Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

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About Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

A 30,000 foot view of risk mitigation

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

As a banker for over 45 years, I think I understand risk. In the case of my industry, I face many different kinds of risk on a daily basis. I am the founder and CEO of an Austin based bank that does business throughout Texas.

Topics: Featured, Blog Posts, The Corner Office, Risk Management

The debt dilemma

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

I read this article the other day and was so impressed I ask if we could reprint it. The article was written by: Mano Mahadeva, CPA, is executive director with U.S. Oncology in Plano. He serves on both the Editorial Board and the Business and Industry Issues Committee for TSCPA. Mahadeva can be reached at mano. mahadeva@usoncology.com.

Topics: Featured, Blog Posts, Accounting & Finance

Media 2.0 – marketing at the speed of light

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

In today’s fast paced world, marketing has become a tireless job that is ever-changing. In today’s “media 2.0 climate” a business must use the numerous techniques to build and protect their brand including internet, social media, blogs, video, and even audio. So where is a company to begin?

Topics: Featured, Management, Blog Posts, The Corner Office

5 Tips to Keep Your Business From Becoming a Victim to Phishing Scams

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

Phishing is a term used to describe a type of fraud whereby someone tries to get sensitive personal and financial information from you by pretending to be a legitimate bank or other business that regularly keeps sensitive data. Even the most seasoned email and Internet users can occasionally be fooled by phishing scams which are becoming more and more sophisticated. Here are five tips to help keep you and your business from becoming a victim of phishing.

Topics: Operations, Featured, Management, Blog Posts, Accounting & Finance

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Ongoing business education is critical to long-term success

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

In my 45 years of banking I have always believed that business owners, CFOs and operations personnel who participate in continuing education are far more likely to have high performing companies than those who don’t.

Topics: Featured, Blog Posts, The Corner Office

Calculating your business’ cost of goods sold

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

Cost of Goods Sold or (COGS), represents the basic cost of products sold by a merchandising or manufacturing entity during the year. The standard COGS formula is a way of determining the costs attributable to the products sold, after determining how much of the inventory stocks are still on hand.
The formula is used to determine gross profit margin and is important in calculating deductions to your federal income tax return.
The basic formula for calculating COGS is

Topics: Operations, Featured, Management, Accounting & Finance

Perpetual Inventory Counting vs Annual Physical Inventory

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

If your business maintains inventory there are a few accounting and business practices you should be aware of. Generally Accepted Accounting Principles ( GAAP ) as well as IRS rules require you to either count your complete inventory on an annual basis or implement a perpetual counting system. With good computerized inventory systems, the perpetual counting system (often called “cycle counting”) can save money, increase accuracy of the count, and reduce disruption in your operation during the count. The reasons most often cited in favor of cycle counting is that the complexity of doing an annual physical inventory is much greater and therefore there is more chance for error.

Topics: Operations, Featured, Business Best Practices, Articles

Should you put the value of your business on your personal financial statement?

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

Ideally, personal financial statements are used to show your personal assets, net worth, income and expenses. As a normal part of applying for a business loan your bank will ask you to complete a personal financial statement. You might even keep a personal financial statement in an excel spreadsheet or in some other program which would only require minimal updating.

Topics: Management, Accounting & Finance

Managing your traditional working capital line of credit

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.


Many businesses have a traditional working capital business line of credit with their bank but haven’t sat down with their lender to really understand how the credit line should be used.

Generally, lines of credit are short-term loans (one year or less) that should be used to finance current assets on your balance sheet. A good rule of thumb is that short-term debt should always be used to support short-term assets. Long-term debt should be used for purchasing assets that have a life of one or more years.

Topics: Management, Bank Customer Tips, Accounting & Finance

Keeping accurate mileage records for the IRS is crucial

by Ed Lette

Business Bank of Texas

Ed Lette is a Founder of Business Bank of Texas. Serving as a licensed CPA since 1983, Ed’s extensive experience in the banking industry has led him to become the founding president of four national bank charters including Business Bank of Texas, N.A., and the chief financial officer of five national banks during his 45 year career. Ed serves as director of the Texas Bankers Association District 4, chairman of the Executive Advisory Council to the School of Business at Texas Lutheran University, and is a life member of the Texas Association of Business.

Nearly all businesses require some kind of travel by their employees using their personal vehicles. The IRS recognizes several methods for allowing deductions by your business or the individual employee. Knowing what is required is crucial because it is one of the IRS’s most looked at deductions for businesses.

Topics: Operations, Management, Accounting & Finance

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