MRA-Toolbox-E4-1216-REV2

MRA-Toolbox-E4-1216-REV2

a mr. appliance® publication

4th Edition 2016

WRAPPING UP THE YEAR

4th Edition 2016

CONTENT

SOCIAL MEDIA

4 5 7 9

MRA FRIDGE

YEAR END CHECKLIST

YouTube.com/user/MrApplianceCorp Facebook.com/MrApplianceCorp Twitter.com/MrApplianceCorp Pinterest.com/MrApplianceCorp

A NEIGHBORLY EVOLUTION DWYER GROUP EMBRACES NEIGHBORLY

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THE MOST POWERFULTOOL INYOUR OFFICE:THETELEPHONE

11 12 13 15 16

SHOWINGVALUE

THE ART OF MOTORCYCLE RIDING

on the cover

DESIGNYOUR LIFE

5 REASONSTO USE PTNVENDORS

YP.CA DISPLAY ADS

CONTRIBUTORS

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DWYER GROUP ® MIKE BIDWELL DINA DWYER-OWENS MARYTHOMPSON HOLLY PETERSON KATHLEEN SEAMAN MR. APPLIANCE ® MICHAEL GREEN DEBORAH MCKENNEY President & CEO

Co-Chair Chief Operating Officer Marketing Manager Canada ProTradeNet ® Vice President Operations Franchise Consultant Franchise Consultant Administrative Assistant

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STEVE BOWLES TEENA JIMENEZ

PRODUCTION

MICHAEL MCCULLOUGH DESIREE JONES MEGAN BOYD Communications Manager, Dwyer Group, Inc. SEND TOOLBOX ® IDEAS/QUESTIONS TO: MEGAN BOYD [email protected] Graphic Designer, Dwyer Group, Inc. Creative Manager, Dwyer Group, Inc.

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toolbox ® |4th Edition

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toolbox ® |4th Edition

MRA FRIDGE

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YEAR-END CHECKLIST for Mr.Appliance ® Franchisees

toolbox ® |4th Edition Here’s a checklist (Source: Business Resource Services): 1. Call your bookkeeper, accountant, and/or CPA today and schedule a meeting by January 31. 2. Set a date that you expect your year-end numbers to be finalized. Communicate this date with them and get their commitment to achieve it. Suggestion: Valentine’s Day is February 14. What better gift to give yourself? 3. Review with your investment advisor and/or retirement plan administrator and plan funding for the current year retirement contribution. 4. Ask your CPA what issues need to be resolved to make this deadline. Most likely they will include: • Depreciation schedules (start getting capital purchases and sales to your CPA now so he/she can start updating your depreciation schedule). • Payroll reconciliation. • Compare current year-to-date expenses to prior year for any unusual/unexpected variations and investigate. • Have your CPA come up with an initial tax liability estimate for the year by forecasting remaining revenues and profits. • Work with your CPA to come up with a strategy to minimize your tax liability for the coming year. • Review needs for working capital for the coming year, including anticipated capital expenditures. • Review current financing and bank relationships, including line of credit and term loan balances and potential financing needs. • Is the existing accounting system adequate to meet management’s information needs? If not, what’s the plan to upgrade? Assign a date and a person(s) responsible for resolving each of these issues. Put these dates into your scheduler and have weekly progress meetings. Establishing a written year-end closing procedures checklist for accounting staff and management personnel will help you to achieve your goals of a timely, accurate and cost efficient financial close for 2016 and all future years.

BY: MICHAEL GREEN, VICE PRESIDENT OPERATIONS

W hile helping Mr. Appliance franchisees gain an improved understanding of their financials (P&Ls, Cash Flow and Balance Sheets), I oftentimes refer to this process as one of the “Un-Fun” aspects of effectively operating a profitable and cash flowing business. Believe it or not, financial statements can actually be FUN. Understanding and learning how to read, analyze and interpret the financial performance of your business can be financially rewarding (equals FUN). Plus, by better understanding how to read your financial statements, you are now in a much better position to make more informed business decisions and to, hopefully, avoid making costly and “not-so-good” business decisions. In many ways, financial statements are a lot like report cards (remember high school?). A financial statement can tell you “how well” or “how not-so-well” your business performed over a period of time (week, month, quarter or year) in most cases. That’s the reason I encourage and work with Mr. Appliance franchise owners/business managers to take the time to learn how to read their financial statements. With this year’s economic challenges and political environment, having timely and accurate financial >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17

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