Dawgen Global is an integrated multidisciplinary professional service firm . The firm is staff by a Global Team of Professionals spanning several disciplines. We are integrated as one firm and provide several professional services including: audit,accounting ,tax,IT,Risk, HR,Performance, M&A,corporate recovery and other advisory services Caribbean Region Head Office : Dawgen Towers 47-49 Trinidad Terrace Kingston 5 Tel: (876) 9292518 | (876) 9265210 Email: info@dawgen.global
Tuesday, January 31, 2012
Sunday, January 29, 2012
Saturday, January 28, 2012
Ian Fleming Airport marks first anniversary with fly-in of 8 jets
INVESTMENT OPPORTUNITIES IN JAMAICA | |
Jamaica has a strong brand in the international market place, not only in tourism but in a range of areas including spices, condiments and flavours and products which reflect the Jamaican lifestyle and culture. The following projects submitted for discussion at the Forum reflect the current priorities of the government for increased production in both strategic and high-value products. • Expansion of Sheep Farming is one project geared to satisfy the tourism market. Currently there are 5,000 ewes on the ground and the objective is to expand the stock to 60,000 ewes by 2013. Investors are being sought to expand production.Green Produce Farm, a 300 acre concern to the North of Jamaica, is seeking Investors/Financiers to participate in the current expansion efforts to meet an expanding EU demand. The Farm is owned and managed by Patricia Isaacs-Greene a Restarateur and former vice President and Franchisee in the US-based McDonald’s Food Chain. Green Produce prides itself on using sustainable methods of farming, including organic farming on land that has never been compromised by the use of chemicals. |
Help for tax delinquents - Business - Jamaica Gleaner - Saturday | January 28, 2012
Help for tax delinquents - Business - Jamaica Gleaner - Saturday | January 28, 2012
 | UHY Dawgen Tax Planning |
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Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income.
We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations by attending frequent tax seminars.
Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.
We recommend Tax Saving Strategies that help you...
- grow and preserve assets by keeping the " Taxman" out of your pockets.
- defer income so you can keep your money now and pay less taxes later.
- reduce taxes on your income so you keep more of what you make.
- reduce taxes on your estate so your family keeps more of what you've made.
- reduce taxes on your gifts so you can give more.
- reduce taxes on your investments so you can grow your wealth faster.
- reduce taxes on your retirement distributions so you can retire in style.
Here's just a few of the Tax Saving Strategies we use...
- Splitting income among several family members or legal entities in order to get more of the income taxed in lower bracket.
- Shifting income or expenses from one year to another in order to have them fall where it will be taxed at a lower rate.
- Deferring tax liabilities through certain investment choices such as pension plans, contributions and other similar plans.
- Using certain investments to produce income that is tax exempt.
- Finding tax deductions by structuring your money to pay for things you enjoy, such as a vacation home.
Remember, we work for you not for the IRD. Many of our clients save many times the fee in reduced tax liability through careful planning and legitimate tax strategies.
Friday, January 27, 2012
UHY Dawgen Can prepare your Plan to Access Loans
EXIM secures US$20m from PetroCaribe Fund - Business - Jamaica Gleaner - Friday | January 27, 2012
The National Export-Import Bank of Jamaica has signed a US$20-million loan agreement with the PetroCaribe Development Fund (PDF) for on-lending primarily to small and medium-size businesses in the productive sector.
An immediate spin-off of the loan is that SMEs operating in the productive sector will now be able to benefit from a new accelerated processing initiative, which allows them to access working capital within five working days for short-term loans and 15 working days for medium-term loans, EXIM said in a statement on Wednesday.
Businesses can access up to a maximum of J$40 million under the accelerated loan programme, which runs until March 30.
The Caymanas Economic Free Zone (CEFZ) …at the crossroads of new economic possibilities
Caymanas Economic Zone (CEZ) in Jamaica
The
Concept
Caymanas is a well known Jamaican place name, historically
associated with commercial sugar cultivation and thoroughbred horses, a fusion
of robust economic activity and the pulsating excitement of the Sport of Kings.
Located 9 miles out of Kingston off the Nelson
Mandela Highway, Caymanas Estate sits on 10,000 acres of fertile sugar lands and
still evokes the rustic charm of 18th Century Jamaica stretching
from the stately 18-hole Caymanas Golf Course & Country Club, to the ruins
of sugar factories, waterwheels and rows of water-filled canals for irrigation.
