Author Archives: Paul McCann

Practice Management, Taxes

Did My Practice Get a Tax Cut?

Posted on by Paul McCann
15
Oct

With the tax cuts passed in December of 2017 and most of them taking place in tax year 2018, many professional practices are asking if they received a cut. While the cuts were broad and impacted most industries, there are some who will see no business tax cut. The Tax Cuts and Jobs Act (TCJA) gave the individual taxpayer a reduction in rates, reduced the number of brackets, almost doubled the standard deduction and made all sorts of problems for individuals in high tax states, b […]

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Practice Management, S-Corporations

How Much Should I Pay Myself?

Posted on by Paul McCann
05
Oct

The question of owner’s compensation is a hot issue for small businesses paying taxes as either an S-corporation or a C-corporation.  When the business files taxes as a corporation, the owner must also be paid as an employee.  Not only is the owner the investor, s/he is also an employee.  For the purposes of this post, let’s assume the business is filing as an S-corporation.Creating a compensation plan for your employees is hard enough, what should you consider when d […]

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Practice Management, S-Corporations, Taxes

Will Forming an LLC Save Money on Taxes?

Posted on by Paul McCann
28
Sep

​WARNING: This is an extremely dry topic. Reading this post may result in drowsiness, restlessness and/or irritable behavior. Do not consume alcohol in excess and never operate motor vehicles or heavy machinery while reading this post.  McCann Advisors makes no warranties of any kind, either express or implied, including but not limited to warranties of merchantability, vague interest by the reader, fitness for a particular purpose, of title, or of noninfringemen […]

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Outsourced Accounting, Practice Management, Software

Case Study: Optometrist Saves 20-30 Hours Per Month by Going Paperless

Posted on by Paul McCann
24
Sep

The hours of paperwork and bills in running Family Optometry business were taking their toll on Dr. Eric Dale. He loved taking care of his patients and leading his team, and he led the organization of 18 staff and three offices, including three other optometrists working with him. But he was exhausted, and he didn’t have any time to spend with his family. When an optometrist from a neighboring community approached him about Family Optometry purchasing his practice, Dr. […]

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Banking, Branding, Economics

8 Life Lessons I Learned Teaching Business in the Amazon Jungle

Posted on by Paul McCann
11
Sep

​If you could dedicate yourself to one cause what would it be?  Where would you go and who would you serve if you had the opportunity?  When we were in our early twenties my wife and I talked about this often.  Through a series of events over multiple years, we moved in September 2006 to Peru South America to spend the next four years there with a Christian development organization. We lived in the Amazon city of Pucallpa, Peru for most of that time.  Throug […]

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Cash Flow, Cash Management, Economics, Practice Management

The One Thing Every Business Must Do

Posted on by Paul McCann
22
Nov

Only one? What could be so important that every single business needs to do this one…thing?Let’s narrow this down a bit.This includes not only all for-profit enterprises but also all non-profits too (but not governments, they’re exempt). Sole-proprietors, Fortune 500 companies, mom and pop businesses and everyone in between.Well meaning, great non-profits that provide wonderful services to people all over the world as well as the ones in your community. Religio […]

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Economics, Growth, Outsourced Accounting, Practice Management

If You Build It, They Might Come

Posted on by Paul McCann
10
Oct

Is this the most wonderful time of the year? October is here bringing with it cool weather, changing leaves and the baseball playoffs. To make it even better, the Cubs are in the postseason again! If their streak continues, I’ll have another sleep deprived month cheering them on to a repeat World Series. All this baseball has me thinking about great baseball movies. There is no shortage of quality movies about this American pastime but certainly one of my fa […]

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Banking, Cash Flow, Cash Management

3 Steps to Tracking the Lifeblood of Your Business

Posted on by Paul McCann
12
Sep

The cooler weather, the start of football, it can only mean one thing: budget season! Yes, it is very near the time of year when the accountants prepare their crystal balls about the expected sales and expenses for the next calendar year. As you have heard a thousand times, “Cash is King”. The absence of cash is blamed for the premature death of many great business ideas. However, many budgets simply compare expected revenue for the year by a line item near […]

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Cash Flow, Cash Management, Growth

Don’t Trash Your Cash

Posted on by Paul McCann
24
May

If you’re an investor, a small business owner or a finance executive you’ve probably heard the phrase, “Cash is Trash.”  Since the Federal Reserve went on its stimulus rampage after the beginning of the great recession almost eight years ago leading to QE1, QE2 and other variations of monetary stimulus it has encouraged the interest rates to lower to zero and negative in some cases. The savers of the world are bemoaning this policy as their cash […]

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Banking, Cash Flow, Cash Management, Growth, Loans

3 Ratios Your Banker is Watching in Your Business

Posted on by Paul McCann
14
Jan

Running a privately held business is adventurous, exciting and risky. It is fun to be an entrepreneur and to interact with a diverse group of advisers and associates as you conduct business. If you are among the many businesses utilizing bank financing, one of these individuals needs to be a sharp commercial lender.Commercial lenders, also called Business Bankers, deal specifically with the business men and women using their hard earned capital to make investments for the future. By lendi […]

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