LGT's Profit Sense

No organization today, nonprofit or otherwise, can afford to ignore the possibility of a natural or manmade threat that cripples operations. From hurricanes and wildfires, active shooters and cyberattacks, to things as seemingly minor as a burst pipe, your operations are vulnerable. While some disasters are unpreventable, you nonetheless can reduce the repercussions by preparing now.

Recently Leading Edge Alliance polled manufacturers across the nation for the 2019 National Manufacturing Outlook and Insights survey. Every year we see different results, but 2019 shows a focus on growth. The top three priorities for 2019 are growing sales, improving profitability and addressing workforce shortage.

My name is Lee Ann Collins, managing partner of Lane Gorman Trubitt, LLC (LGT), a public accounting firm in Dallas, and this job is keeping me up at night.

Through the new tax law, the Tax Cuts and Jobs Act (TCJA), an economic incentive program has been enacted to help prop up and foster growth in certain low-income communities. These communities are typically the hardest hit by job layoffs due to closure and/or relocation of vital local businesses.

In recent years, some dealerships have adopted a “no-haggle” or one-price sales model. This has been in response to several factors, including the general disdain that the public has with the negotiating process, greater transparency of vehicle pricing afforded to customers by the internet, and competition from businesses that offer no-haggle pricing such as Carvana.

Let’s face it — most business and medical practices don’t have the problem of being too efficient in their operations. On the contrary, many medical practices suffer from a range of bottlenecks and redundancies that waste time and energy. These broadly fall into several practice areas, including the front office, the back office and the physicians. Here are eight areas to home in on to improve procedures and reduce waste.

With the first year under the new tax law behind them, your contributors may be looking to structure their charitable giving in new ways. Although the deductibility of most gifts hasn’t changed, some of the record keeping requirements have. Helping your donors understand the requirements and benefits of their gifts to your not-for-profit organization will help strengthen those relationships.

In the past, comparison has been described as the thief of joy, this article intends to defend "comparison" as more than just a thief, but rather a source of knowledge than can help a dealership gauge their performance through the use of benchmarking tactics. These benchmarks are put in place to identify strengths and weaknesses across departments and also across other dealerships. The article will dive into a variety of different metrics along with tips on how to give context and relevance to the numbers by identifying a basis of comparison for the data.

Over the last six months our Construction Industry team here at Lane Gorman Trubitt has been working on producing an informative video series covering the new revenue recognition guidance and how it will impact how contractors consider and account for revenue on its contracts with customers. During that time we have fielded questions about this topic and its impact on the construction industry. Here are the some of the most frequently asked questions.

My name is Lee Ann Collins, managing partner of Lane Gorman Trubitt, LLC (LGT), a public accounting firm in Dallas, and this job is keeping me up at night.