In the world of interior design, staying ahead isn’t just about having a keen aesthetic eye. It’s also about leveraging the right tools to streamline operations and amplify your brand’s presence. Working with hundreds of business owners, I’ve helped them with not just their financial management but also their workflows, automations and tech tools that…
It’s a new year and time to focus on 2023 and beyond. It’s time to plan for something new, create new goals and reset your business for what’s to come. Now may be the time to automate your practice more. But maybe you have some fear and anxiety around doing that. Fear that implementing more…
The design-build process is gaining in popularity – that’s great news for you. But you won’t realize your profits if you don’t properly track your costs and revenue. Profitable design-build firms diligently allocate every single expense to every client/project. First, let’s review the key elements of “job costing;” then we’ll walk through a systematic approach…
As an interior designer, you prefer sketching conceptual renderings for your new clients or meeting the contractor to check a project’s progress – over reviewing your financial reports. However, to continue doing business, to grow your business, and to keep doing what you love – you must monitor your company’s financial performance. This performance is…
Creative thinkers like you can’t help it! You love that zone – the ideas are flowing, the images are popping, and the phrase, “let’s try this” is on repeat. Satisfaction feels new… every time you say, “That’s it – let’s go with these!” Because you’re taking such good care of your clients, your business is…
At the beginning of this month, I took a vacation. It was my first real vacation since I started my business almost 10 years ago. It was 5 days and 4 nights of fun, sun, and laughter. How have I not done this in 10 years? Crazy!!!!! You better believe I am already planning the…
Everything has changed. Nothing is the same. How do we survive? How do we push through? How do we continue to grow when cash flow is a factor for everyone? These are the questions that we, as business owners are asking ourselves every day. As we continue to fight to stay afloat during this unprecedented…
The current state of the day uncertainty in our lives and businesses. We have to keep our eye on the prize and figure out ways to stay afloat during this time. The following is a list of resources, by category, for you to get support. This list is will be updated daily during this crisis…
As I sit here and watch the news and scroll through social media, I can’t help but to grow more and more concerned about what is happening in the world today as a result of Coronavirus. Like how did this happen? How did we get here? Almost every year since 2001 there has been some…
When working with subcontractors and outside service providers, it is important that you obtain a Form W9 from them so that you can are in compliance come tax time. Many contractors don’t want to complete one because they don’t want to report the income. But don’t let them convince you that not getting one is…
Project accounting is one of the most important financial tracking methods for construction companies. Often referred to as job costing, it is the process of tracking all of your costs and revenues towards a project or job. This is often the key reason why business owners have low or no profitability. Because not tracking all…
From the outside looking in, running a business seems easy. But don’t let social media fool you; it’s hard. It can be even harder to run a profitable one. There are many things that you need to be aware of and stay on top of to ensure your business is a profitable one. Here is…
Pricing your products and services is one of the hardest things for a business owner to do. It’s not hard physically, but mentally. It is the one thing that can make or break your business. Pricing is not a task; it’s an art. In order to do it properly you have to be very in…
Understanding profitability is a key task associated with managing the finances in your business. You need to understand it at a deeper level than just total revenue minus total expenses. You need to know your profitability on a per project or per customer basis. Just like many other business owners, you are going about your…
I hate paper. Unless it is green with pictures of presidents on it. Don’t judge me – you feel the same way too. But seriously – I hate paper and how it takes control of my desk, my dresser and my kitchen table. We, and by we, I mean you and me, consume so much…
About a month ago, I did a #techtalktuesday tip on how to run financial reports in QBO. Well this week I am going to share a video on how to run financial reports in Xero. As I mentioned before, one of the questions I get most often asked is “can you send me the most…
Today we are going to talk about the last pillar – Financial Strategy which focuses on analytics, pricing and strategies to grow your business. See most people think that you can just put up a shingle and poof business will come. But it’s just not that simple. So if you think that’s the way it’s going to…
One of the great things about working in the cloud is that it makes it super easy to collaborate with others. Being able to work in your file simultaneously is a big time saver. Your accountant no longer has to come to your office for simple easy questions or even training. Once they have you…
This is the third week now that we are talking about the 4 Financial Pillars of Success™. These pillars are what I believe are the foundation for your businesses financial success. We have talked about pillar one which was Financial Record Keeping and pillar two was Financial Management. This week we are talking about…
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…
