FP&A
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Substantiation of T&E and the IRS
According to what I have found in the U.S. Master Tax Guide for 2014, it says that documentary evidence is not generally required for expenses that are less than $75. We have a policy that we will not reimburse you for a coffee while you travel without a receipt. What is the policy you are using to…
6
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When is the right time to establish a subsidiary in the US?
We have been providing IS development services to the US clients for more than 3 years. The IS delivery works are done and managed from UK and we fly over to the US only occasionally. Until now the business model worked well, however with the turnover in the US market going up we started considerin…
1
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Moving FY End to 1/31 from 12/31
We are considering changing our Fiscal Year End from Dec 31 to Jan 31. Can I poll the community for the Pros and Cons?
16
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Does any one have experience converting your legacy phone system to a cloud based business communication system?
Our old phone systems is 15+ years old and were considering upgrading to a cloud based system. We're looking at Ring Central and ATS. We like the additional functionality of video conferencing, call management, mobile apps for smart phones, etc. We are a small 6 person corporate office. Has any one…
7
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MENA Joint Venture
Our company is about to enter into a JV agreement with a reputable MENA company to distribute our product. The agreement will be 70/30 with us being the minority and the entity will most probably be Dubai based/incorporated. I have scribbled 4 areas of interest that I want on the agreement. (1) Boa…
7
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Expensing vs Capitalizing Furnitures
I would like to get your advise whether I should expense or capitalize furniture that are bought for Executive rental apartment for a business trip (might last a year) as well as other things (bed, mattress, kitchen tools etc.) that need to furnish the apartment. If expensing, what should be an app…
4
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How much do you interface with the Sales team?
Are you actively involved with the Sales and Marketing Team(s) or do you just get their forecasts and quiz them on positive or negative variances? If you're involved, what is that involvement?
5
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Do forecasting and budgeting tools offer more than consolidation?
I've spent some time recently looking at the implementations of a few different driver based forecasting and budgeting tools (mostly Hyperion Planning and a couple SAP BPC.) While in every case the charter included the elimination of spreadsheet models, it turned out that in the end, front line fol…
8
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How do we determine the fair value of stock options when the company's board has determined the fair value of the stock to be something other than market sale price?
The company's board believes that the trading price of its stock on the OTC market is not indicative of the fair value of the stock. It, therefore, set the fair value of its stock at $x and is granting options at that exercise price (which is above the OTC trading price). How would we incorporate …
2
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Convertible preferred stock converted to Common stock after IPO closing
The Facts: - conversion of each share of Series A preferred stock (par value $0.001) into one share of common stock (par value $0.001) immediately prior to the completion of the IPO - Series A preferred stock warrants will be linked to the common stock after the conversion of Series A preferred sto…
3
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What are the "traditional" enterprise performance management metrics for a mid-sized (~$500M) company?
What are the "traditional" enterprise performance management metrics for a mid-sized (~$500M) company? We do high tech product development and manufacturing. I am looking for company performance metrics to benchmark against and report on internally but want to look outside of my own finance dept fo…
15
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Commercial credit - what does it take to get it & what types of options exist?
We're 3 years old professional services llc, profitable on $3 million gross, and no physical assets as collateral. Is it true you can only get it if you don't need it or is that a myth?
6
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Cashflow Forecasting
I've just joined a SaaS company which has a new CEO and no real cash forecasting in place. Right now, cash balances are OK, but in order to ensure that status continues, I need to come up with a better way of doing things. What I have just started in an Excel spreadsheet in a Income Statement forma…
7
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What should be included in a relocation package for the president of a JV that is about to be launched?
Two companies, one a multi-billion dollar Chinese SOE and the other a $250M distributor, are forming a joint venture to be based on the west coast. The JV is expected to be a $30M company in 5 years. They have identified a well qualified candidate for president. The candidate will be responsible fo…
7
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Which ERP software is more useful for medium sized enterprise.
Hi Everyone, I am currently working in a Chartered Accountant firm which is a medium sized entity. Not small nor big in structure like PWC, KPMG or EY as a Assistant Manager Consulting. Our company currently has manual system for all Audit, Advisory and Tax which of course is every paper consuming.…
5
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Corporate income taxes for a fluctuating startup?
My start-up had an unprofitable 2012, a very profitable 2013 and we are looking at an unprofitable 2014. Starting in 2012 myself (CFO), CEO and COO all drew no salary and then returned to 50% salaries in mid 2013 to get the company over a hump. Since 2013 was so good we have a massive tax bill even…
4
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What are the basic procedures in preparing an annual budget and related financial statements?
Working with a start up company and have developed a basic income statement but am thinking there must be a template and logical process to develop that into cash flow and balance sheet also. IE. Never done a budget from scratch: is there a proven standard method Budgeting and planning 101?
9
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tracking costs to compare to budgets
I'm having a great deal of trouble with associating costs with specific jobs. Direct costs are fairly easy, but most of my costs are indirect and some of them are causing headhaches. For example, an employee might requisition 5 gallons of a cleaning agent that is combined in a tank with water for t…
7
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Small-Businesses' Sales Decline Amid Winter Weather
So the headline reads on the Wall Street Journal (WSJ.com) story. While focusing in on the recent spate of bad weather and the decline of foot traffic for brick and mortar stores, it brings up two good questions: 1. Has this year's exceptionally bad winter hurt your business? 2. Did you have the wh…
3
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Pro & Cons of Forming Offshore Companies
My firm is creating a JV with a foreign operating partner for a large scale processing plant in Eastern Europe. We are discussing the most attractive financial and legal structures, and considering creating a holding company in the Cayman Is, Isle of Mann, Dubai etc... Is there any information on t…
2
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Selecting an appropriate Auditor
Hello Proformative Community, My client has been a successful, self-funded, multi-million dollar engineering consultancy for the past 25 years. They've been profitable and never needed to take on debt, or other credit. And, 95% of their revenue has been from foreign engagements/clients. Recently, t…
10
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What is the best bank for a start-up?
Is it better to go with a local bank, one that relies heavily on personal relationships but is only in a regional area? Or one of the big national banks that is set up for national (and international) banking but are much more impersonal?
9
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Inaccurate D&B rating
Hello Proformative Community, My client has been a successful, self-funded, multi-million dollar engineering consultancy for the past 25 years. They been profitable and never needed to taken on debt, or other credit. And, 95% of their revenue has been from foreign engagements/clients. Recently, the…
5
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Sales Tax in California
We are a manufacturer of waste water systems in Massachusetts, and we are buying materials for production of our system from California vendor and having shipped directly to customer site in California for final assembly and test. The vendor wants to charge us a sales tax. Should this be tax exempt…
4
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How can I switch career from sales to Finance?
I am an MBA-Finance and Marketing. Over all 8 years experience- Out of which 1 year was in Financial services company as Relationship Manager,India. Then I moved to IT sector sales for 3 years. At present working for an advertising company in Dubai past 3 years. I would like to pursue some course l…
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