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Belk on Business

Josh Belk

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Belk on Business
Belk on Business

Belk on Business

Josh Belk

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About Us

Joshua Belk and his firm, Belk & Associates has been specializing in tax consultation, planning and preparation, business consultation and structure, and fractional CFO services since 1998. In addition to helping businesses and business owners reach their financial goals, Josh also helps to educate them in the complex matters of the business world which at times can be tedious for a business owner.

Latest Episodes

Year-End 2019 Tax Considerations

1. IRA contribution limits $6k/&7k if over 55 – have until April 15, 2020 (no extension) 2. 401(k) limits $19k/$25k 3. HSA contribution limits $3,500 individual/$7k family – have until April 15, 2020 (no extension) 4. SEP contribution – up to 25% of salary or $56,000, whichever is less for employees. If self-employed business owner, up to 20% or $56,000. 5. Medical expense deduction if you itemize increased to 10% of AGI 6. Individual mandate penalty removed (some states still have penalties – NJ, Massachusetts & DC) 7. Alimony deduction has been eliminated 8. Get with accountant/preparer to make estimated tax payments 9. Last year for 15% increase in basis for investment in qualified opportunity zone property 10. Home office – simplified method or use an accountable plan to be reimbursed if not a sole proprietor (single-member LLC). It can allow for more business miles if you work from home. 11. Break apart travel meals, promotional meals, meals provided on-premises for the convenience of the employer apart from other meals to take advantage of 100% deduction vs. 50% deduction 12. Hire children and pay up to $12,000 – must be providing a legitimate service for the company 13. Accelerated/bonus depreciation. Company policy for expensing smaller items such as computers (dollar threshold) 14. Fringe benefits such as phones, job-related education, disability insurance, group term life, qualified dependent care. 15. Accountable reimbursement plan for reimbursement of expenses paid out of pocket. Be aware of the timeline and documentation rules. Can reimburse for mileage, home office, travel, meals, etc.

12 MIN4 days ago
Comments
Year-End 2019 Tax Considerations

Growing Leaders & Teams

Have an “always be learning” culture- Have a strong professional development program investing in your team to develop or polish the skillset related to their position in the company, improve communication skills, lift their leadership lid Regularly be analyzing processes and improve when needed to increase efficiency Always be looking forward towards possibilities. Learn from past mistakes but don’t dwell on them. Learn from the mistakes of others. Operate in an abundance a mindset. Scarcity is a fixed mindset whereas abundance is a growth mindset. Effective leaders have four “C” elements Creativity – new possibilities with the ability to analyze and develop plans to execute Communication – ability to converse in a way that builds and maintains good working relationships between team members, customers and vendors alike. Clarity – ability to explain complex matters and solutions in a manner that is easily understood Consistency – steadiness needed to deliver the same or better result whether in communication, product or service.

7 MIN1 weeks ago
Comments
Growing Leaders & Teams

Reaching the Fewer Betters

Does my product or service bring greater value than my competitors? Does my pricing reflect my value and is it affordable to my avatar? Does the combination of my avatar, product/service, pricing and costs align to a model that is profitable? What are my steps/hurdles to get to my goals? What are the steps/hurdles my customer/client have in reaching their goals?

6 MIN2 weeks ago
Comments
Reaching the Fewer Betters

Overview of Chart of Accounts & Financials (Part 2)

When looking at business costs, especially for a business that is struggling or looking to improve its margins will want to look at costs as bringing us one of three things: Identifiable ROI (investment in the business) Increases value to the client Improves the culture of the business or life of the team When looking at the balance sheet, one common issue we see is not comprehending the interaction of book value of assets, loans and equity. Negative equity results for a variety of reasons. A few: 1) Loans using LTV (FMV) percentage and excess cash either pulled from the business or spent on overhead 2) Paying interest only on loans 3) Loans amortizing over a longer period than the depreciation timeline of the property (27.5 vs. 30) 4) Refinancing to pull cash 5) Obtaining debt to pay for operations - using other loans for operations

12 MIN3 weeks ago
Comments
Overview of Chart of Accounts & Financials (Part 2)

Overview of Chart of Accounts & Financials (Part 1)

The company’s r asset, liability, equity, income and expense accounts compile a businesses’ chart of accounts. Most of a basic list will be provided for you if you are using accounting software or software with an accounting function. Common questions regarding the chart of accounts are: 1) What goes above or below the line (COGS/COP) 2) What belongs on the income statement vs the balance sheet (Inventory/WIP) 3) How frequently should I review my financials and how do I manage from my financials (KPIs/metrics). KPIs should identify and measure pain points in the business and help spur discussion as to generating solutions 4) How do I develop a budget from the financials then compare to the future financials As an accountant, one common question we received is “what can we expense” which is a broad question but generally any item that is reasonable and necessary for business operations can be expensed unless otherwise prohibited.

