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  • Education Planning: 5 Compelling Reasons You Need It

    November 15, 2018

    Education Planning: 5 Compelling Reasons You Need It

    Education Planning: 5 Compelling Reasons You Need It

    According to College Board, the average cost of tuition for a private nonprofit four-year school for the 2018-2019 school year is $25,830. That’s up over $7,000 from ten years. Public four-year schools and public two-year schools continue to rise as well.

    With the rapid increases in college tuition, it’s essential to start education planning soon so that your child can obtain the higher education they deserve. With a well-designed strategy for education planning, you can reach your education funding goals and reap the benefits. While gaining a job might be the immediate goal to be desired with higher education, the benefits extend far past just a job.

    Why It Is Crucial To Plan For Education

    Planning for education is a crucial step to afford the rising costs of college tuition. But one often overlooked aspect is why your child will benefit. Sending your child to college is more than earning a degree at the end of the program. In fact, college graduates have 5 distinct benefits gained from a college degree:

    • They make more money
    • Doors are opened for more opportunities
    • Quality of life increases substantially
    • The ability to make a difference
    • Freedom

    Education planning makes it possible for your child to take advantage of all of this.

    Financial Advisor In Ohio

    Finding a financial advisor locally that has your best interest in mind is no small task. At BIG, we know how important a child’s education is. When you come to us, we’ll:

    • Create a timely, diverse college investment strategy designed around your financial resources, child's age, risk tolerance and projected educational costs
    • Explain tax credits and deductions that can defray education costs, and the tax implications of education-related investment and savings decisions
    • Recommend ways for the student to become involved in the planning process and contribute to the education fund
    • Keep your plan updated to reflect changes in your employment situation, investment options, savings plans, financial aid requirements and tax laws

    Education planning is essential to stay on top of rising tuition costs.

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  • Why Cost Benefit Analysis Is Critical To Business

    October 15, 2018

    Why Cost Benefit Analysis Is Critical To Business

    Why Cost Benefit Analysis Is Critical To Business

    Are the actions you’re taking worth the cost? That’s what is at the heart of a cost-benefit analysis. The thousands of decisions we make on a daily basis can have long-term consequences and benefits to your business. While most of these are inconsequential, big decisions shouldn’t be left to your intuition.

    A cost-benefit analysis can be done to not only assess the monetary cost of a new project, but also calculate certain intangible items such as location and opportunity cost. Understanding the full cost of a new endeavor makes it much easier to decide if the benefit is great enough to proceed.

    Cost Analysis Benefits:

    When performing a cost-benefit analysis, the more factors that can be considered, the better. Benefits should include all direct and indirect revenue sources as well as the intangible benefits such as:

    • Increased production capabilities
    • Improved employee safety
    • Increased sales from customer goodwill

    By carefully observing and analyzing all possible costs and benefits associated with a project, you can properly determine whether it makes sense to move forward or to step back and review the project. If a review is needed, you can determine if there are adjustments that could be made to either decrease costs or increased benefits. If none of those conditions can be met, scrapping the project is usually the most viable options.

    Profitability Analysis Is Just As Important

    A cost-benefit analysis is a great tool to determine whether a project is financially viable. If you reach a decision to proceed when the benefits the costs, a profitability analysis is your next step. A profitability analysis can predict sales and profit potential among several factors including location, age groups, or product types. The resulting information can be used to make important decisions such as:

    • Eliminate products that create a loss
    • Reduce costs for loss-making customers
    • Increase sales in profitable segments

    A cost-benefit analysis can give you the yes or no, but the profitability analysis will show whether the proposed project has long-term viability.

    A cost-benefit analysis is a critical component for long-term success in your business and BIG can help get you there with our team of experienced professionals.

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  • Turn Around Management: What Your Competitors Already Know

    September 28, 2018

    Turn Around Management: What Your Competitors Already Know

    Turn Around Management: What Your Competitors Already Know

    You had a phenomenal fourth quarter. First quarter? Not such much. Second quarter comes along and you feel like you’ll never get back to where you were. When you are in a position where you are bleeding money, the future doesn’t look great for your business. But when you’re in the green and have a positive cash flow? Everything is different. You can start focusing on both the long and short-term goals that will drive profit for your business in the years to come.

    With Turn Around Management, you’ll learn how to formulate and implement the turn around initiatives required to take you from bleeding red to positive green in the shortest time possible. While this is effective, it’s also very detailed to make sure you make the turn around as quickly as possible. This only happens with an in depth operational analysis.

