control.
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Back to Basics: Where Is the Cash?

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person on roof wielding fire hose spewing out paper currency

Profits don’t mean anything if they’re not backed.

By Ed Mendlowitz
77 Ways to Wow!

Cash is the lifeblood of a business. Cash amounts. Cash flows. Cash changes. No matter what anyone tells you, cash is the bottom line you must watch and accumulate.

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Simplistically, knowing your cash balance gives you a sense of how you are doing. If it goes up, you are making money – if it goes down, you are losing money.
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Five Fixes for Floundering Firms

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Plant seedlings growing out of coin stacks , both increasing in size

Taking steps “little and often” works, but only once you get started.

By Martin Bissett
Passport to Partnership

A big concern in recent years has been how the incoming partners will purchase equity or fund the capital account and exit of a retiring partner.

Much has been written that examines the mathematical complexities of this topic but the bottom line is simple. Would-be partners in the age demographic of 28-42 are part of a generation who are already heavily borrowed in the form of credit card debt, mortgage debt and other forms of personal loans.

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Their capacity to borrow in the current economy is extremely limited and it would appear that this will be the environment for the foreseeable future. In turn, banks’ willingness to lend has also been largely withdrawn in recent years.
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How DiSC Profiles Help Remote Teams

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Overhead view of five people in a meeting

Work together effectively with better understanding. 

By Jody Grunden
Building the Virtual CFO Firm in the Cloud

Working in a remote environment can be great, and it can also have its challenges. Communication is one of the biggest hurdles distributed companies have to overcome. To tackle this issue head on, Summit CPA has implemented many initiatives.

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One of our favorites is the DiSC profiles. Let me start off by telling you a little bit of the background on the DiSC profiles.
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How to Disengage Clients

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woman speaking and giving direction to subordinate

BONUS: Two sample letters.

By August Aquila
MAX: Maximize Productivity, Profitability and Client Retention

Disengaging clients in a professional services firm is a sensitive process that requires careful consideration to maintain positive relationships and uphold your firm’s reputation. Here’s a step-by-step guide on how to do it professionally:

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  1. Review Contracts and Agreements: Begin by reviewing the terms of your engagement contracts or agreements with the client. Understand any clauses related to termination or disengagement and follow those guidelines.

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