Last week I introduced you to my 4 Financial Pillars of Success™. If you recall these pillars are what I believe are the foundation for your businesses financial success. Last week we talked about pillar one which was Financial Record Keeping. Today we are going to discuss pillar two which is Financial Management . This pillar…
Often times clients and business owners I train on QuickBooks Online ask if there is a way to close the books on a monthly basis in QuickBooks Online. And the answer is yes. The main time to close your books is at the end of the year after the tax return is completed. Once your return…
We all agree that every strong structure needs a solid foundation to prevent it from crumbling to pieces. This foundation is the basis or shall I say is necessary in order for a structure to withstand the earthly elements and be around for awhile. Well it’s the same in business. Your business needs to have…
How many times have you looked at your bottom line and you were shocked and amazed? You thought to yourself “where did the money go?” Well trust me when I tell you, you are not alone. Every year millions of businesses, large and small, have this happen to them. How do you prevent it you…
One of the questions I get most often is “can you send me the most recent financials.” Even though we are using QuickBooks Online and working in a collaborative environment, clients still ask me this question. Even when I am training on QuickBooks and I ask “what is one thing you want to get out…
Tracking employee time is an absolute must. It is the biggest expense in any business and for that reason needs to be monitored closely. Many businesses experience project losses due to poor time management; and that leads to a loss of profits. And let’s face it profit is the name of this game. Now while…
One of the most asked questions I get is “should i set up my business as a Limited Liability Company (LLC) or an S-Corporation (S-Corp for short). And the short answer is – it depends. Depending on who you ask, an attorney or an accountant, you will get different opinions. So let me equip you…
I recently did a workshop on budget and finance. The first part of the day we talked about the importance of a budget and how to make a budget. And we actually built a budget for each person. The second half of the day we focused on finance and understanding your financial statements. When we…
Our firm does not do taxes, even though I did them for 12 years. When I began my practice that was a service I simply did not want to offer. However, we do partner with CPAs and other tax professionals to be certain that the guidance we provide our clients is in line with…
The first month of the year is over and now it’s time to compare how you did last month. But you can’t because you don’t have anything to compare to since you haven’t yet completed your budget for the year. It is important that you prepare a budget, no matter how small or large your business…