    Operational Analysis Benefits

    The operational analysis is the core service in Turn Around Management. To make sure all areas are covered, its split into three phases:

    • Short Term Tactical Analysis
    • Mid Term Tactical and Strategic Analysis & Implementation
    • Long Term Strategic Analysis & Implementation

    Each phase focuses on a specific time frame in order to maximize results. The first phase is the most extensive phase as you’ll analyze recent financial and operational performance, develop a short term tactical business plan focused on aggressive management of A/R, inventory, A/P, and non-core assets, and much more.

    The goal of Phase 1 is to get your business back into the green as quickly as possible. Phase 2 and 3 focus on optional mid-term and long-term actions that can be taken to correct the course if needed. These are used to maximize the chances of long-term success for your business and will be reviewed frequently to maximize effectiveness.

    Strategic Analysis Offers A Competitive Advantage

    Strategic Analysis can offer your business a competitive edge and BIG can help. We’ll help you develop a strategic plan and implement a re-engineered, redefined leaner business model that is focused on profitable and sustainable growth. A strategic analysis can also help explore other bank options such as refinancing to help free up some additional capital.

    Regardless of the size of your business, profitability should always be the goal. With an in depth strategic analysis, you can stay ahead of your competition by:

    • Conducting customer revenue and profitability analysis
    • Identifying inefficiencies and hidden resources
    • Identify short, mid, and long-term strategies to help your business thrive

    With Turn Around Management from BIG, we’ll help get you from red to green as quick as possible.

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  • Business Check Up Will Help Your Company Grow

    September 14, 2018

    Business Check Up Will Help Your Company Grow

    Business Check Up Will Help Your Company Grow

    You should go to the doctor for an annual checkup. Not because you’re sick, but because it’ll help you stay on top of your health and continue to thrive. Waiting until you’re sick will leave you trying to play catch up and you’ll end up losing time at home, work, and more.

    Your business? It’s no different. In corporate America, a healthy business is a lean, highly profitable business. If you wait until you’re experiencing roadblocks that are hindering growth and profitability, you’ll find yourself losing time and money trying to get back to that lean, highly-profitable business. Performing a strategic analysis of your business can help identify any potential troubles you might have coming up so that you can fix them before they put you off course.

    Strategic Analysis Benefits

    Completing a thorough assessment of your company is the best way to get a true overview on the current and future health of your business. In a business check up, you’ll learn if your company is properly positioned for long-term success and if you’re not, the path you need to get you there.

    A thorough analysis is just that, thorough. A business check up will consist of:

    • Analyze your financial data
    • Tour your facilities to evaluate operational performance
    • Interview owners and key management
    • Gain an understanding of your market, transactions, operations, and sales trends
    • Research your customers and competitors
    • Understand and review your pricing strategies
    • And more

    Business Advising Services

    A business check up is a great starting point to find out the health of your company and where it could be. At BIG, we know it’s more than a check up that will determine long-term success for your business. With our experienced CPAs, we have decades of experience in setting short and long-term strategies for businesses of multiple industries and helping them implement a plan for success. A few of the additional services we offer that can help you grow include:

    • Cost & Profitability Analysis to discover what the best pricing models for your business are
    • Forensic Accounting to detect and resolve potential fraud or theft within your company
    • Turn Around Management to work with executives to formulate and implement turnaround initiatives

    Schedule a business check up with BIG today before your business stumbles.

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  • Business Mentoring By A CPA Can Help Your Business Grow

    August 30, 2018

    Business Mentoring By A CPA Can Help Your Business Grow

    Business Mentoring By A CPA Can Help Your Business Grow

    A Chief Financial Officer can provide financial planning, financial reporting, management of financial risks, and much more. Unfortunately, not every small business has the need or budget for a full-time CFO. But a part-time CFO that allows you to tap into vast business and financial experience when you need it most? That’s what our Business Mentoring is all about.

    Gain access to the tools required for your company to not just survive, but gain long-term prosperity and growth into the future. Business mentoring by an experienced CPA can help your business grow for a fraction of the cost of hiring a CFO.

    Benefits Of Hiring Business Advisors

    Hiring business advisors is more than just a quick Google search and hoping for the best. You’ll want to choose a firm that is known for providing high-quality guidance and assistance with a proven track record of success. Here at BIG, we like to think we fit that bill quite well. With over 25 years of experience, we’ve developed skills to help you:

    • Convert problems into opportunities
    • Turn weaknesses into strengths
    • Transform potential debts into valuable assets

    Business Advisory Services In North Royalton

    For all your business advisory service needs in North Royalton, look no further than BIG. The professionals at BIG have many years of experience with small business owners and many have started their own small business. This provides us with added insight and experience that are invaluable to any business owner. A few of the services we provide to help you grow include:

    • Strategic business planning & consulting
    • Tax consulting
    • Accounting and administrative tasks

    If you’re already an established business that is looking to improve your efficiency at the management level, we also offer a variety of management consulting services to help find hidden assets, overlooked opportunities and underperforming activities.

