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Managing a Business/Questions Answered by Expert David E. Coffman CPA/ABV, CVA
| Subject | Date Asked |
| Remotely Controlling an Overseas Business | 11/12/2011 |
| Q: Good day, I just got an opportunity of taking over a small restaurant business as part of a debt ... A: From an operational standpoint I have witnessed many owners of small restaurants try to manage them ... | |
| business valuations | 8/24/2011 |
| Q: An English tax inspector has quoted from one of your articles, 'You should only pay for the business ... A: I absolutely believe my quote represents the best practice for a buyer. Another way to state it is: ... | |
| Spreadsheet templates :S | 8/4/2011 |
| Q: I am a secretary for a company that does painting, cleaning, tub/counter resurfacing, and general ... A: For the invoices, employee info and bills, I recommend QuickBooks. It is the most widely used ... | |
| I need your honest idea | 6/9/2011 |
| Q: I’m planning to open a small business consultant (Mystery shopping and event management) the only ... A: This question cannot be answered with a simple yes or no. It is a decision you must make on your ... | |
| Companies financial investments for mitigating risks | 6/9/2011 |
| Q: There are many financial investments products available for the smart household investors viz ... A: I specialize in working with small, owner-operated businesses that rarely have excess cash to ... | |
| Managing Small Busines | 5/4/2011 |
| Q: i want to know starting out what are some alternatives to having a CPA when u cannot afford one? 2. ... A: 1. The alternatives to hiring a CPA are: a) look for a part-time bookkeeper or hire a company that ... | |
| 4 drawer filing cabinet | 2/27/2011 |
| Q: I have business & personal files.... Someone said I should use my 4 drawer filing cabinet for: 1st ... A: Use whatever system works for you. I would suggest that you start thinking about storing your ... | |
| Question Purchasing a Radio Station and Structuring Deal | 1/14/2011 |
| Q: For the past year now I have been in the market to purchase a radio station. Because of my credit ... A: There are many ways to structure a deal it just depends on how creative and flexible both parties ... | |
| managerial economics | 12/16/2010 |
| Q: Frequently we hear that business profits are too high.What do we mean by firms profitability?what ... A: The general public is illiterate when it comes to business. To them profits mean that a business or ... | |
| Getting paid. | 11/17/2010 |
| Q: . my question is probably within your expertise, How founders of a any company who want to hire a ... A: There are basically two ways to get paid. One way is to continue to draw a salary. You will still ... | |
| question about working as a contractor/vendor | 9/16/2010 |
| Q: I have a question. I am just starting in a new business and I will be working as a contractor. ... A: I think forming an LLC or corporation is overkill unless you intend to work at other clinics under ... | |
| question about working as a contractor/vendor | 9/16/2010 |
| Q: I have a question. I am just starting in a new business and I will be working as a contractor. ... A: Corporations owned by one individual do not provide much protection because it is relatively easy to ... | |
| Re: Small IT Company - Web Application dev or Internet marketing | 6/4/2010 |
| Q: I am running a small Web Application Development company in India. I started as a freelancer PHP ... A: Spreading yourself too thin is counterproductive, so I suggest focusing on the one area of the ... | |
| answer my question please | 5/31/2010 |
| Q: how can political stability of a country affect a small business A: In just about every way you can imagine. In any environment owning a small business is a risky ... | |
| Re: Small IT Company - Web Application dev or Internet marketing | 4/26/2010 |
| Q: I am running a small Web Application Development company in India. I started as a freelancer PHP ... A: You need to pick one area and focus on it. Pick the area that interests you the most and stick with ... | |
| CYCLE COUNTING VS FIFO | 1/14/2010 |
| Q: Sir, I work at a large retail fixture company that uses FIFO to issue inventory out of the warehouse ... A: I don't have enough info to diagnose all the issues but it appears like getting your software to ... | |
| starting my own company. | 11/27/2009 |
| Q: I am 22 years old and I am about to graduate from college with a BA degree in ELA. Originally I ... A: My advice would be to get a job to support yourself while you learn about design and the shoe ... | |
| Advice | 11/23/2009 |
| Q: I have my own print shop which opened for more than a year and when I open this small business I was ... A: I have been in similar situations many times in my life. For much of my career I had full-time jobs ... | |
| starting a painting business | 5/20/2009 |
| Q: I am starting my own painting business I have been told that it is best to be an employee of your ... A: What you are really asking is how to structure your business - as a sole proprietorship or a ... | |
| Inventory Management | 5/11/2009 |
| Q: I have a few questions that I do not know who to ask. Please help or please show me the right ... A: There are a number of suppliers of point-of-sale (POS) systems that incorporate bar coding. Search ... | |
| dept performance | 4/26/2009 |
| Q: How could you measure performance within the accounts department in terms of reliability and speed? A: I believe the best measure is perfection - 100% reliability and real-time access. Measure current ... | |
