RISBJ V7 No8

volume seven issue eight

3

BIGGEST ACCOUNTING MISTAKES

INTERNAL CONTROLS

BUILDING

FOR SMALL BUSINESSES

A BETTER SCHOOL COMMITTEE

EducateRhode Island

A G u i d e t o L e a r n i n g i n t h e O c e a n S ta t e

L E A R N I N G

T I P S

F O R

S M A L L

B U Swww.risbj.com I N E |Svolume S seven O issue W eight N E 1R S

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contents

volume seven issue eight

INSIDE THIS ISSUE

9

7 3 Biggest Accounting Mistakes 9 Educate Rhode Island 10 A Strategic Plan For Education 12 Understanding Financial Aid For College 14

12

NEW ANCHOR Building A Better School Committee ADVANTAGE PROGRAM

HELPS FIRST-TIME AND PUBLIC

HOME BUYERS 16 5 BusinessSERVICE Planning Tools Nationwide program the first of its kind.

Springtime means homeowners are either seeking a new home or selling one. One difficult aspect regarding the process can often be simply qualifying for a mortgage. Although there are several federally funded options, not all of them cater to certain members of the population—until now.

of down payment are two main factors that prevent people from buying. With the ever-increasing cost of rent, it is difficult for potential homebuyers to save enough money for a down payment and maintain perfect credit. The program offers the flexibility that today’s homebuyers need with qualifying scores as low as 580 and forgivable grant for a down payment, not just another loan.”

18 New Anchor Advantage Program The Anchor Advantage Program enables first-time, military, educators, public safety workers and other eligible professions receive a 2% completely forgivable grant toward their down payment. Perhaps the best part of the program for applicants would not be saddled with reselling or borrower repayment restrictions, as the grant is completely forgiven right after the closing, according to Anchor Financial Mortgage, Inc. President Joseph Baptista.

Baptista said the program rolled out a few weeks ago and has been a real game changer.

The Advantage Program also applies to properties that need improvements with a 203K Rehabilitation Loan. This program will finance the purchase price as well as the cost of the improvements, Baptista said.

“With so many properties on the market today, having deferred maintenance issues or just in need of some minor or major updating, this program will get it all done in one loan. We have a ton of experience with 203K rehab financing, many banks shy away from these loans but we consider them to be one of our specialties.”

17

20 Internal Controls For Small Businesses “I have been in the mortgage business for 23 years, and I have never seen a program like this one,” said Baptista, whose office is located in Pawtucket and serves all of New England, New York, and Florida.

“Most purchase programs require at least a 3.5% down payment and credit score of 620. With this program, applicants receive a 2% forgivable grant, and we can lend on credit scores as low as 580. With most purchase programs are geared toward first-time buyers, this one will help pretty much anybody that is looking to buy a home—a first, second or third time buyer.”

In addition to first-time homebuyers, this grant is available for any existing homeowner with income less than 140% of their area’s median household income average, anyone working as a first responder (police, firefighter, EMT, etc.), educator, medical personnel (doctor, nurse, health ambassador or American Red Cross worker), government employee, civil servant or in the military are all eligible.

The Advantage Program works through government-approved funding.

“Why pay rent and your landlord’s mortgage when you can purchase a home yourself?” said Baptista. “Less than perfect credit and lack

22 Secretary of State 1

Baptista added that there are many strategies for potential buyers to use in order to help them purchase their first (or next) home. He said the biggest piece of advice he gives to clients is to get approval for a mortgage. Doing that will show prospective buyers that there is a legitimate interest for that property and not just lip service, he noted.

“Potential buyers want to get pre-approved,” he said. “You want to show any seller that you’ve done your homework, you’re doing your due diligence so you can get pre-approved. We can take customers through the pre-approval process to the approval process. Potential home buyers (that have) that commitment really shows the seller that you have something special.”

Anchor Financial Mortgage, Inc. has been in business for18 years and provides qualified individuals with mortgage programs that are tailored to fit their unique situation and the most competitive rates in the nation.

Anchor Financial Mortgage, Inc. prides itself in customer service and is a Better Business Bureau Accredited Business with an A+ rating.

RISBJ | rhode island small business journal

Contact Joseph Baptista at 401-495-3100 or email him at joe@anchorfinancial.com for more details.

ON THE COVER www.risbj.com | volume seven issue seven

24 First Annual Glocester Galleria

2

volume seven issue eight

3

26 Monthly Learning Tips

BIGGEST ACCOUNTING MISTAKES

INTERNAL CONTROLS

BUILDING

FOR SMALL BUSINESSES

29 Rhode Island Business Plan Competition

16

A BETTER SCHOOL COMMITTEE

EducateRhode Island

A G u i d e t o L e a r n i n g i n t h e O c e a n S ta t e

L E A R N I N G

T I P S

F O R

S M A L L

B U S I N E S S

O W N E R S

Featured Educate Rhode Island Learning Tips For Small Business

26 www.risbj.com | volume seven issue eight

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3 Biggest Accounting Mistakes | SMALL BUSINESS

3 Biggest Accounting Mistakes O R

M I S U N D E R S T A N D I N G S

by Bryan B Mason

As a management consultant, I have been asked to help solve a range of challenges and in the course of that work, I often have had to review financial statements. Sometimes, the financial statements donâ&#x20AC;&#x2122;t agree with other information that was given to me. In this monthâ&#x20AC;&#x2122;s article, I want to alert you to some of the mistakes and misunderstandings my clients have made so that you as a small business owner can be on the lookout for them.