    Business mentoring can give you access to CFO-level financial guidance without the commitment and salary.

    Contact Us Now for More Information

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  • How To Improve Your Business Cash Flow

    August 15, 2018

    How To Improve Your Business Cash Flow

    Improving Your Business Cash Flow

    How many times have you had a bill due before you got paid? In business, this stems from a cash flow problem. When your payables are due before your receivables come in, you’ll come face to face with cash flow problems.

    By improving your business cash flow, you’ll not only be able to pay your bills on time, but ensure payroll is on time and improve your creditworthiness in the process. While easier said than done, improving your business cash flow is not as difficult as it seems. By following a few key tips, you’ll be able to improve your business cash flow so that you can pay your expenses, invest in, and grow your business.

    Business Strategy Tips

    Improving your business cash flow should be an ongoing process. There are countless business strategy tips out there that offer help, but we’ve narrowed it down to three so that you can get started right away.

    • Be wary of extending credit. Extending credit to your customers is a great way to secure additional business, but be careful who you extend it to. Make sure to conduct credit checks beforehand and look for late payments. You can be sure that if they make late payments to other lenders, they’ll probably do the same to you.
    • Develop a relationship with your suppliers and creditors. This opens up several possibilities. You can negotiate longer payment terms, discounts on bulk orders, and discounts if you pay early.
    • Create a backup plan. As much as we’d like to plan for everything, unexpected surprises always show up. Whether it be an unexpected bill or repair, having a rainy day fund can help.

    CPA Services In North Royalton

    These business strategy tips will help you start improving cash flow right away, but that’s just the beginning. Here at BIG, we know the ins and outs of what makes a business successful. With CPA services tailored to help you succeed, BIG offers:

    • Business mentoring to help you convert problems into opportunities
    • Strategic business planning & consulting to create sustainable long-term goals
    • Tax consulting to help minimize your tax obligation

    Let BIG guide you through every step on your way to success.

    Managing business cash flow sets your business up for success and BIG can help you get there.

    Contact Us Now for More Information

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  • Forensic Audit Uncovers Fraud & Embezzlement In Businesses

    July 30, 2018

    Forensic Audit Uncovers Fraud & Embezzlement In Businesses

    Forensic Audit Uncovers Fraud & Embezzlement In Businesses

    When an employee notices fraud and embezzlement within a company, it’s usually too late. Funds have been moved elsewhere and those funds can’t always be recovered. Fortunately, with forensic audit, not only do your chances of recovering the money increase, you could actually catch it fairly early.

    We’d like to think that we can trust all of our employees, but that’s not always the case. When companies do not have proper controls in place and rely heavily on their employees, your company’s assets are exposed. So what exactly happens during a forensic audit?

    Forensic Accounting Procedures & Benefits

    Forensic accounting is used to analyze financial information to detect fraud or embezzlement. When done properly, it can provide several benefits that include solving financial crimes, keeping professionals accountable, and detecting financial anomalies.

    Forensic accounting procedures vary from case to case, but follow a few similar steps such as:

    • Performing an initial investigation
    • Developing an action plan
    • Obtaining evidence and performing the analysis

    The actual analysis will range greatly depending on the issue but could involve calculating damages, tracing stolen assets, and using charts and graphics to further explain their findings.

    CPA Services For Smart Strategies

    Fraud and embezzlement aren’t the only issues a business can face. CPA services can also be used to learn if you’re pricing models are profitable, filling in C-level gaps during times of need, and raising new capital for expansions or improvements.

    At BIG, we take pride in our work. Some of our more popular CPA services that can help you grow include:

    • Business Check-up
    • Cost & Profitability Analysis
    • Strategic Loan Partnership Services

    No matter your accounting need, BIG has a service that can get your business from point A to point B.

    Forensic accounting can be used to uncover fraud and embezzlement before it’s too late.

    Contact Us Now for More Information

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  • Elder Care Planning During Terminal Illness

    July 15, 2018

    Elder Care Planning During Terminal Illness

    Elder Care Planning During Terminal Illness

    When a loved one is diagnosed with a terminal condition, elder planning is the last thing on your mind. Instead of wondering what’ll happen to your mom’s house, you’re more concerned with her health. However, without proper elder care planning, you’re bound to fall into financial trouble that will only make the situation worse.

    Designing a plan is easier than you think. With proper elder care planning, you can spend the time with your loved ones knowing that finances are in order no matter what happens. While there are a list of services you could look into, estate planning should be at the top.

