Sullivan & Company - Certified Public Accountants 4709 Montgomery Lane #201 - Bethesda, MD, 20814 Phone: 301-657-8080

       






 

Other Articles

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This Month's Feature Articles

 

- Selling your Business
 

- Tax Compliance Issues for Non-Profits
 

- Paying off Debt the Smart Way
 

- The Best Financial Tool for Business Owners


- Five Tips for Safeguarding Your Records


 

Tax Tips

 

- Start Planning Now for Next Year's Taxes
 

- Six Facts About Charitable Donations
 

- Who Can Represent You Before the IRS?
 

- Education Tax Credits Help You Pay for College
 

- Tax Tips for Members of the Military



 

 

 

 

 

 

The Best Financial Tool For Business Owners


 

What if there were a tool that helped you create crystal-clear plans, provided you with continual feedback about how well your plan was working, and that told you exactly what's working and what isn't?

 

Well, there is such a tool. It's called the Budget vs. Actual Report and it's exactly what you need to be able to consistently make smart business decisions to keep your business on track for success.

CLARIFYING YOUR PLAN

The clearer you are about your business goals, the more likely you are to achieve them. Creating a budget forces you to examine the details of your goals, as well as how even a single business decision affects all other aspects of your company's operations.
 

Example: Let's say that you want to grow your sales by 15 percent this year.

Does that mean you need to hire another salesperson? When will the business start to see new sales from this person? Do you need to set up an office for them? New phone line? Buy them a computer? Do you need to do more advertising? How much more will you spend? When will you see the return on your advertising expenditure?

 

 

 


NAVIGATING THE SHIP

Once you clarify your goals, then you start making business decisions to help you reach your desired outcome. Some of those decisions will be great and give you better than expected results, but others might not.

This is when the Budget vs. Actual Report becomes an effective management tool. When you compare your budgeted sales and expenses to your actual results, you see exactly how far off you might be with regard to your budget, goals, and plans.

Sometimes you need to adjust your plan (budget) and sometimes you need to focus more attention to areas of your business that are not performing as well as you planned. Either way, you are gleaning valuable insights into your business.

It's like sailing a boat. You may be off-course most of the time, but having a clear goal and making many adjustments helps you reach your destination.
 

DID YOU KNOW that Sullivan & Company manages Pension Funds, Retirement Plans & Taxable Accounts through Archer Investment Corporation & Fidelity Investments for our clients.
Fidelity is the custodian for more retirement plans than any other custodian in the United States.


Let Sullivan & Company Analyze Your Asset Allocation & Risk Tolerance for FREE!
Call 301-657-8080 today!


 

JUST DO IT

We often know what we need to do but don't take the necessary action. It may seem like a huge hassle to create a budget and then create a Budget vs. Actual Report every month, but as with any new skill, it does get easier.

Turn your dreams into reality. Give the office a call and let a tax and accounting professional guide you through the budgeting process.


QUESTIONS?

If you have any questions about the tax treatment of mutual funds, don't hesitate to call the office if you would like more information about tax planning strategies this year.  Help is just a phone call away at 301-657-8080.
 


 

    Financial Services at Sullivan & Co. CPAs

Paul Sullivan leads our Financial Services Division and is here to help you navigate your financial future. As an Investment Advisor Representative, he is able to provide an independent opinion on the investments you already own or are considering buying.

 

We can structure a portfolio based on your risk tolerance or we can help you decide how to invest in your company 401(k) plan. We work with each client to identify their concerns and to provide solutions according to their situation.

Paul is also experienced in company retirement plans. If you own a business that does not have a plan; we can discuss your options and set up a plan that fits your company.

 

If your business already has a plan; we offer a free evaluation of the plan to ensure that it is up to date and working well for you and your employees.

Our goal is to provide personal, unbiased and independent advice to help you make well-informed decisions about your financial life and investments.

Contact Paul Sullivan or Jordana Para to set up a free initial consultation (301) 657-8080.

And as always if you have any questions about accounting or investments and how they effect you or your business, please give us a call. We can help guide you in the right direction.

 


 

Remember you can call our offices if you have any questions about these or any other accounting, tax, financial planning or insurance related issues, at 301-657-8080. 

 

Regards, Paul Sullivan, CPA

President, Sullivan & Company

 

 

 

 

Sullivan & Company, CPAs | 4709 Montgomery Lane | Bethesda, MD 20814 www.eSullivan.net | email: pSullivan@eSullivan.net | Connect With Me on Linkedin

Direct: 240-316-3531 | Main no.: 301-657-8080 Ext 102 | Fax: 301-657-9055