Mistake 1 - Mixing of Accrual and Cash Accounting

A company can decide to keep its books on a cash basis or on an accrual basis. With a cash basis, the company does not recognize revenue or expenses until it receives the cash or pays for the expense. Most small businesses I work with use this accounting method. One situation avoided with cash accounting is the problem of recognizing income from sales before the company gets the money which creates a tax liability before they have the money to pay the tax.

With an accrual basis, the company recognizes the revenue when the contracts are signed and recognizes the expenses when they obligate the company for purchases (at contract or when purchases are received for example). Accrual basis accounting matches the revenue with the costs when they occur.

Typically, companies provide their bookkeepers transactions based on cash received and cash disbursed as they occur. If the company is on an accrual basis, this is not enough information to keep books accurately because information on contracts needs also to be given to the bookkeeper.

Another mistake companies make is to let unpaid bills pile up when they are short of cash without notifying the bookkeeper of these outstanding bills. The bill is therefore unseen by the bookkeeper and does not show up in the companyâ&#x20AC;&#x2122;s books.

Both of these inadvertent mistakes results in inaccurate financial statements and more importantly, inaccurate information with which to manage the company.

M Y

C L I E N T S

M A K E

Mistake 2 - Not Capitalizing Asset Creation

When companies develop/engineer a new product or make land improvements, they are creating a valuable asset. In these cases, companies should create a capital asset whose costs are the sum of all the labor, materials, etc. used to create the asset. Then these costs should be written off over time (different periods for different asset classes) rather than immediately. Many small companies just deduct all the costs of creation as current expenses. This has the effect of lowering reported profitability which reduces the taxes that have to be paid. For a company that wants to attract investors, this reduces your attractiveness and reduces the value of the company if sold.

Mistake 3 - Making Inventory Adjustments Incorrectly

Typically, companies verify their inventory of goods annually. If what they have on hand in a saleable condition is less than what the inventory system and financial systems reflect, an adjustment is made to reduce income by the difference.

However, I have had clients where their inventory count is so inaccurate that they needed to start over. I have seen them reset all of their quantities on hand to zero and then enter the correct counts. This is fine, but on several occasions, the setting of inventory to zero has wiped out tens of thousands of dollars of inventory value because they re-entered the inventory quantities without knowing or entering the cost of that inventory. So when they starting selling what they had on hand, the financial systems reported all of the revenue as profit since there was no cost of goods sold (inventory cost). This resulted in inaccurate financials and an overstated tax liability.

So be aware of these potential problems and get advice from your accountant on how to deal with them in your situation.

Mr. Mason founded the Apollo Consulting Group in 2008 to help small and midsized companies in solving their challenges. Mr. Mason brings over thirty years of corporate, consulting and entrepreneurial experience in a variety of industries.

He possesses skills in general business management, analysis, strategy development, marketing, finance/budgeting, operations, pricing optimization, workflow optimization, process reengineering, project management, and information technology.

Mr. Mason has two degrees in Economics and was a Volunteer Mentor for the Rhode Island Center for Innovation and Entrepreneurship (RI-CIE). He writes a weekly blog on his company website at www.apollogr.com/blog.

e1 k a t Mis e2 k a t s Mi e3 k a t s Mi

Bryan B Mason

Principal | (401) 862-6339 The Apollo Consulting Group LLC

www.risbj.com | volume seven issue eight

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Educate Rhode Island | SMALL BUSINESS

EducateRhode Island

A G u i d e t o L e a r n i n g i n t h e O c e a n S ta t e

$32,920 The average debt for Rhode Island College students from 2016-2017

The Average GPA

of 2014 University of Rhode Island accepted students was

3.46

According to Pew Research

92% of millennial

generation X, and baby boomer generations combined believe that college has, or will pay off.

82% Rhode Islandâ&#x20AC;&#x2122;s

5th Place

Where Rhode Island ranks in the United States with highest amount of student debt.

High School Graduation Rate

32.8 %

of Rhode Islanders 20+ have a associatesâ&#x20AC;&#x2122;s degree or higher www.risbj.com | volume seven issue eight

9

Education In

RHODE ISLAND The Strategic Plan

STUDENTS + FAMILIES + EDUCATORS BUSINESSES + COMMUNITY MEMBERS

11,000+

STATEWIDE SURVEY RESPONSES

19 COMMUNITY MEETINGS 300 PARTICIPANTS

1 FINAL DRAFT 13 MEETINGS 1,000+ HOURS 6 MONTHS 10 1

RISBJ | rhode island small business journal

4 PROTOTYPES 1,200+ FEEDBACK RESPONSES

THE AMBASSADOR DESIGN TEAM

WHO ARE THEY?

The 26-member Ambassador Design Team (ADT) was selected by the Council on Elementary & Secondary Education from a field of over 300 Rhode Island applicants with diverse experiences, backgrounds, and perspectives to write our stateâ&#x20AC;&#x2122;s next strategic plan for PK-12 public education.

