Most small and mid-sized business owners rarely change accountants—even when they should. There was the owner who was completely surprised to learn he owed $42,000 more in taxes than he expected. Another who received a nasty compliance letter out of the blue. And one who paid too much in taxes because her CPA categorized a …Read more
An accountant walks into a bar . . . No, it’s not the beginning of a corny joke. It describes a visit I once made to a client. Her books were in shambles. She was bouncing checks right and left. She never had as much money in the bank as she thought she should. And …Read more
Have you hesitated about rolling up your sleeves and digging into the financial side of your company? Then read on. This information will add years to the life your business—and make sense of your conversations with accountants and other trusted advisors. Let’s Start at the Very Beginning When accountants say “financial statements,” they mean three …Read more
When people ask what NPS does, I say, “We’re the guys in accounting. All those activities that end in the phrase ‘walk it over to the number crunchers’—that’s us.” We’re an outsourced Accounting Department, from bookkeeper to controller to CFO. Outsourcing is a buzzword that has generated business and media attention for decades. You’ve heard …Read more
Every business has a number. Now I’m the numbers guy, so of course I’d say something like that. I’ve even written before about key performance indicators (KPIs) and how crucial they are to managing any business. I’ve discussed the ways in which numbers help our clients keep score of monthly, quarterly, and yearly results. And …Read more
What Can I Learn Today to Improve Our Financial Performance?
You can hear when an engine is running smoothly—or racing or sputtering. The same is true for the financial drivers of your business.
You just need to know what to listen for. The good news is that your numbers are talking all the time!
Here are the best ideas we can find on how to ask your business for the information you need, to understand what it says, and take action on what you learn.
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What’s on Your Reading List?
- The E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do About It, by Michael E. Gerber
- Profit First: A Simple System to Transform Any Business from a Cash-Eating Monster to a Money-Making Machine, by Mike Michalowicz
- Managing by the Numbers: A Commonsense Guide to Understanding and Using Your Company’s Financials, by Chuck Kremer, Ron Rizzuto and John Case