Below I will discuss the quantitative and qualitative reasons that most businesses should outsource their finance function. Obviously I will be biased for outsourcing but my opinion is confirmed based on the feedback I receive from my clients.

First and foremost, you will save money by outsourcing your finance function. I’ll go into the details in the next paragraph, but separate from the cost, outsourced individuals will be engaged based on the quality of deliverables and are more easily held accountable which benefits the business. Also, a very undervalued aspect of outsourcing is that they are independent. They will provide an unabridged version of the truth which is paramount in financial decision making, not to mention the incentive of in house finance to hide the truth or paint a prettier picture than reality because their job depends on showing success.

When looking at costs savings, in my experience the finance function isn’t a full time role until the company becomes very large, if ever. Some industries like professional services will never need a full time finance role and thus can be extremely large without ever bringing those activities in house. Outsourcing allows a business to pay for only what they need and will allow them to save money in the short term and increase the scope of work and hours as the need arises, or simply on a project or temporary basis.

In addition, if a company is looking for someone to help with strategic decision making they are going to need to find someone with experience and a broad knowledge base of different company sizes and industries and a record of success in a diverse set challenges. If they have this experience and they are good at what they do, they will demand a large salary. On top of the salary, you will be paying benefits, payroll taxes, workers comp, vacation and sick pay, retirement contributions, bonus, etc.

As you can see it can be cost prohibitive unless you have the volume of finance work necessary to keep that person working at full capacity.

Now, often times, companies will try to mitigate the above by combining the accounting and finance roles. In this scenario, you’ll most likely end up with someone with a heavy accounting experience and not a focus on finance. If they are good at finance they will not want to focus on, or worse, be unable to perform, the detailed accounting tasks or back office accounting operations. If they are an accountant by trade, it will be difficult for them to separate from the day to day transaction level detail and provide more finance or management reporting. With this said, when you hire in house you only get one person and their defined skillset.

Many outsourcing firms, like us, can build contracts that include varying skillsets such as accounting, bookkeeping, and tax strategy as well. These skillsets are not found in one person, but in the firm and thus avoiding the issues described in the paragraph above. Again, only engaging and paying for the specialized skills when you need them. Having access to these additional functions because of the preexisting relationship can be invaluable.

If you are interested in outsourcing your finance function please reach out to us for a free consultation here.

Those of us who read the headlines every day keep seeing a familiar word: Inflation. In a certain sense, that word is a common part of our vocabulary. We, on a very basic level, understand that as time passes, inflation raises the prices of goods and services. A hamburger, a round of golf, or a gallon of milk don’t cost what they did in 1976. This makes sense.

As is the current landscape of headline writing, though, we keep seeing the dire warnings of inflation and what it means. Indeed, inflation has become a political issue whether we like it or not. Historically, it hasn’t been this way, but everything else has been off-centered in the past two years, why not this?

The occupant of the Oval Office matters less to the economy than the headlines suggest. But this year is different. The government, due to the Covid-19 pandemic, has pumped $2.8 trillion --with a T! -- into the economy over the last 18 months. Then again, statistics are showing we're not spending that much more than we would have in a non-pandemic world. This is evidence that the extra cash floating around may not actually be being spent on goods as much as it is boosting savings accounts, replacing lost wages, or recouping other losses.

The nation’s central bank -- The Fed -- could also be seen as a culprit.  Jerome Powell, the chairperson of The Fed, has maintained the inflation surge is mostly due to the attempts to get the economy back to full health after the pandemic and is temporary. Powell and his colleagues at The Fed would typically try to fight inflation by slowing the economy. For obvious reasons, this is counterintuitive in 2021. Let’s also remember that monetary policies don’t reach the masses for a while, so it’s tough to blame the Fed.

In facing the pandemic in the spring of 2020, Corporate America began to do what they needed to do simply to survive the storm of a pandemic. They canceled projects, put a stop on purchases, and laid off workers. These decisions seemed sensible at the time, but turned out to be short-sighted. Now, these companies are facing labor shortages, high shipping and fuel costs, and higher prices for fewer products.