| referral bonuses | 3/8/2009 |
| Q: Your response would be greatly appreciated. Regarding referral bonuses for our cosmetics business, ... A: There are a number of ways you could handle this situation. One way would be to set up an ... | |
| Deferred Taxes | 1/22/2009 |
| Q: Do you know why the net change in deferred tax assets for the current year would be different from ... A: I am not an expert on deferred taxes, but the deferred tax calculation is based on many assumptions. ... | |
| mark up rate and inventory | 7/31/2008 |
| Q: I will soon start a online shop, it will be homebase and I will sell scarfs, hats and travel ... A: You have to do some research. Find out what similar products are selling for in various markets like ... | |
| lost answer | 6/18/2008 |
| Q: I lost an answer you gave me to the question "How do I find a business partner?". Can you please ... A: I don't remember the original question and I can't find it on my past answers, so I will answer from ... | |
| selling my photo business | 6/11/2008 |
| Q: I have a commercial photography business that specializes in product photography for advertising ... A: Yes, you have something to sell but how much it is worth depends on a number of factors. If you just ... | |
| Sole Proprietor | 4/30/2008 |
| Q: I have a business that is run as a sole proprietor. My husband is now running the business full ... A: Yes, just file your next federal, state and local income tax returns using your husband's SS# for ... | |
| gym management | 4/24/2008 |
| Q: I am about to open a gym/personal training studio. I am having trouble finding resources on gym ... A: Smallbizbooks.com has a startup guide for a personal training business. The International Health ... | |
| Selling business and incorporating | 4/16/2008 |
| Q: I established a computer business in 2003 that specializes in Dental Offices. I want to incorporate ... A: Yes, you have to pay capital gains tax, but if you sell the shares soon after incorporating you ... | |
| Selling business and incorporating | 4/14/2008 |
| Q: I established a computer business in 2003 that specializes in Dental Offices. I want to incorporate ... A: I think the best way would be to incorporate the business first and issue yourself the shares of the ... | |
| establishing stock value in small biusiness | 1/27/2008 |
| Q: I own 33 of a retail corporation (2 other family members own 33% and 34%) . I am filing FAFSA and ... A: Valuing a business is not a simple matter. It involves analyzing the company and applying a number ... | |
| assignment | 12/27/2007 |
| Q: have you ever made a decision with information that was not timely,of good qaulity complete or ... A: All decisions made in the real-world are made with incomplete information. Those who wait for more ... | |
| partnerships | 12/14/2007 |
| Q: upon termination of partnership, if capital account of partner b is negative, say $10,000, does that ... A: Technically when a partnership terminates, any partner with a negative capital account is required ... | |
| Small Bussiness Questions | 11/14/2007 |
| Q: My and my brother have decided we would like to start up a small bussiness. Specificly a Fudge ... A: Most licenses/permits are specific to the state and locality where you are located. Many states have ... | |
| Subsidiary | 8/1/2007 |
| Q: I have a incorporated business and have one separate business I run as a subsidiary within that ... A: Yes you can pay her as a independent contractor if you do it correctly. Make sure you have a written ... | |
| What is your opinion about this? | 7/29/2007 |
| Q: 1. Some of my friends want to start up an organization to empower people with ideas, but my problem ... A: 1. These loans will probably be based on nothing besides good faith to be paid back. Tell them to ... | |
| SWAT Analyses | 7/17/2007 |
| Q: Defination of SWAT analyses with examples A: It is SWOT and it entails assessing an organization's Strengths, Weaknesses, Opportunities, and ... | |
| To Do List? | 5/21/2007 |
| Q: I want to ask some questions concerning Time Management especially the To Do List: 1- How, When and ... A: To do lists - I am great at writing them. Not so great at completing them. There are many ways to do ... | |
| bad checks | 4/30/2007 |
| Q: I'm just starting out with my home-based business and just beginning to build up my clientele. In ... A: There are several ways to deal with this issue. Many small businesses refuse to accept personal ... | |
| Merchant Services | 4/18/2007 |
| Q: My sister and I have just started a hair and tanning salon. We have a lot of clients who want to use ... A: Finding the best provider is more complicated than it appears. The focus tends to be on the rate (%) ... | |
| Businesses | 4/9/2007 |
| Q: I would like to start an online business selling home decor and DVD movies and perhaps other items. ... A: Actually yes that is true and the statistics on startups and failures confirm that. Like I said the ... | |
| action plan | 3/15/2007 |
| Q: I'm working as HR admin . , my manager asked for monthly action plan related to HR field . Actually ... A: All I can tell you is to do some research on the web to find resources to help you. In general an ... | |
| Business Management | 3/14/2007 |
| Q: What is higher? A CEO or the President of the company. What is the difference between them? A: The president is one of the officers of the company (pres, VP, sect, treas) and a member of the ... | |
| bonus structure | 11/30/2006 |
