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Roughly 12 years ago our country was just starting to pull itself out of the Great Recession, which officially lasted from December 2007 to June 2009. Right now the U.S. is undergoing inflation, at higher than forecasted rates. And many would argue that inflation can be worse than recession.

Oftentimes we at Coveted will refer to ourselves as the personal trainer for your business. We’re constantly working with our clients so that their businesses are in the best shape possible - regardless of what life is throwing at them. Right now, we’re “cross-training” in order to combat our latest obstacle...inflation.

Tracking your income and expenses can be tedious, but good accounting practices are essential to controlling cash flow, reducing taxes and keeping your business growing. You may already know that there are two primary methods of keeping your books: cash or accrual. To help you choose the best fit for your business, let’s review the pros and cons of each method.

As continued growth brings new challenges and opportunities, some decisions will then require the expertise and perspective of a seasoned financial counselor, whether a corporate CFO or a part-time CFO consultant.

A growing company can literally be destroyed by the death of one individual. The solution to this problem is key person insurance. The purpose of key person insurance is to buy the company time to either replace the key person, or to repurchase their share of the equity, or to provide funding for an orderly dissolution of the business.

If you founded a business and a family, you may have a vision or at least a set of preferences for the future direction of both. As with everything else in business, a successful outcome for your succession will require that you develop and execute a strategic plan. However, succession is unique in strategic planning because of the tension between the needs of the family, which may be highly personal, and the needs of the business, which must be practical and impersonal.

When it comes to accessing C-suite financial skills, you have the option of working with an outsourced or fractional CFO, adding high-level capability without the risk and commitment of hiring a full-time CFO. Even if your business is just getting started, here are seven reasons why you need a fractional CFO now:

At Coveted Financial, we are no stranger to working remote. In fact, it’s been part of our business model since day one. Outside of the time we spend at our client’s offices, we complete the remainder of our work at our own homes. Therefore, we’re evaluating two of the most common project management apps to implement at our own firm: Asana and monday.com.

For any Chicagoland business in construction, warehousing or manufacturing, a citation from OSHA could bring serious financial consequences. The fine for a single violation can be as high as $13,494, and for a willful or repeated violation, the maximum fine for 2020 is $134,937.

Is your business bankable? The adjective was first used in the entertainment industry, referring to a script or an actor meeting all the criteria for box office success. But how does a lender decide whether your business is bankable?

As your business grows and diversifies, cash management can become more challenging. Larger transactions command longer payment terms, multiple accounts require more work to reconcile and seasonal surges uncouple receipts from payments, forcing you to navigate between overworking your line of credit or overdrawing your checking account.

At Coveted we are helping our clients work through the crisis that is Coronavirus while also using the opportunity to plan for other unforeseen circumstances. More importantly, we are showing our clients how their own actions can have the greatest impact on whether they survive the crisis with both business and reputation intact.

When a visitor navigates to your website, a cookie is placed in their browser. From that cookie their movements are tracked throughout the Internet and ads are displayed to them. There are three main platforms Coveted utilizes for remarketing: the Google Display Network, Facebook/Instagram, and LinkedIn. Ads can be placed in one or all of these platforms.

Positive cash flow can be elusive, especially when you depend on revenue to keep you in the black. Coveted Financial Services advises its Chicago-area clients to focus on the cost side of the ledger as well. In this article we suggest ten proven strategies for sending more of your budget straight to the bottom line.

Before working with Coveted, HealthWare Systems sold its enterprise workflow automation solutions as a capital purchase. This tactic proved challenging for sales. Learn how Coveted provided a solution to increase sales.

Problems with PTO can arise when strong work ethic results in the accumulation of unused time. Either the company faces the burden of too much pay owed to too many employees…or clumsy policies such as “use it or lose it” actually punish employees for working harder when the company needed them.