Lastly, inflation could be pinned on the general public. Due to obvious circumstantial reasons, we shifted our purchasing habits to stuff more than services. We spent our money not on vacations and nights on Broadway, but on dishwashers and televisions. Add to that the number of workers is still smaller now than they were pre-pandemic, employers have needed to pay fewer workers more money. 

Questions still remain. We could pinpoint portions of blame on President Biden, but also on the banks and Corporate America as well as ourselves. We could also question what policy makers were thinking: Should they have had more foresight into this? Should they have exercised some additional restraint in stimulus money? 

We live in an irregular world now. What happens with the pandemic will dictate how quickly Americans return to their old spending habits. What happens with the pandemic will dictate how quickly Americans return to a regular work life. In an era of extremes, we just have to find the middle ground.

With more of our lives connected digitally, the notion of decluttering our email seems almost impossible. Our emails are a gateway to everything in our lives. It’s not just how we communicate with customers, clients, and other businesses. Our emails become a trove of social media reminders, evites from family and friends, fantasy football updates, and holiday promos from that clothing store from which you bought a jacket for your wife last Christmas.

Merlin Mann is the self-proclaimed “productivity guru” who coined the phrase “Zero Inbox.” The idea went viral and prompted people all over the business world to start thinning the ever-growing crowded space that is their inbox. In short, people took the phrase “zero” a little too seriously. The idea of an empty inbox was almost too good to be true.

But in a world where we’re connected 24 hours a day, seven days a week, this seems unmanageable. We get too many messages on too many mediums: personal email, business email, social media direct messages, Slack, and even text messages from co-workers, colleagues, and associates.

Even Mann says the idea of Zero Inbox has inherent flaws. After all, it’s impossible to just swipe our slate clean. Many of our correspondences are important: They contain dates and critical information; They contain invoices and banking information. The real priority of Zero Inbox, then, is to make the distinction between what is important and what is not, and to tend to those emails accordingly.  

The actual goal of Zero Inbox is not about deleting everything. It’s about managing the time we spend each day in our inbox. Zero Inbox, according to Mann himself, was never about finding a way to get to zero as much as it was finding a way to ensure we’re maximizing our time and energy elsewhere rather than simply spending our days navigating an endless stream of incoming information. Mann was suggesting we get to the point where it takes no time to use our emails.

The underlying ideal was to find a way to leave nothing unattended to in our inbox. In other words, take action on everything, which distills nicely down into five categories:

• Delete: Unimportant stuff. Don’t put off deleting these emails.

• Delegate: Pass this along to the appropriate party.

• Respond: This self-explanatory action is critical. Let the person know you’re planning to take action, thank them for the correspondence, or inform them of the next step.

• Defer: This doesn’t mean simply ignore (that would be the opposite of Zero Inbox). It simply suggests to hold off until action can be taken when you have time.

• Do: Complete this manageable task. If something takes 15 minutes, no need to put it off. Do it now.

From a management standpoint, it is important to remember that we shouldn’t take Zero Inbox too literally. There’s no way to achieve an inbox that’s clear from everything. The moment you hit that final delete button, you just know there’s an email coming from that pizzeria offering a 15% coupon.  

Are you one of those individuals who likes getting a refund when you file your taxes? Do you have kids under 18? If you said yes to both of those questions, you can’t go into next tax season without understanding what the child tax credit advance you just received means to you and how it impacts your coveted refund.

Background:

If you answered yes to both questions above, you either received a mysterious direct deposit or check in the mail related to the advance Child Tax Credit (CTC). The payment is to help many families get advance payments of the credit starting this summer.

