Tag Archives: cashflow

4 Tax Tips For Commercial Building Owners

13 Sep

Recently, the regulations for commercial property owners were overhauled in one of the most dramatic changes to the tax law in years.  The Tangible Property Regulations in conjunction with the Tax Cuts and Jobs Act have major economic benefits for building owners as well as some serious compliance issues.

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Properly applying these new U.S. tax code standards can help you capture economic opportunities to the tune of millions in tax savings that flow from your business to your personal taxes.

I would be happy to work with you and your tax professional to make sure you are taking the greatest advantage of these new tax laws.  CSSI, a company that I represent, can be your calculation experts for the following

  1. COST SEGREGATION – The U.S. tax cost method of identifying and classifying building components that allow you to accelerate depreciation and generate additional cash flow. An engineering-based cost segregation study is the basis for allowing you to capture many of the tax saving opportunities below and it helps you maintain U.S. tax code compliance moving forward with these regulations.
  2. BUILDING SYSTEMS VALUATION – An engineering-based study that will identify building systems and structural components.  Going forward every expenditure cannot be expensed.  The new regulations give very specific instructions on whether expenditures should be capitalized as an “improvement” or expensed as a repair.  We will provide the calculations that your tax professional will need to make these important decisions.
  3. CAPITAL TO EXPENSE “REVERSAL” OPPORTUNITY – Building owners may now expense previously capitalized costs and expense them in the current year by applying the new regulations to prior years.  For example, we helped a client receive $1.1 Million in tax savings on one of his properties through this method.
  4. PARTIAL ASSET DISPOSITION (PAD) – Renovate in the current tax year?  Thinking of an LED lighting upgrade?  A PAD allows you to write down the basis of what you removed and the costs for the removal and disposal of those items.  You can receive a tax deduction in the current year but it is a “use it or lose it” opportunity.  Fail to capture it in the current tax year and you lose the ability to write it down.  Both capital to expense reversals and PADs yield a permanent tax savings at the time of the sale by reducing recapture costs.

Let me provide you and your tax professional a no-cost, no-bligation analysis of the benefits you may receive and the cost for this type of study for your property.

Return the following information, and I will prepare your analysis immediately.

 

Taming Your Cash Flow Before It Eats You Alive

23 Apr
Source – TSI  http://tsico.com

There are no shortage of “beasts” your business needs to tame in order to thrive in the marketplace.

Some might read that and think of scaling to meet the needs of a growing client base or managing difficult employees, but cash flow can be one of the biggest monetary monsters you can encounter as a business owner. This far-to-often overlooked financial factor can be contained as easily as it can go out of control. Take a look at these four simple, yet sound, principles for taming cash flow in order to make it your business’ best friend rather than an arch enemy.

Let’s discuss how to keep the cash coming in rather than rolling out.

1. Increasing Incentives to Deter Debt Collection

This might seem like a simple psychological trick, but it is an easy way to tame the cash flow beast. Adding incentives for clients who consistently pay on time (or, even better, early) and/or having consequences for clients who are tardy with the amount due will help you keep your cash flow steady and on time. Another way to ensure cash flow is to offer incentives to clients who decide to pay in full rather than installment payments. You can rest assured you get all the cash you need with only a minor deduction of a discount, or whatever incentive you choose. A small discount now is better than having to pay for debt collection later to support cash flow.

2. Cash Flow Cognizance: Being Present & Aware of Cash Flow

It’s your business, livelihood, and financial future. So, why wouldn’t you want to be as aware of and up-to-date with all of your cash flow details? Analyzing your monthly cash flow and keeping a more frequent check on accounts receivable will help you stay on top of delinquent payments from clients and reel in any out-of-control outgoing cash on your part. Knowledge is truly power, as it can be easy to overlook cash flow issues. Awareness equals accountability for you and for your accounts receivable.

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Being keyed into your cash flow is the best way to continue saving money instead of burning up revenue.

3. Be Crafty With Credit Cards

Utilizing credit cards in the right way is another simple way to tame your cash flow. Not only do credit cards provide you more time to make payments as it can take 1-2 months for money to be deducted from your company account, but you can increase your credit score over time to gain access to even more benefits from your credit cards. The number one thing to remember for this tip to be successful is that you must always pay the balance in full and on time to avoid even more cash out with extra interest fees or penalties.

