February 1, 2022
WHAT'S STEERING YOU TOWARD SUCCESS?

By Lisa Blankman, CPA
Manager, Audit & Assurance Services

Right now is the time business guru Michael Gerber would tell you to "work on your business, not just in your business." We're still navigating the new year, so the time is ripe for reinvention.

First, step back and take a bird's-eye view of your business. How's it holding up, and is it sturdy enough to venture out into this year's market? As you reflect on your company's condition, you should also ponder whether the past drivers of success hold the same potential they did a few years ago. Should their place in your planning remain? Are any of them falling short? Do they require some re-engineering?
IS YOUR ACCOUNTING DEPARTMENT DYSFUNCTIONAL?

By Lisa Purichia
Partner, Director of Accounting Services & Retirement Plan Services

Cash flow is the lifeblood of any business. That's why the cornerstone of any company is an efficient accounting department and a financial reporting system that promptly measures and details the results of your operations. As the business owner, are you getting the data you need on a daily, weekly or monthly basis? Most business owners are very good in many aspects of their business, but many times finance and accounting is not one of them. They become very dependent on their bookkeeper or controller and not cognizant of whether their trusted employee is giving them all they need to manage their business.

Financial statements should be prepared on a regular, systemic basis, around the middle of the month. Timely, accurate information is essential to your management team. Even daily "Flash Reports" of critical operating data are not uncommon. Consistency of practice is crucial.

EMPLOYEE SPOTLIGHT: GALEN MONROE

Galen Monroe has been a member of the Sponsel CPA Group family for over three years now. He joined the firm in September of 2018, shortly after graduating from Marian University with a bachelor's degree in accounting and economics. (He transferred from Saint Joseph's College after it closed its doors in 2017.)

As a Staff Accountant in the Tax Services department, his role involves preparing and reviewing tax returns. He has experience working with individuals, partnerships, S-corporations and C-corporations.
A Friendly Tax Season Reminder

Unlike the previous two years, we believe it unlikely that Congress will delay the tax filing season again this year. As a result, we encourage you to send your information in to us as soon as possible in order to allow us adequate time to complete your services. Thank you, much appreciated as always!