LDP wine of the week- Allesverloren Port Blend – Vintage Reserve 1997

July 31, 2012

This week’s LDP wine of the week is the Allesverloren Port Blend – Vintage Reserve 1997.

Tawny-coloured with raisins, coffee and mocha on the nose. Good follow-through. Prune and raisin infused with hints of vanilla and nuts abound.

Read more… capelegends

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A Few Tips for Organizing Your Small Business Finances

July 26, 2012

There are many important aspects of any business and naturally finances are one of them.

Here are a few tips to clean up your financials and get organized.

1. Talk to a CPA

Now’s the perfect time to make an appointment with your tax advisor, as you’ll both have more time to discuss your financials and will be focused on long-term strategy, rather than getting through this year’s tax season. Most importantly, you’ll still have plenty of time to act on his or her suggestions while it’s still 2012.

2. Re-evaluate Your Business Entity

Many small businesses start out as sole proprietorships or partnerships, but then eventually transition to another entity as they grow. For example, if your business is not incorporated, you may want to consider incorporating (or forming an LLC) to shelter you from some financial risk and possibly save money on taxes.

Sometimes an entity is formed with one income target in mind, and you might need to reconsider the entity for a different income level. Failing to adjust your business entity for your revenue can be a costly mistake. Discuss the different legal entities with your CPA, so you can determine the right entity for your situation and the right time to make the change.

3. Separate Business and Personal Finances

If you haven’t done so already, take the steps to keep your personal finances and expenses separate from those of your business. This is mandatory if your business is an LLC or Corporation, but it’s good practice for sole proprietors as well. This means a few things:

  • Open a business credit card: While I normally don’t recommend opening any new credit lines, in this case it’s a smart idea. By putting all your business expenses on the business card, you’ve got an instant audit trail of your year’s expenses when tax time rolls around again. Of course, you should be saving merchant receipts as well.
  • Open a business checking/savings account: If you’re operating as an LLC or Corp, your business needs to have its own checking account. If you’re a sole proprietor, you’re able to use your own personal checking account. However, consider opening a dedicated savings account or money market account where you can transfer approximately 25% for each check or payment received as your own personal tax withholdings. This strategy will make it far less painful when it’s time to pay your self-employment and small business taxes.

Read more: mashable


Quote of the day…

July 25, 2012

‘The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.’

-Henry Ford


Quote of the day…

July 25, 2012

‘The competitor to be feared is one who never bothers about you at all, but goes on making his own business better all the time.’

-Henry Ford


LDP wine of the week- Theuniskraal Bouquet Blanc 2011

July 24, 2012

This week’s LDP wine of the week is the Theuniskraal Bouquet Blanc 2011.

Golden hued, with the soft, sunripe richness of Gewürztraminer and Bukettraube harvested at optimum berry ripeness.

Read more… capelegends


A Few First-Time Business Owner Tips

July 19, 2012

There are many things to keep in consideration when starting a business. It’s not all smooth sailings from the get go, but here are a few tips to ease into it:

  1. Focus. Focus. Focus.
    Many first-time entrepreneurs feel the need to jump at every “opportunity” they come across. Opportunities are often wolves in sheep’s clothing. Avoid getting side-tracked. Juggling multiple ventures will spread you thin and limit both your effectiveness and productivity. Do one thing perfectly, not 10 things poorly. If you feel the need to jump onto another project, that might mean something about your original concept.
  2. Know what you do. Do what you know.
    Don’t start a business simply because it seems sexy or boasts large hypothetical profit margins and returns. Do what you love. Businesses built around your strengths and talents will have a greater chance of success. It’s not only important to create a profitable business, it’s also important that you’re happy managing and growing it day in and day out. If your heart isn’t in it, you will not be successful.
  3. Say it in 30 seconds or don’t say it at all.
    From a chance encounter with an investor to a curious customer, always be ready to pitch your business. State your mission, service and goals in a clear and concise manner. Fit the pitch to the person. Less is always more.
  4. Know what you know, what you don’t know and who knows what you don’t.
    No one knows everything, so don’t come off as a know-it-all. Surround yourself with advisors and mentors who will nurture you to become a better leader and businessman. Find successful, knowledgeable individuals with whom you share common interests and mutual business goals that see value in working with you for the long-term.

Read more… entrepreneur


LDP Expands Global Resources through Strategic Membership in PrimeGlobal

July 18, 2012

LDP is pleased to announce that its accounting association of choice has launched a new name and image that reflect its status as the third largest association of accounting firms in the world. Formerly known as IGAF Polaris, the new PrimeGlobal provides LDP with significant expertise and resources to meet growing client needs, both internationally and domestically.

“The new PrimeGlobal name, logo, and website set us apart in the same way that the expertise, relationships, and global connectivity of firms like LDP set us apart from many other associations in our market space,” says Kevin Mead, CEO of PrimeGlobal. “Underlying the new look and feel are all the core values our association stands for: international reach, strong personal connections, technical depth and experience, and elite quality and service. The PrimeGlobal name and image clearly express how we are viewed as an association both by our membership and by the clients that they serve.”

The new association website,  primeglobal.net , is proud to feature LDP’s thought leadership and expertise. With easy-to-navigate access to PrimeGlobal firms through expanded directory search, comprehensive services/industries lists, and more, the site is an excellent complement to the resources available to clients via the LDP website and demonstrates that LDP can provide clients with the access they need to highly expert and technically skilled accounting and consulting firms around the world.

PrimeGlobal is the third largest association of independent accounting firms in the world, comprised of over 350 highly successful independent public accounting firms with a combined annual revenue of more than US$2.0 billion. PrimeGlobal’s independent member firms house a combined total of 2,200 partners, 17,000 employees, and 800 offices in 90 countries around the globe. Formed from a merger in 2011, PrimeGlobal provides its members with tools and resources to help them furnish superior accounting, auditing, tax and management services to clients around the globe. Through PrimeGlobal, independent member firms offer the strength and capabilities of a large, worldwide organization with technical depth and geographic reach impossible for a local firm alone.