    Estate Planning Review

    In the unfortunate chance that a loved one passes away, what happens to their estate? Most families overlook this and find themselves digging themselves out of a hole while they’re grieving the loss of their loved one.

    With an estate planning review, we’ll work together to create a will that clearly explains distribution of the estate assets. If this is skipped or overlooked, they’ll be distributed as per state law which can lead to a bigger headache. An estate planning review will cover such things as:

    • Do you have long-term care insurance? This can be used to protect assets and provide better care options.
    • Do your current documents authorize a loved one to protect your assets from healthcare providers?
    • Do you have IRAs that are set to go to beneficiaries?

    Financial Planning Services

    Estate planning is just the tip of the iceberg. Depending on how far out you are planning, financial planning can exist in a variety of services. A few of the most common include:

    • Cash Flow Planning & Budgeting
    • Retirement Health Care
    • Tax Planning

    Whether you are planning for three months or ten years, BIG can help you make your assets last as long as they need to. Loved ones should spend their remaining time enjoying life, not worrying about if they’re able to afford it.

    Elder care planning during a terminal illness is never easy, but planning ahead can allow you to spend more time with loved ones and less time worrying about finances.

    Contact Us Now for More Information

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  • How To Avoid Business Cash Flow Trouble

    June 30, 2018

    How To Avoid Business Cash Flow Trouble

    How To Avoid Business Cash Flow Trouble

    Cash flow trouble is more than just an inconvenience. When your business has cash flow trouble, the effect can wreak havoc on more than just your finances. You could miss opportunities, establish poor relationships with both suppliers and customers, and even go out of business.

    If you have business cash flow trouble now, you already recognize these signs. The stress is constant and employee morale is probably suffering. Getting your business’ cash flow back where it needs to be isn’t an impossible task. A few tweaks to the way you manage cash flow will go a long way. Getting started is easier than you might’ve thought.

    Cash Flow Tips

    To get out of cash flow trouble, getting a better handle on managing your cash flow is essential. While it’s easier said than done, following these tips can get you on the road towards towards a brighter financial future.

    • Cut out the extras. That new machine model or software version can be tempting. Unless you absolutely need it, just skip it. Stick to the essentials until you get a positive cash flow.
    • Check weekly. Looking over your finances at the end of the month isn’t going to cut it. Keep an eye on it weekly and constantly look for ways to improve cash flow.
    • Hire better employees. They might cost a little more hourly, but a highly skilled worker can take on the work that two average workers could.

    BIG: The Leading North Royalton Accounting Services

    Eliminating cash flow trouble is just part of the financial picture that companies have to worry about. BIG is dedicated to helping you tackle the rest. We have the best CPAs in the area and we’re proud of it. We provide a variety of accounting services to help your business not only maintain a positive cash flow, but thrive for the years to come. A few additional services we offer to help your business grow are:

    • Business Mentoring
    • Business Financing
    • Tax Consulting & Tax Return Filings

    Cash flow trouble doesn’t have to be the end. Let BIG help get your business back on track.

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  • Financial Planning For Living Longer

    June 15, 2018

    Financial Planning For Living Longer

    Financial Planning For Living Longer

    Nearly half of families have no retirement account savings. That fact, courtesy of the Economic Policy Institute, just tells part of the story. Those families that do have money tucked away is far less than they need to retire. Roughly 35% of adults in the U.S. only have a few hundred dollars in their accounts, while another 34% are living paycheck to paycheck.

    Fortunately, it’s never too late to start planning for retirement. The more time you have is better, but professional financial planning may be the key you need to get your retirement savings on track. A qualified CPA can not only help you get started with retirement planning, but can help maximize the money you do put away.

    CPA Retirement Planning Benefits

    How much money should you be putting away each payday? Which is the best financial instrument to use? Do my contributions need to change over time? These are all great questions that a CPA can answer to help you make the most out of your retirement planning. Using a CPA for your retirement planning has a host of additional benefits including:

    • Creating strategies to keep and grow your retirement account balance
    • Developing a backup plan to cover unpredictable and unfortunate events
    • Identifying expenses that could occur during retirement and create a plan to eliminate any shortage in income

    Financial Services So You Don’t Outlive Your Savings

    Retirement is the time to relax and enjoy yourself after decades of work. Unfortunately, many Americans aren’t prepared financially for retirement and end up working far longer than they intend. Regardless of your age, seeking financial services now is a great first step to make sure that you don’t outlive your savings. In addition to retirement planning, a CPA can also help with:

    • Elder planning to ensure comfort and peace as you age
    • Estate planning to ease estate transitions
    • Education planning for future generations

    It’s never too late to start planning for retirement. Get started by contacting BIG today.

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