There are only five general ways to get more cash from your business: (1) Increase Sales, (2) Spend Less, (3) Reduce Accounts Receivable Days, (4) Increase Accounts Payable Days, or (5) Reduce Inventory Days Which is right for you? Well, it depends on what your financial statements say. Increase sales seems like a no brainer, [...]
One of the conversations I have with a few folks every year is that cash does not equal income. It usually goes something like this: Prospect: “I don’t have to worry about taxes this year.” Me: “What does your Income Statement show for income?” Prospect: “I’ll get to that someday. But I know that I [...]
All too many business owners measure their business results by their bank account. But if you’ve been in business for any length of time, you know that cash rarely equals income. And even if you know how much income your business has, do you know how to read the results of your financial statement? For [...]
The point of having a business is to create something that lasts. And to do that, you need to listen to what your business needs. If you don’t pay attention to that, your business will keep you hopping, never able to truly pull away. In fact, if that’s how you run your business, you aren’t [...]
There are two big reasons why you need to have good bookkeeping. #1 You’ll make more money. #2: You’ll pay less tax. And then there are plenty of other reasons, such as: #3 You’ll have a whole lot less stress, knowing exactly what is going on with your business. #4 You’ll be able to spot [...]
How exposed is your organization to bookkeeping fraud? No company, big or small is immune to this crime. True, none of us want to believe that our bookkeeper could take advantage of his position and of the trust deposited in him/her in such a way, but unfortunately, it happens all the time. Here are 10 [...]
There is no hard and fast forecasting process, but the following steps are generally applicable to most forecasting efforts: Take some time and list out all the basic facts about past trends and forecasts. What have you noticed about changes in past actual demand? Why did it increase? Why did it decrease? Analyze the cause [...]
There are two secrets your Income Statement knows about how you can make more money. You can make more income or you can pay less expenses. And the tips to doing that are on your Income Statement. When it comes to making more money, then are three primary ways to do that: Sell more to [...]
In September 2006, Leslie Janous of Knoxville, Tennessee, threw an elaborate larger-than-life “sweet 15” party for her daughter. Guests were surprised at the level of luxury, wondering perhaps how a bookkeeper could afford such an extravagant celebration, but, as it was disclosed later by an unnamed guest “some people save for years and years for [...]
A virtual bookkeeper is someone who assembles your records, prepares financial statements, handles payroll – everything you expect your regular bookkeeper to do, but they do it a little differently. A virtual bookkeeper does all that a bookkeeper does, who shows up your office, but from his or her, own office. Some of the benefits [...]