4. Consider Your Taxes

Taxes are, unfortunately, unavoidable. You have to factor them in when analyzing cash flow. If you are not taking the cost of taxes into consideration, then you are not properly projecting your cash flow and will be doing yourself a disservice. Automatically set aside the taxes that you will need to pay out and don’t even factor this money into anything you could utilize as cash out for your business. Try to even save extra just to have a cash buffer. In tough times, a little buffer can go a long way. You can also check into any tax discounts and creditsthat could be applicable to your business, because who doesn’t like a little help from time to time?

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Stay educated on business taxation to continue to tame cash flow.

Keeping these cash flow tips and tricks in mind will help your business position itself for the most potential profit and the least unnecessary loss. There’s a lot more of these principles to be taught and we can help you learn more about how to optimize your revenue today! content?Action=tp&cid=45676

Call me directly at 888-780-1333 or email me at david.wiener@cashflowstrategies.us for more information.

Has Your Medical/Dental Practice Had It’s “Checkup?”

13 Apr

There are many things that can cause a busy medical or dental practice to be less profitable that it could be.

Meet Dr. Bob and how he found the answer to higher profits and better cash flow for his practice.

BIG Tax Savings for Commercial Property Owners

9 Apr

If you own or lease commercial property and pay taxes, here is a great way that you can potentially save BIG on your taxes through an IRS-approved cost segregation study.  This is another “Cash Flow Minute” by David Wiener, “Mr. Cash Flow,” CEO of Cash Flow Strategies, Inc.  Find this new series of videos here, or visit the Cash Flow Strategies, Inc. web page at: http://cashflowstrategies.us

7 Things a CPA Needs to Consider when Deciding on a Cost Segregation Partner

21 Feb

Including cost segregation into your CPA practice will benefit you and your clients by expanding your business and offering a service requested by many. It is important to know a few things about your potential cost segregation partner. When looking into firms that specialize in cost segregation, you’ll want to make sure they meet a few requirements before you partner with them. You want them to become an asset to your firm. Below, you’ll find a list of questions that you should ask each cost segregation firm before you commit to anything.

  1. Is the cost segregation firm you are considering an expert in the tangible property regulations? Whether your firm has become highly or only partially educated on the Repair Regulations, your cost segregation partner should be able to calculate complex issues for all of your clients who qualify. When a cost segregation firm is an expert in the repair regulations, they will quickly be able to step in as your calculation experts offering immense savings to your clients and potential consulting fees to your firm.
  2. How long have you been in business and how many cost segregation studies has your firm done? It’s good to know the firm’s history and experience in the industry. You need to know that they will be there for your client if an audit occurs.
  3. Who is performing the study? A cost segregation study is a technical process that requires knowledge in both construction and engineering. It’s important to find a firm that performs every facet of the work in-house that goes into the cost segregation.methodsOfAStudy
  4. What method does the firm use to perform the cost segregation study? There are several methods that a firm can use to perform a study but not all are created equal. You want to make sure the firm you choose uses an engineering approach to reduce the risk in the event of an audit.
  5. Does the firm provide a complete report? The study needs to offer the preferred 13-point conclusion. It is important to establish that a report will be made and given to both the tax professional and the client when the study is complete. See U.S. Tax Code Guidelines.
  6. In the event of an audit, who will defend the work? This is important for your client’s peace of mind because they’ll know they won’t have to face an audit by themselves and that the firm will defend its study.
  7. Ask for references. As with any important relationship, references will give you the peace of mind knowing that your cost segregation partner provides on time, accurate, and bullet-proof results.

Expanding your services is an important matter. As a professional, you want to maintain the same level of quality your firm has provided for years when adding another service that includes bringing in outside help. These questions will help ensure you find a cost segregation firm that meets your standards and provides a quality service to the customers that trust you.

For more information or a no-cost property analysis, call me at 888-780-1333

 

About CSSI

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In 10 years, we have completed thousands of CSSI Studies. Our CSSI Studies have been performed for commercial property owners in every state of the U.S. CSSI representatives bring the personal and professional attention that every commercial property owner and their CPA needs to assure the proper engineer-based cost segregation result, according to the U.S. tax code rules.

 

About Cash Flow Strategies, Inc.

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Cash Flow Strategies, a natonal partner with CSSI, is a one-stop shop for businesses and medical/dental practices looking to boost cash flow.  Providing a wide range of services to increase revenue, lower expenses, and cut taxes, Cash Flow Strategies provides a no-cost and no-obligations “Cash Flow Checkup” which will outline potential strategies to maximize cash flow

 

First-Party vs. Third-Party Accounts Receivable

30 Nov

You know that understanding the details of how your accounts receivable department works is vital to the long-term success of your business. Without diligent attention, it can become one of the biggest financial headaches within your company.

