The 3 Financial Statements You Need to Keep Your Banker Happy

by Ed Lette

Business Bank of Texas

Ed Lette is Founder, Vice Chairman of the Board of Directors at 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.
 

Whether you’re looking to get a line of credit, plan for tax payments, or simply identify strengths and weaknesses within your business, keeping clear and accurate records is vital for business owners to succeed.

But managing your company’s finances can be daunting, and there are many ways your financial reporting can get on the wrong track (just check out Dwayne Kolly’s recent post to see what not to do). To make sure your finances run as smoothly and accurately as possible, it helps to simplify.

There are three primary financial statements business owners need to focus on to ensure their companies operate effectively.

Topics: Business Best Practices, Bank Customer Tips

CD Secured Loans – They Don’t Seem Logical

by Dwayne Kolly

Business Bank of Texas

Dwayne Kolly brings a wealth of financial management and operations experience to Business Bank of Texas. Kolly has served community banks in south and central Texas for nearly 30 years, and is the bank’s CEO and Chief Financial Officer. He is a graduate of the Southwestern Graduate School of Banking at SMU (1993).

 

Back in the day when I was new to banking and I first heard about people taking out loans secured by their own bank deposits it seemed, well, illogical. If a borrower already has the money, why does he need to borrow at all? It’s a good question, and sometimes the answer is that it is better just to use the money on hand and not borrow. There are circumstances, however, in which borrowing against one’s own money on deposit makes perfect sense, even to Mr. Spock.

Topics: Bank Customer Tips

Recent Updates on Social Security Benefits

by Dave Zander

Back Nine Financial

After spending the first 25 years of his career on what he calls the “front nine” (the accumulation phase), Dave has dedicated the last 16 years to the “back nine” (the income phase). He ran both Aetna’s and Lincoln National’s income divisions before starting Back Nine Financial in 2005. Back Nine is strictly an educational, consulting and speaking firm. He primarily works with CPAs, corporations and individuals to help them understand and maximize Social Security benefits. Dave has conducted Social Security Workshop across the country for a variety of audiences, including the Texas CPA Tax Institute and the CPA societies in Houston, Dallas, San Antonio and Austin for each of the last 3 years. With 10,000 Baby Boomers turning 66 every day for the next 17 years, Dave feels it is incumbent upon financial advisors, CPAs, HR departments and other professionals to make sure their clients, employees and the American public best understand not only how to take Social Security, but to also understand and integrate that claiming decision with their other assets.
 Dave is a graduate from the University of Wisconsin – Whitewater with a BBA, majoring in marketing with a minor in accounting. He left EF Hutton and gave up Wisconsin winters in 1983, moving to Houston where he met Diane. They been married 30 years and have been blessed with 2 children, Macy and Miles, who have now graduated from college and are on their own. Dave & Diane live outside of Boerne, TX.

Topics: Bank Customer Tips

Social Security 101: How much do I get and when should I claim?

by Dave Zander

Back Nine Financial

After spending the first 25 years of his career on what he calls the “front nine” (the accumulation phase), Dave has dedicated the last 16 years to the “back nine” (the income phase). He ran both Aetna’s and Lincoln National’s income divisions before starting Back Nine Financial in 2005. Back Nine is strictly an educational, consulting and speaking firm. He primarily works with CPAs, corporations and individuals to help them understand and maximize Social Security benefits. Dave has conducted Social Security Workshop across the country for a variety of audiences, including the Texas CPA Tax Institute and the CPA societies in Houston, Dallas, San Antonio and Austin for each of the last 3 years. With 10,000 Baby Boomers turning 66 every day for the next 17 years, Dave feels it is incumbent upon financial advisors, CPAs, HR departments and other professionals to make sure their clients, employees and the American public best understand not only how to take Social Security, but to also understand and integrate that claiming decision with their other assets.
 Dave is a graduate from the University of Wisconsin – Whitewater with a BBA, majoring in marketing with a minor in accounting. He left EF Hutton and gave up Wisconsin winters in 1983, moving to Houston where he met Diane. They been married 30 years and have been blessed with 2 children, Macy and Miles, who have now graduated from college and are on their own. Dave & Diane live outside of Boerne, TX.

When and how to claim Social Security benefits is probably the biggest financial decision most Americans will ever make. For the average retiree, it accounts for about 40% of their retirement income. This means that it is extremely important to claim correctly with a long term perspective, and to integrate Social Security benefits with all your other assets.