Rhode Island

Newport

Ocean State

15% CURRENT PK-12 STUDENT

31% PEOPLE OF COLOR

46% FIRST GENERATION TO ATTEND COLLEGE 15% NOT BORN IN THE UNITED STATES

35% CURRENT OR PAST TEACHER 50% PARENT OF CURRENT RI STUDENT 19% CURRENT ADMINISTRATOR

58% WOMEN

12% BUSINESS OWNERS 69% ATTEND(ED) RI SCHOOLS 19% HIGHER EDUCATION

FIND US AT #EDVOICERI OUR GUIDING PRINCIPLES

42% MEN

CURIOSITY EMPATHY OPTIMISM TRANSPARENCY www.risbj.com www.risbj.com | | volume volumeseven sevenissue issueseven eight 11 2 ENGAGEMENT EMPOWERMENT RESPECT

SMALL BUSINESS | Understanding Financial Aid For College

Understanding

by Stacey Crooks

Your child has made a big commitment by choosing to go to college. Likewise, you are putting a large commitment in your child by agreeing to pay for college. But many parents, like yourself, can’t help but wonder, “how the heck am I going to pay for this?”

The sticker price on a college education can no doubt lead to shock. If you see that number and wonder how to pay for college with no money, know that there are options available. Most families these days don’t pay the sticker price published on a college website. Financial aid can greatly reduce that number to something that is affordable for your family. The amount of financial aid you are eligible for is directly related to your family’s personal circumstances, including income, assets, number of children, age of parents, etc. The formula used to determine how much aid you will qualify for is called the “Federal Methodology.”

Some colleges also use an “Institutional Methodology” for awarding their own institutional funds. The federal methodology is put to work when you submit a FAFSA. There are four major types of financial aid and none

12

RISBJ | rhode island small business journal

of them require up-front payment from you. These four types of aid are characterized into two categories: gift-aid and self-help aid. Gift aid is exactly that - a gift to you. It doesn’t require any investment from you and doesn’t need to be repaid. Grants and scholarships fall into this category. Self-help aid, while it doesn’t require up-front payment, does require an investment from you and/or your child. Student loans and work-study are forms of “self-help aid”.

1. GRANTS

The best type of financial aid to get, hands down. If you submit your financial aid forms (including the FAFSA, and if your school requires it the CSS Profile), by your school’s deadlines, and they determine you are eligible for a grant, they will simple add it to your financial aid package. Federal grants come in the forms of Pell Grants and FSEO Grants. States offer grants as well.

2. SCHOLARSHIPS

Scholarships are much like grants in that they don’t need to be repaid, but they sometimes have requirements you must meet in order to renew them, or they require that you send in a separate application for the scholarship, in addition to the FAFSA and CSS Profile.

Understanding Financial Aid For College | SMALL BUSINESS

Financial Aid For College If the scholarship is awarded by the school itself, you may need to get your application materials in earlier than normal to be considered.

If the scholarship is being awarded by an outside organization, you will need to spend a considerable amount of time searching for opportunities.

3. WORK-STUDY

Work-study is a federal program that sets aside dollars for a student to earn while working at an on or off campus job. The only difference between this program and a regular part-time job is where the funds come from. By providing work-study funds, the federal government simply opens up more job opportunities to students.

So, if this is included in your financial aid award, it is money that will help your child pay for everyday and living expenses, but they must do the work to get it. Just don’t expect it to reduce your tuition bill because this money is only paid as it is earned and is not awarded up front.

loans come in a variety of forms: federal, state-based and private.

Federal student loans include the Federal Direct Subsidized and Unsubsidized Loans (Stafford), Federal Perkins Loans, Federal PLUS Loans (this one is for parents). State-based loans are offered through a network of nation-wide lenders, such as Rhode Island Student Loan Authority, and often offer very competitive rates and fees. Private loans vary widely from lender to lender and you must be careful to investigate the details of these loans (as with any loan!) before signing the note.

So, you don’t have money set aside for college? That’s okay - you are not alone. Just remember there are billions of dollars in financial aid available out there to help.

Stacey Crooks The College Planning Center of Rhode Island

4. LOANS

Student loans are a form of financial aid that helps you pay up front tuition costs, but needs to be paid back. Student

www.risbj.com | volume seven issue eight

13

SMALL BUSINESS | Building A Better School Committee

Building a Better S P O T T I N G

by Benjamin Scungio

Whether you work in a school department, have children or grandchildren in the public school system, or merely follow the news reports of award-winning teachers, contract negotiations and other happenings, education touches us all. And most of what happens is governed by the city or town’s local school committee.

The Rhode Island General Assembly places the care, control and management of public school interests in local school committees. The thinking is that the best educational decisions will be made by an elected body that is closest to parents, students, and taxpayers. School Committees must implement federal and state law plus regulations from the Rhode Island Department of Education. For committee members, these mandates are critical, even if individual members agree or disagree on a philosophical level.

•

Being accountability driven. Effective committees spend focus on policy geared toward student improvement and achievement. It is the superintendent’s responsibility to work on operational issues.

•

Watch the return on investment. Districts spend large sums of money on technology, and learning and assessment systems. Committees should require that administrators report back on the efficacy of these systems.

•

Focus on shared beliefs and values, and what is possible for students and their ability to learn. Committee members from the same community are often in 95% alignment. Shared beliefs often minimize disagreement.

•

Commit to a vison of high expectations for student achievement and quality instruction. It is becoming increasing clear that student achievement is not determined solely by the availability of resources.

Achievement is more directly affected by the expectations and goals set by the educational leaders. Aim high!

•

Lead as a united team with the superintendent, each from their respective roles. Strive for strong collaboration and mutual trust.

•

Take part in team development and training. Build shared knowledge, values and commitments for improvement.

