IntraScope Accounting Solutions, LLC
November 2002 Edition
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MANAGEMENT
The Balanced Scorecard is a relatively new management concept. The overriding principal is that you must be
able to measure something in order to manage it. Identifying what to measure is the key. One of the integral parts of the balanced scorecard is to
identify your company’s direction for strategic excellence. There are three dimensions of strategy:
efficiency, time or differentiation.
You can choose to be known for one of these or maybe two. However, it is impractical to think that
your company can be the cheapest, fastest to the market, and have the highest
quality. Pick one and every time you
make a decision ask yourself: “am I supporting my strategic direction”. Remember, successful managers know you can’t
be everything to everybody.
TAX TIP
It is fast approaching the end of the year. Now is the time we should be doing proactive
tax planning to reduce your taxes as much as possible. There are ways to shift deductions and
income to reduce tax and any potential penalties. Tax planning will also give you five months or so to plan for any
tax liability that will be due on April 15th.
In addition, we may need to make some W-2 adjustments if
there are taxable items that need to be added to your compensation. I will be contacting each of you to make
sure we are on top of your situation.
FINANCIAL
Keeping Track of small expenses for your business can be a
real hassle, especially if you pay in cash.
It is a good idea to set up a business credit card and charge your
expenses whenever possible. If you
absolutely have to pay cash, reimburse yourself on a regular basis, at least
monthly. The easiest thing to do is
attach the receipts to the check stub for substantiation. When traveling, you
can use the per diem rate established by the IRS instead of keeping your
receipts. The per diem amounts may only
be used if the time, place and business purpose of the travel are substantiated
by adequate records.
DID YOU KNOW……..
The luxury tax on cars ends after this year. If you are planning to buy a car for more
than $40,000, you may want to wait until next year and save the 3% luxury tax
on the amount of purchase over $40,000.
