What’s the Score?

First some housekeeping:

It’s now November 2024, so if you haven’t filed your Beneficial Ownership Information (BOI) Report, this is a reminder that it is a requirement by the Corporate Transparency Act (CTA) to detail business ownership.

**Deadline**

Businesses incorporated before 2024: File to FinCen by January 1, 2025.

Businesses Incorporated in 2024: File to FinCen within 90 days of incorporation.

**Filing Options:**

-Use existing cap table providers like Carta, Pulley, AngelList, or Clerky, if you use them in your business, as they’ll have a service to file for you.

-I found a DIY option from FileForms here: https://fileforms.com/pricing

-We’ll do it for you! Starting at $350 for 1x filing, going up to $1K if you need multiple filings & a legal opinion letter (reply to this email if you’d like us to do it for you).

NOTE: Yes, Beneficial Ownership Information (BOI) Reporting has been ruled unconstitutional by an Alabama Federal Court. But the US DOJ appealed the ruling. It hasn’t gotten to appeal yet, but could it get overturned by the Supreme Court? Yes. But for now, the Financial Crimes Enforcement Network (FinCEN) continues to implement and enforce the Corporate Transparency Act (CTA) so I do advise complying with the filing. I did for my firm.

And now…does your business need a Scorecard?

Financial Flight Plan

Volume 6

Why Your Business Needs a Scorecard

When you turn on the TV and look for your favorite college team today, what is the single biggest metric of your emotional engagement in the game? It’s the Score, right? By extension, how can you get more engaged in your business? By checking the score!

A scorecard has to be:

-Data driven.

-Simple enough so that you’ll use it, but not too simple.

-Actually tracked and reviewed.

-Owned, by you or a team member.

As a Fractional CFO for small business clients ($500K-$20M revenue), I help businesses identify and track the most important metrics to their business on a scorecard. We use the scorecard to track the metrics that have direct connections to their processes and have the biggest impact on reaching goals and targets.

There is nothing better than turning red to yellow and then yellow into green. I mean, we like to win, right?

Wishing you a successful business and a good weekend.

Thank you,

David Tunstall, CPA & Certified CFO

The Tunstall Organization, Inc.