I have been asked what the CGMA designation after my name means. The CGMA stands for a Chartered Global Management Accountant. The designation was awarded jointly by the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA). The CIMA is a multi-national association of Chartered Accountants representing over 195,000 members in 176 countries. … Read more >
Two weeks ago this space took on the topic of timely and accurate billing to promote prompt collections. Last week the need to manage the collection process and plan cash was addressed. In this final installment the topic of making collection calls will be our subject.
The most important aspect of a collection call is preparation. … Read more >
With all of the confusion and last minute changes, the IRS is just releasing the 2013 employer tax withholding tables for 2013 in Notice 1036.
The new tables reflect the “fiscal cliff” changes and employers should begin using the revised tables as soon as possible. If you are working with an outside payroll service, I advise you to discuss with them how the tax changes will be implemented to ensure that cumulative withholdings for social security will be properly reflected in the employee’s 2013 W-2. … Read more >
Last week this blog covered the importance of timely and accurate billing to turn your receivables into CASH.
The person who posts your cash to receivables can likely predict the payment patterns of most customers. Have this person review the open aging at the beginning of each period and prepare a simple spreadsheet showing when open balances for major customers will likely be received. … Read more >
For small businesses that extend credit, the timing of the cash inflows can cause some restless nights. But there are ways for any business to improve their cash inflows and gain more confidence in the timing of customer payments.
The first decision you must address is whether to extend credit to the customer, in what amount and for how long. … Read more >