At this crossroad of history and modernity, emerges
the Caymanas Economic Free Zone (CEFZ), 500 acres of prime real estate
and home to the next great economic space for Jamaican enterprise.
Thursday, January 26, 2012
Business Plan for Bank Financing
 | Bank Financing |
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Need money to grow your business?
Requesting a business loan without adequate preparation sends a clear message to the lender: High Risk! Therefore, it pays to be prepared and organized in your approach for financing.
Put your best foot forward by allowing us to prepare a winning loan proposal for you. Our proposals have a high likelihood of success because they're created from the lender's perspective.
You get the money you need because we know exactly what banks want to see. Even more importantly, we know how to prove to them that you'll be able to pay them back.
Our winning loan proposals come complete with...
- Executive Summary: Where we concisely state the purpose of the loan, the exact amount of money required, an explanation of what the loan will be used for and why it's needed.
- Pro-forma Cash Budgets and Financial Statements: We use your data and underlying assumptions to prepare information that your banker can easily read and buy in to.
- Owners Personal Financial Statements: We make copies of the last 3 years of personal tax returns for the bank as well as identify the collateral being pledged as security for the loan.
- Representation: We help substantiate your financial needs/position to your banker in person.
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Jamaica Tax Preparation Service
  | Tax Preparation |
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Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the US Government's General Accounting Office last year, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer.
Whether we like it or not, today's tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there's no substitute for the assistance of an experienced tax professional.
Here's what your get...
- Your tax return will be checked and rechecked by our computer software identifying potential problems the Tax Administration Jamaica (TAJ) may look at more closely and reviewing the math to limit TAJ contacts.
- Some of Your tax return can be filed electronically .
- Our staff will show you how to adjust your payroll to maximise Tax-free benefits.
- We will show you potential deductions to limit your tax liability for next year. In addition, we will give you a sheet of commonly overlooked deductions to limit the following year's tax liability.
Books a Mess: No Problem!
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Income Statement, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year
If you own a small business and haven't kept up your bookkeeping, don't worry. We can help you. We'll prepare your bookkeeping for the year, prepare a full Income Statement, as well as your personal income tax return. Then we'll help you set up an easy system that allows you to keep your books in tip-top shape next year
Tuesday, January 24, 2012
Intuit QuickBooks Accounting Solution - the smartest, easiest way to help your business succeed.
QuickBooks Premier has all of the great features you know and love in QuickBooks Pro, plus industry-specific, timesaving, ready-to-use reports and business planning tools tailored to help your company grow. Along with saving you time on routine accounting tasks, Premier makes it simple to monitor business performance, build forecasts and manage payables and receivables. Premier also includes tools for tracking inventory, creating purchase orders and setting pricing levels.
Sunday, January 22, 2012
JAMAICA TOURISM SECTOR AT A GLANCE
TOURISM SECTOR AT A GLANCE
As a tourist destination, Jamaica offers a unique blend of vibrant culture, natural beauty and a wide offering of facilities spanning hotels, attractions and shopping.
ACCOMMODATIONS
Accommodation on the island ranges from the economical to the 5-star, and attracts a high level of foreign direct investment. Market leaders such as Sandals, AM Properties, RIU, Iberostar, and Bahia Principe (Groupo Pinero) run a number of sites on the island, and with the additional increase in 'boutique' hotels, it is expected that an extra 10 000 rooms will be created by 2012, on top of the 24000 already available.
The impending growth in the tourism sector will lead to additional investments in multiple sub-sectors including infrastructure, shopping, health care services, and agriculture/agro-processing.
POSSIBILITIES
DUNNS RIVER FALLS, OCHO RIOS
Opportunities abound in specialized areas such as ecotourism, health, heritage, attraction, and entertainment or cultural tourism. The Jamaican destination provides an excellent platform for the development of any and all of these segments, all of which act to create a more diversified tourism product as well as induce an upward movement along the industry product cycle.
THE CRUISE INDUSTRY
Jamaica welcomes port visits from a number of the world’s premier cruise lines such as Carnival Princess Cruises, and Royal Caribbean from North America as well as European lines such asAida Cruises (Germany) and Sun Cruises (Britain). The cruise industry forms a crucial part of the tourism income for Jamaica, and this island remains one of the world's most popular destinations. In the first quarter of 2008, over half a million cruise passengers visited Jamaica, a year-on-year increase of 0.6%. Whilst the number of visitors is expected to stay strong, the key is now to maximize the income from these passengers, by providing more and better reasons for them to leave the ships. Therefore, an integrated tourism system is being encouraged whereby cruise line operators, accommodation and activity providers work together to attract as many tourists as possible.