How does a school committee become good and effective?

Based on national studies, here are eight important characteristics to model: •

•

14

Have a collaborative relationship with the staff and the community including a strong communications structure. A committee should both inform and engage all stakeholders in setting and achieving district goals that are achievable and directly related to the needs of the district.

Being data savvy. Committee members must embrace and monitor data, even when the information is negative.

The proper use of data can be a powerful tool to drive continuous improvement.

RISBJ | rhode island small business journal

W A R N I N G

While most school committees are comprised of wonderful and committed individuals volunteering their time and energy to give back to their communities, conflicts and challenges

r

Building A Better School Committee | SMALL BUSINESS

School Committee S I G N S

O F

T R O U B L E

often arise. Conflict may come from disputes over priorities.

Sometimes, passion, ego and personal feelings get in the way.

Here are nine warning signs that may mean a school committee is in trouble.

1. Voting based on politics rather than the needs of students. State law actually requires that each committee decision be student-centered.

2. Not supporting a board decision, after it is made.

Committee members often forget they are not a committee of one. It is important to support a majority decision to move forward.

3. Responding to community discontent without first reviewing data. Frequently, committee members respond to complaints from constituents before they are fully informed on an issue. This can easily lead to public embarrassment.

4. Publicly chastising district employees. It is imperative to support personnel, especially a superintendent of schools. Criticize performance in private; little is gained by publically embarrassing someone.

The thinking is that the best educational decisions will be made by an elected body that is closest to parents, students, and taxpayers.

5. Relying on expert advice without consulting staff.

There may be multiple approaches to solving a problem.

Recognize that your superintendent and his/her staff are your educational experts. If you can’t rely on your internal experts, it may be time to change them – not seek advice behind their backs.

6. Ignoring the impact of change on the culture of the district. The pace of change is always set by the ability of a district to embrace it. Often, a committee and superintendent must create consensus around why change is necessary or desirable.

7. Failing to foster positive relationships. In most districts, the educational environment relies on support and consensus-building – not on conflict. Positive nurturing relationships are an essential element in driving change.

8. Hiring a superintendent on a split vote. It is critical to demonstrate united support for a new leader to provide him/her a good opportunity to be successful.

•

Failing to personally disconnect from board decisions. Once a committee makes a decision, it is important to support the majority to move forward by accepting the decision.

If these warning signs sound familiar, it may be time to seek practical, problem-solving approaches to resolve conflicts in a manner that achieves the best outcomes for the parties involved … all while focusing on the care, control and management of our public schools.

Benjamin Scungio, Esq. is the managing partner of law firm of Brennan, Recupero, Scungio, Cascione & McAllister. www.BRCSM.com. He focuses his practice on the representation of school committees, educational collaboratives and educational professionals. Ben can be reached at bscungio@brcsm.com.

www.risbj.com | volume seven issue eight

15

5

SMALL BUSINESS | 5 Business Planning Tools

Business Planning Tools

Available Through an RISBDC Partnership

As part of our mission to support and partner with entrepreneurs, we hold licenses and have access to a number of helpful small business tools that we offer to our clients. Here’s a preview of five great tools integral to planning a new business, conducting marketing research before launch, and forming a business plan. Our clients can access these valuable tools - and so much more - through partnership with our expert business counselors. We invite you to register for one of our upcoming workshops or contact a business counselor so that you can get to know us better, and begin using these tools to propel your pre-venture or existing small business to the next step.

by Diane Fournaris

1.

Growthwheel

This online business development tool is a powerful alternative to a business plan template for fleshing out a business idea.

Visually based and dynamic, it helps entrepreneurs — of both pre-launch and established businesses — break their enterprise down into four categories (concept, organization, customer relations, and operations), and 20 total focus areas within these groupings, for a “full 360 degree view” of all the major elements required for a solid launch or growth, with no blind spots. Need help with a staffing plan? IT Systems?

Customer portfolio? Growthwheel helps users identify decisions and actions needed, and prioritize implementation to weave the elements together in the right order. The visual platform and targeted, customizable features provide the flexibility, specificity, and clarity entrepreneurs need to plan steps for moving forward.

Growthwheel’s cloud-based service is accessible by both clients and their business counselors, enabling clients to work individually and also closely with us for assistance in refining plans, generating task lists and timelines, and tracking progress. All RISBDC business counselors have been trained and are certified to work closely with clients using Growthwheel.

16

RISBJ | rhode island small business journal

2.

FIN 8.1

This proprietary program, developed by a regional SBDC and available only through the SBDC network, helps clients generate accurate and clear financial projections. For clients working with a business counselor, FIN enables entrepreneurs to present financial information in a consistent format that many lenders are familiar with. All RISBDC business counselors are trained to use FIN with clients to complement and complete a polished and professional loan application.

3.

Market research databases

Through our partnership with URI, and other channels, the RISBDC has access to a number of databases that provide detailed geographical market research information. While working with a business counselor, our clients can use this data to gather thorough and accurate information about populations and customer preferences to outline the potential market for nearly any business.

4.

LivePlan

This robust online business plan development software is an advanced tool that focuses on planning, pitching, and tracking business growth. It helps advanced entrepreneurs get down to the brass tacks of testing numbers, validating an idea, and creating a pitch. Visual dashboards assist with

5 Business Planning Tools | SMALL BUSINESS

Amit Basnet, a Director at RISBDC, at a recent small business event.

conceptualization, and LivePlan syncs with Quickbooks for accurate tracking without double entry. RISBDC holds a limited number of licenses to this tool; access may be available to counseling clients and workshop attendees who are ready to take this step.

