Custom-Designed Small Business Accounting System
In today’s competitive environment, information is power!
You’ll uncover a goldmine of profit-building information as you assess your financial standing, and when used properly, this information can help you better plan for your business’s success.
Call today for a free consultation. There is absolutely no obligation of any kind.
It will be well worth your time!
Do you have a customized accounting or bookkeeping system? Take This Quiz:
Can you answer these 10 questions about your business?
1. Were my total sales up or down last month? And where they designated by category?
2. What was my total gross profit last month? And was it designated by sales category?
3. What is my gross profit per item?
4. What were my expenses by category last month?
5. Who owes me money and how much?
6. Who’s behind in paying me and by how much?
7. How much inventory do I have, in total and by item?
8. To whom do I owe money and how much?
9. What was my profit last month?
10. How much do I OWN, and how much do I OWE?
Were my total sales up or down last month? And were they designated by sales category?
You need to know: If your sales are up, you’ll need extra cash to buy replacement inventory. If your sales are down, you’ll want to pull back on inventory purchases. Sales increases in a category can indicate a new growth opportunity. Sales decreases need to be investigated to determine the reason for the loss.
What was my total gross profit last month? And was it designated by sales category?
You need to know: Gross profit shows the profit remaining from sales after subtracting the cost of the products and/or services you sold. Changes in gross profit indicate whether or not your pricing strategies are working. Cutting prices to increase sales can hurt you if it reduces your gross profit.
What is my gross profit per item?
You need to know: Pricing should be based on profit goals rather than simple conjecture. By raising the prices on some items and selling others near or below cost, you can change your inventory mix and increase gross profits. An increase of just 1% may add thousands of dollars to net profits. You can give sales incentives that will cause employees to sell the most profitable items instead of the easiest ones.
What were my expenses by category last month?
You need to know: Are payroll costs too high? What about other costs, such as insurance and utilities? In order to cut back on expenses, you must first know which costs are excessive. Also, recording your expenses each month ensures that you get the maximum tax deductions.
Who owes me money and how much?
You need to know: You can’t expect to get paid in full unless you tell customers exactly what they owe. An itemized, neatly printed, and up-to-date monthly statement tells customers that you expect to be paid on time and according to your payment terms.
Who’s behind in paying me and by how much?
You need to know: Customers who fall behind need to be contacted immediately and continuously so that it doesn’t become a habit. Also, before you approve a new order from a customer, you’ll want to know if that customer paid you on time for the last
How much inventory do I have: in total and by item?
You need to know: If you’re running low on an item, you can reorder in advance and never run out. Plus, you can avoid rush delivery charges. If you have too much of one item, or too much inventory in general,you can cut back on your inventory investment. Also, you can compare a physical count with the books and identify a shortage before it threatens to put you out of business.
To whom do I owe money and how much?
You need to know: Many vendors offer discounts for paying bills in less than 30 days, which can add up to big savings on an annual basis. Paying your bills on time will also increase your chances of qualifying for business credit. Plus, you can plan for your cash requirements and reduce the need to borrow from your own funds or a bank.
What was my profit last month?
You need to know: A monthly profit figure gives you the financial bottom line and lets you know where you’ve been and where you’re going. Plus, you can save thousands of dollars on year-end tax return fees and plan for taxes in advance
How much do I OWN, and how much do I OWE?
You need to know: Keeping track of your current assets and liabilities allows you to plan for your cash needs and helps you stay in compliance with loan agreements. Plus, you’ll be ready to respond to questions on demand from suppliers or potential customers.
Which of the following best describes Your Accounting System?
I do it myself
Your time is so much more valuable than that! You are the world’s #1 expert in running your business. While you are busy managing the books, your competitors are designing new products and services, preparing new advertising, collecting past-due accounts, and shopping for less expensive suppliers. These tasks are essential to the growth of your business. Are you sure that your accounting system conforms to proper rules and procedures? Even more importantly, do you get all of the valuable information described here from your system?
I have an accountant
Does your accountant or bookkeeper provide you with all of the information described here? Does your accountant take the time to explain what the numbers mean and how you can use them to manage your business more profitably? Do you feel you are getting the best possible value for the fees you are paying?
I don’t have a system
There isn’t a better time than now to get started! Studies have shown that small businesses often fail because they don’t have a good accounting system in place. We will work with you to develop a system for your specific business that is so easy to use that you’ll be amazed. If you can drop a piece of paper into a file folder, you already have the necessary skills to use it! You can obtain all of the valuable information
described here. Plus, you will understand what the numbers mean and how you can use them to manage
your business more profitably and better control your future.
NEW Page with title : 30
Ways We Can Help You Make More Money
30 Ways We Can Help You Make More Money
Here are small business services we offer that will help you Make & Save
1. Send out customer statements on time so you can get paid
2. File all customer invoices so that nothing gets lost
3. Track late payments in order to resolve these problems quickly
4. Ensure that you stop serving customers who aren’t paying their bills
5. Safeguard good customer relations by properly recording all payments
6. Accurately calculate interest, and collect it from overdue accounts
7. Reduce the need to borrow money due to poor cash flow
8. Ensure that you don’t loose sales because items are out-of-stock
9. Avoid rush delivery charges to obtain out-of-stock items
10. Stop wasting money buying more of what isn’t selling
11. Set your sales prices based on profit instead of conjecture
12. Concentrate on selling the most profitable items instead of the easiest ones
13. Identify profitable cross-selling opportunities
14. Avoid selling products at a loss because you don’t take markdowns on time
15. Know which money-making product lines to expand, and which ones to drop because they’re
16. Discover theft before it becomes a problem
17. Never pay a bill twice by mistake
18. Never lose a discount by paying a vendor late
19. Reduce the need to borrow by planning for your payment due dates
20. Maintain your good credit rating and keep your borrowing costs low
21. Obtain better credit terms based on your good payment history
22. Know how much payroll and sales taxes you owe, in order to avoid penalties and interest
23. Never write a bad check
24. Never pay another bad check service charge
25. Make sure all your cash receipts are credited to your account
26. Know when you have excess cash so that you can put it to work
27. Track your expenses in detail so you know which ones can be reduced
28. Never spend beyond your budget
29. Get the maximum tax deductions for the expenses of running your business
30. Learn how much profit you’ve made, and what your business is worth each month in order to:
Know when it’s the right time to grow
Know when it’s the right time to hold backv
Plan accurately for taxes
Save hundreds to thousands of dollars on your year-end tax return
Comply with the reporting requirements of any business loan
Respond immediately to any supplier’s or customer’s request for financial information
31. Figure your profit on a cash or accrual basis so you pay the lowest taxes
32. Track revenues and costs by job or project (contractors, landlords, attorneys, etc.) in order to:
Know on an ongoing basis which products are profitable and which ones aren’t
Get paid on time as you complete the job
Avoid working on projects where progress payments are behind
33. If you manufacture or assemble products (machine shops, bakeries, clothing manufacturers, etc.):
Know what it costs to make each item
Set a selling price to cover your costs and achieve a fair profit
Know what product lines to expand because they’re profitable
Know what product lines to drop because they’re money-losers
Call Now! WE CAN HELP!
In today’s competitive environment, information is power!
With these services, you’ll receive valuable information to improve your cash flow, control your operations, and reduce your taxes. It will be prepared accurately, based on proper accounting rules and procedures. Plus, you will understand what the numbers mean, and how you can use them to manage your business more profitably.
You’ll uncover a goldmine of profit-building information as you determine your financial standing, and when used properly, this information can help you better plan for the success of your business.
Call today for a free consultation. There is absolutely no obligation.
It will be well worth your time!