Financial Performance Review
What are some financial realities we are facing in our third week of casino closures and what does long-term recovery look like? What processes can be changed now to prepare for reopening? For our second episode of Raving On Air, we asked Kevin Huddleston, CPA, CGMA, CFF, Partner, Finley & Cook, about reopening predictions, inventory management and the…
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We pulled together a list of links for information on the CARES Act and Paycheck Protection Program (PPP), as well as additional loans available for small businesses. Thank you to the financial advisor teams for providing this information. OVERVIEW OF NEW LOANS AVAILABLE TO SMALL BUSINESSES: https://www.sbc.senate.gov/public/index.cfm/guide-to-the-cares-act See guide at the bottom of the page.…
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A deeper look at your balance sheet In Part I of “Understanding Casino Financial Statements,” we discussed that two things are needed to understand financial reports, perspective and expectations. You have to have something to measure the numbers against to really evaluate what they are telling you. Then we started building some perspective by looking…
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This article was originally published by The Journal of Accountancy by Alistair M. Nevius on January 7, 2019. When the IRS will start paying refunds The IRS announced on Monday evening that it is prepared to start processing 2018 tax returns on Jan. 28 and that it will pay tax refunds despite the partial shutdown of…
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Perspectives and expectations of financial reports Understanding financial statements is not just a role reserved for bean counters, CFOs and your casino’s GM. It’s important that anyone who wants a seat at the table, whether today or as their career grows, is confident in understanding these reports. In two previous articles, we’ve looked at the…
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We can’t lie (well, we could, but we’re not in this case). The articles below are our most read articles from our weekly industry report during the last 12 months. Our independent judges (uh … that would be Gency), ran the numbers. Who knew that so many people were interested in tax day? Over a…
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Everyone’s favorite season has just kicked-off! Wait, football season is over!? That’s right; it’s tax season (collective groan). Even us accountants have a bit of dread for tax season. No doubt players club team members, hosts and slot attendants have a similar dread. Every year there are guests that are unhappy about the tax-related information…
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To make critical decision for your casino operation This may sound weird to many of you, but I LOVE to read and analyze financial statements. I always have. As I understand it though, I am in a very small minority. Many gaming commissioners, board members, tribal council members, and even casino management don’t fully understand…
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Five ways to bridge the gap between CFOs and marketing departments The gap between CFOs and marketing departments is often much wider than it needs to be. The CFO is trying to make sure the operation is making money, and the marketing department just wants to spend it, right? Here are five suggestions to begin…
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Can your financial statements be reasonably relied upon? I think it might be good to apologize now. This subject isn’t exciting, but like exercise, you have to push through the pain to get the benefit. So grab a glass of water, and let’s plow into this dry subject. Casinos are required to have annual audits.…
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