LETTER FROM THE SBBA PRESIDENT

Greetings!                                           

As I begin this term as SBBA President, I have spent some time reflecting on SBBA and how much I have grown and benefited both personally and professionally from my involvement with SBBA.  I have met a lot of great friends, been bailed out of some bookkeeping nightmares, learned many things, made business contacts and I realize, I’ve enjoyed myself doing it!  With Pam Allman as our guide, we have continued to stay focused on TRAINING and SUPPORT as our primary purposes.  Pam and Vicki St. Martin are busy planning next year’s calendar and as always, they are coming up with an educational and entertaining plan.  I look forward to this upcoming year and the opportunity to work with the other officers and board members to keep SBBA going strong!

Our membership is ever increasing and changing and I want to get acquainted with those of you that I don’t know and continue to learn and grow together.  SBBA relies on membership involvement to keep the organization alive and the Officers and Board always encourage members to become more involved – do not hesitate to come forward with any suggestions or interest in becoming a committee member or officer.                                    

In closing, I enthusiastically thank this year’s officers, board members and committee members for your help – we are so lucky that this very busy group of people has set aside the time to support SBBA. thanks!

Best regards,

Maureen McClimon Turk
President

 Annual Holiday Party Update
Submitted by Karen Ziegler:

We have secured the University Club for this year's annual Holiday party, thanks to the help of Pat Jones, CPA. Mark your calendar for Tuesday, December 17, 2002, 11:45 pm, and join us for lunch, presents, and lots of fun! We have a big surprise planned, so don't miss it!!!! Reservation forms will be sent in your November Newsletter.  

When it comes to financial information, many small businesses only look at the basic monthly, quarterly or annual statements from their accountant or bookkeeper.  Aside from dealing with the daily financial and cash flow issues, owners can make the mistake of neglecting valuable information—information that can be used to manage their businesses successfully now and optimize its health in the future.

To truly understand the current state of your business and to plan for the future, you need to understand your financial statements. Financial statements assist you to:

Identify pitfalls and negative trends (too much or too little inventory, costly distribution or a back-log of unpaid accounts receivable) in your operations early on so that you can avoid a disaster later

Keep an eye on your cash flow requirements and determine any financing needs early

Monitor your business’s financial health on a regular basis

Observe periodic fluctuations in wealth

Check your actual performance against your financial plan

Your financial statements are just the beginning of your financial analysis. They do provide important information but you are likely to have to dig a little deeper than just the numbers. For example, you may notice a large increase in expenses one month and upon further investigation, you learn that the expenses were for inventory in preparation for your largest buying season.

The important thing is to use your financial statements as detectors.

When used properly they will set off early warnings of impending dangers.

 And yet, many business owners still fail to read their financial statements.  This usually happens when a business owner finds reading financial statements to be nothing more than staring at a dizzy sea of numbers.  To solve this problem, businesses are now turning to the digital dashboard concept for reviewing financial information.

The Principal Digital Dashboard, for example puts the business owner in the driver's seat of their business.  This revolutionary technology enables the business owner to track his or her business performance in an easy to understand format of dials and gauges – just like the dashboard of their car! They can perform simple 'what if' analyses, monitor how they are tracking against targets and cash flow projections, and more. All from the comfort of his or her own office! The Dashboard links to Principal's GamePlan software application and will propel their business onto a completely new level in the consulting arena.

To view a sample of the Digital Dashboard visit:

www.BrendaRichterCPA.com

Effective January 1, 2003, the standard mileage rate for the use of a car for business purposes is 36 cents a mile for all business miles driven, down from 36.5 cents in 2002. The standard mileage rate for medical and moving purposes is 12 cents a mile, down from 13 cents. The charitable rate, which is set by law, remains at 14 cents a mile.

Sincerely,

Brenda Richter, CPA

 Also enclosed in this Newsletter is the completed Practice Survey Results – Summer, 2002 report prepared by Brenda.  Thank you, Brenda for your wonderful contributions to our organization and to all of the members who gave Brenda information.

Institute of Management Accountants (IMA)
Submitted by Gail Gillies

For those of you who are Management Accountants, please consider joining the S.B. Chapter of the Institute of Management Accountants (IMA).

Through this National organization you can study for and take an exam to obtain a CMA (Certified Management Accountant) certificate or CFM (Certified in Financial Management) certificate if you wish. The national web site address for further information is: www.imanet.org.

Please feel free to attend any of our local monthly meetings held on the 2nd Wednesday evening of the month (except during the Summer month’s) with a speaker and dinner at a restaurant giving you an opportunity to network with others in your career field. The cost is usually $25.00 for the dinner.

For more information, please contact local Membership Chairperson, Gail Gillies who is also a SBBA member at:

Home #: 964-4947

Work #: 571-7244, Ext. 111

Home address: 623 Las Perlas Dr., Santa Barbara, CA 93111.

Sincerely,

Gail Gillies
ggillies3@cox.net

Here's another important Safety Tip from your friends at Mark Schneiderman Insurance.  I hope you find it informative and useful.  Please pass it on to those you love!

Whenever you travel, there are risks. They're long shots mostly, but risks nevertheless. I ran across an
article about how to keep thieves at bay while you're on vacation and thought I'd share the tips with you. Once you get to your hotel, you should do the following:

1. Checking In -- When registering at the front desk, don't say your name loud enough for others to hear.

2. Maintain control of your luggage. If you give your bags to a bell person, get a receipt.

3. Going into Your Room -- After entering, check behind the doors and the curtains, in the closets and bathroom, and under the bed. Make sure the telephone works.

4. Outside Accessibility -- Are the windows to your room accessible to intruders? How sturdy is the door
to your room? While sleeping, use a small wooden or rubber wedge to keep the door closed. Prop a glass or ashtray against the door to warn you of someone
trying to enter your room. 

All of us at Mark Schneiderman Insurance want you to have safe and restful vacations.

In keeping with Board policy and the stated purpose of the organization to provide an exchange of information and further the education or our members, the Newsletter Committee will maintain a calendar listing of educational opportunities available to members and the public.  This listing will contain information that you send in.  Please send your contributions to the Editor.