It’s a brand-new year, full of promise and potential. I hope you’re rolling up your sleeves to improve cash flow in 2018. Wait, that wasn’t one of your new year’s resolutions? Your 2018 budget isn’t in place? Don’t despair, it’s not too late. The best way to begin is by calculating your monthly break-even point. …Read more
You know you’re an accountant when—during the turkey dinner, holiday shopping, and assorted festivities—your brain turns to budgeting. That’s on my mind a lot right now, as our firm guides clients through exercises and calculations to give them a detailed forecast of revenue and expenses for next year. Does the thought of creating budgets leave …Read more
“It’s not rocket science.” That’s what I frequently hear from business owners after asking, “Why in the world are you preparing your own payroll?” It turns out there’s a disconnect: between how simple a task may be, and how appropriate it is to do it yourself. Is It Time for “The Talk”? I often advise …Read more
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
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