instant download bonus toolkit<\/strong><\/span><\/h1>\nthe proprietary toolkit includes more than 100 fully-customizable practice aids to start immediately implementing 77 ways to wow!<\/em><\/strong><\/span><\/p>\navailable only as an add-on to your handbook or pdf ebook purchase.<\/strong> \ndelivered as a digital zip file containing versions in word, excel, and csv for your convenience. \n(only 77 cents. not sold separately.)<\/em><\/p>\nthe 125-page customizable toolkit provides<\/strong><\/span><\/p>\n\nchecklists,<\/li>\n practice guides,<\/li>\n tables,<\/li>\n spreadsheets,<\/li>\n client conversation starters,<\/li>\n examples,<\/li>\n illustrations,<\/li>\n sample reporting forms,<\/li>\n self-assessment tools,<\/li>\n flash reports. and….<\/li>\n<\/ul>\nmore:<\/strong><\/span><\/p>\n\nthe seven-minute financial statement analysis<\/li>\n cash, minutes, and internal controls sample reports<\/li>\n cash balance reports<\/li>\n organization minutes checklist<\/li>\n financial controls and fraud prevention practices<\/li>\n trigger points for calling in forensic professionals<\/li>\n the five biggest flaws to look for in any business<\/li>\n key business performance data points<\/li>\n instructions on financial controls for a new manager<\/li>\n common scenarios in fraud cases<\/li>\n the essentials in a buy-sell agreement<\/li>\n how to review an existing buy-sell agreement<\/li>\n urgent tasks upon the death of a\u00a0 business owner<\/li>\n business valuation fundamentals<\/li>\n creating contingency plans<\/li>\n worst-case scenarios for clients to consider<\/li>\n lessons for clients in prudent risk management<\/li>\n the critical financial statement ratios clients need to know<\/li>\n how to approach a break-even analysis with clients<\/li>\n what clients need to know about pricing, with tables and spreadsheets<\/li>\n how to handle projections<\/li>\n explaining accounting policies and assumptions<\/li>\n managing bank loan covenants with clients<\/li>\n working through trend analysis with clients<\/li>\n the quick way to understand a p&l and a balance sheet<\/li>\n the only five numbers clients really need to know<\/li>\n how to evaluate business performance in 12 data points<\/li>\n what’s what with swot for clients, with scenarios and graphs<\/li>\n the seven main pricing strategies<\/li>\n the four-step plan for branding<\/li>\n examples of brand value<\/li>\n eight notes on billing strategies<\/li>\n practical strategies for problematic collections<\/li>\n five steps for continuous improvement<\/li>\n inventory ins and outs, with spreadsheets<\/li>\n calculating the value of payroll<\/li>\n when earnings get complicated<\/li>\n why every business client needs a business valuation, and how<\/li>\n<\/ul>\n<\/h6>\n \ncontents<\/span><\/strong><\/h2>\ned mendlowitz,<\/strong> 77 ways to wow! the complete guide to small-business consulting<\/figcaption><\/figure>\nchapter 1: key performance indicators<\/strong><\/p>\n\nexamples: five kpis for most organizations<\/li>\n illustrations: examples for specific operations<\/li>\n kpi \u2013 sample reporting form<\/li>\n absentee ownership technique\n\nexercise: self-assessment test<\/li>\n<\/ul>\n<\/li>\n daily reports (about 3 minutes)<\/li>\n weekly reports (about 2 minutes)<\/li>\n monthly reports (about one-half hour)<\/li>\n<\/ul>\nchapter 2: elements of a financial statement<\/strong><\/p>\n\nfinancial statement reports<\/li>\n audits<\/li>\n reviews<\/li>\n compilations<\/li>\n other financial statement and reporting and attestation services<\/li>\n benefits from an audited financial statement\n\nseven-minute financial statement analysis<\/li>\n<\/ul>\n<\/li>\n statement of cash flows categories<\/li>\n<\/ul>\nchapter 3: cash, minutes and internal control<\/strong><\/p>\n\nhappiness is a positive cash flow<\/li>\n happiness is a positive cash flow \u2013 some more information<\/li>\n five sample reports\n\nsample 1: daily cash balance report<\/li>\n sample 2: daily cash balance report with held checks<\/li>\n sample 3: daily flash numbers report, version 1<\/li>\n sample 4: daily flash numbers report, version 2<\/li>\n sample 5: daily cash and loan balances report<\/li>\n<\/ul>\n<\/li>\n organization minutes\n\nchecklist: 34 items for organization minutes<\/li>\n<\/ul>\n<\/li>\n start with the cash<\/li>\n<\/ul>\nchapter 4: controls and fraud prevention<\/strong><\/p>\n\n10 