Belize is Jamaica’s prime competitor, as the culture and distance from Mexico are very similar to Jamaica's. This is noteworthy, as Jamaica is a part of what is known as the western Caribbean run, an area that has been expanded in recent years. Cruise lines have a propensity to package a number of similar locations together, for example the Cayman Islands, the Bahamas and Jamaica. Belize is very comparable to Jamaica as it is a fertile destination, is English-speaking, and is in close proximity to Mexico, which is very important to the western run. The question, then, is how can Jamaica gain competitive advantage? The answer is: by creating a unique product.
DOLPHIN COVE, OCHO RIOS
One of the chief motivating forces in cruise shipping is profiting from the attractions of each destination visited. The Vice President of the Port Authority of Jamaica is working in tandem with the private sector to improve and pioneer new attractions. Thus far, there have been a number of expansions in this area with the creation of attractions such as Dolphin Cove in Ocho Rios, the Chukka Group in Montego Bay, the Zion Bus Tour, and the Canopy Tour.
Whilst the linkage between the cruise shipping industry and attractions is clearly defined, there are also linkages between the cruise shipping industry and the hotel sector. The cruise line is fundamentally a floating hotel which provides services and entertainment; however there has been some attempt to formulate alliances in areas of commonality such as training and purchasing, which should result in a reduction of the overall cost for the industry through the purchasing of goods such as fruits and vegetables. Direct linkages can also be made for home porting, as when a liner docks in Jamaica, a ‘sail and stay’ program is implemented, where visitors stay one week on the island and another week on the ship.
According to the terms of a recently made contract with the Port Authority, the Carnival Corporation, operators of Carnival Cruise Lines, will transport a minimum of 2.5 million passengers over a stipulated period which goes from January 1, 2004 to December 31, 2008. This agreement is only a fraction of the recent interest that has been expressed in the island, not only in the cruise shipping industry, but also in the hotel sector.
SHOPPING & ATTRACTION DEVELOPMENT
Already, unique attractions such as Dolphin Cove and Mystic Mountain have been developed, and the implementation of facilities that offer a taste of Caribbean “past times” is touted as a priority of industry officials. Other opportunities emanate from the limited sports and recreation facilities available in resort towns which currently concentrate on water sports, particularly boat hire and jet skis and, to a lesser extent, diving. Apart from water sports, only golf is catered for.
With the expansion of room stock particularly in resort towns, there is scope for the creation of additional sports and recreation facilities. The development of marinas, for instance, could play an important role in increasing the market for sailing and yachting. The need for shopping facilities in particular is immense, and the prevailing synergy with Jamaica’s booming creative industry will propel the success of any development. One such development which is in the construction phase is the Shoppes at Rose Hall which proposes a 70,000 upscale shopping (duty free), dining and entertainment complex. In addition, investments in these areas would capitalize on the increase in Jamaica’s stopover arrivals out of existing and emerging markets.
St. James will also see development through the Montego Bay Freeport, which will be similar in concept to Island Village (Ocho Rios), which targets cruise ship passengers. This development will constitute a total experience package where casinos, restaurants and shopping will be integrated. Also in Westmoreland, there is the planned construction of a plaza on the Negril strip. A diverse product is needed to cater to the large cross-section of expected visitors to these towns, and opportunities abound for gaming, dining and live entertainment. The recent establishment of a number of gaming facilities only caters to a minute segment of the market.
HEALTH TOURISM
Health tourism is also a fast growing sector internationally with medical tourism averaging five percent (5%) of world exports (US140m) and a growth rate of six percent (6%) annually. Jamaica seeks to capitalize on this trend and hopes to promote the development of spa facilities, retirement village communities, etc. Spas are particularly relevant to today’s traveler and are now more affordable. Cosmetic treatments were the trend in the onset, but over the past few years, this has been replaced by a thriving health and medical tourism industry.
