Find out what a noted Gateway-area CPA says that every small business owner must be doing; see the fun members had at an “After Hours” session – and learn more about their upcoming annual golf tourney on June 17. It’s all right here …
Business seminars are presented monthly, like this one by Kevin Minkoff, CPA, at “Good Morning East Portland” meetings held by the East Portland Chamber of Commerce.
Story and photos by David F. Ashton
At their May monthly educational seminar, members and guests of the East Portland Chamber of Commerce (EPCC) learned an interesting and unusual approach to accounting and bookkeeping from a Sellwood resident, Kevin R. Minkoff, CPA, on May 4.
“Did you pay more tax than you expected this year?” Minkoff quizzed. “Did you get a refund you didn’t expect? If not – as business owners, why do you not know how much income tax you’re going to be expected to pay at the end of the year?
“Why is it always a shock?”
Too many business people are needlessly surprised at tax time, Kevin Minkoff, CPA says.
If you has an accurate financial statement for your business, and it’s multiplied by the appropriate factor, you should have good approximation of your tax liability, Minkoff told the group.
Before some 30 people in attendance, Minkoff said he was struck with the idea of “raising the consciousness” of businesspeople – and Maslow’s “Hierarchy of Needs”, a theory in psychology proposed by Abraham Maslow in a 1943 paper “A Theory of Human Motivation”, came to mind.
“Many people ‘play’ at being business owners. After every tax season, accountants and tax preparers shake their heads wondering why so many people spend more time planning a dinner party than they do managing their finances,” Minkoff frowned.
Kevin Minkoff, CPA presents his “Hierarchy of Business Needs” before the East Portland Chamber of Commerce.
Thus, he said, he came up with “Minkoff’s Hierarchy of Business Needs” – which compares and contrasts Maslow’s list with his own – going from the lowest to the highest needs. Here’s his list…
Biological/physiological needs. Air, water, food – “In business, this means one develops a basic understanding of cash flow that goes beyond ‘management by checkbook’ into planning.
Security needs. Clothing, shelter, safe environment – “Running a successful business requires that one has an operational financial information system. Bookkeeping is the process of gathering and recording information. Accounting adds two more things: Reporting and Reviewing. Without summarizing information, the mere reporting of information is useless; reviewing and analyzing adds to success in business.”
Social needs. Friendship, companionship – Minkoff has a list of 75 tasks every business manager must perform. “In business, this equates to finding and using the services of a person who is qualified to produce reports you can review, and that you can use to plan.”
Ego and esteem needs. Competence, mastery, and recognition from others – “Operating at peak performance means one is focused on expertise. Most small businesspeople are generalists; they try to do it all, including minding their own financial situation. Isn’t it better to bring into your business someone – an outside consultant, or an internal staffmember – who can allow the owner to focus on their real areas of competency?”
Self Actualization. Become everything one is capable of becoming – When one has mastery of their finances, it opens them to participating in activities that improve their society, physical environment; to help and teach others.”
“Keep track of every penny,” advises CPA Minkoff.
So – where to start?
“Keep track of every penny you spend; even your personal spending,” advised Minkoff. “It’s your personal spending that’s taxable.”
Chamber mixers appeal to many
Priscilla Hulin, of The Courtyard by Marriott Portland Airport, hosts an evening Chamber event.
For those who aren’t early risers, the East Portland Chamber of Commerce holds regular “Chamber After Hours” networking socials. Members and guests are invited to stop by after work, usually from from 5:00 until 7:00 p.m., to meet at these casual, no-host events.
A few weeks ago, some 20 folks came to check out the new lounge area at The Courtyard by Marriott Portland Airport. Check the East Portland News Community Calendar for listings of all of the chamber’s events. http://eastpdxnews.com/community-calendar/
Golf Tourney welcomes all
Roy Stanfield of World Financial Group, and past EPCC President Rich Sorem with Rose City Associates, take a break from their great game at the 2010 East Portland Chamber of Commerce Golf Tournament. East Portland News file photo
Another great event hosted by the Chamber is their annual golf tournament. To see our story on last year’s event: CLICK HERE
“This isn’t only for Chamber members,” said EPCC Past President – and this year’s golf tournament chair – Rich Sorem of Rose City Associates. “We’ve made it a point to invite teams from each of the City’s Neighborhood Business Districts to join in with us.”
The June 17 event, sponsored by Smitty’s dot Golf, Adventist Health, and Rose City Associates, includes 18 holes of golf at Colwood National Golf Course, a golf cart, a BBQ lunch, soft drinks, and a chance to win hundreds of dollars in prizes. It’s still just $85 per player, Sorem said – up till the registration cutoff date of June 10.
For more information, or to register, contact Teeneke Barresi at the Chamber office: (503) 788-8589.
© 2011 David F. Ashton ~ East Portland News