Whether it be through AI, automations, or diversification, Coveted Financial will strategize with you and your team, to build a path to a successful future. A small business must evolve and be forward thinking to be on the forefront of their industry - and outpace competitors. 

Fractional CFOs help businesses who need the financial guidance, but don’t have the funds or the need to hire someone full-time. This is where the fractions come in. Instead, you contract a set amount of their time monthly at an agreed upon rate, usually adding up to a certain number of days or hours each month. On other days, they work for other clients. 

On September 14, the Internal Revenue Service announced that it was pausing applications for the Employee Retention Credit, a tax credit that businesses that had employees and were also affected by the pandemic, after it cost the government billions of dollars in fraudulent payments. The agency is concerned that many small businesses were targeted by scams from “tax mills” that encouraged businesses to apply for the credit although they were not eligible.

For most companies closing out the preceding month is a stressful, time-consuming task where financial reports aren’t available for review until 2 weeks after month-end (January reports won’t be available until mid-February.) Not only does this make it harder to make decisions (how can you adjust your margins if you don’t know your actual costs?), but also most lenders depend on timely financial reports to determine if a company is still able to pay back their debt.

Coveted Financial continues to help business owners just like you each and every day! In fact, we’ve been meeting with our clients throughout Q4 to create manageable plans for their 2023 goals and we found two absolute consistencies across the board: automation and outsourcing.

In the latest series of What You Need To Know With Joe, Coveted Financial CEO, Joe Priola, sits down with his son Brent Priola, founder and owner of The Recy Group, to discuss his growing business and how Coveted Financial has helped. Check out the video interview here!

In the latest series of What You Need To Know With Joe, Coveted Financial CEO, Joe Priola, sits down with his son Brent Priola, founder and owner of The Recy Group, to discuss his growing business and how Coveted Financial has helped. Check out the video interview here!

With the final loans of EIDL funding distributed earlier this year, it is hard to believe that payments are already due! However, most companies received their original loan in April or May of 2020 at the beginning of the pandemic, and repayment needs to start 30 months from that date. This means payments are due this month and next.

With 4th quarter fast approaching, now is the time to really make any changes in order reduce tax implications in April of 2023. While tax planning is extremely custom to each client’s business, here are a few ideas that most business owners can implement today.

Last year we had the opportunity to work with Ken Reimer on the sale of his business, Ken’s Beverage Inc. or KBI. In this invaluable video we discuss not only the due diligence and how to prep for a sale, but also the emotions that go into selling a business and whom you can lean on for all your questions. Let’s get right to it!

Most business owners spend so much of their day operating their business that they don’t have much time to orchestrate and execute a financial plan. Moreover, they don’t have a full time CFO that makes decisions and prepares a financial strategy due to the cost constraints. This is where Coveted comes in! As a Fractional CFO, Coveted will help you reach your financial goals without the high costs of a full time CFO.

This spring we rolled out our first, “What You Need to Know with Joe” video where we discuss the current economy and have conversations with our business owner clients. In our first video, we sit down with Ginny Rosso of KDI Design. KDI has been a long time client of Coveted Financial Services. Their firm offers commercial interior design and furniture. Given the pandemic and the current increase of work-from-home scenarios, they were the ideal client to sit down with first to discuss how they’ve navigated the current economy. We’re so proud of their continued growth!

Whether you’re just starting your company or a decade into leading your organization, these SIMPLE practices can save you money…and time! In fact, they are two of the first processes we help our clients put into place. At Coveted Financial we are always improving the financial health of our client’s businesses with innovative, tech-savvy procedures and we want you to benefit from them too!

January 31 is the deadline to provide contractors and the IRS with 1099-NEC forms.

With such a shortage in the labor market, employees are able to demand higher wages. Even the slightest increase in wages can make a huge difference. So what can business owners do? Coveted suggests outsourcing labor costs to contractors and adding automation to your processes. We can help.

Coveted’s second step to manage inflation takes a bit of effort. With prices changing almost daily it is extremely important to have up to date financial reports that indicate accurate margins. Our bookkeeping service can work independently, or with your internal team, to ensure you can make the best decisions for your business.

How will businesses handle the increased interest rate, in addition to the increased cost of their raw materials and the demand for higher pay from employees (to compensate for inflation?). We suggest managing interest rate COSTS by moving a portion of your variable rate debt to fixed rate. We’ll help you determine just how much!

Currently the single value rate of inflation is surpassing most economists' predictions. Also surpassing their predictions is the length of time we will experience inflation. What was once thought to only last thru 2021 is now predicted to last far longer. According to The Associated Press, “Higher prices will likely last well into next year, if not beyond.”

Coveted Financial is honored to memorialize Bridget with a leaf in her name at the donor wall on the new Clubhouse for the Boys and Girls Club of South Elgin. Please consider joining us to help them fulfill their goal of raising $4.5 million to open the Clubhouse in 2022.

New policy changes make it so that businesses can increase their funds and ways to use the capital injection, including prepayment of commercial credit. Let us help you apply.