Author: Lori

Bookkeeping – Are you Stuck?

Bookkeeping – Are you Stuck?

Managing your own accounting incorrectly can hurt your business now and in the long-term. Bookkeeping is by far one of the most important aspects of starting and operating a successful company.  While it’s easy to get caught up in glamorous tasks like designing your website or choosing a logo, you will not survive without a solid understanding of the numbers. The streets of entrepreneurship are littered with former business owners who ignored the financials and discovered too late that they were operating at a loss, not a profit. Don’t just think about hiring a bookkeeper. Think about hiring a bookkeeper who will guide you so you can take your Profit First. For those of you stuck just thinking about the hiring aspect, you may want to pay attention to what Eileen P. Gunn from Entrepreneur has to say. “Entrepreneurs who hire accounting help usually discover they weren’t doing nearly as well on their own as they thought they were.”  Among other things, a great bookkeeper and Profit First Professional combo, will know when you should be setting money aside for the slow months. The subheading of Gunn’s article also hits the nail right on the head:  “When QuickBooks takes you Continue Reading »

Cash Flow: it doesn’t have to be hard.

Cash Flow: it doesn’t have to be hard.

We’re on a mission to help you improve your cash flow. To succeed, we really need to get you thinking and dealing with your numbers, proactively. Can you do this? Of course you can! Positive cash flow is the ultimate encouragement for business owners to look at their money and be excited about how well everything is going. The reverse, however, has quite the opposite effect. When cash flow is down or “not good,” we’re in a state of pain. It’s stressful and uncomfortable to even think about looking at the numbers. Conquering your numbers anxiety when cash flow is down will save you a lot of grief in the long run. Why? Because awareness allows for better decision making and brings about the change in your business that will fuel your activities with less or no pain going forward. Would you agree with the following statement? The more familiar I am with something, the easier it is to deal with. …We thought you might, so here are a few ways to both stay familiar with your numbers and experience positive cash flow more often, if not all the time. 1. Separate your profit from your operating funds, and manage Continue Reading »

3 systems to start this spring!

3 systems to start this spring!

Spring is one of the most energetically charged seasons! There’s a lot of movement going on, for entrepreneurs, and outside in nature. Everyone is coming out of hibernation and gearing up for a fresh new look both inside and outside the home. It’s no surprise then, that the business line is ringing more than usual and you are already feeling a bit behind. Now is the perfect time to get a hold of some good work-flow and internal systems to help aid you in the kick-off season! Here are 3 important systems you can use to do just that! QuickBooks Online – With QBO software you’ll never have to guess how much money you actually have in the bank. This powerful tool allows you to create financial reports, keep an eye on expenses and analyze overall profitability. …but only if you keep it orderly. It isn’t enough to have the software. Like everything else, it must be maintained for you to fully realize its value. 2. Profit First – A cash management methodology utilizing bank balance accounting, created and proven by Mike Michalowicz. Using this method allows business owners to put their “Profit First”, while still driving revenue. The great Continue Reading »

Spring Cleaning – Habits & Impulse Buying

Spring Cleaning – Habits & Impulse Buying

Except for the cleaning part, spring is pretty great. More flowers. More wildlife sightings. Fresh air. More cash in the bank and April showers bring May flowers! Life feels pretty good beyond the stagnant winter months, as cash gets flowing again. Boy! Wouldn’t it be great if every day were spring! Knowing the off-season will eventually come back around, I encourage you to take this opportunity to do the spring cleaning that often gets overlooked: Dust off the good money management habits Impulse buying is for the birds Clean out the junk drawer of seasonal debt Just as you would dust a shelf, throw out old rubbish, or organize your supply locker, now’s the time to spring clean your habits and impulses around money. Be deliberate and discerning about expenses and how you may stretch the dollar while more dollars are coming in. Having a “rainy day fund” is not just an old adage. Plan ahead and implement now while things are looking up. Here are a few tips to get you started: Follow a strict budget for each job you’re managing. Run weekly reports “budget vs actual” to stay on track with profit Set a financial goal for the Continue Reading »