But what is the child tax credit, how does it impact your taxes, and why should you care? Well, let’s walk through it. The examples below are for a married filing joint return with two children:

Example #1: you usually write a check when you file your taxes

Example #2: you usually get a refund

In summary, I wanted to illustrate that regardless of you getting a refund or writing a check when you file your taxes, your tax bill or refund will be impacted by the amount you received in advance. I want you to be prepared and understand the impact so there are no surprises next April.

The more technical details if you want to dig deeper:

The IRS will pay half the total credit amount in advance monthly payments beginning July 15. You will claim the other half when you file your 2021 income tax return. These changes apply to tax year 2021 only.

With the CTC changes for the tax year, there will be a lot of tax implications involved come April 2022 when your 2021 taxes are due.

First and foremost, the CTC payments are not taxable, but they are considered an advance of your credit. This advance is based upon the number of qualifying children claimed on your latest tax return.

There are several issues that can come up with this advance of the credit:

If your children are no longer considered qualified in 2021 due to age, divorce, etc., then the advance CTC payments will be added as income. If this happens, it is recommended to go to the IRS CTC Update Portal (https://www.irs.gov/credits-deductions/child-tax-credit-update-portal) in order to revise the status of your children so the advance payments are not needed to be reimbursed. This option is also available to those who wish to opt out of the advance payment and use the entire credit on their tax return.

In January 2022, the IRS will send you Letter 6419 showing the total amount of advance CTC payments. This amount is used to determine your CTC on your 2021 tax return. If the amount of the CTC exceeds your advance payments, then you will receive the balance as a credit on your return. However, if the amount of the advance payments exceeds the CTC, then you may need to repay the excess.

As we approach the end of 2020, the thing on the forefront of many an individual and business owner’s mind is taxes. Filing your tax return correctly and punctually is critical, and there are many steps you can take to make sure you aren’t paying more than you should be.

Check your Withholding

Checking your tax withheld for the year is important, especially this year. Due to COVID 19, millions of individuals have been collecting unemployment, far more than is typical. These unemployment payments ARE taxable and those who collected it without opting to set money aside to help pay for that in advance will see significant increases in how much they owe in taxes. To check your tax withheld, use the IRS Tax Withholding Estimator.

Filing Status and Major Life Events

It’s important to correctly enter your filing status, as not doing so can result in missing out on tax return deductions. So, whether you are single, married filing jointly, married filing separately, head of household, or a qualifying widow(er) with a dependent child, make sure you choose correctly. If, like many others, you’ve experienced major life changes this year, these could also be relevant to your tax refunds. Significant life events that are tax-relevant include marriages, divorces, childbirth, new disabilities, loss of a family member, or living through a disaster situation. More information about what to do in these situations can be found here.

Check if you should Itemize your Deductions and Redeem any Credits

Make sure to check if you should just be applying for your standard deduction or whether outstanding circumstances have made itemizing your deductions behoof you. In addition to deductions, make sure to also check if you are eligible to subtract any tax credits as well. Tax Credits are earned through various means, including raising children, falling within certain income ranges, etc. A full list of these credits can be found here.

Also, the stimulus checks distributed by the government this year count as credits AGAINST your taxable income for the year. If you have it still, be sure to hold on to Notice 1444 so you’re aware of how much you received EXACTLY, as incorrectly guessing or simply estimating this number could result in longer processing times for one’s returns.

The Premium Tax Credit can get tax payers in trouble if they earn more than expected. The premium tax credit – also known as PTC – is a refundable credit that helps eligible individuals and families cover the premiums for their health insurance purchased through the Health Insurance Marketplace. To get this credit, you must meet certain requirements and file a tax return with Form 8962, Premium Tax Credit. To be eligible for the premium tax credit, your household income must be at least 100 – but no more than 400 – percent of the federal poverty line for your family size, although there are two exceptions for individuals with household income below 100 percent of the applicable federal poverty line. For example the federal poverty line for a married couple with 3 kids is $30,170. Thus if you made more than $120k you likely have to pay back the advance credit.