Starting a business is tough and maintaining it can be even tougher. And one tool that will help you measure your success is a business plan. I know I know – you don’t want to do a business plan. Well here’s the thing – without a well thought out plan you have no way of…
Last month we had the honor of being featured on the website of our favorite app – Hubdoc! They asked us accounting folks some questions around a bookkeeping software and how to chose the best one. Along with a few of other colleagues in the industry we shared our thoughts. Check it out… As see…
I can’t believe it’s almost 2016. I mean it seems like just yesterday we were enjoying summer and the day before that we were ringing in 2015. Time flies and waits for no one. And as a business owner it seems like it flies by even faster. But what we can’t do is let it…
As a small business owner, you must stay on top of your expenses. Keeping track of your receipts is what will help you stay on top of your costs, stay out of trouble with Uncle Sam and help you manage your cash flow. Staying on top of your costs. Keep track of your receipts helps…
Running a business mean you are constantly running around doing everything in your business. That’s what CEO stands for – Chief Everything Officer. In order to manage it all you need to have a workflow within every department; not just your operations. That is where many business owners fail. They create processes around their main…
One of the main challenges service based business owners have is determining their profitability on a client by client basis. Especially when some of their costs needs to be spread over all of their clients. It’s a calculation the average bear won’t know or understand how to calculate. But it is a necessity, if…
If you have never heard me say it before you will hear it now. I LOVE TECHNOLOGY! I absolutely do. So when I discovered that I could use other software apps to help run my business and create efficiency too, I wanted to implement them all. But there are so many. I couldn’t implement them…
Managing cash flow is no easy task. Especially when you are trying to run a growing business. There are so many things to think about, such as managing staff and running the operations. And not to mention the ongoing business development. So how do you keep your cash flow tight and in the black? Well…
Maintaining a profitable business is no easy task. At least that’s what many business owners think. Often it is assumed that profitability is some pie in the sky that is hard to reach unless you have a big business. Well I am here to tell you that that’s false evidence appearing real. Yep FEAR! Fear…
I am sure by now you have heard time and time again that it takes hard work and consistency to grow your business. So what do you do when you finally get that client or contract or project that will catapult your business into a new stratosphere? A project that is so big that…
Growing a business takes a lot of hard work. As much as we all would love to have an idea, put it out into the world and poof we’re a success, it just doesn’t work that way. Success doesn’t come over night, despite how easy other business owners make it look. The main thing…
One of the most often asked questions I get is “what is the difference between cash and accrual.” Most small business owners DO NOT understand the difference – even after I explain it. It is one of the most confusing topics amongst them. So let me see if I can help a little bit.…
Every day more and more business owners are converting to the cloud. Working in the cloud allows your business to be able to access your data anywhere and anytime, have mobile access and you don’t have to worry about maintenance and upkeep for your software. As a provider of cloud based solutions, we have a…
It continues to amaze me how many businesses don’t want to create a budget. They would rather operate their business blindly than to create a profitable plan so they can prosper in the upcoming year. Not having a budget can cost you a lot of time and money. Unnecessary time and money. So I am…
This is a question that gets asked often. And it surprises me how many business owners consider themselves solo-preneurs, even with revenues well over $0.5m and even as high as $1m. So first let’s define each one. A solo-prenuer is someone who work for themselves and pretty much by themselves. They are the Chief Everything…
We are all in business to make money right? But we are not in the business of paying Uncle Sam. We want to keep as much of our money as we possibly can, especially from him. So as a small business owner, what do you do? You learn the difference between cash basis and accrual…
Every year a gazillion tax preparers and tax accountants lock themselves in a room from mid-January until April 15th and push out as many tax returns as they possibly can. Tax returns that show you how much money you owe Uncle Sam or how much he owes you if you’re lucky. Included with your return,…
Every person in the world feels that they do not have to do right by the tax man. So why would you think someone running a business would be any different? Every day business decisions are made that revolve around cash flow and who always gets the short end of the stick? The owner’s salary…
Everyday we wake up and go to the office to earn a paycheck. Whether it’s a paycheck as an employee or a paycheck as the owner of our own company. Our goal is to make income/money so that we can support our families. And maybe even a little entertainment as well. All work and no…
In order for your business to grow you need to be monitoring your metrics. You cannot expect your business to magically take flight if you have no idea what is going on in it. And by going on I don’t mean just in operations because that is just one side of the house. You need…