Health and wellness tourism is a global trend for the health conscious consumers seeking to enhance their well being through their travel experiences. A distinction is made between the health and the wellness aspects. Health tourism involves those visitors with medical conditions that travel to experience healing remedies. A person who travels for wellness is generally healthy, but seeks therapies to maintain his or her well being. In Jamaica, upscale hotels have extended their services to accommodate guests who use spa therapy facilities as the deciding factor in choosing a resort vacation, rather than viewing it as just an additional amenity. Jamaicans are also taking heed of this form of recreational/health activity, resulting in an abundance of day spas, especially in Kingston. The increasing demand for this type of activity shows immense possibility for potential investors in tourism.
Two of Jamaica’s mineral springs, Bath Fountain Hotel and Spa in St. Thomas and Milk River Hotel and Spa in Clarendon, are renowned as being among the most potent and therapeutic springs in the world. They now play a considerable role in Jamaica’s health tourism. Jamaicans at this time are the largest client base for these facilities, however the effectiveness of these springs has lured a steady flow of overseas visitors over the years. The Milk River Spa is said to be one of the most radioactive in the world and is similar to the Lucerne Spa in Switzerland. Maintenance is being done to both facilities, but they will need considerable capital injections to raise them to global standards. The Milk River improvement venture is part of the Government’s Millennium project, which is noted for assistance; the Bath Hotel and Spa however, is being considered for divestment.
Other infrastructural improvements, such as the construction of Highway 2000 which links the south and north coast of the island, as well as the revamping of the island's airports and seaports, have created a number of investment linkage opportunities in the area of transportation, tour operations and professional services
Registering an Overseas Company in Jamaica
Registering an Overseas Company
A translation can be certified in the following ways.
(a) If made outside of Jamaica in a country having a Jamaican embassy or consulate, by –
(b) If made outside of Jamaica in a country not having a Jamaican embassy or consulate,
Overseas companies may operate in Jamaica but must be registered at the Companies Office of Jamaica. Any changes in the documents at the time of registration must be filed with the Companies Office of Jamaica. The registration fee is $25,000.00. Once registered, an overseas company must file a Balance Sheet, Profit and loss account in accordance with the Companies Act 2004.
Certification for Registering an Overseas Company
A company incorporated outside of Jamaica which establishes a place of business within the island shall within one month of the establishment of the place of business deliver to the Registrar for registration a Form 31 together with a certified copy of the Charter, Statute or Articles of the company or other instrument constituting or defining the constitution and name of the company.
The copy of the Charter, Statutes or Articles aforesaid is to be certified to be a true copy of the original by an official of the Government body responsible for custody of the original.
Notification of Changes for an Overseas Company
- Notification of changes to the directors of the company or the particulars contained in the list of directors is to be given to the Registrar by means of a Form 5.
- Notification of a change in the names or addresses of persons authorized to accept service on behalf of the company is to be communicated using the Form 31.
- Notification of changes made to the name of the company is to be communicated via a Form 5 together with a certified copy of the certificate of change of name or other document constituting the change in the company's name. The copy of the certificate is to be certified to be a true copy of the original by an official of the Government body responsible for custody of the original.
A translation can be certified in the following ways.
(a) If made outside of Jamaica in a country having a Jamaican embassy or consulate, by –
(i) the Ambassador, Consul-General or any person designated by that representative; or
(ii) A minister of Government or Government official of equivalent authority or a person designated by him, who certifies that the translator is known to him as competent to translate it into the English language;
(b) If made outside of Jamaica in a country not having a Jamaican embassy or consulate,
(i) by any minister of Government or Government official of equivalent authority in that country or a person designated by him, who certifies that the translator is known to him as competent to translate it into the English language;
(c) If made in Jamaica, by the minister responsible for foreign affairs or any person designated by him, who certifies that the translator is known to him as competent to translate it into the English language.
UHY Dawgen Business Valuation Services
Few things are more important to business owners than the value of their business. The valuation you get for your business can make or break a proposition.
Whether you're negotiating a merger, considering new shareholders, attempting to resolve disputes associated with liability, shareholder equity, estate planning or marital dissolution, objective valuation can make the difference between loss or gain, success or failure.
Business valuation is not an exact science. It's based on judgment, experience and relevant information. So, you need professionals who are well qualified, with significant experience in evaluating all types of organizations.
Our approach is to intimately know your business in order to understand what constitutes its value. We work closely with you to analyze your operations and historical financial data. Our in-depth knowledge of your business enables us to provide a well-reasoned, fully documented and defensible valuation opinion.