financial controls for business\n\nscript: how to explain internal controls to clients<\/li>\n<\/ul>\n<\/li>\n what keeps businesspeople up at night<\/li>\n i try not to let poor internal controls keep me awake\n\nbenefits of an internal audit<\/li>\n<\/ul>\n<\/li>\n anatomy of a fraud<\/li>\n forensic techniques as a fraud deterrence tool\n\nusing financial controls to get started as a manager<\/li>\n<\/ul>\n<\/li>\n charities that let people steal from them<\/li>\n serving is not an honorary entitlement\n\nmanaging with the right financial tools<\/li>\n<\/ul>\n<\/li>\n fraud in not-for-profits<\/li>\n fraud prevention techniques<\/li>\n hewlett-packard\u2019s due diligence?<\/li>\n<\/ul>\nchapter 5: assisting clients with buy-sell agreements<\/strong><\/p>\n\nwhat to do with an existing agreement\n\nchecklist: 16-item buy-sell agreement review<\/li>\n<\/ul>\n<\/li>\n what to do in considering a buy-sell agreement\n\nchecklist: 20 buy-sell agreement issues to consider<\/li>\n<\/ul>\n<\/li>\n when an owner dies without a buy-sell agreement\n\nchecklist: eight things to deal with right away<\/li>\n<\/ul>\n<\/li>\n buy-sell agreement drop-dead plan<\/li>\n buy-sell agreement default plan<\/li>\n valuation for “drop-dead” buy-sell agreement<\/li>\n valuing the business when an owner dies without a buy-sell agreement\n\nvaluation method #1<\/li>\n valuation method #2<\/li>\n valuation method #3<\/li>\n<\/ul>\n<\/li>\n owner loans<\/li>\n four not-so-good alternatives\n\nalternatives if nothing is done<\/li>\n<\/ul>\n<\/li>\n restrictions when stock is transferred to an employee<\/li>\n the one-owner contingency plan\n\nchecklist: 15 consequences that could have been avoided with planning<\/li>\n<\/ul>\n<\/li>\n contingency plan for a sole business owner dropping dead\n\nchecklist: six first steps<\/li>\n checklist: ten critical decisions<\/li>\n checklist: eight pre-planning items<\/li>\n<\/ul>\n<\/li>\n working until you drop<\/li>\n<\/ul>\nchapter 6: valuing a family-owned business<\/strong><\/p>\n\nfair market value<\/li>\n standards in a divorce<\/li>\n selling the business<\/li>\n buying the business as an investment<\/li>\n job value to the buyer<\/li>\n strategic value<\/li>\n partners, members or shareholders agreements<\/li>\n valuation in a personal financial plan<\/li>\n when price is not always the most important thing in selling a business<\/li>\n work hard and retire when you are able \u2013 a little story<\/li>\n in\u2022er\u2022tia<\/li>\n<\/ul>\nchapter 7: overlooked insurance coverage<\/strong><\/p>\n\numbrella insurance\n\nworkers\u2019 compensation<\/li>\n unlicensed and uninsured contractors insurance<\/li>\n uninsured motorists<\/li>\n cyber liability<\/li>\n consult your insurance agent<\/li>\n<\/ul>\n<\/li>\n maria sharapova and risk management\n\nquestion: what type of risk management program should she, or could she, have had?<\/li>\n checklist: 11 lessons from the maria sharapova case<\/li>\n<\/ul>\n<\/li>\n<\/ul>\nchapter 8: the top 11 financial statement ratios for client discussions<\/strong><\/p>\n\nwhat’s wrong with the quick ratio or acid-test ratio?<\/li>\n ebitda<\/li>\n free cash flow<\/li>\n<\/ul>\nchapter 9: break-even analysis<\/strong><\/p>\n\nthree forms of break-even analysis compared<\/li>\n effect and sensitivity of changing costs on pricing analysis\n\nillustration: effect of changes in variable vs. fixed costs<\/li>\n<\/ul>\n<\/li>\n determining whether to raise or lower prices in order to make more money\n\nillustration: effect of price changes with 40% profit<\/li>\n illustration: effect of price changes with 30% profit<\/li>\n<\/ul>\n<\/li>\n<\/ul>\nchapter 10: business plan financial projections<\/strong><\/p>\n\nchecklist: five essential elements in projections<\/li>\n meet mr. no\n\nchecklist: 26 reasons for “no<\/li>\n<\/ul>\n<\/li>\n summary of significant assumptions and accounting policies\n\nillustration: basic assumptions<\/li>\n<\/ul>\n<\/li>\n accountants\u2019 report letter when a cpa works on the projections\n\nsample: accountants’ report for compilation of projection<\/li>\n<\/ul>\n<\/li>\n bank loan covenants\n\nchecklist: six critical covenants<\/li>\n<\/ul>\n<\/li>\n<\/ul>\nchapter 11: trend analysis<\/strong><\/p>\n\ntrend ubiquity<\/li>\n trend awareness<\/li>\n tricky trends<\/li>\n discussion of nasdaq index<\/li>\n trend analysis\n\nsample: statement