During the past year some of my clients along with myself have experienced some legal woes that have had major effects on our bottom-line. These lessons range from small to large. The bottom line is as a business owner you have to be sure that you protect yourself. You have to be sure that you put…
Accounting is one of the most important aspects of any growing business. Keeping abreast of all the financial developments in your company is difficult but necessary for a lot of reasons. Organization, of course, is key to the success of any accounting department. Even if your company doesn’t have an established accounting department, it’s important…
Well it’s that time of year again – Tax Time! And the very first filings that have to be done are the quarterly returns for the last quarter of last year. You also need to prepare and distribute W-2s and 1099s. Before you start preparing these forms you need to get a few ducks in…
Small business owners struggle with one thing consistently – cash flow. And cash is the life blood of your business. Without good cash flow management skills your business will suffer because you will miss due dates on bills and you won’t be able to make payroll. And as a result you will be completely stressed…
Starting a business is no easy task. Regardless of what anyone tells you or shows you, don’t believe the hype. Regardless of what you see on social media, don’t believe the hype. See I knew better than to believe the hype but I did anyway. I tried to mimic and do what I saw others…
The past couple of months I have been approached by several business owners looking to get QuickBooks. And some of the questions they always ask are “Why can’t I keep using excel?” or “Do you really think I need to get QuickBooks?” To which I always answer is “Um YES!” Using an accounting software awards…
I recently came across this post. And while I am not sure when it was written, I still deemed it important to post. While the content was created for budgeting for personal finances, every single point is relevant to business finance budgeting as well. Every point was so dead on that I couldn’t have said…
So I have shared quite a bit with you about how to manage your finances and creating budgets. But what you really want to know is how to increase your bank balance – permanently. So here’s the one sure fire way to increase your bank balance. SAVE Yep that’s it. How you ask? The same…
As we head into the 4th quarter, you are super focused on ending the year with a bang, right? It is also the best time to start thinking about your plans for the upcoming year. Take a look at your current year to date actual figures and answer these questions: How have you done so far…
Accounting is the recording of financial business transactions in a systematic way. It encompasses the process of summarizing, analyzing, and reporting these transactions in a comprehensive way. It is one of the most important jobs or tasks of a business. This act of organizing financial data can tell you all sorts of things about your…
Operating a business requires continuous cash inflow and outflow. And I’m not necessarily talking about no small potatoes. Sometimes there are some big ticket items weighing us down and we harbor them and hold them close and then implement other processes that end up hurting us in the long run. These processes are not written…
At least once per day someone shares with me how much they dislike doing accounting; yet they have a million reasons why they keep handling it themselves. STOP DOING IT and OUTSOURCE IT! So here are 4 reasons why outsourcing is right for you and why you should be like Nike and Just Do It! 1. Expert…
Every day we turn on the TV or read an article and hear about the benefits of working in the cloud. How the IT industry is using it to make a bigger mark in the world. How the medical industry is using it to become more innovative. But what about YOUR industry? Yes, there are…
I often receive questions about how to set-up a business. Potential new business owners are excited to set-up their businesses, but they don’t always know the best way to set-up their business. There is tons of information on setting up a new business and you should do your due diligence and research on each type…
Managing your finances yourself can be a very daunting task. If it’s not your wheelhouse it can be overwhelming, confusing and frustrating. And when those feelings set in, often times everything gets murky and transactions aren’t coded properly, if they are recorded at all. So here are 7 do’s and don’ts that you should heed…
Have you ever noticed an airline pilot lugging a black briefcase on their way to the next flight? Those briefcases aren’t filled with personal effects, but are 40-pound flight kits containing charts, maps, manuals and guides. Delta Airlines recently made a move to replace those bulky flight kits for its 11,000 pilots by giving them…
Starting a business takes a lot of work. It also takes a lot of time and a lot of money. So how do you do it? Where do you begin? This is probably the most pressing issue for start-up businesses. Because as a new business owner you don’t want to fail as soon as you…
FOR many small businesses, growth is the barometer for success. But expansion can present challenges and one of the critical issues in any company when it is experiencing a healthy level of growth is cash flow. You can have the most amazing service or product in the world, but if you run out of cash,…
As the owner of a business, it is very important for you to have a system that you follow to track your revenue and expenses. A routine system that through which every transaction flows. I like to call this the Financial Flow System™. This system should be followed consistently and done weekly or monthly to…
