It’s That Time of Year to Look at the Big Picture

By: Ricky Longoria, CPA, CFE - Partner (Posted: 11/19/2013)

It is not uncommon for business owners to become so involved with the details of their business operations that they fail to take a moment to reflect on the big picture. The last quarter of the year is an ideal time to reflect on big pictures issues because of the experience gained from current year results. Also, if it is determined that change is necessary; there is ample time to implement changes before the new year begins. The following is a short list of big picture questions to reflect upon.

  1. Have federal and state tax planning strategies been implemented and if so are they effective given your current business activities?
  2. Have estate planning issues been addressed?
  3. Have buy/sell agreements been reviewed and updated?
  4. Have minutes of the meeting of the owners been prepared to ensure that all significant decisions have been documented?
  5. Have you reviewed your internal control structure to ensure internal controls continue to operate effectively?
  6. Have you implemented a technology plan to ensure that hardware and software are current and running effectively, efficiently and securely?
  7. Have you verified that certain key accounts have been properly reconciled? Key accounts include those such as cash, accounts receivable, fixed assets and payables.
  8. Have you considered the need to implement an employee benefit plan?
  9. Have employees been trained to ensure they understand the importance of ethical behavior?
  10. Have employee files been reviewed and updated?

To ensure an outcome that is most helpful to your business, an honest and well thought out discussion is a must. The partners at Burton McCumber & Cortez, LLP can prepare a work plan that ensures that the activities above have or will be addressed. Based on the outcome of the discussion, updated strategies can be developed that better align themselves with current goals. So take a moment and look at the big picture and contact the partners at Burton McCumber & Cortez, LLP by visiting our website at You will be glad you did.