of operations<\/li>\n sample: balance sheet<\/li>\n<\/ul>\n<\/li>\n key to differences in trends<\/li>\n statement of operations<\/li>\n balance sheet\n\nthe quick way to review and analyze the p&l<\/li>\n the quick way to review and analyze the balance sheet<\/li>\n<\/ul>\n<\/li>\n purpose of trend analysis<\/li>\n for those whose software cannot transfer financial reports to excel\u00ae<\/li>\n just two minutes a month<\/li>\n graphic demonstration of trends<\/li>\n the five numbers needed to run a better business<\/li>\n business performance measurement\n\nchecklist: 12 areas where performance can be evaluated<\/li>\n<\/ul>\n<\/li>\n business focus<\/li>\n swot analysis\n\nstrengths<\/li>\n weaknesses<\/li>\n opportunities<\/li>\n threats<\/li>\n<\/ul>\n<\/li>\n lifecycles of an organization<\/li>\n what to do<\/li>\n detecting, observing and reacting to trends\n\nillustration: the “do-nothing” scenario<\/li>\n<\/ul>\n<\/li>\n peeling away layers of an onion<\/li>\n defining profits for a manager, in tables and graphs\n\ngraph: sales<\/li>\n graph: profit contribution<\/li>\n<\/ul>\n<\/li>\n<\/ul>\nchapter 12: pricing, billing & collecting<\/strong><\/p>\n\nhow pricing strategies are changing business models\n\nillustrations: seven examples of pricing strategies<\/li>\n<\/ul>\n<\/li>\n myriad ways to set prices<\/li>\n giving 20 percent off<\/li>\n “how to brand sand”<\/li>\n a four-step approach to branding commodities<\/li>\n what’s a brand worth?\n\nillustration: sports, media, and celebrities (dead and alive)<\/li>\n<\/ul>\n<\/li>\n billing\n\nillustration: eight notes on billing strategies<\/li>\n<\/ul>\n<\/li>\n collecting\n\nchecklist: practical strategies for problem situations<\/li>\n<\/ul>\n<\/li>\n theory of constraints<\/li>\n throughput, inventory, and operating expense relationships to conventional financial measures<\/li>\n the “five focusing steps” for on-going improvement<\/li>\n allocating business resources\n\nillustration: mark up and gross margin<\/li>\n<\/ul>\n<\/li>\n materials purchased\n\nillustration: cost sheet<\/li>\n illustration: playing games with inventory<\/li>\n illustration: interim inventory valuation<\/li>\n illustration: inventory valuation method<\/li>\n<\/ul>\n<\/li>\n payroll costs<\/li>\n headcount<\/li>\n overtime<\/li>\n fixed vs. variable payroll\n\nillustration: calculating actual payroll costs<\/li>\n<\/ul>\n<\/li>\n actual hours worked in a year\n\nillustration: cost per hour, based on actual hours worked<\/li>\n illustration: 20% overtime hours at straight time rates<\/li>\n illustration: 20% overtime hours at time-and-a-half<\/li>\n illustration: hourly cost summary<\/li>\n illustration: payroll cost per department<\/li>\n illustration: direct labor cost analysis<\/li>\n illustration: calculation of billing rate multiple for a professional service business and billings and revenue per employee<\/li>\n illustration: overhead cost allocation<\/li>\n<\/ul>\n<\/li>\n cost variances\n\nillustration: absolute lowest cost on a special one-time-only job<\/li>\n illustration: suggested response<\/li>\n<\/ul>\n<\/li>\n report of direct labor cost variances\n\nillustration: calculation of direct labor variances<\/li>\n<\/ul>\n<\/li>\n weighted average\n\nillustration: when the client is borrowing at three different rates<\/li>\n illustrations: weighted average<\/li>\n<\/ul>\n<\/li>\n organization charts\n\nsamples: organization charts<\/li>\n<\/ul>\n<\/li>\n<\/ul>\nchapter 13: quality of earnings when performing a business valuation<\/strong><\/p>\n\ncash flow: “show me the money”<\/li>\n why ebitda falls short<\/li>\n capitalization of earnings rate<\/li>\n four categories of adjustment\n\nsample: 13 non-recurring costs<\/li>\n<\/ul>\n<\/li>\n income taxes<\/li>\n capital structure<\/li>\n sustainability of earnings<\/li>\n<\/ul>\nchapter 14: creating value for business owners and board members<\/strong><\/p>\n\nchecklist: 50 reasons for valuing a business<\/li>\n eight ways of valuing a family-owned business<\/li>\n<\/ul>\nchapter 15: valuing a business in a client\u2019s personal financial plan<\/strong><\/p>\n\ndrill down to cash flow<\/li>\n your money or your life<\/li>\n<\/ul>\n \n\n… an excellent guide to providing services to your client where the client will never question your bill and want to know how many hours you’re billing for. truth be told, advising your clients is where the most fun is.