When you first start working with a new business as a bookkeeper or accountant, one of the most critical tasks is cleaning up their books. Nine times out of ten, the books you inherit will need some level of cleanup before you can start regular bookkeeping or accounting work. Without a solid foundation, monthly bookkeeping…
Managing money effectively is a crucial skill for anyone, whether you’re an employee earning a paycheck or a business owner navigating the complexities of running a company. Every day, we work hard to generate income, but the real question is: how do we manage that money wisely to ensure financial stability and growth? The concept…
The chart of accounts is a critical component in the world of bookkeeping, serving as the framework for a business’s financial statements. It organizes all the accounts that categorize every financial transaction a business makes, whether they are assets, liabilities, equity, revenue, or expenses. Understanding how to set up your chart of accounts properly is…
Understanding the Importance of W-9s As a business owner, managing vendor relationships requires more than just timely payments and services. One crucial aspect that often gets overlooked is the proper documentation of these transactions, specifically through the use of W-9 forms. This form is pivotal for ensuring tax compliance and smooth financial operations, yet it…
As we enter budget season, it’s time to take a hard look at our expenses and find ways to increase profitability without raising prices. Let’s explore a four-step process that can help you identify and eliminate unnecessary costs from your business. Understanding the Importance of a Cost Audit Before we dive into the steps, let’s…
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…
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…
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…