Topics: Bank Customer Tips

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What you need to know about claiming Social Security

by Dave Zander

Back Nine Financial

After spending the first 25 years of his career on what he calls the “front nine” (the accumulation phase), Dave has dedicated the last 16 years to the “back nine” (the income phase). He ran both Aetna’s and Lincoln National’s income divisions before starting Back Nine Financial in 2005. Back Nine is strictly an educational, consulting and speaking firm. He primarily works with CPAs, corporations and individuals to help them understand and maximize Social Security benefits. Dave has conducted Social Security Workshop across the country for a variety of audiences, including the Texas CPA Tax Institute and the CPA societies in Houston, Dallas, San Antonio and Austin for each of the last 3 years. With 10,000 Baby Boomers turning 66 every day for the next 17 years, Dave feels it is incumbent upon financial advisors, CPAs, HR departments and other professionals to make sure their clients, employees and the American public best understand not only how to take Social Security, but to also understand and integrate that claiming decision with their other assets.
 Dave is a graduate from the University of Wisconsin – Whitewater with a BBA, majoring in marketing with a minor in accounting. He left EF Hutton and gave up Wisconsin winters in 1983, moving to Houston where he met Diane. They been married 30 years and have been blessed with 2 children, Macy and Miles, who have now graduated from college and are on their own. Dave & Diane live outside of Boerne, TX.

The decision to claim Social Security is probably the biggest financial decision most Americans will ever make. The difference between making the right decision and making the wrong one can easily surpass $500,000 over a joint lifetime. This is an irrevocable decision, thus it is incumbent upon all involved to truly understand the consequences— both short term and long term— before making their choice.

Topics: Bank Customer Tips

How to Utilize Debt to Grow Your Business Responsibly

by Ed Lette

Business Bank of Texas

Ed Lette is Founder, Vice Chairman of the Board of Directors at 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.

Do established businesses borrow? Or is that a business practice reserved for start-ups and first-timers?

Topics: Business Best Practices, Bank Customer Tips

How to Secure Commercial Loan Approval with the Help of a Financial Forecast

by Ed Lette

Business Bank of Texas

Ed Lette is Founder, Vice Chairman of the Board of Directors at 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.

How are you using financial data as a tool to properly guide you and your business into to future?

Topics: Bank Customer Tips, Accounting & Finance

How to Save on Bank Fees & Build Up Your Cash Balance

by Ed Lette

Business Bank of Texas

Ed Lette is Founder, Vice Chairman of the Board of Directors at 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.

To truly master your business finances, you have to know where to start first.

In Philip Campbell's brilliant 3-phase process to financial mastery, he explains that the first step toward financial success for your business is to build up your cash balance to one month of operating expenses.

It’s important to have at least one month of operating expenses in your business bank account to avoid unnecessary stress, anger, and irritation. You need to take a look at the financial reality of your business and gain insight into where you’re spending and losing money.

Topics: Bank Customer Tips, Accounting & Finance, Commercial Lending

What You Need to Know About Borrowing for Your Business [SlideShare]

by Ed Lette

Business Bank of Texas

Ed Lette is Founder, Vice Chairman of the Board of Directors at 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.

What do you need to know to apply for a commercial loan?

You know your business—its ins and outs, all the big ideas and tiny details. You may be considering the next steps to keep growing, but do you know where to begin with borrowing for your business? Do you need an advancing term loan or a permanent loan? What are the necessary forms and requirements? What is a debt service coverage ratio?

Topics: Bank Customer Tips, Accounting & Finance, Taxes, Commercial Lending

The How-To Guide for QuickBooks Reports: Balance Sheets (Part 2)

by Margie Monroe

Margie Monroe, CPA, LLC

Margie has been a CPA since 1980 and has always enjoyed assisting people. Whether it was her early years in both public and private accounting or her twenty plus years working with nonprofit organizations. For the last ten years, she has assisted businesses and individuals with their accounting needs using QuickBooks Pro, Premier, Enterprise, POS and Online through Margie Monroe, CPA, LLC. She can be reached at margie@margiemonroecpa.com.

This is Part II of a three-part how-to series for creating your Balance Sheet (BS) and Profit & Loss (P&L) reports from QuickBooks.

Topics: Bank Customer Tips, Accounting & Finance

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