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This past Wednesday, June 21st, marked the first day of summer. Activity in your work or home office may have slowed down for the season, but this slight lull could be the perfect opportunity to review your company's progress for the first half of 2017 as well as refine your plans for the rest of the year.
Your financial management, in particular, should always be checked, measured, analyzed and refined. We will give you a few of the most crucial items to include on your midyear checklist. Keep reading for more information and be sure to let us know what you would add!
1. Check your prepared budget against your current spending: "Budget" may be one of the least liked, yet most important words in the business lexicon. Your business cannot survive without the creation of a budget and also the fulfillment of a budget. Bring up the documents you created at the beginning of 2017 or end of 2016 and cross-examine each category and item with what you actually spent on said items. If you're on your way to healthy year-end profit and positive cash flow, celebrate and keep pushing forward. If not, grab all of your head staff and determine what areas of spending can be cut or reduced. You still have a little over six months to turn things around, but no use in waiting.
2. Check your balance sheet for any missing or uncollected payments: If you are a solopreneur or small business owner, you are constantly being thrown new information about vendors and clients. Without proper systems in place for payables, receivables, bills and invoices, you can miss crucial payments and deadlines. Take time this last week of June to catch up on your balance sheets and income statements. Don't stop until each document is properly filled and all payments are made and received.
3. Make sure your tax documents are correct for all aspects of your business: We're just two months out of the dreaded tax season, but you cannot go wrong by trying to prepare for next year. You want to make sure no stone is left unturned with this side of financial management. Though some of you may hire an outside tax accountant for those first few months of each year, consider bringing one in for this next week just to audit your books and make sure everything is on track. You'll breathe easier knowing you have a rock-solid vision and strategy for the rest of 2017
Other important items for your midyear financial management checklist:
- Job-cost reports
- Estimates versus actuals details
- Profit/loss actuals
- Sales and marketing goals
- Customer satisfaction ratings
For more information on financial management, please email us today at email@example.com!
As a small business owner or solopreneur, you pride yourself on being able to handle a variety of tasks from sales to marketing to human resources. However,
you occasionally find yourself in a situation that goes beyond your usual expertise such as financial management. Rather than try to push through and
make some serious mistakes, consider hiring a bookkeeper who can work with you on a regular basis to make sure everything is in sync. Think of them
as an asset to your team, a backup quarterback if you want to use a sports metaphor.
We'll give you some reasons below for bringing in a bookkeeper:
1. You can run your business and focus on the most crucial tasks - You have multiple customers and issues to deal with throughout the day. If you're being honest with yourself, sitting down to go over financial documents and more in-depth details at the end of every business day is nearly impossible. Even some of the best business owners and executives realize that delegation can be a lifesaver. Not only will hiring a bookkeeper save you time, they will also save you money.
2. Bookkeepers can be hired for specific industries - Are you a real estate or insurance agency? Do you own a restaurant or retail store? Bookkeepers understand most industries on a general level, but each one can focus on something much more specialized. Since they work for multiple clients in an industry, they often understand current trends that should be followed and obscure rules that need to be observed.
3. You can hire them on a contract basis or full-time - Though you need to be aware of your company's budget and resources, some of the best bookkeepers start as a contract worker and then can join the team to make your business even stronger. These contractors bring in crucial knowledge and analysis for cash balances and expenditures every week or month, allowing you to build a relationship and trust that you may not have even expected. Regardless, you will gain a better understanding of your company's financial management and be able to start planning for five years ahead rather than just the end of the month.
For more information on how we can help you with your financial management, email us at firstname.lastname@example.org!
Financial Management is an important Practical Process that should not be treated as an afterthought. You should never be haphazard in your planning and strategies because one major error in accounting or sales can deeply impact your company’s past, present or future.
Here are some important facts you should consider for keeping your company financial healthy.
1) Have a specific bank account for your business only
2) Have a one specific credit card for the business only
3) Have a designated software for financial record keeping, i.e., Quickbooks, Freshbooks, etc.
4) Have a designated financial point person. If this is not your avenue of expertise, hire a reliable trustworthy person to assist in this arena.
5) Have a documented financial process in place
6) Have a system for filing financial paperwork
7) Have a budget – this is a crucial step in the planning
Look out for part two of this series later this month.
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If I had a dime for every time I heard, “I don’t have the receipt,” I think I would at least have a long vacation paid for at this point. Even with the advent of the digital age and we can have receipts sent straight to our inboxes after our purchase, we still struggle with properly documenting our expenses. Here are a few quick tips in conquering what I call “receipt defeat.”
1) Get some help, but don’t forget the expense organization is ultimately up to you - As a small business owner, you probably have an in-house or outsourced accountant who helps you handle the books on a weekly, monthly and yearly basis. Though the temptation to trust this person or team completely is there, make sure you stayed involved with the process in some capacity. Ask for their help in establishing a quality organization routine for all of your financial matters.
2) File folders are still relevant - Even if we don’t like to admit it sometimes, digital receipts have not completely overtaken paper receipts. You probably have a stack lying around your home or company office. You can invest in a variety of filing systems like we discussed last week here.
3) Don’t ignore them until tax season - The receipt indicates the end of the transaction at the store, but it hasn’t quite completed its purpose
for your business. Set calendar reminders in your inbox for you or your finance team to occasionally revisit your purchase history for the year.
You don’t want any surprises when tax season starts.
Without a doubt, digital business practices are here to stay. Though your company may be located in a brick and mortar location, you can invest in the help of virtual assistants to take care of day-to-day tasks that may be too much for your staff. Here are three reasons why outsourcing your bookkeeping can help your business.
You’ll Get Sound Advice – If you are a solopreneur or a business owner with a small staff, you may often find yourself taking on tasks with which you have little or no experience. With bookkeeping impacting both the day-to-day and long-term operations of your company, outsourcing the tasks to an expert can help you rest easy during the times such peace is needed, like tax season. Your outsourced bookkeeping service will ensure all correct forms are filed and all necessary objectives are completed. These experts will also be up-to-date on the latest bookkeeping/accounting tools and technology that can help your business run more efficiently.
You’ll Save Time and Money – Obviously, operating a small business takes up a precious commodity, your time. Accomplishing tasks in your professional environment can bleed into your personal/home life and can leave you scrambling to make it all come together. Outsourcing bookkeeping to an expert gives you room to breathe when it comes to managing your responsibilities. You can also save money on employee costs by not another full-time staff member on the payroll.
You’ll Be Able to Focus on Your Company’s Mission – When you started your business, you had an idea of your its goals and how you wanted to accomplish them. As those first few months and/or years went by, some of these objectives fell by the wayside. Outsourcing your bookkeeping can give you the time and energy to reinvigorate your creativity and innovate new solutions and processes for your business.
If you need any assistance with your bookkeeping, don’t hesitate to reach out to Campbell Business Services with any questions! Contact email@example.com
for more information
We’re several weeks into tax season 2016, and we hope you have been able to keep up with the various deadlines that we discussed in our previous post. We also mentioned talking to an accountant if necessary to help you get everything together.
If you are about to meet with your accountant, be sure to have the following items ready in your books for review:
If you need any assistance in preparing these documents, don’t hesitate to reach out to Campbell Business Services with any questions! Contact firstname.lastname@example.org for more information.