Video

  • 11 minutes

Collection Tips to Underscore the True Cost of Slow Receivables

 
Not to downplay the role of the firm's CPA but, honestly, appreciate that most service professionals and many a smaller business maintain their books on the "cash basis of accounting" (at least for tax-reporting purposes and often even in the financial statements they submit to their partners or the bank). Thus, neither accounts receivable (fees billed but uncollected) or work-in-process (unbilled and uncollected fees) may be the focus of attention or even revealed to the reader of the financials, often the largest asset of the firm. Such can often mask a receivable problem. One more item, which typically is raised during discussions with your accountant - cash basis taxpayers cannot deduct bad debts (i.e. uncollectable receivables). If your operating profit margin is, say 10%, than you are going to need additional revenues of $100,000 just to make up a $10,000 accounts receivable loss. Once you allow a client to lose interest in paying a past due account, as we stated at the beginning of these tips, your chances of ever collecting on that account diminish.

Our speaker, Martin H. Abo, CPA, ABV, CVA, CFF, is a manager and founding member of Abo and Company, LLC. He has comprehensive experience in individual and corporate financial, business and tax planning. Mr. Abo holds the professional designation of Certified Valuation Analyst from the National Association of Certified Valuation Analysts and has been awarded the designations of ABV, Accredited in Business Valuation, and CFF, Certified in Financial Forensics, by the American Institute of Certified Public Accountants.
Runtime: 10 minutes

Faculty

Martin H. Abo, CPA, ABV, CVA, CFF

Martin H. Abo, CPA, ABV, CVA, CFF

Abo and Company, LLC

Agenda

Faculty

Martin H. Abo, CPA, ABV, CVA, CFF

Martin H. Abo, CPA, ABV, CVA, CFF

Abo and Company, LLC

  • Manager and founding member of Abo and Company, LLC Certified Public Accountants
  • Co-managing member of Abo Cipolla Financial Forensics, LLC, an affiliate of the core accounting firm exclusively providing expert witness testimony on financial matters and other litigation support services and business valuations
  • Has comprehensive experience in individual and corporate financial, business, and tax planning
  • The majority of his business clients are closely held businesses and professional service firms needing advice and guidance on evaluating the enterprise and establishing/maintaining sound business and financial practices that are also practical
  • Has been providing such services for lawyers and law firms of various sizes and other enterprises covering many industries; clients, as well as the banking, insurance, legal and general business communities, continue to call upon him to provide unbiased consulting assistance, business valuations, and dispute resolution
  • Holds the professional designation of certified valuation analyst from the National Association of Certified Valuation Analysts and has been awarded the designations of ABV, Accredited in Business Valuation, and CFF, Certified in Financial Forensics, by the American Institute of Certified Public Accountants
  • Volunteers time and expertise to many other business and professional organizations including serving as a director of Deborah Hospital Foundation; an active member and served as president of the Estate and Financial Planning Council of Southern New Jersey; is an active member and served as a director of the Chamber of Commerce of Southern New Jersey; serves on the Matrimonial Accounting Interest Group of the NJSCPA
  • Director and treasurer of Exit Planning Exchange-Philadelphia (XPX), whose members include estate planning attorneys, CPAs, investment bankers, wealth management advisors, commercial lenders, executive coaches, M&A attorneys, marketing, and management consultants as well as former business owners who now advise fellow business owners on exit planning
  • Can be contacted at 856-222-4723 or [email protected]

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