We provide a full range of business valuation services for the following needs:
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Cash Flow Management
 | Cash Flow Management |
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A wise business owner once said, "Happiness is a positive cash flow." As a business owner, I'm sure you agree. Everything is better when your cash-in exceeds your cash-out.
A cash crisis can be emotionally devastating and it can even kill your business. If you've ever had to beg, borrow and steal to cover tomorrows payroll you know what I mean.
Our cash management service allows you to...
- know when, where, and how your cash needs will occur.
- know what the best sources are for meeting your additional cash needs.
- be prepared to meet these needs when they occur, by keeping good relationships with bankers and other creditors.
The starting point for avoiding a cash crisis is allowing us to develop a cash flow projection for you. We can help you develop both short-term (weekly, monthly) cash flow projections to help you manage daily cash, and long-term (annual, 3-5 year) cash flow projections to help you develop the necessary capital strategy to meet your business needs.
We also prepare historical cash flow statements to help you gain an understanding about where all the money went.
Creating an accurate cash flow projection is just one of the many cash management services we provide. You also get...
- Help obtaining an appropriate line of credit
- Cash collection acceleration techniques
- Proven effective collection policies
- Proven effective payment policies
- Help obtaining the maximum rate of return on your idle cash
Cash Flow - The Pulse of Your Business
There are frighteningly many small business owners out there who do not understand their cash flow statement. A shocking fact considering that all businesses essentially run on cash. And Cash flow is the life-blood of your business. Some business experts go so far as to say a healthy cash flow is even more important than your business's ability to deliver its goods and services! You may find that perspective hard to swallow, but consider this - if you fail to satisfy a customer and lose that customer's business, you can always work harder to please the next customer. But if you fail to have enough cash to pay your suppliers, creditors, or your employees, you're out of business!
What Is Cash Flow?
Cash flow, simply defined, is the movement of money in and out of your business; these movements are called inflow and outflow respectively. Inflows for your business primarily come from the sale of goods or services to your customers. The inflow only occurs when you make a cash sale or collect on receivables, however. Remember, it is the cash that counts! Other examples of cash inflow are borrowed funds, income derived from sales of assets, and investment income from interest.
Outflows for your business are generally the result of paying expenses. Examples of cash outflow are... paying employee wages, purchasing inventory or raw materials, purchasing fixed assets, operating costs, paying back loans, and paying taxes. Your accountant is the best person to help you learn how your cash flow statement works. At your annual review or audit, make sure your accountant explains where the numbers come from in your cash flow statement.
Cash Flow Verses Profit
Profit and Cash flow are two entirely different concepts, each with entirely different results. The concept of profit is somewhat broad and only looks at income and expenses over a certain period of time, say a fiscal quarter. Profit is a useful figure for calculating your taxes and reporting to the IRS.
Cash flow, on the other hand, is a more dynamic tool focusing on the day-to-day operations of a business owner. It is concerned with the movement of money in and out of a business. But more importantly, it is concerned with the times at which the movement of the money takes place.
Theoretically even profitable companies can go bankrupt. It would take a lot of negligence and total disregard for cash flow, but it is possible. Consider how the difference between profit and cash flow relate to your business. For example, if your retail business bought a $1,000 item and turned around to sell it for $2,000, then you have made a $1,000 profit. But what if the buyer of the item is slow to pay his or her bill, and six months pass before you collect on the account? Your retail business may still show a profit, but what about the bills it has to pay during that six-month period? You may not have the cash to pay the bills despite the profits you earned on the sale. Furthermore this cash flow gap may cause you to miss other profit opportunities, damage your credit rating, and force you to take out loans and create debt. If this mistake is repeated enough times you may even go bankrupt!
Analyzing Your Cash Flow
The sooner you learn how to manage your cash flow, the better your chances for survival will be. Furthermore you will be able to protect your company's short-term reputation as well as position it for long-term success.
The first step towards taking control of, and properly managing your company's cash flow is to analyze the components that affect the timing of your cash inflows and outflows. A thorough analysis of these components will reveal problem areas that lead to cash flow gaps in your business. Narrowing, or even closing, these gaps is the key to cash flow management.
Some of the more important components to examine are:
Accounts Receivable. Accounts receivable represent sales that have not yet been collected in the form of cash. An account receivable is created when you sell something to a customer in return for his or her promise to pay at a later date. The longer it takes for your customers to pay on their accounts, the more negative affects there will be on your cash flow.