<\/em><\/span><\/h4>\ndon\u2019t just read this book, put these ideas to use on your clients, and i guarantee your clients will thank you and you will have more fun than you thought you could ever have in accounting.<\/em><\/span><\/h4>\n\u2013 frank r. boutillette, cpa\/cgma partner withumsmith+brown, pc<\/em><\/span><\/h4>\n<\/blockquote>\n \nwhy this handbook. why now!<\/em><\/span><\/span><\/h3>\nby ed mendlowitz<\/em><\/span><\/strong><\/h2>\nthis handbook contains a lifetime of ideas that i’ve used to assist clients in running their businesses and becoming more successful. also, the more i helped them, the better and more fulfilling my practice became, and the more fun i had.<\/p>\n
assembling all the information for this book caused me to relive them, especially when i first learned or used each one and the clients\u2019 reactions. i would like to say that i was paid very well for each idea. i wasn\u2019t. but it strengthened my relationships and bonds with my clients. it was very rare when i lost a client. that is how my practice grew \u2013 by retention with nominal annual fee increases and occasionally a new client who was retained and accepted the annual fee increases.<\/p>\n
this handbook contains a plethora of information, and i hope my colleagues use what\u2019s in here and that the clients that read this book meet and insist that their accountants follow the pattern suggested here.<\/p>\n
while my name is on the cover, the information in it was not \u201cinvented\u201d in a vacuum but required the help of many people. underlying this book are my career\u2019s interactions with bosses, fellow workers, partners, staff, colleagues and clients. i have been blessed to be part of a great profession. this book attempts, in a small way, to return some of the help and mentoring i have received.<\/p>\n
caveat: while this book has been written to assist fellow professionals, if a client reads anything here, they are advised that before doing anything of a technical, legal or tax nature, they should consult with their own advisor who can advise on not only the technical issues but also the specific applicability to the client\u2019s situation based on their individual circumstances.<\/em><\/p>\nconsulting for clients<\/span><\/span><\/h3>\nwith covid-19, the situation changed. they now knew (1) they needed outside-the-box help; (2) that it is transactional, in that these are separate self-contained services with a beginning, middle and end, and (3) that they preferred to hire their accountant for those services without an on-going obligation to either \u201cbuy\u201d additional services or have their regular fees bundled with an add-on permanent fee in case they might <\/em>need such type of services in the future.<\/p>\n\nmany small business clients have either developed a lower reliance on their accounting firm for financial reporting or are planning on outsourcing all of their accounting functions to them. <\/span><\/em><\/h3>\nthis wide spectrum indicates a major disruption in how accountants will be involved with their clients.<\/span><\/em><\/h3>\n<\/blockquote>\ni should define \u201csmall business\u201d clients to create a frame of reference. a small business client is any family-owned or closely held business. size does not matter. every business is extremely important to the owner and those working in it. in that regard, every business is a big business to them. perhaps instead of using the term \u201csmall business\u201d client, i should say \u201cfamily-owned” or “closely held\u201d business. a single-owner business with two employees has important issues that its accountant can help them with, just as a two-owner business with 1,500 employees and warehouses in multiple states and three countries. the larger size business will have more complicated issues and might represent greater potential revenue, but their problems are no more important to them than the problems a three-person business has. the effective accountant advisor will treat both with the attention they require.<\/p>\n
i have been an accountant for many years serving many types of clients and developed my practice where i felt i needed to \u201cgive away\u201d the consulting and coaching services. however, that is not the whole story. here is some more of what i did and do.<\/p>\n
be the first person they call<\/span><\/span><\/h3>\n