In speaking with business owners all over the country, I have found there is a misconception about forecasting for sales and your cash flow forecasting. Forecasting is simply the process of planning ahead. It’s taking your original budget and making adjustments for what I call ‘new news’. No it’s not fortune telling or guessing. It’s…
As the CEO of your business it is your responsibility to know what is going on in your business. And not just from what’s going on in operations. You need to know what your finances say about your business. A big part of being the CEO of your own company is understanding the numbers in…
Every day I read an article, or come across a post about the importance of financial literacy as an individual. But what about as a business owner? Can the same tips apply to business owners? I would like to think so. It just requires different thinking. Some key things to focus on when talking about…
Managing cash flow is THE MOST IMPORTANT aspect of running a business, in my opinion. You need cash to flow into your business so you can pay the costs associated with running your business. It touches almost every part of your business. That’s why cash is king. It rules everything. And managing it can be…
At the end of every year business owners all over America look at their profit and loss and see how their businesses performed. At first they only look at three numbers – gross revenue, gross profit and net profit. After that they dig into the meat and potatoes of how those numbers were calculated. The…
More times than not people think of budgets for personal or business use – and at the high level. And maybe even an event. But we often don’t think about budgeting for other things that may need to be individually managed in our business. Most budgets refer only to the cost or expense but there…
Maintaining a business is the point in your business right before you THRIVE! It’s the point when the way you operate your business starts to take that upward tick. Maintaining a thriving business takes skill, tenacity, passion and drive. You’ve heard the saying when the going gets tough the tough gets going. This is that…
Last week we talked about creating a business and five key steps on how to do just that. This week we are going to talk about building a business. The focus here is about laying the foundation for your business. Making sure that you have four solid legs to stand on, if you will. See,…
Creating a business takes a lot of planning and preparation. You can’t just wake up and say “Today I am going to start a business” and poof there it is. Well you can but 9 times out of 10 it will flop before you can say “What happened?”. Did you know that 80% of businesses…
Getting your financial house in order takes a lot of work. It takes a lot of focus and understanding to get everything organized in a manner that will help you understand how your business performed during the year. It’s not the easiest thing to do but it’s also not the hardest. If you put your…
Smart enterprise owners may use business budgeting software to ensure they are maximizing their available capital, while also having enough money to pay fixed expenses such as monthly bills, payroll and rent. However, there are always ways to create cash within a company, allowing the firm to experience growth faster than originally thought. Here are some cash…
Payroll services are an intrinsic part of any business as they provide clients with fast, efficient service and regular communication. In our experience, we’ve discovered five important ways to optimize payroll services, both to better the service we offer to clients and simplify the payroll process for the members of our team. Flexibility While most…
Building a business is hard work. It’s by far no easy task. It’s a HUGE undertaking. And it takes a certain type of person to become an entrepreneur, own your own business AND succeed at it. So how do you know if your’e cut out for this? How do you know you can handle the…
One of THE MOST pressing issues business owners face is managing cash flow. The more cash that comes in the door, the more costs that have to be paid. And as your business grows it can become overwhelming to try and manage it all. “Which expenses do I pay right away?” ” Which costs can…
I constantly hear people say that they keep going over budget. They are frustrated and discouraged because they put so much into create and implementing a budget, all to find themselves constantly overspending. Usually when this happens, I find that the same reason exists regardless of the person or company. 1. Underestimating costs. This is…
As a business owner you want to be sure that you get paid timely. You also want to ensure that those payments actually get processed. The solution to that is to accept credit card payments. But you don’t want to have to pay those fees, EVEN THOUGH THEY ARE A COST OF DOING BUSINESS. Let…
If you are an entrepreneur who relies on social media and marketing to power your small business, you may need some help when it comes to keeping track of your finances. What can you do to streamline your time and energy so that you might devote more time to your business? Here are 5 financial…
Choosing an accounting software is like buying a car. There are so many makes and models and they all have similar yet different bells and whistles. And let’s not mention the colors and how pretty they are. So how do you choose? Well you are going to have to roll up your sleeves and start…
As a business owner, you want to be able to accommodate your clients in various ways. One of those ways is how you accept payment for your products or services. It would be a terrible thing to lose a sales because you don’t accept a certain payment method. There are basically only three forms of…