Credit terms. Credit terms are the time limits you set for your customers' promise to pay for the merchandise or services purchased from your business. Credit terms affect the timing of your cash inflows. One of the simplest ways to improve cash flow is to get customers to pay their bills more quickly.
Credit policy. A credit policy is the blueprint you use when deciding to extend credit to a customer. The correct credit policy is necessary to ensure that your cash flow doesn't fall victim to a credit policy that is too strict or to one that is too generous.
Inventory. Inventory describes the extra merchandise or supplies your business keeps on hand to meet the demands of customers. An excessive amount of inventory hurts your cash flow by using up money that could be used for other cash outflows. Too many business owners buy inventory based on hopes and dreams instead of what they can realistically sell. Keep your inventory as low as possible.
Accounts payable and cash flow. Accounts payable are amounts you owe to your suppliers that are payable sometime within the near future, "near" meaning 30 to90 days. Without payables and trade credit you'd have to pay for all goods and services at the time you purchase them. For optimum cash flow management, you'll need to examine your payables schedule.
Some cash flow gaps are created intentionally. That is, a business will sometimes purposefully spend more cash to achieve some other financial results. For example, a business may purchase extra inventory to take advantage of quantity discounts, accelerate cash outflows to take advantage of significant trade discounts, or spend extra cash to expand its line of business.
For other businesses, cash flow gaps are unavoidable. Take, for example, a company that experiences seasonal fluctuations in its line of business. This business may normally have cash flow gaps during its slow season and then later fill the gaps with cash surpluses from the peak part of its season. Cash flow gaps are often filled by external financing sources. Revolving lines of credit, bank loans, and trade credit are just a few of the external financing options available that you may want to discuss with your accountant.
Managing Your Cash Flow
Now that you have considered how your business practices affect your cash flow, you are ready to develop some additional strategies for dealing with, narrowing, or closing cash flow gaps.
Contingency plans. You should have a "life is beautiful" plan a "life is life" plan and a "don't even talk to me about life" plan. The first plan forecasts high sales, low expenses and everything going better than expected. The second is based on realistically achievable sales and honest expenses. The third plan specifies how to survive if everything goes wrong. The flag for going from the realistic plan to the survival plan is a sudden or steady decline in sales.
Cash Forecasting. The biggest problem for business start-ups is the owner failing to plan for how much cash the business needs throughout the year. This applies especially to businesses where payments usually come in over several months or after the work is complete. Business owners must also forecast expenses that aren't due each month, such as annual insurance premiums.
Spending Controls. Keep an eye on all spending; try to keep enough money in the company to get through tough times. New business owners are often tempted to spend too much for nonessentials. Make sure you carefully negotiate leases and solicit price quotes from several vendors to find the best value. Also, stop selling products that are losing money and avoid buying assets that require substantial cash outlays.
Accumulate Salary. If necessary to maintain a positive cash flow, you may need to forfeit part of your own salary. Many entrepreneurs go bankrupt because they don't pay attention to the financial state of their business and insist on paying themselves big salaries no matter what.
Add Employees cautiously. Delay hiring workers as long as possible. Instead, look for ways to maximize your own productivity and that of any existing employees. Also consider lower-cost alternatives, such as outsourcing work to independent contractors.
What To Do With A Cash Surplus
Managing and improving your cash flow should result in a cash surplus for your business. How you handle your cash surplus is just as important as the management of money into and out of your cash flow cycle.
Paying down any debt you have is generally the first option you should consider when deciding what to do with your cash surplus, because a short-term investment is not likely to yield a return equal to or greater than the rate of interest on any of your debt. However, the decision to automatically pay down debt may not be correct in all cases. Your accountant is the best person to help you make these decisions.
Monitoring and managing your cash flow is an important task to perform in order to ensure the vitality of your business. The first signs of financial woe will appear in your cash flow statement, giving you time to recognize a forthcoming problem and plan a strategy to deal with it. Furthermore, with periodic cash flow analysis, you can head off those unpleasant financial glitches by recognizing which aspects of your business have the potential to cause cash flow gaps. With cash flow management and analysis, you will be able to plan on how you're going to direct your cash surplus with assurance that you will have adequate funds to cover day-to-day expenses
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