Charitable Contributions

Charitable Donations made to qualifying organizations, as described in Schedule 170 of the Internal Revenue Code, throughout the tax year can be counted when itemizing deductions in Schedule A. In most years, the amount that can be written off here capped at 60% of an individual’s adjusted gross income. However, it has been recently amended to now be 100% of an individual’s income, with any excess able to roll over into next year, retaining the same value.

Also, for the first time in 2020, and in order to support charitable organizations and encourage them to still receive donations, the CARES Act included a section that enables those who are eligible and don’t itemize deductions to deduct $300 of qualified donations as direct Adjusted Gross Income deductions, lowering what is owed to the government in one’s tax returns. The only qualifying factor is not itemizing deductions for 2020. The $300 in donations must also be cash, not goods or services, in order to qualify for the “above-the-line” deduction. It would be prudent to seek IRS guidance regarding whether or not one should claim this deduction if the taxpayer’s AGI is less than the standard deduction, or a married individual filing a separate return with a spouse who has itemized deductions. These charitable contributions must have been given in the year 2020 in order to qualify.

Retirement Plans

Also, remember that some retirement plans can reduce your adjusted gross income while also securing your future. Contributions to your companies 401k plan are the most common, but there are other options especially for self-employed individuals. Here some highlights of the most common retirement plan options:

• Simplified Employee Pension (SEP): Contribute as much as 25% of your net earnings from self-employment (not including contributions for yourself), up to $58,000 for 2021 ($57,000 for 2020 and $56,000 for 2019).

• 401(k) plan: Make annual salary deferrals up to $19,500 in in 2021 and in 2020 ($19,000 in 2019), plus an additional $6,500 in 2021 and in 2020 ($6,000 in 2015 - 2019) if you're 50 or older either on a pre-tax basis or as designated Roth contributions.

• Savings Incentive Match Plan for Employees (SIMPLE IRA Plan): You can put all your net earnings from self-employment in the plan: up to $13,500 in 2021 and in 2020 ($13,000 in 2019), plus an additional $3,000 if you're 50 or older (in 2015 - 2021), plus either a 2% fixed contribution or a 3% matching contribution.

Section 179 Deduction

This deduction was created as an incentive by the federal government for business to make investments in machinery and equipment. It was created to encourage business owners and decision makers to invest in company infrastructure, enhance business to business commerce, and as a result in the investment, more efficiencies in business processes.

The Section 179 Deduction allows small business to write off qualifying equipment purchased by a business as long as it serves business purposes more than 50% of the time. The equipment must also be put in service in the tax year that the 179 deduction is taken. Full post about 179 can be found here.

Remember that RTC is her to help and reach out with any questions. Merry Christmas and Happy New Year!

Of all the complications of starting your own business, understanding your tax liability can be one of the most difficult. Luckily, with a little help, the 1040 can be a cakewalk. For a small business owner, the two most significant sections of the 1040 are Schedule C and Schedule E. But many people struggle to find how to differentiate between the two. 

Schedule C of the 1040 form is for noting income earned by an individual from a business where they are the sole proprietor. The income you make directly from providing goods or services is applicable to Schedule C, and subject to self-employment tax in addition to standard income tax. This is the greatest drawback of sole proprietorships: self-employment tax can increase your tax payments by as much as 15%. This means that, as the sole proprietor of your personal business, you could be paying around 40% of your income in taxes.

Schedule E of the 1040 Form is for reporting passive income. Passive income is earnings received that don’t require working for. According to the IRS, passive income can be acquired through: rental income, profits from a business that one doesn’t actively work for, such as stock dividends or book royalties, real estate, trusts, limited partnerships, and most importantly, S corporation earnings. An S corporation is a corporation that chooses to pass income, losses, deductions, and credits through shareholders in order to avoid certain taxes, like the self-employment tax placed on Schedule C income. As an S corporation, the proprietor is now obligated to pay salary to any employees or shareholders, but only the amount paid in salary and wages is taxable through the business. The rest of the earnings are only affected by the proprietor’s standard annual income tax. The S Corporation effectively acts like a flow-through entity, passing all income from the business as the shareholder’s (or owner’s) personal income. This can lead to thousands of dollars in your pocket that would have otherwise been paid to the IRS as part of the self-employment tax.