Accounts receivable can be handled in one of two ways: first-party and third-party management. This may seem self-explanatory; first-party means your company manages AR in-house, while third-party means you’ve outsourced to an outside company. This is true on the surface, but there is a secondary way to look at the issue. First-party accounts receivable management can also mean that a separate company handles your AR.

To understand how this is possible, it’s important to look at the process of collecting on outstanding accounts, and at which stage first- and third-party management are best utilized.

 

Identifying Which Collection Strategy Is Best For You

In the business world, it is inevitable that some of your customers will fail to settle their account in a timely manner. Some may need a gentle reminder or two, while others may need to implement a repayment plan to meet their obligation. Others will simply not pay at all. You know that the longer your company goes without recouping those funds, the harder it is for your cash flow to remain healthy.

If your company is looking for a streamlined approach to collecting on overdue accounts, you can enlist the help of an outside company to handle both first-party and third-party management.

 

Early Stages – First-Party Management

When the account is only slightly overdue, first-party management is recommended. This is when all communication with the customer appears to come directly from your company, even if a separate company is handling it. First-party management is about trying to cure an account or prevent a loss, so early intervention is crucial. The treatment of accounts worked first-party and in a pre-charge off situation, is often the same.

At TSI, our goal is to become an extension of your back-end operations, streamlining the first-party collection process for you. Your branding and communication guidelines are strictly followed. Reminder letters and calls are common during this stage. We strive to maintain a relationship with the customer and help everybody reach a workable solution.

 

Later Stages – Third-Party Management

The decision to move to third-party management is usually due to the failure of a customer to respond to earlier messages. People commonly refer to this stage as ‘being in collections;’ communications are now coming directly from a separate company. The third-party is still acting on behalf of your business. Post-charge off work would also fall under this stage.

With third-party management, other tactics can now be used to locate the customer and bring the account up-to-date, aiming to instill a sense of urgency in the debtor. Third-party management is often more regulated than first-party and is always covered under the FDCPA (Fair Debt Collection Practices Act).

Ultimately, third-party management is about liquidating the total balance written off, and TSI can help. Our diplomatic process is designed to maintain a positive relationship with the customer while encouraging them to settle their account quickly. We utilize our proprietary data analytics platform and collection tactics including skip tracing, credit bureau reporting, and bankruptcy monitoring to increase your liquidity rates and develop more accurate revenue forecasting.

But the real value of our operations is in our people. You can rely on our seasoned collection experts to work diligently on your behalf, backed by extensive training and support.

 

Reach Your Goals With A Trusted Partner

Working together with a partner from the early stages can benefit both you and your customers. It allows the partner to become familiar with an account in receivables right from the beginning, so they can better judge if and when to move an account from first-party to third-party status.

It also relieves the burden from your in-house staff of having to chase down overdue accounts. Your team can focus on other areas of the company to keep operations running smoothly, knowing that a trusted partner is acting on your behalf to bring your accounts receivables up to date.

Finally, you can develop a customized approach to give your customers an integrated experience, which could result in a higher percentage of accounts being settled during the early stages.

TSI is committed to providing personalized services to your customers, maintaining and enhancing relationships while helping you recoup lost revenue. Our integrated collections platform combines best-in-class technologies with data-driven workflows to facilitate effective and compliant operations for our clients. Contact me today to explore your options.

Source: TSI

Cyber Security and Debt Collection

20 Nov

Did you know that employees account for 43 percent of data loss, whether intentional or accidental? The remaining data breaches occur because of criminal infiltration. Regardless of the threat, our research shows that data loss and security breaches cost companies an average of $4 million in 2016, during which more than four billion pieces of confidential data were exposed.

Unfortunately, failing to create an effective cyber security system for your data collection efforts could put your customers and your company at risk.

Risks Associated With Cyber Security and Debt Collection

Data is easier to steal than you think.

Debt collection records are particularly sensitive because they contain significant financial information. The sensitivity elevates if you’re in the healthcare industry because your data might include personal health information (PHI).

Since you must report data breaches, your company’s reputation can take a serious hit if your customers’ data becomes compromised. Additionally, you could face serious consequences with regard to your cash flow, accounts receivable management, and stakeholders.

A data breach involving debt collection records could result in a serious fine from a regulatory body. Back in 2012, for instance, an auto dealership and a debt collector had to reach a settlement with the Federal Trade Commission (FTC) over data breaches that took place because of peer-to-peer file sharing.

