More businesses fail because owners do not effectively manage cash than for any other reason.
While increasing sales and profits are often cited as the biggest keys to business success, companies can usually make it through short-term periods of slow sales and red ink. Having sufficient cash provides a margin of safety in lean times and enables the company to borrow less, invest more, increase profits and meet growth demands. We will review the three basic financial statements: the balance sheet, profit and loss and cash flow statement to see where cash is tied up, determine how the business generates and uses cash and explore strategies to speed up the business's cash flow cycle. The workshop is useful for entrepreneurs wanting to start a business as well as business owners who want to improve their cash management skills.
Our speaker's background -
Harry Eng (CPA, EA, MBA) is a financial executive and expert on federal and state taxation. He has over 40 years of experience both in the military and as a Fortune 50 corporate executive, Certified Public Accountant and Enrolled Agent. He holds a BS in Accountancy from the University of Illinois Champaign-Urbana and an MBA in Comptrollership from Syracuse University in New York. He currently prepares individual and small business tax returns, represents tax clients before the Internal Revenue Service (IRS), serves as a member of the Taxpayer Advocacy Panel from Illinois and is a member of SCORE.