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Ty Shea, Chief Financial Officer of Circle City Broadcasting, shares the ins and outs of doing good things as a business owner.

Shea emphasizes the importance of asking yourself questions such as, what kind of impact can I have, what am I passionate about and where can my money be best served.

He says it is important to know what kind of impact you want to have. Then you need to make sure your giving’s get to where they need to go. The best way to do this is by making a year plan about what you want to get done. As well as making a budget of estimated funds to be used to fulfill the plans.

Shea thinks business owners should make it known to the community when they give back. He says to be proud of giving back to the community that you are representing.

Some people prefer to lease a car or truck or home, while others want to own one.

You will likely face the same question either way, whether you buy, rent, or lease your location, equipment, and more.

Courtney Kincaid, president and CEO of the Indiana CPA Society has some thoughts.

People are still trying to find out what their needs are as they start new businesses that have popped up post-pandemic and commercial real estate and also the leasing or buying of equipment, leases, and purchases as well as how they are to be treated differently from a tax perspective.

There are many things to take into consideration when people are looking at property. For example, something that’s really good to think about is what are the short-term benefits and what are the long-term benefits because that will depend on different ways that you will make your decision.

When you think about leases, it might be financially beneficial in the short term, but when you think about tax implications or depreciation, purchasing things in the long term, you might have a better long-term outlook.

The tax implications for a property are not just commercial real estate.  A CPA is a really good partner and helps you understand ancillary costs related to that property that might also qualify for a deduction, as well as saying what would qualify.

In this segment, the Chief Financial Officer for Circle City Broadcasting provides insights on the importance of properly analyzing and understanding contracts before committing to them, especially when it comes to vendor contracts.

He emphasizes the importance of reviewing and negotiating contract terms to avoid clauses that may benefit the other party and compromise your business.

The CFO highlights the common auto-renewal clauses in vendor contracts and recommends setting reminders in advance of the contract termination date or immediately notifying the vendor of your decision not to renew the contract.

It is also essential to have your legal team review the contract to ensure compliance with legal and regulatory requirements.

Overall, he stresses the importance of keeping a record of all contractual commitments and their terms and ensuring that what is on paper outweighs verbal agreements.

Managing financial records can be overwhelming for small business owners. The question of whether to hold on to records for too long, long enough, or not long enough can be confusing.

To avoid any complications, it’s best to consult a CPA or professional to understand the record retention requirements for certain organizations or entities.

Courtney Kincaid, President and CEO of the Indiana CPA Society, recommends developing a system for document retention that’s well-documented and understood. This is critical for business continuity and growth.

When it comes to document retention, various considerations arise, such as paper versus electronic in the post-COVID world.

Paperless environments are becoming more common, but sometimes small businesses lack the equipment to digitize documents to meet requirements. It’s essential to work with a CPA to understand what record retention requirements might be for certain organizations or entities.

When it comes to taxes, the IRS suggests keeping all returns and related documents indefinitely, but most CPAs keep documents for a minimum of three years from the date of filing with taxes.

Retention policies for state returns may differ, so it’s important to check with a CPA to know what the retention policy is for your local area.

At the beginning of an engagement with a CPA firm, it’s a good idea to discuss their record retention policy. In case of any confusion or query, consumers can contact the ethics hotline for assistance.

Be sure to consult with a CPA or professional to understand the specific record retention requirements for your business. Watch the full interview above to learn more information.

As a business owner, one of the most difficult challenges you may face is managing accounts receivable. While most customers pay their invoices on time, there will always be a few who stretch out their payments or even ignore them completely. In such cases, it’s important to be prepared and have a strategy in place to help collect the money that’s owed to you.

Communication is key in any business relationship, and it’s no different when it comes to collecting outstanding invoices. Reach out to your customer and try to work out a payment plan that suits both parties. If that doesn’t work, sending a demand letter can be a more aggressive tactic. A demand letter is a legal document that lists the amount owed, the deadline for payment, and the consequences of non-payment. It’s important to make the demand letter looks professional and authoritative, and it’s best to send it via certified mail.