Unfortunately, data breaches are on the rise. Our research reveals that 2016 saw nearly 40 percent more data breaches than 2015, and 94 of those breaches exposed at least a million confidential records each. Consumers value their privacy. In 2016, more than 15 million American consumers suffered from some sort of identity theft.

Cyber Security Solutions for Debt Collection

Getting best-in-class security for your data can help prevent breaches and other cyber security issues.

Many businesses don’t have the infrastructure necessary to meet HIPAA, NIST, FISMA, and PCI-DSS guidelines. That’s why working with a well-equipped collection agency can become a major asset.

Established collection agencies that secure their data against breaches can help protect your company from lawsuits, fines, reputation hits, and other consequences of a data breach. When you’re looking for a collection agency to handle your accounts receivable, make sure the candidate you choose follows these guidelines:

  • Data protection for data while it’s at rest, in processing, and in transit
  • Secure data center with 100 percent uptime
  • Redundancies in place to preserve data
  • Employees who are experts in specific data security areas, such as HIPAA, depending on your industry

Furthermore, you want to work with a debt collection agency that views security as a priority. As hackers and other criminals find new ways to skim data from victims, debt collectors must keep up with those attempts and find new ways to prevent intrusion.

You also want to make sure that your data is physically safe. Data centers should be equipped to prevent physical intrusion, fire and flood damage, and other catastrophes.

At TSI, our service portfolio is compliant with NIST, FISMA, PCI-DSS, and HIPAA. We employ security specialists with years of experience and expertise in protecting data against loss and corruption. If you’re looking for a debt collection agency to not only promote healthy cash flow and collect outstanding payments but also to preserve your data, we’re here for you. Contact me now to start optimizing your revenue.

Source:TSI

Cash Flow For The Medical Practice

25 Feb

I was a guest on the Top Docs Radio Program on Business Radio X, talking about Cash Flow For the Medical Practice with host, CW Hall.  Here is what he wrote about the interview:

LISTEN TO THE INTERVIEW BY CLICKING HERE

I sat down with David Wiener, aka “Mr. Cash Flow” on this week’s episode.  I connected with David first on LinkedIn a few weeks ago.  After learning more about the various ways he is able to help a medical or dental practice recapture revenue that is currently being lost, I knew I needed to have him on the show.

David spent numerous years as a practice manager for a doctor’s office, so he knows very well the challenges these practices face trying to maximize the revenue they get to keep for the care they provide.  With patient out-of-pocket obligations significantly on the rise, physicians are experiencing a corresponding increase in the number of patient balance bills they must collect upon to be paid for their services.

David provides access to a service that for only $12 per claim (instead of a typical % of the amount to be collected), that dramatically increases the success rate for bills collected to over 80% in the first 30-45 days from date of bill.

We also talked about other ways Cash Flow Strategies, Inc., is able to help their medical and dental practice clients drop more revenue to the bottom line.  One such way is to enroll their staff into a wellness program as provided for by the ACA.  Businesses that do so can save as much as $500 per employee per year on the Federal income tax they must pay for each of them.  Additionally, as employees take advantage of these wellness benefits, they tend toward better levels of health, decreasing the company’s expenditure for health benefits.

David also talked about a company he’s partnered with that can help a business change all the lights within the building to LED lights, saving enormous amounts of money on utility bills.  They offer a plan through which the business can pay for the lights over time, with the payments + new utility bills amounting to less than previous utility bills were, providing savings from the first month.

There are several other ways David is likely able to reduce amounts being spent by the business, such as procurement costs for necessary supplies through a competitive group purchasing organization and others.  It is clear that any medical or dental practice can benefit from taking a few minutes to talk with David to determine just how much additional revenue they can capture—all without having to work longer or harder.

For more information on how this might help your practice, call David at 888-780-1333 or email him at david.wiener@cashflowstrategies.us

 

 

Medical Collections Success Guaranteed!

21 Nov

Whether you have a large medical practice or are a single practioner, cash flow is negatively affected by slow-paying patients and unresolved insurance claims.  With Transworld Systems Accelerator, your accounts are worked earlier and this allows your payments to be received faster increasing your cash flow!

Early intervention is the key to successful collections!! Review the infographic below and see what kind of return on your investment you could make when submitting just 100 accounts to Transworld Systems!

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Is it worth a 20 minute conversation to see how you can get a 6241.81% return on your investment, while decreasing staff time, frustrations and expense at the same time.  Contact me through the contact link below, or call me at 888-780-1333 for more information or a no-obligation demo of our services.

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