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Gary Bode, CPA is a Master's Degreed, nation wide accountant offering tax and business services. Member of AICPA and NCACPA. Our virtual office provides excellent service to long distance and international clients. Call (910) 399-2705 for a free phone consult.

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I had a 1099-C for about $135,000. My husband didn't have any withholding on Social Security. His employer couldn't withhold due to incompetence. I felt utter dread wash over me. Memories of owing the IRS before were constantly on my mind. I called a local CPA. Besides being clueless, he wanted to charge me for every question I had about insolvency. I looked on line and found little hope of the countless stories of permanently disabled people like myself getting their student loans forgiven only to be asked to pay taxes on it as if it were income.
Somewhere, somehow, I find an article by Gary Bode. I bookmarked it for when it's time to do the actual taxes. With his excellent help in how to do all of this out of a virtual office I get my part of the work done. My questions got answered, for free. I give a retainer, do what I said I did and wait. I hear from Gary. I go into shock! How can this be? Not only do I not owe on the 135,000....Gary itemizes and after paying what was almost nothing in taxes we get $950.00 back! No more hubby doing the taxes online! I will use Gary Bode as long as he will agree to work with me!
It was so easy, no worries, but professional and top notch. I know I have thanked you Gary but I am so grateful. Thank you ever so much again!

Carla Bray

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A Wilmington NC CPA Accountant Discusses how to Reduce Bank Fees

CPA Wilmington NC discusses reducing bank fees

Gary Bode, CPA: your company shouldn't feel like a supplicant at its bank

According to the Blue Book of Bank Prices (Fall 2009), banks raised cash management fees, on an industrial average, 3.6% in 2009.  Expect the same in 2010.  So lockbox services, ACH debit card transactions, and checking overdraft fees are higher. 

“Bank managers have the power to forego or reduce these fees!  So negotiate.”
Gary Bode CPA
Wilmington NC Tax Accountant

What These Fees Mean to Your Company: Does $1000 less expense = $1000?

Are these fees material to the company?  Let’s look at a numerical example from the perspective of the CPA for Wilmington NC Widgets, our demo company. Banks have a variety of fees and don’t always make an effort to state them.  So the first step is determining what fees are being incurred for what services.  So the CPA for Wilmington NC Widgets runs a QuickBooks bookkeeping report.  The CPA was smart enough to have a QuickBooks category that captures all their bank fees in one place. 

We discuss how to reduce these bank fees below, but let’s assume the CPA is able to save WNW $1000 on them.  That’s $1,000 less expense, or, $1,000 more gross profit.  WNW’s owner compensation ultimately derives from gross profit.  To generate that same $1000, at a 60% gross profit margin, Wilmington NC Widgets would have to produce additional services/products and collect an additional $1,667 (1,667 x 0.6=1,000).  So cutting costs is more effective, relevant to funds available for owner compensation, than generating more gross production and revenue.

How to Reduce Bank Fees

First, your business should only pay for bank services it needs.  Pretty obvious, but as CPAs we see instances where streamlining the banking relationship is worthwhile.  Next, if your company bounces checks, have your local Wilmington NC CPA help you with cash flow.

“Your company shouldn’t feel like a supplicant at its bank.”
Gary Bode, CPA | Wilmington NC Tax Accountant and QuickBooks Consultant

Start thinking of your bank as just another vendor.  The banks have to make enough to stay in business.  But your company is important to at least the local bank branch manager, so get to know him/her.  The bank tracks his/her performance, in part, on his “numbers”.  They can negotiate many types of bank fees.  At a certain level of financial volume, your company becomes important to the main bank branch in Wilmington.  Sometimes a company needs to take that step up and engage the local VP.  And you generally don’t have to play hardball either to get results.  A good bank relationship is important to any company.  But there are lots of banks in Wilmington.

If you need a free initial consult with a Wilmington NC CPA firm on any accounting, business or tax preparation issue, please call us at (910) 399-2705.

1 comment to A Wilmington NC CPA Accountant Discusses how to Reduce Bank Fees

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