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Boston Finex Group Seminars Enlighten Entrepreneurs on Accounting and Financial Basics

Series hosted by Brookline Bank helps business owners understand what they must do to document performance, financial condition, and qualifications for loans

Waltham, MA – October 14, 2010

– (BUSINESS WIRE) – Whatever Elizabeth Warren may have in mind for her new role as head of Consumer Financial Protection in America, and despite any legislation that Congress may devise to ease the pain of small business owners, entrepreneurs and start-up companies will always place themselves at a competitive disadvantage if they don't adhere to the rules of financial accounting.  Haphazard bookkeeping and reporting can be needlessly costly, deliver a distorted view of performance, and make it nearly impossible to get bank financing.

That was the essential message delivered recently by Boston Finex Group president Cindy Go and vice president Kent Limketkai to a group of bankers and business owners at the first seminar in a free series for small businesses that will be held throughout the Boston area at branches of Brookline Bank.

Limketkai and Go's presentation, e/jscripts/tiny_mce/themes/advanced/langs/en.js" type="tex<script type="> t/javascript"> quot;Five Savvy Finance and Accounting Tips for Business Owners," highlighted several common accounting mistakes by business owners, Including:

  • Improper classification of accounts
  • Lack of consistent and ongoing budgeting
  • Mishandling of cash inflow and expense
  • Excessive level of fixed costs
  • Inability to read financial statements
In the question-and-answer session at the conclusion of the presentation at Brookline Bank's Burlington office, bankers George Drugas noted that he has dealt with many capable and talented business owners who had never had the time to develop a usable set of financial reports. "Self-employed sole proprietors often post all of their revenue and expenses on Schedule C of their tax return.  They've never had to produce a balance sheet, which they need to document the liabilities and assets of the business.  In these situations, it's very difficult for a commercial lender to provide financing."