9 MINSEP 11
Comments
Overview of Chart of Accounts & Financials (Part 1)

Leadership for Longevity

Most every business has three positions/areas of leadership: 1) Visionary – leader responsible for the company’s vision 2) Managers – responsible for the execution and creating value 3) Administrators – responsible for process and tasks Some thoughts regarding leadership in your company: If leaders are going to lead in a way that will allow for perpetuity of not only the business but continue to bring value as leaders in the company, they generally will have the following attributes which should be key in hiring or promoting: Integrity – an individual who has honesty and discipline Intelligence – not only do they have the necessary skillset necessary for the work but are they truly able to solve problems and grow and lift their own leadership lid Positive energy – are they able to keep themselves motivated and motivate others towards deep, positive work and create a good corporate culture Synergy is needed and can be created when teams are built around the vision (the leaders all are on board with the vision and can keep their teams on board as well). Have a professional development program geared toward developing leaders that deliver consistent results Use technology to improve the process and the customer experience Define your avatar and consistently deliver content that brings value to your target audience Develop a culture of gratitude – employee recognition is as important as planning and accountability

5 MINSEP 4
Comments
Leadership for Longevity

Creating A Corporate Culture

Creating a synergetic and positive corporate culture includes the following: A place one can focus (movement away from open concept) An affirming environment (encouragement and gratitude) Value people (serve) Where one can grow into their goals – can grow with their gifts outside their comfort zone in a safe environment Two-way mentorship

5 MINAUG 21
Comments
Creating A Corporate Culture

Managing & Increasing Cash Flow

Break costs down into two categories … needs and wants or necessities and luxuries. Ask what wants or luxuries can be eliminated and what needs or necessities can be reduced. Determine your fixed costs. A business’ fixed costs generally should be 20-30% of net revenue (gross revenue less cost of goods sold). Develop an operating budget Automate payments from clients Review cash flow weekly and have a process for cost management. This may include a cost management plan which will begin by aiming to determine the cost of each activity and a corresponding budget, establishing baselines, how the activity and budget will be managed, control thresholds (at what variance do we take action?) and methods for evaluating performance such as percentage of completion or value management.

7 MINAUG 14
Comments
Managing & Increasing Cash Flow

Creating A Customer Experience

Make each customer’s experience feel personal. How do they prefer to be contacted? What is their method of processing information (graphics, lists, written explanation or in person)? Get to know your clients on a deeper level. If appropriate, connect with them on social media. When meeting with a client, go beyond just completing the basic “profile” information needed but find out about family, hobbies, community involvement, etc. Be intentional with client interactions. Think about how the communication will make the client feel? What message am I sending? Support client with effective tools for communicating. This may include a website for appointment scheduling, portals, video conferencing, social media, podcasts, workbooks, webinars, etc.

7 MINAUG 7
Comments
Creating A Customer Experience

Value Based Leadership

Value based leadership is when a leader draws both on his or her own values as well as the values of the individuals on the team to provide direction and motivation. To be effective in leading a team, a leader brings value by exhibiting the following traits: 1) Transparency - allow for honesty in providing viewpoints and a platform for those viewpoints to be heard and analyzed 2) Vulnerability – the self-awareness to allow others to see your weaknesses 3) Authenticity - be true to yourself and others – exhibit sincerity 4) Consistency - a consistent effort plus consistent connection combined with a consistent message equals consistent results. A lack of consistency creates confusion 5) Integrity – tell the truth regardless how ugly it may be – maintain consistency with principles and expectations 6) Emotion – to be emotionally intelligent is to understand and manage your own emotions and the emotions of those around you. A self-awareness of how the mission, vision and decisions make me feel as well as an understanding of how they make others feel. 7) Courage – willingness to remain bold through difficulties while maintaining one’s principles, a faith in people and keeping the end in mind while remaining open to direction and change