5.

ArcGIS

Esri’s meaty GIS mapping tool provides detailed, sophisticated data mapping. One example of how RISBDC uses this tool is to use data about consumer expenditures and customer profiles to beef up a client’s business plan to strengthen a loan application. While consumer expenditure data is widely available through government websites, this mapping tool makes the data easy to comprehend geographically and share. Customer profiles come through the Mosaic tool, whose “tapestries” analyze and categorize consumer expenditure (and other demographic) data to give a sense of the dominant consumer groups by census tract.

Register for our small business startup workshop, The Right Foot, or contact us about one-to-one small business counseling, to learn more and gain access to these powerful business planning tools available through a partnership with the RISBDC!

“ All RISBDC business counselors have been trained and are certified to work closely with clients using Growthwheel.

”

The Rhode Island Small Business Development Center at URI is part of a national network of nearly 1,000 business assistance centers that provide counseling and training to small business owners and aspiring entrepreneurs. Partially funded through a cooperative agreement with the U.S. Small Business Administration, we help businesses to succeed from start-up to maturity.

Diane Fournaris

Assistant State Director, Rhode Island Small Business Development Center

www.risbj.com | volume seven issue eight

17

SMALL BUSINESS | New Anchor Advantage Program

NEW ANCHOR ADVANTAGE PROGRAM

HELPS FIRST-TIME AND PUBLIC SERVICE HOME BUYERS Nationwide program the first of its kind.

Springtime means homeowners are either seeking a new home or selling one. One difficult aspect regarding the process can often be simply qualifying for a mortgage. Although there are several federally funded options, not all of them cater to certain members of the population—until now.

The Anchor Advantage Program enables first-time, military, educators, public safety workers and other eligible professions receive a 2% completely forgivable grant toward their down payment. Perhaps the best part of the program for applicants would not be saddled with reselling or borrower repayment restrictions, as the grant is completely forgiven right after the closing, according to Anchor Financial Mortgage, Inc. President Joseph Baptista.

Baptista said the program rolled out a few weeks ago and has been a real game changer.

“I have been in the mortgage business for 23 years, and I have never seen a program like this one,” said Baptista, whose office is located in Pawtucket and serves all of New England, New York, and Florida.

“Most purchase programs require at least a 3.5% down payment and credit score of 620. With this program, applicants receive a 2% forgivable grant, and we can lend on credit scores as low as 580. With most purchase programs are geared toward first-time buyers, this one will help pretty much anybody that is looking to buy a home—a first, second or third time buyer.”

In addition to first-time homebuyers, this grant is available for any existing homeowner with income less than 140% of their area’s median household income average, anyone working as a first responder (police, firefighter, EMT, etc.), educator, medical personnel (doctor, nurse, health ambassador or American Red Cross worker), government employee, civil servant or in the military are all eligible.

The Advantage Program works through government-approved funding.

“Why pay rent and your landlord’s mortgage when you can purchase a home yourself?” said Baptista. “Less than perfect credit and lack

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of down payment are two main factors that prevent people from buying. With the ever-increasing cost of rent, it is difficult for potential homebuyers to save enough money for a down payment and maintain perfect credit. The program offers the flexibility that today’s homebuyers need with qualifying scores as low as 580 and forgivable grant for a down payment, not just another loan.”

The Advantage Program also applies to properties that need improvements with a 203K Rehabilitation Loan. This program will finance the purchase price as well as the cost of the improvements, Baptista said.

“With so many properties on the market today, having deferred maintenance issues or just in need of some minor or major updating, this program will get it all done in one loan. We have a ton of experience with 203K rehab financing, many banks shy away from these loans but we consider them to be one of our specialties.”

Baptista added that there are many strategies for potential buyers to use in order to help them purchase their first (or next) home. He said the biggest piece of advice he gives to clients is to get approval for a mortgage. Doing that will show prospective buyers that there is a legitimate interest for that property and not just lip service, he noted.

“Potential buyers want to get pre-approved,” he said. “You want to show any seller that you’ve done your homework, you’re doing your due diligence so you can get pre-approved. We can take customers through the pre-approval process to the approval process. Potential home buyers (that have) that commitment really shows the seller that you have something special.”

Anchor Financial Mortgage, Inc. has been in business for18 years and provides qualified individuals with mortgage programs that are tailored to fit their unique situation and the most competitive rates in the nation.

Anchor Financial Mortgage, Inc. prides itself in customer service and is a Better Business Bureau Accredited Business with an A+ rating.

New Anchor Advantage Program | SMALL BUSINESS

Contact Joseph Baptista at 401-495-3100 or email him at joe@anchorďŹ nancial.com for more details. www.risbj.com www.risbj.com | | volume volumeseven sevenissue issueseven eight

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v SMALL BUSINESS | Internal Controls For Small Businesses and Start-Ups

Internal Controls

for Small Businesses and Start-Ups

Joshua Bloom, CPA Supervisor, Assurance Services, Providence, RI

The notion of “internal controls” can seem intimidating, but for a small business they are absolutely critical when it comes to preventing or detecting irregularities, whether due to error or fraud. Small businesses often have limited resources and limited ability to utilize the same internal controls as larger companies. But there are important measures that can and should be taken to protect those hard-won resources and ensure that the small business’s profitability is not walking out the door at end of the day.

