The Tennessee Secretary of State’s office has recently made the public aware of a lawsuit it filed based on a government imposter scheme. These scams pop up every few years and we wanted to make sure our customers and colleagues were up-to-date on the latest activity.
Businesses are receiving mailings from an “official looking entity” that can easily be confused as coming from the Tennessee Secretary of State’s office. These fraudulent entities are charging companies for “filings” that are not required. This particular company has been operating for the last several years in Tennessee.
Here is a link to the full disclosure from the Secretary of State’s office. Please let them know if you have received similar solicitations. If you have any questions, please contact a member of the Crosslin team. We appreciate your business and are happy to help you in any way.
Useful tax information and a little holiday cheer from the Crosslin Tax Team! View November’s Tax Tips here.
Sometimes, it can be difficult getting a loan. You need collateral, accurate, current financials, as well as a good relationship with your lender. After you get the loan, it may be years before you review your lending needs. Your business is fast paced, so maybe you have not reviewed your balance sheet to see what lending options are available.
Customer: Upon starting a new engagement with a customer, we reviewed their financial statements to see what their needs were as well as any potential financial stress points. The customer had needs for more cash in order to add equipment and manufacture inventory. We noticed that the customer had a higher level of collateral on its books than it did in loan proceeds. After conducting an analysis, we determined that we could support an increase in the Line of Credit from about $1 million to $6 million. We contacted the lender to see if they would be comfortable increasing the Line of Credit to this amount. After making sure we had all the proper paperwork and analysis to support our request, the bank increased the Line of Credit accordingly. This resulted in increased working capital so the business could support its growth.
The purpose of Crosslin Accounting and Business Solutions (ABS) is to free you up to spend time doing what you do best. Outsource your accounting and CFO needs to someone that has been doing this for years. We have the experience and expertise to help you make your business more profitable. Let us do what we do best, so you are free to do what you do best.
Please contact us to help you find cash in your business.
Crosslin Technologies was proud to be a part of yesterday’s TSCPA (Tennessee Society of Certified Public Accountants) Cyber Security Summit. Our own Shane Clancy was a guest speaker. Thanks, TSCPA!