He that walks with wise men shall be wise.

Solomon

Key #2: Proper Planning

Posted by on Aug 15, 2013 in Financial Plan, News of Interest | 0 comments

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Make sure that you have a plan before you start. This sounds intuitive but you would be surprised how many people never plan what they are doing. Ultimately, all plans change once they’re finished, but the importance of the thought-processes behind them is invaluable. This includes completing a 5-year growth projection (financial goals; how you’re going to achieve them) as well as incorporating the correct entity type and taxation status.

If you have questions about proper financial planning, please e-mail us at mmoffitt@msm-cpa.com.

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Key #1: Proper Market Research

Posted by on Aug 9, 2013 in Financial Plan, News of Interest | 0 comments

Week 1

 

Before venturing out on your next big idea do some market research first. Gather information about your potential customers: demographics, purchase strength, likes/dislikes, etc. Get to know your customer or client better than they know themselves before you try to sell anything to them. You should also have a working knowledge of the existing competition and how you plan on entering the market. Writing a marketing plan is recommended as it will force you to think through what you are selling, who you are selling it to, and how you will sell it (positioning, branding, personal selling, advertising, etc.).

 

 

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Keys to Startups

Posted by on Jul 30, 2013 in Financial Plan, News of Interest | 0 comments

Startup

Starting and running a successful business can be a daunting task. From a financial and accounting standpoint, there are quite a few pitfalls and crevices in the mountain of entrepreneurship. Amazingly, this still doesn’t stop the American idealism or belief that companies can be formed and will be successful. Indeed, our society is built upon the entrepreneurial mindset that fuels our capitalist interests. If you plan on jumping off the cliff anytime soon, here are a few guidelines that will hopefully give some extra wind under your wings.

Over the next five weeks, we will be giving you thoughts on five keys to startups:

1. Proper Market Research

2. Proper Planning

3. Proper Organization

4. Proper Capitalization

5. Proper Evaluation

 

Next Week: Proper Market Research

 

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Meet the Team: Rhonda Kramer

Posted by on Jul 14, 2013 in News of Interest | 0 comments

We are excited to announce Rhonda Kramer as the newest addition to the MSM-CPA team! See bio below.

 

Rhonda

 

RHONDA C. KRAMER – Rhonda has over 34 years of experience in all areas of accounting.  She began her career in the franchise tax department at Exxon in Houston, TX after obtaining her Associates Degree in Business.  From there she joined the staff of Arthur Anderson & Co. and worked in the tax compliance department in both their Houston and Austin offices.  After moving to Georgia in 1987, she was a staff accountant at a local CPA firm for almost 9 years, and most recently she was the Controller for a multi-million dollar machine tool distributor for 17 years.   Her areas of expertise include all aspects of general ledger accounting, multi-state sales and franchise tax reporting, payroll and payroll taxes, year-end tax planning, and preparation of various state and federal tax returns for partnerships, LLC’s, corporations, and individuals.   She has also assisted on many audits and reviews.  Rhonda resides in Loganville, GA with her husband Ken, and together they enjoy hunting, fishing, and gardening in their spare time.  Rhonda also currently serves as the Vice President of her neighborhood Home Owners Association, as well as the Treasurer for a second HOA at Lake Oconee.

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What Happened to Integrity?

Posted by on Jun 7, 2013 in News of Interest | 0 comments

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My week of updates has been filled with stories about scandals, corruption, lying and theft. The IRS is exposed with targeting certain applications for not-for-profit tax exemption, a story of a dental office manager that stole over $1,000,000 from her dental employer, a church treasurer that stole $300,000 from his own church. The first example does not surprise me. I have dealt with the prevalent condescending attitude of the IRS for years. The second and third examples, while disheartening, do not surprise me either, I blame the employers for poor internal controls, and they never seem to comprehend the importance until it is too late.

I guess I was raised with a different mindset and values. If mistakes were made, intentional or unintentional, the responsible person stood up and took responsibility, regardless of the consequences. I have never been good at lying, I would confess halfway in. In my practice, I have been vilified, cursed and generally demonized for financial errors, some my fault, and some not. I have never tried to blame someone else for these mistakes, because ultimately, I am responsible for what goes out of my office.

A true leader will take responsibility for his team, followers, etc.  I have been fortunate through the years to experience this phenomenon, (by today’s standards). I had respect for those people because they operated with integrity. What was wrong was not defined by situational ethics, it was wrong. I made a promise to the Lord a long time ago that I would not dishonor him, or bring shame on my family by lowering my ethical standards just to make a buck.

Integrity is still important to me. May be a fading characteristic though?

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