According to the Association of Certified Fraud Examiners’ 2016 Report to the Nations, 30% of fraud cases occurred in small businesses, with median losses of $150,000 and 60% of small business fraud victims not recovering any losses. A simple web search will corroborate that fraud is happening on a regular basis.

Management expert Peter Drucker wrote that “efficiency is doing things right; effectiveness is doing the right things.” Below are some ideas for implementing internal controls that can help protect a company efficiently in a small business environment.

Hire the Right People Good internal controls start with having the right people on the team. Hiring should be an organized process designed to meet the company’s strategic needs, not to simply get bodies in the door. Resist hiring someone just because he or she is a friend or family.

Have written job descriptions emphasizing the responsibilities of the position as well as required job skills, and consider carefully whether the individual is the best person for the job. Make job offers dependent on satisfactory background and credit checks.

Segregation of Duties Segregation of duties is the practice of having different individuals complete different components of a task. For example, ideally, the initiation, handling, and approval steps within a cash receipt process, cash disbursement process, journal entry, or other multistep processes should not be performed by the same person. In a small business with limited staff, segregation of duties can be challenging, but a thoughtful approach can still be effective. In a two-person office, for example, the accountant or bookkeeper could write the checks, receive cash, prepare reconciliations, etc., while the owner or manager takes care of approvals by signing the checks, completing the deposit slips, and reviewing the bank reconciliation.

Process Cash Receipts through a Lockbox Rather than having all cash receipts come into the office, where they will need to be manually processed and then driven to the bank daily, consider utilizing your bank’s lockbox services. This will accelerate the flow of cash into your account; decrease the potential for fraud, theft or error; and improve staff productivity by eliminating certain manual processes. While there is a cost, of course, for lockbox services, consider it an investment in fraud prevention with the added bonus of freeing up staff for other activities that add value to the business.

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Internal Controls For Small Businesses and Start-Ups | SMALL BUSINESS

Enhance Cash Disbursements with Positive Pay Positive pay allows the company to transmit a file to the bank each time a check is written. When a check is presented for payment, the bank compares the check to the file, confirming the payee, check number, account number, issue date, and dollar amount. If the check does not match what is on file, it will not clear. This will significantly reduce the risk of someone altering a check and is significantly easier than catching check fraud after the fact. As an added bonus, some banks can even use the positive pay service to perform the bank reconciliation for the company.

Just Because You Can Use Excel, Doesn’t Mean You Should Many business people are spreadsheet warriors who rely on Excel excessively. Spreadsheets are time-consuming to create, hard to maintain, prone to error and often unnecessary. Studies have shown that close to 90% of spreadsheets contain errors. If you have to use a spreadsheet, double check for simple mistakes such as transposition errors, bad cell references or formulas; make sure that nothing is left out and that your final results make sense. When possible, consider the use of cloud-based applications to provide “big company” functionality at entry-level pricing.

Software Updates In 2017, the “WannaCry” ransomware hit approximately 300,000 users in more than 150 countries, demanding $300 in Bitcoin to unlock encrypted files, with payment doubling after three days. Hackers targeted organizations that were using unsupported versions of Microsoft Windows, including Windows XP, Windows 8, and Windows Server 2003. Make sure your company is using the latest software versions. Not only do software patches and updates add new features, remove old features, and fix bugs, they can also plug significant security holes. Don’t make it easier for the bad guys to exploit your data. Another possibility is to use cloud-based applications where the provider is ensuring that updates are made on a regular basis.

Regular Backups If your information is not yet in the cloud, make sure that all accounting records and mission-critical information is securely backed up, subject to your organization’s record retention policy. If something happens to your data as the result of a computer problem, an upset employee, hackers, or a natural disaster, you’ll want the security of knowing that your most recent data can be recovered quickly. Make sure backups are performed regularly and are tested to ensure they actually work.

Use Checklists Airline pilots are famous for their use of checklists to make sure that all mission-critical tasks are completed. Rather than trying to remember everything that has to be done each month, owners or managers, with the help of their accountant, should develop a checklist to make sure all important action items are accomplished and everything is up to date. The checklist can ensure that bank reconciliations have been performed and reviewed; that certain recurring journal entries have been recorded; that budgetto-actual expenditures, month to prior month, and current year to prior year, are appropriate; and that any other manual task is completed on a timely basis.

It’s on your business, so it’s important to set up adequate controls to prevent and detect fraud. Internal controls don’t have to be big and scary, but they do need to help prevent problems from happening in the first place.

Marcum LLP 401.457.6707 Joshua.Bloom@marcumllp.com www.marcumllp.com Marcum LLP is a national accounting and advisory firm with offices in major business markets throughout the U.S., as well as Grand Cayman, China, and Ireland. www.risbj.com www.risbj.com | | volume volumeseven sevenissue issueseven eight

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SECRETARY OF STATE | Nellie M. Gorbea What Clams Me About SMALL Manage A Remote Worker or Office SMALL BUSINESS BUSINESS || How Dear To Mom: A Taught Letter Home From ALeadership One Day Warrior

S

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Nellie M. Gorbea

THE NEWLY RE-DESIGNED BUSINESS ASSISTANT APPLICATION

by Secretary Of State Nellie M. Gorbea

When you develop the perfect idea for your new business, you want to get to work right away. You want to think less about the paperwork and deadlines, and more about developing, creating, and selling your product or service.

