Eichner Kenneth

Description

It is not necessary to spend a lot of money to get practical information that can make your business more profitable. You have valuable information to trade with other business people. If you don't think so, maybe you haven't thought about it enough. Consider arranging a trip to visit other businesses similar to yours, but far enough away to be noncompeting. Whether you are selling products or services, there are other businesses somewhere that are similar to yours in gross sales, product mix, size of community, etc. Call several of these businesses and ask to visit them. Perhaps you can arrange to visit three or four within a period of one or two weeks and maybe all on the same trip. Gather the same information about your business that you are interested in learning about the businesses you will be visiting. Take photos of your premises, a copy of your floor plan, and two or three years of financial statements. Let the other business people know in advance what type of information you are willing to trade with them. Assure them that all of their information will be held in confidence.

One of the most recent scams against businesses has been the "Nigerian Offer". Whether given this or any new name, the scam works like this: You are contacted by someone who claims to be connected to a foreign government. (And some of these scam artists are very convincing.) You are told that the foreign government needs your help in moving millions of American dollars to an overseas account. If you provide your bank account number, the funds will be temporarily transferred to your account. For little or no effort on your part, you are to receive a percentage. With so litle work on your part, how can you lose? You lose because your bank account will be drained. Even if you don't send the requested transfer fees etc., your account can be tapped. All the crook needs is your bank account and routing numbers to withdraw funds from your account. Inform your employees that all company financial information is to be kept within the company. A clever con artist may convince some employees to give out damaging information. Advance warning from you can prevent problems.

Kenneth D. Eichner, P.C., Certified Public Accountants, established in 1983 has the experience and the know-how to compile your company's financial statements and prepare income tax returns, while protecting your taxpayer rights. Kenneth D. Eichner, P.C. is also a charter member of the nationally known Dan Pilla's Tax Freedom Institute and can assist you and your company with Offers in Compromise, Installment Agreements, IRS Audits, or any changes in the taxpayer bill of rights.

Effective January 1, 2001, the 20% capital gains rate drops to 18% for assets purchased after December 31, 2000, and held for more than five years. For lowest bracket taxpayers, the 10% rate drops to 8% for assets sold after December 31, 2000, and held for more than five years.

The size of your business and the complexity of your product line or services will help determine what indicators you need. If you are running a drive-in hamburger stand, perhaps one of the best indicators of how your business is doing is the number of hamburger buns used per day. The numbers of hamburgers sold is probably a reliable indication of other aspects of the business. The number may relate to the total dollar volume of drinks sold, the total poundage of hamburger taken from inventory, or the total number of employees needed for the day. If refunds to customers have always been a strong indication of good customer service, a reduction in refunds may be an indicator that the field representatives or customer service people are not being sensitive to customers' concerns. On the manufacturing line, the amount of rejected products may be your measurement of quality control. A change in the quantity of rejected items at the end of a given shift should certainly send a signal that something needs to be checked. Every business owner is concerned with the annual sales volume it takes to at least break even and, therefore, has reduced his breakeven to a daily sales figure.

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