Archive for the ‘Focus on Lenders’ Category

Back to Basics

Do you read the statement of cash flows?

The statement of cash flows is sandwiched between income statement and footnote disclosures in borrowers’ annual financial reports. Much like a middle child, it rarely garners the attention it deserves. But savvy lenders know that divya pharmacy products online india it contains valuable information about the sources and uses of their borrowers’ cash.

Cash flows from operations

The statement of cash flows customarily consists of four sections. The first is cash flows from operations, which roughly converts net viagracoupons-onlinerx.com income from accrual to cash basis.

Net income is the first item listed here. Add backs include noncash deductions (such as depreciation and amortization expense),

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losses) and gains (or losses) from asset sales. Next come changes in working capital accounts, such as accounts receivable, inventory, prepaid assets and accounts payable.

This section provides

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insight into operating efficiency and effectiveness. Companies that consistently generate negative cash flows from operations won’t survive long. Beware of balance sheet accounts that seem to cialis

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Cash flows from investing

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divestures. This section tells a lender whether a borrower

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is reinvesting in the company.

Some distressed borrowers sell non-operating assets — such as idle viagra online rx equipment or http://viagraonline-4betterlife.com/ marketable securities — as a quick fix to purchase cialis cash flow shortages. But there’s a limit to how long this strategy will work. Eventually fixed asset divestitures compromise a business’s ability to generate future viagra samples earnings.

Cash flows from financing

The third part displays cash transactions with lenders or investors. Examples of cash inflows from financing viagra online activities include new loans

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buyviagraonline-rxstore and stock issuances. Financing cash outflows include loan payments, dividends and Treasury stock repurchases.

This section provides insight into a company’s blend of debt and equity financing. Mounting debt and forgone dividends may

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Schedule of noncash viagravscialis-topmeds transactions

Some important investing and financing transactions — noncash transactions — are reported at the bottom of the statement and, therefore, easily overlooked. Examples levitra versus viagra cialis include like-kind exchanges, long-term debt refinancing and assets purchased directly with loan proceeds.

Pay attention

The statement of cash flows is often upstaged by the income statement generic names for viagra and can viagra cause heart attack balance sheet.

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And, because the statement isn’t always required, small businesses generally don’t prepare one on a regular women viagra sildenafil citrate online uk basis.

Experienced lenders see the statement of cash flows as cialis canadian pharmacy a critical part of their analytical drill, and request them from potential loan customers. The pharmacy online borrowers’ CPA can assist in their preparation.

S Corp vs. C Corp – What’s the Difference?

Back to basics

Entity choice is a strategic decision that affects your customers’ legal liability, tax obligations purchase cialis and financial reporting. S http://cialisonline-online4rx.com/ corporations and C corporations are two popular choices for private business ownership.

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Pinpointing basic contrasts

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from their owners. So, the corporate structure limits an owner’s liability for business debts to the cost of his or her stock. A corporation faces generally unfavorable tax treatment, viagra cialis for sale why use viagra however, unless its shareholders opt to operate as an S corporation. S corporations blend the limited liability of C corporations with the tax benefits of flow-through entities, such as partnerships or proprietorships.

Identifying tax issues

Corporations canadianpharmacy-drugstorerx.com can elect to be taxed as either a C or an S corporation. The primary difference is cialis and tadalafil sildenafil 25 mg dosis that C corporation earnings are taxed twice — first when the company earns income (at buy cialis online the corporate rate) and then when shareholders receive dividends or sales proceeds (at the shareholder’s individual rate).

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Spotting reporting nuances

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Private C corporations, for example, tend to maximize salaries viagra online uk paid to shareholder-employees in lieu of paying dividends. Reasonable salaries are deductible for tax purposes, but dividends are not. This strategy distributes cash to owners while it minimizes the amount of double taxation.

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S corporations

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The tradeoff between owners’ compensation and dividends means that a C corporation borrower could appear less profitable than an otherwise identical S corporation borrower, simply by virtue of its tax-planning strategies.

Modifying due diligence

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Get a grip on internal controls

“Internal controls” is commonly-used terminology in today’s skeptical business environment. Everyone wants them, but many are lacking.

Borrowers with weak internal controls expose you to greater risk of fraud and misstatement than those with solid internal controls. So, understanding your borrowers’ control systems is an important part of loan due diligence.

Master the basics

Internal controls are processes set forth by an entity’s board of directors, management, and other personnel. According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), controls should be “designed to provide reasonable assurance [of] the achievement of objectives in the effectiveness and efficiency of operations, reliability of financial reporting, and compliance with laws and regulations.”

COSO lists five components of internal controls:

  1. Control
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    environment. Environmental factors include the integrity, ethical values, management operating style and delegation of authority systems. The “tone at the top” is a fundamental building block for all other control components.

  2. Risk assessment. Companies should be aware of relevant risks and decide on the best ways to manage them.
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  4. Control activities. These are the policies and procedures that ensure management’s directives are carried out. Examples of control activities are authorization of transactions, accounting reconciliations, supervisory reviews of operating performance, physical security of assets, and segregation of duties.
  5. Monitoring. Companies should continually review and improve internal control performance.