As Secretary of State, I have been working to reduce the demands on Rhode Island’s small business owners by redesigning and making easier the way to interact with our office. Our redesign simplifies forms and uses technology to let you file quickly so you can get back to your business as soon as possible.

You can see this improvement in our brand-new library of information called “Business Basics” on our website sos.ri.gov. This portal gives those new to business development a chance to educate themselves on the terms and topics they need to know

WHEN YOU DEVELOP THE PERFECT IDEA FOR YOUR NEW BUSINESS, YOU WANT TO GET TO WORK RIGHT AWAY. 22 22

RISBJ | rhode island small RISBJ | rhode island smallbusiness businessjournal journal

before starting a business in Rhode Island. Business Basics offers new entrepreneurs information on developing a business plan, acquiring a name, and considerations when determining their corporate structure and finding a business location. The site also provides direct links to organizations that can offer technical assistance when starting a business. Noting that xxx growth of our local economy is in the Hispanic business community, we have made much of this information available in Spanish and English.

After learning the Business Basics, entrepreneurs have the opportunity to use our newly re-designed Business Assistant application. This newly updated Business Assistant includes an improved interface that will guide future business owners through a series of questions related to the business they are looking to start. Based on the answers to those questions, the Business Assistant provides users with a checklist of agencies and licenses. The site will also, for the first time ever, provide entrepreneurs with an estimate of the fees they may face as part of starting their business.

We encourage you to interact with these new tools and let us know what you think!

We’re here for you – Contact us!

In the fast-paced world of business, options change quickly and often. As always, the staff at our Business Services Division are available to answer any questions you might have. Whether you are a new or an established business, the Department

of State’s Business Services Division is here to help. You can reach us by calling (401) 222-3040, emailing us at corporations@sos.ri.gov or visiting our office at 148 West River Street, Providence.

Please feel free to contact me directly with any thoughts or suggestions you have on this or any other topics at secretarygorbea@sos.ri.gov or visit our website sos.ri.gov. We look forward to working with you to plan, start, and maintain your business or non-profit in Rhode Island.

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SMALL BUSINESS | First Annual Glocester Galleria

First-Annual

Glocester Galleria SE T F OR SEP T EMBER 22 , 2018

Hundreds expected to attend community-based event.

Wanting to promote a further sense of area pride and discover what to do for hobbies and entertainment, organizers are preparing for the First annual Glocester Galleria that will take place at Harmony Marketplace, 401 Putnam Pike, Harmony, RI. The event opens at 9:00 a.m. and continues until 2:00 p.m.

This free event will feature some two-dozen vendors ranging from clothing, handmade soaps, essential oils and other holistic products, jewelry, fine art, home décor and farm fresh favorites. Popular local band The MillRats, which blends Country, Blues and Rock and Roll genres, will provide the entertainment from 10:00 a.m. to 2:00 p.m.

Laurie Gaddis Barrett, one of the co-organizers of the event with Katie Guilbault, said the inspiration for this event came from Guilbault. She said Guilbault likes the idea of the “putting your money where your heart is” philosophy and wanted to find an outlet for local businesses to show off their skills. From there, the enthusiasm and support from the community led to the realization of the gathering actually happening, said Barrett.

“Over the last few years, I noticed the town blossoming with community spirit, and I wanted to be part of its continued growth,” Guilbault said. “I always loved the happy and positive atmosphere of farmer’s markets and music festivals and wanted to create an event that had something for everyone to enjoy.”

Barrett echoed those sentiments in putting an event of this type into motion.

“It was Katie’s idea to start some type of festival in town that shows its support for the local artisans, crafter and other businesses in the areas,” said

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Co-organizers Laurie Gaddis Barrett (left) and Katie Guilbault (right)

First Annual Glocester Galleria | SMALL BUSINESS

Barrett, who is the owner/founder of a clothing design firm. Guilbault is a local artist.

“Come shopping at the Glocester Galleria, then have a picnic on the lawn while listening to great music,” she continued. “We envisioned an event that the town would be excited to participate in and have a good time.”

Barrett said they are happy with the number of vendors that have signed up to date. They are hoping to have some 50 vendors from the region.

Participating vendors will be listed on The Glocester Galleria’s Facebook page (www.Facebook.com/ GlocesterGalleria), which will be updated regularly.

Vendors will also be promoted on that page through a feature vignette.

Local merchants Chepachet Village Wine and Spirits, Cady’s Tavern, Fred Wilkes and Tavern on Main are lending their support to this event.

Another goal the organizers want to achieve is buying and shopping local. Most people know and like the national brands of items, products and services, Barrett said.

However, they also have a shorter shelf life and might have additional uses, she added. Attending events such as this one may open more than a few eyes to the options that are out there, she said.

“There’s a fashion revolution going on right now,” Barrett said. “People want to know who made their clothes. The average person just wants a good-looking, high-quality shirt that isn’t see-through and lasts more than three months. We live in an era of disposable clothing. Why not buy a quality, hand-crafted item that can be worn two or three different ways and that you can expect to last through more than four washes?

“Wouldn’t it be fun to learn how to shop local and meet local vendors and be more affiliated with people in town?”

Barrett added. “Many of the vendors and sponsors grew up here and want to become more active in this community. What could be a better cause than that?”

Sponsorships are still available for this event. They cost $100 and all sponsors will be recognized at the event.

Becoming a vendor costs $20 and all applicants must be licensed and pass a background check.