When I worked at a public accounting firm, one of things I liked but didn’t like was going to clients. I wanted to work from close to home and not have to deal with traffic every day. While DC, MD & VA are a hop skip and a jump from each other, when you…
Have you ever rushed your payroll just so your employees were paid on time and either made mistakes or missed someone’s payment? If so, you know that it is difficult because the task of payroll can feel like a full-time job depending on how many employees you have. So what do you do? Many people…
One of the hardest things to get a handle on as a business owner is your finances and how you can support your business and your personal life. You have to have a good plan in place in order to be able to still handle all your expenses consistently without any issues. So the first…
Helping other people with their record keeping has taught me one thing – people are making some serious mistakes when it comes to managing their cash flow. And with technology constantly changing, the mistakes are evolving. No matter how large or small the company, the mistakes are always the same. And with cash flow being…
Running a business takes more than just skills and talents. It takes a ton of systems to help keep your business running like a well oiled machine. You need systems for you accounting department, of course; systems for your administrative details; systems for your operations and systems for marketing. One of the most important systems…
Performing a SWOT analysis when you start creating or building your business is an important key to the success of your business. A SWOT analysis is a strategic planning method that is typically used for any major decision making situation. It consists of analyzing and determining what internal and external factors have both positive and…
Many contractors tell us they use a variable markup or margin to price their jobs. There is a widespread belief that using a variable pricing methodology works best. The mindset is that sometimes you have to adjust your price to get the job. It might be a widespread belief, but too often we’ve seen contractors…
I almost didn’t right a blog this week. Why you ask? Well if I can be real – I didn’t feel like it. It’s the first week of school, I had to do my blog, my video & my ezine, I had to prepare for my last a business development class early next week, I…
Have you spent the last four months pouring over spreadsheets and trying to track down missing receipts? Did you vow that you’ll be more prepared for tax time? It’s not too late to start! Handling your business books may be the last thing that you want to do, but procrastination will only make it worse.…
As a business owner, it is key that you understand the financials in your business and what they say about your business. But so many business owners really don’t have a clue. I’m sorry if that sounds mean but it’s true. There is more to running a business than making deposits and paying expenses. You…
Petty cash funds are funds that are kept on hand at your business office and is used to reimburse employees for small expenses. Sometime it is misused as if it were an extra bank account. Keeping track of petty cash is a key control for small business owners. Failure to do so will leave your…
There are two basic forms of accounting that should be used to track your revenues and expenses – cash basis and accrual basis. Cash basis means that you recognize the income when you receive it and you recognize expenses when you actually pay them. Accrual basis means that you recognize income when you have the…
When most people think of job costing they think of construction businesses. But you can us job costing in any business that has multiple streams of income that are significant to that businesses bottom line. Job costing is all about assigning the proper costs to individual project or jobs, to help determine its profitability. In…
A business plan is no easy task. It is the most important document a small business owner should have and the one that most small business owners don’t have. A traditional business plan is minimally 20 pages long and can takes months to prepare. And that’s why most SBOs don’t create one. But what if…
Have you ever had to pay out of pocket for a job or business related expense that you were unable to receive a reimbursement from your employer? To most Americans, unreimbursed employee business expenses are one of the least understood areas of the tax code. Many of us believe it is an automatic deduction and…
When you start your own business, you face many challenges when you first start out. What are you going to sell? Who are you going to sell it to? Where and how are you going to sell it? And what are you going to charge? These are all tough questions to answer when you are…
I recently attended a tele-seminar about being your own voice in your writing, given by The Writing Whisperer, and one of the take aways was a reminder that people want to work with PEOPLE. Meaning, even in your copy you have to let your light shine through. You have to be yourself in order for…
Business process improvement is the developing of a systematic approach to helping an organization optimize its underlying processes to achieve more efficient results. It is the methodology for process redesign and process reengineering. It is a systematic way for businesses to become organized as they grow and develop by looking at their current processes, documenting…
Last week I talked about the importance of using account numbers. One of the main reasons is that it creates structure and allows you to group your transaction based on the five main categories of accounting. There are five main chart of account categories that are the foundation of an accounting numbering system. These five categories…