However, even a demand letter may not work, and it may be time to seek outside help. There are collection firms that can assist you in collecting the debt, but it’s important to note that this should be a last resort. Collections should only be used for accounts that you don’t intend to do any future business with, as it can permanently damage the relationship.

It’s also important to keep your financial backers informed if you have a customer who is in arrears. If the delinquent customer is a material one that has a significant impact on your financial standing, you should be upfront with your bank or any other firms that support your business. Being transparent and working to resolve the issue can help maintain these important relationships.

Ultimately, managing accounts receivable is about balancing the need for cash flow with the importance of maintaining good business relationships. It’s a delicate balance, but with the right strategy and communication, you can collect the money that’s owed to you while also preserving important business relationships.

Financial statements are often overlooked by small businesses as mere compliance tools for tax purposes.

These statements, including the income statement, balance sheet, and cash flow report, hold valuable insights that can guide strategic decision-making and help businesses thrive in the long term.

Courtney Kincaid, CEO and President of the Indiana Society of CPAs highlighted the importance of understanding and utilizing financial statements for small business owners.

Financial statements provide a comprehensive view of a company’s financial health, both in the short and long term.

While they are commonly used by lending institutions and investors to assess a business’s sustainability and growth potential, small business owners can also benefit from creating and reviewing financial statements on a regular basis.

Many small business owners may only prepare financial statements annually for tax purposes, but creating them monthly or quarterly allows for more frequent check-ins and informed decision-making.

Small business owners should also consider the differences between cash-basis and accrual-basis accounting when creating financial statements. While cash basis accounting is simpler and more familiar to many, accrual basis accounting provides a more accurate picture of a business’s long-term financial health.

Small business owners should recognize the power of financial statements as strategic tools for guiding their businesses. By creating and reviewing financial statements on a regular basis, businesses can gain insights into their current financial health and make informed decisions for long-term success.

For more in-depth knowledge about accounting and bookkeeping, it’s recommended to consult with accounting experts or visit reputable online resources.

We spoke with the Chief Financial Officer of Circle City Broadcasting, Ty Shea, who explained how someone can become a chief financial officer.

“My role is basically to protect the financial health of the organization. A big part of that is looking at cash flow, looking at forecasting, comparing the money coming in versus the money going out, and looking at market trends that could affect our company both positively and negatively,” he said.

He recommends on-the-job training to receive hands-on experience with someone who is a CFO to learn if this role would pique your interest. Watch the full interview above to learn more!

When we’re discussing small businesses, many people look to their family and friends for support even if it may be financial.

Ty Shea is the Chief Financial Officer at Circle City Broadcasting. Shea discussed the pros and cons of mixing your business and personal accounting with loved ones.

“It all comes down to the individual people involved and the individual situations involved, but both parties should always go in with eyes wide open. Sometimes I’ve noticed that money can be thicker than blood when it comes to business dealings, so I’ve seen relationships and family relationships split and sour,” Shea explained.

“When businesses go south and when you are talking with those folks, there just has to be an understanding that there is a risk involved when you are investing in a company. There’s always that potential.”

Watch the full interview above to learn more.

Ty Shea is the Chief Financial Officer at Circle City Broadcasting.

He joined Scott Sander to discuss the banking situation in America.

“One thing I can add for folks to do that are concerned about their depository accounts to potentially mitigate your risk is doing a little research on your bank. There are resources out there that you can look at that can basically gauge the financial health and stability of your bank,” he said.

To learn more about accounting and bookkeeping, watch the full interview above.

Courtney Kincaid is the president and CEO of the Indiana CPA Society, and this week she discussed the client advisory services provided by a certified public accountant.

She said these services can range from areas like payroll and bookkeeping to more industry-specific consulting like risk advisory.

For more information on the Indiana CPA Society, visit

For more information and business resources, listen to the Business, Equity & Opportunities podcast.