Notes from the President

Ken Hilton - President Red Wing Software

Summer is now in full swing, which means storms can appear quickly that can put you in danger. Also, seasonal construction and heat can affect the power grid that supplies electricity to your office.
I mention this as a reminder of how fast storms can erupt and how things can change your normal schedule. It is important to make sure you’re prepared for unexpected events. Do you have a safe place to retreat to in a hurry when things get dangerous? Does everyone in your organization know how to recognize when to act? Is all your important information backed up and stored off-site? Even if your data is stored in the cloud, you should still occasionally back it up to a local storage device. Do you have a disaster recovery plan in case it is needed? I certainly hope you never have to deal with a serious emergency, but it is always a good idea to have a plan.
A general rule-of-thumb for data is: Anytime you’ve entered enough information that you don’t want to enter it again, make a backup.

Behind the Scenes - June 2022

Connie (Technical Writer) and her family celebrated the marriage of Lindsey (daughter) & Carter (their new son‑in‑law).
Carrie’s (Administrative Assistant) daughter and son-in-law, Jasmyn and Alec, will soon be parents, and son Myles graduated.
Carole (Staff Accountant) surprised her husband John with a birthday party at his favorite place - the race track. His birthday wish came true, and he attained a personal best time (9.88 seconds (143 mph) in the quarter‑mile).

Notes from the President

Ken Hilton - President Red Wing Software

The second quarter of the calendar year just ended, and it’s time to analyze the first half of 2022. There may still be a few accrual adjustments to enter for June; just don’t wait too long to compare your first-half results to your budget.
There are natural times in the year when we should do different types of analyses of our records, and every business will have its milestones. It’s obvious to do year-end tax reporting and whole-year analysis after the first of the year. There is usually enough information, and enough time has passed, to compare actual information to the budget at the end of each quarter. It’s also not a bad idea to do this after each month. Some businesses are of the type to do weekly reporting on some items, and we, at Red Wing Software, do a daily sales analysis. Even though timing can make this level of detailed reporting a little ambiguous, it helps us know where we are throughout the month to help meet our monthly goals.
Whatever schedule you use to analyze your business depends on the nature of your operation, and it’s important to stick to a schedule so if trends are heading in the wrong direction, you’re aware of it early.
I hope everyone had a happy and safe Independence Day, and to our friends up north, a Happy Canada Day.

Notes from the President

Ken Hilton - President Red Wing Software

This month I had several topics for this newsletter floating around in my head, but after this weekend, only one seemed important.
On behalf of myself and the entire staff at Red Wing Software, I have a short and sincere message to all the men and women who have served, do serve, or will serve their country in defense of freedom: Thank You.

 

Notes from the President

Ken Hilton - President Red Wing Software

By now, most of us have completed and filed our 2021 federal and state(s) tax returns. We’ve spent a fair amount of time making sure all the information from our accounting reports has been entered into the correct accounts throughout the year. Of course, if we’ve been doing the proper analysis during the year, we should be very comfortable with the data and mainly looking for anomalies.
In addition to gathering tax return information, we’ve been managing our respective roles in the day-to-day operations of the business. Now that the first quarter of the year is complete, and all the information for completing the quarter should be entered into the accounting system, it would be a great time to review the results. The budgeting process for 2022 was probably a little more stressful than in previous years, given the uncertainty in the business climate, making it even more important to stay on top of the actual results of the first quarter with what we projected.
While we try to project what we believe will happen throughout the year, more than ever, this year’s budget will need to be a living document with necessary changes being made to accurately reflect the unexpected deviations happening within the business.
If revenue and expenses are significantly different than what was expected at this point in the year, make sure the proper adjustments are made to the budget or within the business for the remainder of the year to keep things on track and profitable.