I was recently working on a clients books and noticed that they didn’t use account numbers. And I asked them why, they didn’t have any reason. They simply replied “Why do I need them?” The Chart of Accounts is the framework to your reporting system in your business. This framework is a complete list of…
Payroll processing may not be the most glamorous aspect of a business, but it’s a complex and extremely necessary element of a successful operation. Because payroll has a specific level of importance within a company – large or small – a certain amount of respect is in order regarding the intricacies involved. Finding ways to…
Software programs are evolving. You no longer have to buy it off the shelf. You can purchase it online. Have access to all your financial information at your fingertips no matter where you are in the world. But which one is better? Desktop or Online? Let’s explore the differences between the two and see who…
So you want to work less but still make more money. That’s the entrepreneurial dream. The saying goes “success doesn’t come without a little work.” And that’s true. But once you reach the success plateau, then what? Create leverage. Leverage occurs when you begin implementing systems in your business that allow you to create an…
Many freelancers begin freelancing full-time before they’re really ready. They jump into freelancer either out of desperation or because they expect freelancing to be something that it’s not. There’s a better way. It’s called part-time freelancing. There are some definite advantages to beginning your freelancing career as a part-timer. We’ll share over 15 of those…
One of my favorite clutter-clearing sayings comes from Gail Blanke, author of Throw Out Fifty Things: You can’t grow if you don’t let go. Sage advice, whether you’re clearing out ill-fitting suits, getting over a breakup, or starting a new career. But we all have trouble prying our fingers from the stuff we love, even when it doesn’t…
You’ve heard it before – CASH IS KING! It’s the driving force in every business. If not managed properly, you will be unable to avoid a liquid financial crisis. Cash flow management, while essential for all businesses, is a fundamental pillar specifically for small businesses. Not managing it properly can be detrimental and lead to…
I recently did some random surveys, where I asked people questions about budgeting. Budgeting is a necessary evil but no one wants to do it and I couldn’t figure out why? Because it’s a very simple process. I even shared some simple steps in my post titled How To Create a Budget in 3 Easy…
Growing a business takes lots of planning and preparation before it will prosper. Often times business owners try to build a business without any planning or preparation. But it just won’t work. Planning is defined as a list, summary or outline of tasks to be completed in order to reach a goal, task or accomplishment.…
WHEW! Tax season is over! *cue angels singing* For 15 years I prepared tax returns and one of the most important things I took away was the importance of tax planning for small business owners. As much as we all hate, yes hate, paying taxes we have to do it. We can’t get around it. …
I recently read this newsletter and thought these were all great tips so I wanted to share! 7 Legal Tips for Starting a Business Starting a successful business takes time, money, patience, determination and a healthy dose of luck. Getting off to a good start means being prepared for any number of challenges. If…
There just are not enough hours in the day! And don’t I know it! Time management is the driving force behind running a business efficiently. It is the process of consciously planning controls for the amount of time spent on specifics tasks or projects. These processes, combined with various tools, techniques and methods can make…
This week’s blog is actually a re-post of a blog I did some time ago. I have come in contact with quite a few new peeps and I wanted to be sure that you (new peeps) understand and take the proper steps to building a business. I made a few changes so I hope those…
You want it all. The freedom to make your own choices…the flexibility to set your own work schedule…and the financial success to show for it all. You no longer want to feel like a caged animal. Well there is only one way to get out of that cage and get all of this. And that…
The filing deadline for “S” and “C” corporations may be just a couple of days away, but it’s as good a time as any to take a look at small business tax issues. Jamie Bsales at Small Business Computing offers a number of tips for small businesses at tax time. Here are 10 of them.…
Planning a major event, vacation or making a major purchase takes a lot of planning. And so does creating a new product or service or starting a major project. And the first thing people do for each of these tasks is create a budget, right? So why is it that when it’s time to start…
To own and operate a business means being involved in every aspect of that business. As the owner you are the COO and the CEO. You must understand how the front office, or operations of the business, run and the back office. You don’t necessarily need to work in the back office but you need…
As an entrepreneur, our brains are constantly churning. Constantly coming up with ideas on how we can help EVERYONE. Now as great a thing as this may be, it is also not such a great thing. Because it is these ideas that lead us to make mistakes that cause our businesses to fail. Mistakes that…
Operating a virtual company means that you must have a toolbox of resources to be able to provide the same services virtually that you would provide face to face. You have to be able to answer your clients questions and inquiries no matter what. The fact that you can’t be there physically can not hinder…