Given the current situation, more small businesses than usual have found themselves in need of financial assistance. As a result, the SBA has relaxed affiliation rules regarding PPP loans for their interim rule, but there are still restrictions.

Those with multiple affiliated firms are particularly confused about whether some, all, or none of their businesses qualify for these loans. Fortunately, while there is no single answer, determining whether or not your business qualifies for these loans isn’t too difficult. According to the SBA, “An entity generally is eligible for the PPP if it, combined with its affiliates, is a small business, as defined by section 3 of the Small Business Act (15 U.S.C. 632).”

The most notable qualification of being a small business according to the SBA is having 500 or fewer employees within one’s business. Under affiliation guidelines, a business that is affiliated with other businesses, whether it owns them or vice versa, must have less than 500 employees between all affiliated businesses. The significant exception to this is business in the food service industry who, regardless of affiliation, qualify for PPP loans for each business as long as total employees for each location is lower than 500.

Even if a business, with its affiliates, exceeds 500 employees, some businesses could still be eligible for a PPP Loan through SBA’s applicable size standards using the SBA size standard tool.

Looking for ways to reduce your business income and ultimately your income tax liability this year? You may want to look at the Tax Cuts and Jobs Act Section 179 deduction. Many small business owners wonder about precisely what and how the Section 179 Deduction works. We can help. Schedule a consultation to talk with one of our experts.

This deduction was created as an incentive by the federal government for business to make investments in machinery and equipment. It was created to encourage business owners and decision makers to invest in company infrastructure, enhance business to business commerce, and as a result in the investment, more efficiencies in business processes.

The Section 179 Deduction allows small business to write off qualifying equipment purchased by a business as long as it serves business purposes more than 50% of the time. The equipment must also be put in service in the tax year that the 179 deduction is taken.

Rather than depreciating fixed assets over the duration of its use (5 years, 7 years, etc.), the entire cost can be written off in the year it was purchased allowing for a favorable tax treatment and reduction of tax liability in the given tax year.

Qualifying equipment includes any equipment or machines purchased for business use, tangible personal property used in business, computers and software, office furniture and equipment, business vehicles with a gross vehicle weight of over 6,000 lbs., and even certain property and improvements to property like security systems, roofing, etc. All qualifying equipment can be new or used, but must be newly purchased by the businesses.

The Section 179 Deduction does have limitations. As of 2020, the total amount that can be written off for the year cannot be more than $1,040,000, and the total amount paid for equipment cannot exceed $2,590,000. As a result, the deduction ceases to take effect if purchases reach a balance of $3,630,000.

California, however, does not conform to federal Section 179 deductions. California limitations are a maximum dollar limitation for the deduction of $25,000 and a threshold for property placed in service in the current year of $200,000.

For more information please see https://www.irs.gov/instructions/i4562#d0e3005 or https://www.section179.org/section_179_vehicle_deductions/

We have had many conversations with clients who are working to be compliant with new CA AB-5 ruling effective January 1, 2020.

The need to be compliant is imperative and I’m happy to provide my opinion on point C of the ABC test. From reading the AB 5 language and various other trusted resources, being a taxable entity is not the only way to be compliant within AB-5 section C. I do know that if an entity is incorporated the argument for passing C is solid, but I do not believe required. Instead, incorporation is an example of “the usual steps to establish and promote that independent business.” Another example includes “routine offerings to provide the services of the independent business to the public or to a number of potential customers,” which some of our my clients clearly meet. https://www.dir.ca.gov/dlse/faq_independentcontractor.htm

In the case of some of my professional services client, and to add additional confidence, the section of AB-5 I copied below specifically calls out an exception for bona fide business-to business contracting relationships and the criteria to be considered an independent contractor. In criteria (e)(1)(F) they also use the term “independently established business,” but this criteria is used to describe a cross-section of the population described in (e)(1) of “sole proprietorships, partnerships, LLCs, LLPs, or corporations.”

