Easy 1099-MISC Reporting Using QuickBooks 1099 Wizard

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.

As you wrap up your business books for the end of the calendar year, it’s time to prepare to file your 1099 forms. Beginning in 2017, the due date for submission to IRS has changed. In order to deter the filing of fraudulent tax returns, both W-2s and 1099-MISC for Box 7 Nonemployee Compensation are now due to not only the recipients by January 31, 2018, but also to IRS for 1099s and to the SSA for W-2s.

The other change is an increase in the penalties for not filing information returns, filing with incorrect EINs, or for filing late.  

That means that now is the time to prepare for your information return filings.

Topics: Accounting & Finance, Content Type

The Second of the Five C's Revisited - Capacity

by Gary Green

Business Bank of Texas

Gary attended the University of Texas for his undergraduate degree, and then went on to receive a master’s degree from the Southwestern Graduate School of Banking. Since then he’s worked at several banks, most recently as the branch president of First National Bank Edinburg. Prior to that, he served as the senior vice president at Prosperity Bank. Gary has been in banking for over 40 years, and in the Austin market for nearly 30 of those.

Whether you're buying a house, car or a suitcase, there's one factor you're sure to take into account: capacity. When it comes to qualifying for a loan, bankers are no different. Capacity (or cash flow) is the second of the Five C's of Lending (learn about the first C here) and it is something a lender will review and analyze to determine if a business or individual has the ability to repay the loan in a reasonable and timely manner. In other words, they ask how much debt could your business could “hold” and still generate sufficient profit and cash flow to operate comfortably.

Topics: Featured, Content Type

Integrating Your Cash Conversion Cycle With Your Line of Credit

by Gary Green

Business Bank of Texas

Gary attended the University of Texas for his undergraduate degree, and then went on to receive a master’s degree from the Southwestern Graduate School of Banking. Since then he’s worked at several banks, most recently as the branch president of First National Bank Edinburg. Prior to that, he served as the senior vice president at Prosperity Bank. Gary has been in banking for over 40 years, and in the Austin market for nearly 30 of those.

Though most businesses have a legitimate need for a line of credit, successful deployment of the line into a business requires familiarity with the business’s cash conversion cycle (CCC) and how it relates to the growth path the business is on. They also need to be well-versed in other influences, such as changes in collections or supplier terms. Failure to assess the CCC or manage its drivers can result in unmet expectations from within and outside the business.

Topics: Content Type

4 Strategic Challenges Middle Market Manufacturing Companies Must Face

by Peter Duff

PDC Consulting

Peter is a seasoned financial and operational executive who is passionate about enabling  businesses to reach the next profit and cash generation level. He brings to consulting a broad experience of over 30 years as EVP, COO, and CFO roles in diverse consumer, industrial and technology businesses. Peter has been responsible for significant improvements in revenue, margins, expense as well as cash levels in manufacturing and service oriented businesses. He has a solid background in domestic and international settings with top 500 companies, middle market, start-ups and service operations. Peter is a trusted adviser to private equity and other fund managers.

Middle Market Manufacturing

Those of us in manufacturing in the 1980’s saw the rapid adoption of Toyota’s lean approach. Concepts like Just in Time (JIT) and Continuous Flow Manufacturing (CFM) drove positive results . So did the broad involvement of line and staff personnel and rapid metric monitoring.

Topics: Featured, Management, Content Type

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What You Need To Know About External Benchmarking

by Ed Lette

Business Bank of Texas

Ed Lette is founder, president and chief executive officer of Business Bank of Texas, N.A. and serves as chairman on the company’s Board of Directors. 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.

Is your business as profitable as it could be? Are you spending a reasonable amount considering how much you're bringing in? Could you be doing things better or more efficiently?

If you run a business, questions like these probably come to mind on a regular basis. With all the other responsibilities you're balancing, it's entirely possible for such thoughts to enter your head fleetingly and then get buried under everything else you have to do – but they shouldn't.

Topics: The Corner Office, Content Type

Mobilization draws: a smart cash management practice for contractors

by Philip Campbell

Consultant, Author

Philip Campbell is a CPA, consultant, and author of the book A Quick Start Guide to Financial Forecasting: Discover the Secret to Driving Growth, Profitability, and Cash Flow Higher. This new book provides a straightforward, easy-to-understand guide to one of the most powerful financial tools in business: a reliable financial forecast. He is also the author of the book Never Run Out of Cash: The 10 Cash Flow Rules You Can’t Afford to Ignore. The book is a step-by-step guide for business owners and managers who want to better understand and manage their cash flow. Since 1990, Philip has served as a financial officer in a number of growing companies with revenues ranging from $5,000,000 million to over $1,000,000,000. He has been involved in the acquisition or sale of 33 companies (and counting) as well as an IPO on the New York Stock Exchange. Philip loves helping entrepreneurs and business owners think strategically about the financial side of their business. His consulting work is focused on providing the financial insights that leaders need to increase profits, improve cash flow, and enjoy the fruits of financial success in business. What really sets Philip apart from the average financial person you meet is his passion and excitement about helping entrepreneurs and CEOs take control of their cash flow. In fact, early on in his career, he focused and “preached” so much about the importance of cash flow that people now call him CASH. Philip is the founder of Financial Rhythm, a website devoted to people who are serious about creating financial health, wealth, and freedom in their business. If you're an entrepreneur or business owner, Financial Rhythm is a place to get simple, actionable strategies for creating a financial future that is bigger and brighter than your past. Philip lives in Austin, Texas. You can email Philip at pcampbell@pdq.net.