By trade I provide accounting services. However, by design I provide financial management services. Are they the same or different? Let’s define. Accounting services is pretty straight forward. It includes bookkeeping, financial analysis and often time’s taxes are included in this category as well. The services are provided using the application of general accepted accounting…
Over the past couple of weeks we talked about setting SMART goals and about reflecting on all of our accomplishments in 2012. Well now it’s time to start checking off those goals for 2013. So to help, I have created a 3 step system to gaining financial control that is sure to guide you. 1.…
So I was sitting down creating a document that described the different ways my clients could embrace virtual accounting, when it hit me. I should write a blog about. (cue angels singing). When I set out to write these blogs by goal was to write a minimum of one a week. Well things haven’t been…
As the year comes to an end, most businesses began to evaluate where their business has been over the past 12 months and where it is going. These are the reasons why I enjoy this time of the year. It is the time where you get to re-vamp everything – life, career, business; it doesn’t…
I recently did a speech on the 5 simple strategies to keeping more money in your business. In preparing for this speech I determined that 3 of those strategies were the MOST important. 1. Re-aligning your goals. It is important to determine the direction your business is going and gain clarity on why your business…
Sales tax is a simple yet complicated thing when you are a business owner. Am I required to charge it or not? Can I be exempt from paying it or not? The basic rule is this: sales tax should be charged to the end-user of the item purchased. In most states, most items are assessed…
“I tell my clients to avoid QuickBooks Online” is a common post I see on QuickBooks forums, and one that I continually rush to offset. For many accounting professionals, it seems that QuickBooks Online (QBO) is a “worst case scenario” for their clients. I want to share some new QBO features that may help change…
This day and age we are living in a technology society. Everything is online – banking, photos, shopping, music, TV shows and even movies. Yet at the same time, I am amazed at how many people don’t want to do things online. Are they going to stay in the paper age forever? Even with accounting. …
Financial control is defined as the point where someone is in charge of maintaining a central system that is devised, formulated, and approved to be the guidance regarding the accounting methods and procedures of a company. It is the one thing that can make or break the success of a business. It is the skill…
When recording business expenses, it’s important to remember that all costs fall into three categories – direct costs, indirect costs and general & administrative costs. It is important to account for your expenses accurately because it helps you understand where you are spending your money and at what point your business begins generating a profit. …
This week’s blog will be short and sweet. I was having a conversation with a client and she kept saying expenditure and I kept saying expense. When finally she asked, “Well what’s the difference?” Well believe it or not, there is a difference. A subtle one – but a difference none the less. And depending…
It seems like such a simple thing. Check the mail. Open the mail. Check the mail. Open the mail. It really is such a simple process, right? Then why do I constantly go into offices and they hand me a stack of unopened envelopes. As a business owner, you are constantly throwing money out the…
There are so many software programs out there. They range from simple to robust; from inexpensive to extremely expensive. So how do you know which one is the best one for you? You have to do you due diligence and research, research, research. As a small business owner, and even a medium size business owner,…
Profit (n.): the excess earnings over expenditures you make from providing services or selling products Breaking Even (adj.): the point or level of financial activity at which expenditures equal income; no profit or loss Is your business making a profit? Most people truly believe they are. But if they were to sit down and really…
As a small business owner, your desire is to do things the right way. And one of those things is to track your expenses. So what do you do? You go out and buy QuickBooks or some other small business accounting program. And then you make the #1 mistake all businesses make when they purchase…
Should I hire and employee or a contractor? This is a question small business owners ask A LOT. And the answer is ….it depends. I am going to share with you the top five things to consider when hiring an employee or contractor and these differences will help you can decide which option works best…
“Sherrell, Thanks for rocking our brand with us. It is such a delight to have you on our team. I wish I had hired you years ago. Keep up all the great work & keep manifesting those incredible clients.”
Sherrell Martin is a no-nonsense, while also funny and approachable, speaker on the topic of financial management. She uses specific strategies and helps business owners understand the steps involved to running a profitable, or more profitable business.
“Sherrell is efficiently through. If there is something to be reconciled she will find it. It’s her commitment to doing it right the first time that I appreciate the most. She educates me and provides advice that I otherwise would have no clue on. She’s simply the best at accounting!”
“I highly recommend Sherrell & her team. She helped me to turn this ship around and move us to profitability in under a year. A couple of years later, she continues to be the key to our financial success and my own financial peace. I truly wish I started a business out with her financial smarts & savvy 13 years ago.”
