Phil Renard No Comments

It’s Important to “KNOW WHAT YOU DON’T KNOW”

In today’s trying financial environment many small business owners are feeling as if they have to be experts in “every” aspect of their business. Controlling expenses is critical in order to remain competitive. HOWEVER, a business owner also has to “KNOW WHAT YOU DON’T KNOW” and get help in that area.

Trying to “fix” things yourself is the first thing that comes to mind. But what happens when “your customers” try to “fix it themselves” instead a calling you? They often wind up adding to the problem, and then have to pay more to get it fixed than if they would have called in the expert in the first place.

It’s not a bad thing to get help; in fact, it’s often the smart thing to do AND less expensive in the long run!

You will hear me mention multiple times the three key components to a “Successful and Profitable” business: Marketing, Accounting, and Production.

Most business owners started their business by being experts in the “Production” area of their business. They know, and know well, the product, industry or service they provide. The two major components to production are revenues and costs.

But when it comes to Marketing and Accounting, these areas require a specific expertise. One can often find ways to spend money on Marketing, but you have to “measure” its effectiveness.

So now we come to Accounting; this is what is used to “measure” the “profitability” of Production and the “effectiveness” of Marketing. Accounting is the one function that tells us where we are in our business. It you don’t know where you are, how can you define what needs to be done to get you somewhere?

As a business owner your being able to “Know What You Don’t Know” can be critical to your profitability and success. If you do not fully understand Marketing, get some professional help and put together a comprehensive plan. And I don’t mean call your media sales representative. They are there to sell you what product they represent.

Accounting is much more than entering bills and writing checks. If you want to be able to “measure” components of your business, you have to set up your system so that the input will be effective in being able to produce reports giving you the information you need to make decisions in an “accurate” and “timely” fashion. And as mistakes (from an Accounting perspective) are made over time, it takes more time and money for your accountant to correct them so they can properly complete your taxes or other reports.

Ask for help early to save you money later. If you use QuickBooks, get on our e-mail list to participate in our next “free” QuickBooks seminar.

Phil Renard No Comments

Fox Accounting Services Has Moved!

Effective September 1, 2015, I have relocated to St. Petersburg, Florida.  I am thankful to all of my clients in Ohio for allowing me to service their accounting and financial management needs over the years.

Thanks to the technologies available today, I am still able to offer several of my services to my Ohio clientele via secure, remote internet connection as well as consult by phone.  Give me a call at 614-499-5766 if you have any questions!

My new office location is:

970 Lake Carillon Drive
Suite 300
St. Petersburg, FL 33716

My phone number remains the same:  614-499-5766.  Faxes can be sent to 888-456-9156.

I look forward to continuing to service my wonderful Ohio clients as well as forging new relationships with business owners in the St. Petersburg, Tampa, Clearwater, Spring Hill, Dunedin, New Port Richey, and surrounding cities in the Tampa Bay area of Florida.

Many thanks for your business!

Phil Renard

Phil Renard No Comments

Tips for Taxpayers Who Travel for Charity Work

Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity.

1. You must volunteer to work for a qualified organization. Ask the charity about its tax-exempt status. You can also visit and use the Select Check tool to see if the group is qualified.

2. You may be able to deduct unreimbursed travel expenses you pay while serving as a volunteer. You can’t deduct the value of your time or services.

3. The deduction qualifies only if there is no significant element of personal pleasure, recreation or vacation in the travel. However, the deduction will qualify even if you enjoy the trip.

4. You can deduct your travel expenses if your work is real and substantial throughout the trip. You can’t deduct expenses if you only have nominal duties or do not have any duties for significant parts of the trip.

5. Deductible travel expenses may include:

  • Air, rail and bus transportation
  • Car expenses
  • Lodging costs
  • The cost of meals
  • Taxi fares or other transportation costs between the airport or station and your hotel

To learn more see Publication 526, Charitable Contributions. The booklet is available at or by calling 800-TAX-FORM (800-829-3676).