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SAS 70 Certified for the 3rd Year

BURT & ASSOCIATES IS TYPE II, SAS 70 CERTIFIED FOR THE THIRD YEAR

Burt & Associates has recieved full Type II, SAS 70 certification with zero exceptions for the third year. This fulfills Section 404 of Sarbanes-Oxley, the corporate governance accounting mandate. Burt & Associates volunteers for this audit each year.

This certification helps us further serve you, our customer, by helping you fulfill your financial reporting requirements. As a recognized and preferred service provider, we assure our clients will not have to perform additional or separate costly audits or assessments.

SAS 70 is designated by the Securities and Exchange Commission (SEC) as an acceptable method for management to obtain assertions about service organization internal controls without conducting separate assessments. As a result, SAS 70 is a preferred method of providing assurance for service organization clients subject to Section 404 and can still be used for other audit-related purposes as well.

It is you, our client, that ultimately benefits from our diligence and attention to your reporting and compliance requirements.

With warmest regards,

Jerry Curtis
President & CEO

Educational Tidbits For Today’s Credit Executive
Growing Problems With Loans for Small Businesses

The nation’s banks, many having been exposed to subprime losses, are facing a new headache with their small-business customers. Seeking to boost profits in better economic times, many lenders handed out small-business loans on easy terms, but now the banks are tightening credit terms for small businesses and are seeing increased losses and a dramatic rise in missed payments. For example, one bank, Sun Bancorp in New Jersey, had been offering express applications for small-business owners to get up to $100,000 in credit lines, often unsecured, within twenty-four hours. In an apparent mid-course correction, banks are issuing stiffer small-business lending standards. The results are that entrepreneurs and owners of small businesses may find it tougher to arrange credit lines in the foreseeable future.

Questions & Answers

Question: Explain some of the ways you might be able to tell if a troubled company is unfixable.

Answer: In some instances, you may be able to tell if a company might be irreparable. If a troubled company no longer has an addressable market that is ready to embrace its products or services, that company may be too far gone to turnaround. Moreover, if the company has no clear understanding regarding why it needs to clearly communicate its product’s return to the marketing place or if it can not quantify its product’s value, the hope of any “quick fix” for that troubled firm may be beyond consideration. And just as important an indicator is if the leadership of a troubled firm does not have the ability to become systematic and entrepreneurial-minded. Trying to fix such a company may be throwing good money after bad.