MNCPA PERSPECTIVES

Small-business owners: Receive free advice at Small Business Advisory Day

Jul. 16, 2018  |  Corey Butler

Sure, a free lunch isn’t a guarantee, but we can provide some free advice -- truly.

As a small-business owner, you’re used to juggling a lot of tasks, wearing a lot of hats and living out other numerous clichés that reflect your everyday work. But why not find a little peace of mind, either as backup for something you may just not be sure about, or because you haven’t had the time to sit down to work through the numerous complications you’re facing.

Enter Small Business Advisory Day.

In its second year, Small Business Advisory Day is a one-day event hosted by the Minnesota Society of CPAs where our members meet with you for a 30-minute session to discuss anything that may be on your mind (well, related to your business, that is). Best of all? It’s free. No strings attached.

Your business is complicated -- let's talk about it

Not sure what to discuss during your working session? Consider these possible topics:

  • Are you struggling with how best to use QuickBooks?
  • Are you not sure what tax deductions you should take for your business?
  • Are you just plain stumped by what the Tax Cuts and Jobs Act means for you, especially because Minnesota didn’t pass a tax conformity bill?

How about this one? Financial reports. By name, financial reports appear relatively innocuous, but anyone who’s spent time working with them knows there are easy traps that can result in hard consequences later.

Joy McAdoo, CPA, a director at John A. Knutson & Company PLLP in Falcon Heights, said there are three common challenges people run into with financial reports:

  • Proper classification
    It’s imperative to make sure your balance sheet accounts are in the right spots to generate a proper working capital. Items such as revenue, cost of sales, general and administrative expenses, interest and other unrelated business revenue must be properly categorized on your income statement to ensure you understand the performance of your business and use accurate information to make decisions.
  • Simply understanding
    Do you know what you’re looking at? It’s not only important that you comprehend the various inputs, but also that the results make sense and provide relevant information, both for you and other users of your financials, like your bank.
  • Looking ahead
    Financial reports aren’t just about what happened; they’re a guide for what to expect, especially if your business is cyclical. A properly-constructed financial report can help guide your cash-flow management, budgeting and other areas of planning.

    “We can see issues related to this pretty quickly,” said McAdoo. “That’s something a lot of small-business owners don’t have a good grasp on.”

Receive free advice

Great advice like this is waiting for you at Small Business Advisory Day, which is 9 - 4 p.m. Aug. 29. Sign up today for your 30-minute session with a certified public accountant.

Thank you to Joy McAdoo, a director at John A. Knutson & Company PLLP, for contributing to this post.

Topics: MNCPA programs and activities

Corey Butler

Corey Butler is the MNCPA communications coordinator, focusing on providing timely and relevant content for members in both print and digital mediums. He's also the person behind the wildly successful Taxline, soon to be celebrating its 25th year. Corey keeps busy outside of the MNCPA spending time with his wife and children, co-hosting a radio show and podcast about Minnesota breweries and beer, coaching his daughter in hockey and finding many other ways be involved in his community. He enjoys the works of John Steinbeck and J.K Rowling, and Paul Bunyan and Robin Hood lore. Corey may be reached at 952-885-5533 or cbutler@mncpa.org.

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