annually. It is essential that sound internal controls be imple-
mented to safeguard your most vulnerable and liquid assets such
as cash, accounts receivable, inventory, etc. Review your controls,
and make sure they are followed and monitored.
6. Review your business banking relationships. Annually, you
should go over your cash balances and banking relationships with
your controller or CFO. Then, both of you should meet with your
banker. Ask about new products or services that could help your
company. Address any service concerns or problems you might
have had. Look for ways to reduce idle cash, boost interest earned,
and improve cash flows.
7. Review your business insurance coverage. Don't just au
-
tomatically write a check to renew your insurance policies when
they come due. Instead, you should sit down with your insurance
agent every year. Review your business operations, focusing on
any changes. Discuss types of risk that could arise. Ask about new
developments in business insurance. Use your agent's expertise to
identify risk areas and suggest suitable coverage.
These are just some business planning strategies to consider for
2016. Please contact me at (847) 267-9600 or sbrillion@waradydavis.
com or your tax advisor for more details.
FEATURE STORY
www.outdoorpowerequipment.com OUTDOOR POWER EQUIPMENT FEBRUARY 2016 19
OPE
Steve Brillion, CPA, serves as a
partner in the Audit and Accounting
Department of Warady & Davis, LLP
(W&D) in Deerfield, Ill. W&D is a top-
20 Chicago certified public accounting
& consulting firm that provides a full
range of audit, accounting, tax and
consulting services and solutions to
privately held businesses, owners, high-net-worth individuals
and their families. For more than 30 years, Brillion has
provided audit, accounting, tax and consulting services to a
wide variety of industries, including health care, technology,
real estate, construction, manufacturing, distribution and
numerous service industries. Brillion's consulting activities
include general business consulting, financing structuring
and negotiations, mergers and acquisition assistance and
negotiations (both purchases and sales), and business
turnaround services. For more information, Brillion may be
reached at (847) 267-9600 or sbrillion@waradydavis.com. To
learn more about W&D, visit www.waradydavis.com.