If by “independently established business,” they meant only incorporated entities, all other business types other than corporations would automatically fail this test, but by placing it as a subset criteria I believe that your LLC is a bona fide business to business contracting relationship.

(e) Subdivision (a) and the holding in Dynamex do not apply to a bona fide business-to-business contracting relationship, as defined below, under the following conditions:

(1) If a business entity formed as a sole proprietorship, partnership, limited liability company, limited liability partnership, or corporation (“business service provider”) contracts to provide services to another such business (“contracting business”), the determination of employee or independent contractor status of the business services provider shall be governed by Borello, if the contracting business demonstrates that all of the following criteria are satisfied:

(A) The business service provider is free from the control and direction of the contracting business entity in connection with the performance of the work, both under the contract for the performance of the work and in fact.

(B) The business service provider is providing services directly to the contracting business rather than to customers of the contracting business.

(C) The contract with the business service provider is in writing.

(D) If the work is performed in a jurisdiction that requires the business service provider to have a business license or business tax registration, the business service provider has the required business license or business tax registration.

(E) The business service provider maintains a business location that is separate from the business or work location of the contracting business.

(F) The business service provider is customarily engaged in an independently established business of the same nature as that involved in the work performed.

(G) The business service provider actually contracts with other businesses to provide the same or similar services and maintains a clientele without restrictions from the hiring entity.

(H) The business service provider advertises and holds itself out to the public as available to provide the same or similar services.

(I) The business service provider provides its own tools, vehicles, and equipment to perform the services.

(J) The business service provider can negotiate its own rates.

(K) Consistent with the nature of the work, the business service provider can set its own hours and location of work.

The most frequently asked question and least understood part of the Payroll Protection Plan (PPP) forgiveness is the concept of Equivalent Full Time Employees (FTE). We are helping our clients to ensure full forgiveness and tackling this particular hurdle. Call with us if you have questions about your own FTE calculations.

Briefly, the forgiveness amount may be reduced based on a reduction in full-time equivalent in the 8 weeks period following the origination of the loan compared to the number of full-time equivalent from 2/15/19 through 6/30/19, or, alternatively, 1/1/20 through 2/29/20.

These calculations should be performed as soon as possible to understand how changes in your workforce over the 8 weeks following loan origination will impact the forgiveness of your PPP loan.

If you would like help calculating your full-time equivalent, please give us a call at 858 367-3112 or schedule a meeting here.

There are many reasons to engage us for valuation services and your reason is likely different than someone else’s reason. Some examples are mergers, acquisitions, estate or gift tax, marital dissolution, buy-sell agreements, and many more.

Outside of the formal definitions above, you can think of the following reasons you might want a business valuation in more digestible form:

• To start discussions around a purchase or sale

• To be used as a comparative measure of success and growth

• To obtain bank financing

• To increase or decrease the number of owners in the business

• To meet IRS or other regulatory needs

Based on the reason, and specifically the intended use of the valuation, there will be varying levels of research, activities, and different methodologies used. At the highest level, you need to understand the difference between a valuation engagement and a calculation engagement. The final product of a valuation engagement is a conclusion of value, where the final product of a calculation engagement is a calculation of value.

Conclusion vs calculation is not clear to someone who hasn’t been through this before, so I’ll differentiate them in the following way: the conclusion of value allows the valuation analysis the freedom to determine value using any number of methodologies, industry and market knowledge, and comparative measures. The calculation of value is simply the activity of executing one agreed upon methodology. The result of either can be provided to the client as a detailed, summary, or oral report.