| Q: can you give me any insight to where i can find example management bonus plans for a small ... A: I don't know of any specific source, but you can try searching one of the following sources - the ... | |
| Sales Tax payable | 11/19/2006 |
| Q: Is "Sales Tax Payable" considered an estimated liability" A: No, although the liability may be subject to adjustments it is not estimated. The liability is ... | |
| failing business | 11/15/2006 |
| Q: Opened a franchise ice cream store 1 1/2 years ago. It appears now it is not in a good shopping ... A: Find a local business broker and list the business for sale. You will have to pay a commission of 8% ... | |
| Depreciation of asset | 11/13/2006 |
| Q: Sir, How do I recognize accumulated depreciation of a piece of machinary sold? It originally cost ... A: Here is the entry assuming it was sold at a gain. Debit accumulated depreciation for the amount of ... | |
| Petty cash fund | 11/2/2006 |
| Q: Sir, I have a petty cash fund we want to decrease from $200 petty cash fund to $75. I have $45 in ... A: To do it in 1 entry: debit the cash payment expenses for $45, debit the account you are going to ... | |
| Line of Credit/Short-term note comparison? | 10/26/2006 |
| Q: Sir, can you briefly explain how a line of credit differs from a short-term note payable? What is ... A: A line of credit is an approved credit line similar to a credit card. You can advance loans at any ... | |
| Annual Financial report | 10/19/2006 |
| Q: I have a boss asking me for the up-to-date annual financial statement to share with a bank he has ... A: I would suggest making as many of the adjusting entries as possible then adding a disclosure that ... | |
| Inventory issues | 10/18/2006 |
| Q: What are the advantages/disadvantages of using the perpetual inventory system in a small apliance ... A: A perpetual system lets you know exactly what you have in stock at all times. Manual systems are a ... | |
| need to ask | 8/17/2006 |
| Q: please i have a question frequent on my mind hope you aid me ; if i have a company & sure i have ... A: There is no way to eliminate this risk, but a combination of non-disclosure, confidentiality, and ... | |
| gas allowance | 8/11/2006 |
| Q: I work for a tribal housing authority. I have a salary and the board gave me a gas allowance. Can I ... A: It depends on whether the authority's reimbursement plan is considered an accountable plan by the ... | |
| Gas Allowance for business use | 7/17/2006 |
| Q: Greetings Mr. Coffman; First off thank you for voulunteering your time and your expertise. A little ... A: If you are not keeping a mileage log you need to start. Just keep a small note pad or pocket ... | |
| Partnership | 5/27/2006 |
| Q: My brother-in-law and I want to open up a business. We will develop a corp and he will be the one ... A: Since you will be forming a corporation there is no partnership agreement. What you need is a ... | |
| Support & Maintenace contract fees | 12/1/2005 |
| Q: I have recently become an independant consultant & network support specialist for small to meduim ... A: There are several ways to do pricing. Cost (time), market and value are the most common. For cost, ... | |
| selling a business | 8/19/2005 |
| Q: My wife and I together own a residential cleaning service- annual gross of about $50,000. We are in ... A: First of all 150K is way too much. Industry rules of thumb are more like 50% of annual gross ... | |
| Record Keeping | 1/30/2005 |
| Q: I am a licensed acupuncturist and plan on giving the "paid online surveys" thing a whirl. If the ... A: There are several options. One is to purchase a low-end accounting program like QuickBooks. It gives ... | |
| Subsidiaries | 10/13/2004 |
| Q: 2 Followup Questions: 1) What is the minimum percentage a parent company can own one of its ... A: Regarding the first part, I am not an expert on business combinations so I don't know. I think it ... | |
| Subsidiaries | 10/12/2004 |
| Q: BusinessIn the US is there any way a subsidiary company can be owned by the person managing the ... A: For it to be a subsidiary the parent must have an ownership interest, but it does not have to be ... | |
| Planning process(this is not a homework question) | 9/22/2004 |
| Q: planning is often described as the premier function of management. Clearly define the planning ... A: The planning process contains 5 basic steps. 1) Evaluation to determine greatest strengths and ... | |
| how to price this business? | 8/13/2004 |
| Q: I started a event management company year ago, but later found that it was too heavy capital to ... A: I am not sure what you mean by maximizing capital paid up. Capital is the sum of the net resources ... | |
| Business Information | 6/9/2004 |
| Q: I want some information about starting a business. I want to establish a corporation for this ... A: Check out the resources at the Small Business Administration (www.sba.gov). They have many free or ... | |
Managing a Business
Answers by Expert:
David E. Coffman CPA/ABV, CVA
Top Expert on this page
Expertise
General questions about small business management, planning, and measuring and improving business performance. Specific questions about what a business is worth.
Experience
Certified Public Accountant, Accredited in Business Valuation (ABV) and Certified Valuation Analyst (CVA). Over 30 years experience advising, owning and operating small businesses. Specializing in business valuation and innovative consulting services for small businesses since 1997.
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