Coveted Financial
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What is a Fractional CFO, Anyway?

Fractional CFOs help businesses who need the financial guidance, but don’t have the funds or the need to hire someone full-time. This is where the fractions come in. Instead, you contract a set amount of their time monthly at an agreed upon rate, usually adding up to a certain number of days or hours each month. On other days, they work for other clients. 

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Nia Norris
The IRS and the Employee Retention Credit Freeze: What Your Business Needs to Know

On September 14, the Internal Revenue Service announced that it was pausing applications for the Employee Retention Credit, a tax credit that businesses that had employees and were also affected by the pandemic, after it cost the government billions of dollars in fraudulent payments. The agency is concerned that many small businesses were targeted by scams from “tax mills” that encouraged businesses to apply for the credit although they were not eligible.

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Nia Norris
Selecting the Best Automation Tools for Your Business

For most companies closing out the preceding month is a stressful, time-consuming task where financial reports aren’t available for review until 2 weeks after month-end (January reports won’t be available until mid-February.) Not only does this make it harder to make decisions (how can you adjust your margins if you don’t know your actual costs?), but also most lenders depend on timely financial reports to determine if a company is still able to pay back their debt.

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Susie Farmer
EIDL Payments Due!

With the final loans of EIDL funding distributed earlier this year, it is hard to believe that payments are already due! However, most companies received their original loan in April or May of 2020 at the beginning of the pandemic, and repayment needs to start 30 months from that date. This means payments are due this month and next.

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Susie Farmer
Tax Plan Today, Save in April

With 4th quarter fast approaching, now is the time to really make any changes in order reduce tax implications in April of 2023. While tax planning is extremely custom to each client’s business, here are a few ideas that most business owners can implement today.

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Susie Farmer
What You Need to Know with Joe: Exiting Your Business

Last year we had the opportunity to work with Ken Reimer on the sale of his business, Ken’s Beverage Inc. or KBI. In this invaluable video we discuss not only the due diligence and how to prep for a sale, but also the emotions that go into selling a business and whom you can lean on for all your questions. Let’s get right to it!

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Susie Farmer
What You Need to Know with Joe: What is a Fractional CFO?

Most business owners spend so much of their day operating their business that they don’t have much time to orchestrate and execute a financial plan. Moreover, they don’t have a full time CFO that makes decisions and prepares a financial strategy due to the cost constraints. This is where Coveted comes in! As a Fractional CFO, Coveted will help you reach your financial goals without the high costs of a full time CFO.

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Susie Farmer
What You Need to Know with Joe: KDI Design

This spring we rolled out our first, “What You Need to Know with Joe” video where we discuss the current economy and have conversations with our business owner clients. In our first video, we sit down with Ginny Rosso of KDI Design. KDI has been a long time client of Coveted Financial Services. Their firm offers commercial interior design and furniture. Given the pandemic and the current increase of work-from-home scenarios, they were the ideal client to sit down with first to discuss how they’ve navigated the current economy. We’re so proud of their continued growth!

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Susie Farmer
Two Practices to Implement NOW That Save Your Company $$$

Whether you’re just starting your company or a decade into leading your organization, these SIMPLE practices can save you money…and time! In fact, they are two of the first processes we help our clients put into place. At Coveted Financial we are always improving the financial health of our client’s businesses with innovative, tech-savvy procedures and we want you to benefit from them too!

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Susie Farmer
Inflation Protection: Outsource Labor Costs

With such a shortage in the labor market, employees are able to demand higher wages. Even the slightest increase in wages can make a huge difference. So what can business owners do? Coveted suggests outsourcing labor costs to contractors and adding automation to your processes. We can help.

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Susie Farmer
Inflation Protection: Manage Gross Margin Real Time

Coveted’s second step to manage inflation takes a bit of effort. With prices changing almost daily it is extremely important to have up to date financial reports that indicate accurate margins. Our bookkeeping service can work independently, or with your internal team, to ensure you can make the best decisions for your business.

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Susie Farmer
Inflation Protection: Manage Interest Rate Costs

How will businesses handle the increased interest rate, in addition to the increased cost of their raw materials and the demand for higher pay from employees (to compensate for inflation?). We suggest managing interest rate COSTS by moving a portion of your variable rate debt to fixed rate. We’ll help you determine just how much!

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Susie Farmer
The Ultimate Guide to Inflation and How to Protect Your Business

Currently the single value rate of inflation is surpassing most economists' predictions. Also surpassing their predictions is the length of time we will experience inflation. What was once thought to only last thru 2021 is now predicted to last far longer. According to The Associated Press, “Higher prices will likely last well into next year, if not beyond.”

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Susie Farmer
In Memory of Bridget Summerwill

Coveted Financial is honored to memorialize Bridget with a leaf in her name at the donor wall on the new Clubhouse for the Boys and Girls Club of South Elgin. Please consider joining us to help them fulfill their goal of raising $4.5 million to open the Clubhouse in 2022.

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Susie Farmer