Event admission is free to the public. More details can be found on their Facebook page at: www.Facebook.com/ GlocesterGalleria. Information regarding sponsorship and vendor opportunities can be obtained by contacting either Barrett at lauriegaddis@gmail.com or Guilbault at kata. guilbault@gmail.com.

“Add to that all the food recalls from national food distributors, I mean, you can’t even purchase lettuce anymore without fear of bacterial contamination from one source or another,” Barrett continued. “I want to know the farmer that grows my vegetables. I’d rather give my money to my neighbor than to a corporation, and here in Northern Rhode Island, there are many others that feel the same way.

“ This free event will feature some two-dozen vendors

ranging from clothing, handmade soaps, essential oils and other holistic products, jewelry, fine art, home décor and farm fresh favorites.

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www.risbj.com | volume seven issue eight

SMALL BUSINESS | Monthly Learning Tips

Photography provided by Hallie Jade Pictures

T

his month’s learning tips come from Jeroen and Keriann Koeman, owners of the Wicked Tulip Farm in Johnston, Rhode Island. Wicked Tulips provides an opportunity to view hundreds of thousands of tulips, pick your favorite to decorate your home or office or bring to a special person. You might also want to take some beautiful photos of your family or have one of the Wicked Tulips preferred photographers make extra special engagement or family photos in the tulip gardens. Visitors are invited to bring a picnic lunch to enjoy by the entranceway to the gardens. The gardens are open from mid to late April until mid to late May each year.

The exact opening and closing dates are established each spring after the tulips start to grow based upon weather conditions. New varieties of tulips appear each day throughout the growing season, so you might want to visit several times.

Tulip farming isn’t something one learns in a couple of years. It really takes a lifetime of experience to become a great tulip grower. (Even so, everything does not go perfectly the first time, and one needs to do a lot of problem solving to be successful.) Jeroen is from a large family of tulip farmers in the Netherlands. I couldn’t resist asking

“New varieties of tulips appear each day throughout the growing season, so you might want to visit several times.”

The gardens are very special to Rhode Island. Visitors travel from as far as California and Florida to view the gardens, though most visitors are from all of the New England states, including New York, New Jersey and Pennsylvania. The gardens have been featured in Better Homes and Gardens, Boston Globe, Rhode Island Monthly, Yankee magazine and the major area television stations.

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him what brought him to the United States and to Rhode Island. After studying in Argentina, Finland and Germany Jeroen decided that he enjoyed adventure and trying new things, so he moved to the US to manage a large tulip farm in Washington. While doing that he observed that many tulips were being shipped across the country and began to dream of opening his own business to sell tulips on the east coast. The business was in a small town in Virginia where he met Keriann. Jeroen overestimated how many bulbs he would sell, and only sold half as many as he purchased. So the question came up, what does he do with the other 50% of the bulbs? Fortunately, he lived on a farm and asked the owner if he could plant the

Monthly Learning Tips | SMALL BUSINESS

bulbs on the farm and sell the tulips. The owner agreed and the remaining bulbs were put to good use. While Jeroen and Keriann enjoyed Virginia, they found that the climate wasn’t ideal for growing tulips and they lived in a small community so their opportunity to grow the u-pick tulips business was limited.

Thus, they decided to move.

“ The gardens are very special to Rhode Island.

Visitors travel from as far as California and Florida to view the gardens.”

Jeroen and Keriann discovered that Rhode Island was the ideal place for their business!!! The climate is excellent for tulips. The location is great for attracting visitors. They also looked forward to more contact with their family living in Plymouth, MA. They were right!!! In 2018, they sold every available ticket for the entire season, drawing about 30,000 visitors (2,000 per day for 15 days) and employing about 20 people per day. Hard work and flexibility have paid off. Jeroen and Keriann are now exploring a variety of opportunities to grow their business.

While the gardens are only open for a few weeks each year, farming tulips and managing a garden is a year round business. Most of the work is not visible to visitors and customers. The tulip season actually begins in November when the bulbs are planted. January is actually a month for relaxation, but come the first of February it is time to market and sell tickets for the upcoming season. In March it is time to prepare the gardens for visitors. April and May are the times for managing visitors and the tulips, removing weeds and keeping the grounds beautiful. Also, bulb sales are made from opening day until the end of October. In June all of the bulbs need to be removed from the fields and a cover crop (such as rye, peas, buckwheat or oats) needs to be planted to prepare the soil for future tulip growth. In July through September the bulbs need to be maintained at the right temperature and moisture level so they will be ready for fall sales or planting.

When it comes to running a business, Jeroen provides the following recommendations to professionals: Believe in yourself and the people around you Be Flexible!!! When you encounter a problem don’t panic. Stop. Make a list of all of the resources available to you. Think creatively about how you can use these resources to create something new and exciting. (If Jeroen had not ordered too many bulbs a few years ago, we might not have Wicked Tulips today.)

Please contact Wicked Tulips via their website (WickedTulips.com) now to order tulips for delivery in October or November, sign up for the Wicked Tulips mailing list so you can order your tickets for next season as soon as they become available (hint: order early as tickets do sell out) or ask Jeroen or Keriann a question about tulips. Jeroen, Keriann, their son Kees (who will be a year old in 2019) and their friendly team look forward to meeting you in the spring.

I would like to thank Industrial Consultant Dr. Margarita Posada Cossuto for helpful comments. www.risbj.com | volume seven issue eight

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