Somerset CPAs and Advisors to Present Three Financial Management Sessions During RVDA’s Virtual Convention/Expo
(Fairfax, VA) Somerset CPAs and Advisors will present three workshops focused on financial statements, incentive compensation, and Paycheck Protection Program (PPP) loan forgiveness tax implications that will be available during the 2020 RV Dealers Virtual Convention/Expo. Scheduled for November 9 through 20, the event will be hosted online by RVDA, RVDA of Canada, and the Mike Molino RV Learning Center.
“What You Need to Do that Your CPA Hasn’t Told You – Financial Statements for Non-Accounting Execs” will be the topic covered by speaker Steve Blake and will be available on-demand throughout the virtual event.
Maintaining books and records is a key component to running any business. Blake will discuss the reasons to maintain books, how to maintain books, and then how to use the books to make your business even more successful. Properly maintained books could lead to better floorplan interest rates, better terms on debt, lower taxes, more successful pay plans, and a higher return when transitioning out of your dealership. Dealers will learn how to appropriately record what they are already doing to improve cash flow.
Other learning objectives include:
- Reconcile your books
- Accrue non-cash activity
- Close your books and be confident in their accuracy and completeness
A second session, “Utilizing Incentive Compensation as an Alignment and Retention Tool” will be covered by Howard Cox of Somerset. Cox will introduce a financial model to align the interests of all stakeholders (employees, financing partners, shareholders, etc.). To do this, he recommends generating an incentive pool that is motivating for identified high performers, create a target return on investment to shareholders, and protect the sustainability of the overall enterprise by recognizing the requirement for a strong balance sheet.
Cox also utilizes deferred compensation within the overall incentive pool to supplement current cash incentives and create the desired “golden handcuffs” to promote key employee retention.
Other learning objectives for this workshop include:
- Create a motivating incentive pool
- Create a target return on investment
- Recognize the requirement for a strong balance sheet
This workshop will also be available on-demand throughout the virtual convention/expo.
“PPP Loans: Will You Owe Taxes? What You Need to Know” will be presented by Jane Saxon, who leads the Somerset Dealership Team, beginning at 11 a.m. Eastern on Monday, Nov. 16. The session will provide an update on Paycheck Protection Program loan forgiveness guidelines and share recommendations to maximize forgiveness, while minimizing risk of rejection or partial forgiveness by the Small Business Administration (SBA). Additionally, Saxon will discuss the tax implications of forgiveness in 2020 versus 2021 along-side record profits in the RV industry. She will also discuss expected tax law changes and share considerations and strategies to be considered before the end of 2020.
Other learning objectives include:
- Strategies to maximize your PPP loan forgiveness, while minimizing your risk of rejection or change by the SBA.
- Understand tax implications of PPP loan forgiveness, in addition to record profits, and strategies to reduce 2020 tax liabilities.
- Tax law changes – Understand how the outcome of the election will impact your business and you as an owner, and what steps you can take now to minimize the impact.
After its initial live presentation, this workshop will be made available on-demand.
A catalog of on-demand sessions, Vendor Training +Plus workshops, and all virtual exhibit booths will be available to access anytime from the beginning of the show through Jan. 31, 2021.
RV industry companies interested in reaching dealers during the event can contact Julie Newhouse at [email protected] to explore Vendor Training +Plus workshops as well as partnership, sponsorship, and exhibiting opportunities.
Follow the convention on social media using #RVDAConEx. Visit www.rvda.org/convention for more information. Convention registration is priced to make it affordable, with discounts for multiple attendees from the same dealership. To register, click here.