You would be surprised how many construction companies set aggressive goals for landing new projects, achieve their goals by winning many of those new projects, only to find that they grew themselves right into a cash crisis. They say "Let's go out and win some new and bigger projects. Everything will get better if we just increase the number and size of the projects we win."

Verne Harnish, in his book Scaling Up, says it beautifully: “Growth sucks cash – the first law of entrepreneurial gravity.”

The reality of business is that growth, especially rapid growth, is almost always a net user of cash. This is especially true in the early stages of a new project.

Topics: Featured, Accounting & Finance, Content Type

How Your Business Ethics Can Be a Great Competitive Advantage & Profitable Sales Tool

by Jan Triplett

Business Success Center

Jan Triplett, Ph.D. is the CEO of the Business Success Center (BSC), a City of Austin certified green business. It provides sales and financial strategies and advice to owners of product and service businesses. It received a Small Business Administration (SBA) five-star national award and the Austin Business Journal named it a top 20 management consulting firms. Triplett is a national and international speaker, author of A Networker’s Guide to Success and Thinking Big, Staying Small. She published The Networker ” and moderated KUT radio’s “The Next 200 Years”. She was co-creator of the award-winning “City Management Academy” and the “Owners MBA. She owned and ran the Entrepreneurs’ Association and a business accelerator and hatchery. She is a small business activist, serving as a White House Conference on Small Business and Congressional Summit delegate. She was on the Mayor’s Task Force on International Infrastructure, initiated the Northcross IBIZ District and recommended portions of Austin’s Big Box Ordinance. She was a founder of the Women’s Chamber of Commerce of Texas and the Greater Austin International Coalition. The SBA honored her as Texas’ Small Business Advocate. Triplett is a member of Central Texas Association of Guaranteed Government Lenders and an NCRC Certified Technical Advisor. She volunteers for the Austin Farmers Market and the Austin Humane Society and serves on the advisory board of Students Involved in Free Enterprise.

“An organization, no matter how well designed, is only as good as the people who live and work in it." -Dee Hock, author and businessman

Competitive advantage is about finding a “hole in the market,” something that other competitors would have trouble providing. If you have strong and observable business ethics and core values, you have a huge competitive advantage, because you are different from most others.

Topics: Content Type

ARMA reaches 100 members

by DJ Lewis

Business Bank of Texas

D. J. Lewis is First Sr. Vice President, Business Bank of Texas, N.A. D.J. is responsible for business development and relationship management for Business Bank of Texas, N.A. He graduated in 1993 from the University of Houston with a BBA in Accounting. While attending college he started his career in banking working at a small Savings and Loan. In 1991 that same Savings and Loan was acquired by a large national bank. Soon after the acquisition, D.J. took advantage of an opportunity to transfer to Austin where he has called home for the past 15 years. After 19 years with a large national bank D. J. was presented with another opportunity and made the decision in October 2010 to start a career with Business Bank of Texas, N.A. D. J.’s 22 years of banking experience includes 7 years in bank operations, 6 years as a Branch Manager, 6 years as a Commercial Lender, and 3 years as a SBA Lender.

The Austin Regional Manufacturing Association (ARMA) celebrated its two year anniversary in February. In that time, the organization has hosted dozens of events, including a Mayoral Debate, Golf Tournament, Manufacturing Day, and several manufacturing facility tours.

Topics: News, Content Type

Make Smart Investments by Looking for Economic Moats

by Dave Sather

Sather Financial Group

Dave Sather is a CERTIFIED FINANCIAL PLANNER and President of the Sather Financial Group, Inc. Sather Financial Group is a $400 million “fee-only” wealth management firm based in Victoria. Sather Financial is ranked as one of the top independent wealth management firms in the country according to Financial Advisor Magazine. Dave was raised in El Paso, received his B.A. in Business Management from Texas Lutheran University and received his M.B.A. from Texas A&M University. He has spent the past twenty years in the financial analysis, investment and banking industries. Dave is an adjunct professor in the business program at Texas Lutheran University. Additionally, Dave is a director of Business Bank of Texas as well as the Chairman of the Finance and Investments Committee for the Brownson Children’s Home and is a member of the Executive Advisory Council at Texas Lutheran University. He resides in Victoria, Texas.

For decades, Warren Buffett has invested in companies with protective “moats” that are wide and deep.

Buffett’s reasoning is logical. Businesses with significant moats are able to withstand the shock of a 2008-type downturn, they require less trading, are more tax-efficient, and can be held for decades.

Topics: Content Type

Business Bank of Texas Launches Public Funds Investment Program

by Ivonne Villegas

Business Bank of Texas

Ivonne has an extensive background in financial services operations, support, and sales. Her areas of responsibility include cash management, online banking, deposits, and merchant services. With experience that includes online cash management support, positive pay, ACH, and remote deposit services, she provides the responsive and personalized support that Business Bank of Texas customers have come to expect. As a bonus, she has extensive international business experience and is fluent in Spanish. Before coming to Business Bank of Texas, Ivonne worked for over 12 years at CoBank, ACB, a national cooperative bank serving vital industries across rural America.

Many municipalities face challenges when depositing funds due to the Texas Public Investment Act. To ensure that public funds remain safe, the Act places restrictions on how government entities invest their money. Cities, counties, school districts, municipal utility districts (MUD), special districts, river basin authorities, hospital districts, and emergency service districts (ESD) are all subject to these regulations.

Topics: Featured, Bank Customer Tips, Content Type

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