This probably seems like a lot and there are certainly many unique circumstances, regulations, and industry specifics to consider that I haven’t scratch the surface on. With so much that goes into a high quality valuation, how do you know you’ve engaged the right company or individual valuation analyst for your particular needs? As a CPA and member of the AICPA, I follow the AICPA Statement of Standards for Valuation Services No. 1. This standard must be followed by all members of the AICPA to keep the quality of the valuations at the highest levels. Within these standards it clearly articulates that the valuation analysis must have professional competence, objectivity, and independence.

Do you think you might need a business valuation, but would like to talk to someone to talk through your needs, please reach out directly and I can help you.

If you are in business for yourself, you generally need to make estimated tax payments. Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed. The IRS urges taxpayers to check into their options to avoid these penalties. Adjusting withholding on their paychecks or the amount of their estimated tax payments can help prevent penalties. This is especially important for people in the sharing economy, those with more than one job and those with major changes in their life, like a recent marriage or a new child.

Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax. If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. You also may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return.

Individuals, including sole proprietors, partners, and S corporation shareholders, generally use Form 1040-ES (PDF), to figure estimated tax. For estimated tax purposes, the year is divided into four payment periods. Each period has a pay online, by phone, or by mail.

Estimated tax payments are due as follows:

• January 1 to March 31 – April 15

• April 1 to May 31 – June 15

• June 1 to August 31 - September 15

• September 1 to December 31 – January 15 of the following year

Please put the above dates in your calendar and reach out to me at 858 367-3112 if you need help.

If you'd like to read the full details, please visit: https://www.irs.gov/businesses/small-businesses-self-employed/estimated-taxes

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https://www.carlsbad.org/wp-content/uploads/2017/05/0218_CBJ_online.pdf

Here's your bipartison summary and explaination of the new tax bill. This doesn't tell you how it will directly impact you, but we can help. First listen and then reach out to us for help proactively manage your 2018 tax liability.

This is a very good episode by NPR TED Radio Hour and discusses our predisposition about how we think about and use our money. It also answers the question "Can money buy happiness?"

The Money Paradox

How does money motivate, trick, satisfy and disappoint us? In this hour, TED speakers share insights into our relationship with money.

https://www.npr.org/programs/ted-radio-hour/295260995/the-money-paradox

Originally published in Carlsbad Business Journal -  January 2018

In any business, the foundation for success is a realistic set of achievable goals and objectives for the company, as well as a means by which to realize them. The formulation and implementation is called Strategic Planning (SP). Is the company built to provide its founders with professional fulfillment until retirement? Is the goal to grow and sell for a substantial payday? Somewhere in between? In order to determine and realize these goals, strategic planning is likely the most valuable investment a business can make.

Defining Success

The first thing SP will do is to reconcile the professional and personal visions for a company. It will help firmly and clearly establish a company’s definition of success and prioritize that definition as the company’s primary objective. Such strategies will include long and short term plans, returns on investment, the differentiation between the plan and actuality, and forecasting the future of the company, its competitors, and role in the marketplace.

Successful businesses operate in a culture where there are clearly-defined, uniform goals that have potential to benefit everyone. By consolidating the goals from the top of the organization to the bottom, it’s easier to communicate the message to everyone within the organization, so that all employees become catalysts for the company’s success.

Allocation of Resources

SP ensures the allocation of resources so that every decision -- from personnel to spending to marketing -- is made with a singular goal. Resources are spent with intent rather than speculation. Additionally, every decision (both financial and non) will be adjusted to accommodate the goals of the business rather than individual departments.

Ryan Thomas Consulting offers full expertise and support to help plan for the future of your company and will help realize your company’s full potential.

Earlier this year, Ryan Lee, the owner and Finance Director, was featured in the local newpaper for both his professional financial consulting, but his passion for painting. Check it out!

Meet Ryan Lee

Ryan Lee is a fine artist and finance consultant living here in San Elijo Hills. It's not often that you meet someone who actively uses both sides of the brain successfully, but Ryan is doing just that. It's also fun to meet someone who is raising a family while running a business and pursuing his art simultaneously.