Managers and internal auditors viagra where do i get it should assess whether internal controls are adequate and explore ways to improve controls. AICPA auditing standards also require external auditors to evaluate their client’s internal controls as part of their audit risk assessment procedures. Auditors tailor audit programs for potential risks of material misstatement, but they aren’t required to specifically perform procedures to identify control deficiencies — unless the client hires them to perform a separate internal control study.


Obtain management letters

The simplest way for lenders to

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identify internal control problems is to have management letters for every loan file. They provide constructive criticism of a borrower’s control systems from the perspective of an independent third party.

Specifically, Statement on Auditing Standards (SAS) No. 115, Communicating Internal Control Related Matters Identified in an Audit, requires auditors to consider whether controls are sufficient to prevent and detect financial statement misstatements or theft of company assets, as well as whether they enable management to correct misstatements in a timely manner. SAS 115 requires auditors to report otc viagra any material weaknesses and significant deficiencies (see the sidebar “Which deficiencies make it to the management letter?”), including those remedied during canadianpharmacy4bestlife the audit.

Internal controls have been top of mind with auditors since the Sarbanes-Oxley Act passed in 2002. Today, management letters genericcialis-2getrx.com are more in-depth and helpful to financial statement readers.

Auditors

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minor — separating billing and cash receipts in a small family business, for example. But other gaps may put you at excessive risk.

Ideally, a management letter should accompany a borrower’s financial statements in an audit, but SAS 115 allows auditors 60 days from the audit report release date to compile their findings. If the management letter has been omitted from a borrower’s financial statements, ask for a copy as soon as it’s available.

Think like an auditor

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system of internal controls can ensure that your borrowers prevent, detect and correct financial misstatements. Weak controls can result in costly theft or embezzlement,

misstatements and errors.

Sidebar: Which deficiencies make it to the management letter?

Under SAS 115, management letters must identify “material weaknesses” and “significant deficiencies” in internal controls discovered during audit procedures.

The more egregious of the two shortcomings, order cialis “material weakness”, refers to “a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility

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that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis.”

A significant deficiency is “less severe than a material weakness, yet important enough to merit attention by those charged with governance.” Note that a control deficiency is dependent on the potential for misstatement; misstatement need not actually bb online pharmacy have occurred.

SAS 115 permits significant leeway in how auditors classify internal control weaknesses, such as lack of segregation of duties, inadequately

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trained accounting personnel, restated prior period financial statements, and material audit adjustments.

When classifying deficiencies as material or significant, auditors evaluate the probability and magnitude of the potential misstatement. They also consider “compensating controls,” which are substitute procedures that limit the potential of a deficiency to result in an actual misstatement.

Abstract

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8 questions to consider in M&A deals

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1. What are your borrower’s strategic motives? Before devoting substantial resources to due diligence procedures, identify the borrower’s strategic motives

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for acquiring another company. For instance, is it seeking economies of scale, production synergies or personnel from the deal? Acquisition targets that won’t accomplish the borrower’s overall strategic goals are a poor fit.

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3. Are you satisfied with the due

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including obsolete assets, concentration risks and poor internal controls. The borrower’s production manager should flowchart the target’s production process on site to identify core competencies and operating maladies.

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about human resources? Among a company’s most valuable — but transitory — assets are its employees. The compatibility of corporate cultures is key. The due cialis buy online canada diligence team must review the target’s HR policies and determine how salaries and benefits will change after the proposed merger or acquisition. To improve employee retention and guarantee the seller’s ongoing cooperation after the deal closes, otcviagra-norxpharmacy.com employment contracts, noncompete agreements or consulting arrangements also must be reviewed.

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Risk Checklist – Seven Liabilities Worth Uncovering

When commercial lenders have advance knowledge of hidden risks and liabilities, they can advise customers on ways to minimize their potential exposure and possibly preempt loan defaults. Or they may decide to deny a loan altogether. Read More

Appreciate the art, science of valuation

Lenders often have a stake in private company mergers and acquisitions, so it’s important that they know whether the target’s price is reasonable. Procuring a professional appraisal upfront can mean the difference between a long-term lending relationship and default. To help make informed lending decisions, lenders should know the standards of value used by appraisers, along with their valuation methodologies. A sidebar to this article points out the dangers of relying on generic valuation formulas. Read More

Lean companies are healthy borrowers – Characteristics of efficient supply chain management

In a downturned economy, operating inefficiencies can push shaky companies over the edge. On the other hand, healthy supply chain management can help avoid inefficiencies. A strong system displays these chief characteristics: Read More

Signposts of strong internal controls

Internal controls are a system of policies and procedures businesses put in place to protect assets and improve operating efficiency. Internal controls specify how companies direct, monitor and measure their resources. Moreover, they are your borrowers’ first line of defense against fraud. Read More

Risky customers – Watch out for signs of disappearing cash

Forget net income and book net worth. When it comes to monitoring creditworthiness, cash is king. Every business experiences occasional cash shortfalls — that’s why they need lines of credit — but borrowers with chronic cash deficits may be on the brink of default. Read More

Make Your Borrowers’ Concerns Your Own

Chief financial officers are increasingly pessimistic about economic conditions, according to a recent Duke University/CFO Magazine Global Business Outlook Survey. For the first time in the survey’s 13-year history, bears outnumbered bulls nine to one. In fact, many CFOs don’t expect the recession to end until 2010 or later. Read More