7 MINJUL 31
Comments
Value Based Leadership

Latest Episodes

Year-End 2019 Tax Considerations

1. IRA contribution limits $6k/&7k if over 55 – have until April 15, 2020 (no extension) 2. 401(k) limits $19k/$25k 3. HSA contribution limits $3,500 individual/$7k family – have until April 15, 2020 (no extension) 4. SEP contribution – up to 25% of salary or $56,000, whichever is less for employees. If self-employed business owner, up to 20% or $56,000. 5. Medical expense deduction if you itemize increased to 10% of AGI 6. Individual mandate penalty removed (some states still have penalties – NJ, Massachusetts & DC) 7. Alimony deduction has been eliminated 8. Get with accountant/preparer to make estimated tax payments 9. Last year for 15% increase in basis for investment in qualified opportunity zone property 10. Home office – simplified method or use an accountable plan to be reimbursed if not a sole proprietor (single-member LLC). It can allow for more business miles if you work from home. 11. Break apart travel meals, promotional meals, meals provided on-premises for the convenience of the employer apart from other meals to take advantage of 100% deduction vs. 50% deduction 12. Hire children and pay up to $12,000 – must be providing a legitimate service for the company 13. Accelerated/bonus depreciation. Company policy for expensing smaller items such as computers (dollar threshold) 14. Fringe benefits such as phones, job-related education, disability insurance, group term life, qualified dependent care. 15. Accountable reimbursement plan for reimbursement of expenses paid out of pocket. Be aware of the timeline and documentation rules. Can reimburse for mileage, home office, travel, meals, etc.

12 MIN4 days ago
Comments
Year-End 2019 Tax Considerations

Growing Leaders & Teams

Have an “always be learning” culture- Have a strong professional development program investing in your team to develop or polish the skillset related to their position in the company, improve communication skills, lift their leadership lid Regularly be analyzing processes and improve when needed to increase efficiency Always be looking forward towards possibilities. Learn from past mistakes but don’t dwell on them. Learn from the mistakes of others. Operate in an abundance a mindset. Scarcity is a fixed mindset whereas abundance is a growth mindset. Effective leaders have four “C” elements Creativity – new possibilities with the ability to analyze and develop plans to execute Communication – ability to converse in a way that builds and maintains good working relationships between team members, customers and vendors alike. Clarity – ability to explain complex matters and solutions in a manner that is easily understood Consistency – steadiness needed to deliver the same or better result whether in communication, product or service.

7 MIN1 weeks ago
Comments
Growing Leaders & Teams

Reaching the Fewer Betters

Does my product or service bring greater value than my competitors? Does my pricing reflect my value and is it affordable to my avatar? Does the combination of my avatar, product/service, pricing and costs align to a model that is profitable? What are my steps/hurdles to get to my goals? What are the steps/hurdles my customer/client have in reaching their goals?

6 MIN2 weeks ago
Comments
Reaching the Fewer Betters

Overview of Chart of Accounts & Financials (Part 2)

When looking at business costs, especially for a business that is struggling or looking to improve its margins will want to look at costs as bringing us one of three things: Identifiable ROI (investment in the business) Increases value to the client Improves the culture of the business or life of the team When looking at the balance sheet, one common issue we see is not comprehending the interaction of book value of assets, loans and equity. Negative equity results for a variety of reasons. A few: 1) Loans using LTV (FMV) percentage and excess cash either pulled from the business or spent on overhead 2) Paying interest only on loans 3) Loans amortizing over a longer period than the depreciation timeline of the property (27.5 vs. 30) 4) Refinancing to pull cash 5) Obtaining debt to pay for operations - using other loans for operations

12 MIN3 weeks ago
Comments
Overview of Chart of Accounts & Financials (Part 2)

Overview of Chart of Accounts & Financials (Part 1)

The company’s r asset, liability, equity, income and expense accounts compile a businesses’ chart of accounts. Most of a basic list will be provided for you if you are using accounting software or software with an accounting function. Common questions regarding the chart of accounts are: 1) What goes above or below the line (COGS/COP) 2) What belongs on the income statement vs the balance sheet (Inventory/WIP) 3) How frequently should I review my financials and how do I manage from my financials (KPIs/metrics). KPIs should identify and measure pain points in the business and help spur discussion as to generating solutions 4) How do I develop a budget from the financials then compare to the future financials As an accountant, one common question we received is “what can we expense” which is a broad question but generally any item that is reasonable and necessary for business operations can be expensed unless otherwise prohibited.

9 MINSEP 11
Comments
Overview of Chart of Accounts & Financials (Part 1)

Leadership for Longevity

Most every business has three positions/areas of leadership: 1) Visionary – leader responsible for the company’s vision 2) Managers – responsible for the execution and creating value 3) Administrators – responsible for process and tasks Some thoughts regarding leadership in your company: If leaders are going to lead in a way that will allow for perpetuity of not only the business but continue to bring value as leaders in the company, they generally will have the following attributes which should be key in hiring or promoting: Integrity – an individual who has honesty and discipline Intelligence – not only do they have the necessary skillset necessary for the work but are they truly able to solve problems and grow and lift their own leadership lid Positive energy – are they able to keep themselves motivated and motivate others towards deep, positive work and create a good corporate culture Synergy is needed and can be created when teams are built around the vision (the leaders all are on board with the vision and can keep their teams on board as well). Have a professional development program geared toward developing leaders that deliver consistent results Use technology to improve the process and the customer experience Define your avatar and consistently deliver content that brings value to your target audience Develop a culture of gratitude – employee recognition is as important as planning and accountability

5 MINSEP 4
Comments
Leadership for Longevity

Creating A Corporate Culture

Creating a synergetic and positive corporate culture includes the following: A place one can focus (movement away from open concept) An affirming environment (encouragement and gratitude) Value people (serve) Where one can grow into their goals – can grow with their gifts outside their comfort zone in a safe environment Two-way mentorship

5 MINAUG 21
Comments
Creating A Corporate Culture

Managing & Increasing Cash Flow

Break costs down into two categories … needs and wants or necessities and luxuries. Ask what wants or luxuries can be eliminated and what needs or necessities can be reduced. Determine your fixed costs. A business’ fixed costs generally should be 20-30% of net revenue (gross revenue less cost of goods sold). Develop an operating budget Automate payments from clients Review cash flow weekly and have a process for cost management. This may include a cost management plan which will begin by aiming to determine the cost of each activity and a corresponding budget, establishing baselines, how the activity and budget will be managed, control thresholds (at what variance do we take action?) and methods for evaluating performance such as percentage of completion or value management.

7 MINAUG 14
Comments
Managing & Increasing Cash Flow

Creating A Customer Experience

Make each customer’s experience feel personal. How do they prefer to be contacted? What is their method of processing information (graphics, lists, written explanation or in person)? Get to know your clients on a deeper level. If appropriate, connect with them on social media. When meeting with a client, go beyond just completing the basic “profile” information needed but find out about family, hobbies, community involvement, etc. Be intentional with client interactions. Think about how the communication will make the client feel? What message am I sending? Support client with effective tools for communicating. This may include a website for appointment scheduling, portals, video conferencing, social media, podcasts, workbooks, webinars, etc.

7 MINAUG 7
Comments
Creating A Customer Experience

Value Based Leadership

Value based leadership is when a leader draws both on his or her own values as well as the values of the individuals on the team to provide direction and motivation. To be effective in leading a team, a leader brings value by exhibiting the following traits: 1) Transparency - allow for honesty in providing viewpoints and a platform for those viewpoints to be heard and analyzed 2) Vulnerability – the self-awareness to allow others to see your weaknesses 3) Authenticity - be true to yourself and others – exhibit sincerity 4) Consistency - a consistent effort plus consistent connection combined with a consistent message equals consistent results. A lack of consistency creates confusion 5) Integrity – tell the truth regardless how ugly it may be – maintain consistency with principles and expectations 6) Emotion – to be emotionally intelligent is to understand and manage your own emotions and the emotions of those around you. A self-awareness of how the mission, vision and decisions make me feel as well as an understanding of how they make others feel. 7) Courage – willingness to remain bold through difficulties while maintaining one’s principles, a faith in people and keeping the end in mind while remaining open to direction and change

7 MINJUL 31
Comments
Value Based Leadership