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Do you wonder how your business is doing this year, but you are behind in your bookkeeping? Are you overwhelmed with organizing your business finances? Here are 4 reasons why investing in good bookkeeping can provide you more peace and guidance.
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Bill payments can be overwhelming with all their steps and processes. As a CFO, I am always looking for ways to improve processes and save time. If I can do this while improving internal controls, then this is a Win-Win. I've found the best way to do just this with bill payments!
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There are many ways to become a more profitable business. Revenue growth is essential and updating processes to increase productivity is important. My favorite way to add value and increase profit is just simply reviewing expenses.
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Back in 2005, I took a position as a Controller for a small online marketing agency. We had some large Fortune 500 clients and were doing innovative client service work.
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Do you have a financial forecast model in your business that is updated regularly?
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Price increases are usually subtle over time, mainly due to inflation. If you are not annually reviewing and increasing prices, you will likely see margins decrease. Usually, you can increase your prices up to 7% annually before most customers notice or complain. However, this varies by industry.
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Fractional CFO’s have become increasingly important to most small businesses. Almost all businesses have a tax CPA to help them file their tax returns. As companies grow, they typically outsource to a bookkeeping firm or hire an entry-level office manager or accountant. So then why should any business need a fractional CFO? I have found that once a business is over $1-2 million in revenue, it makes sense to hire a fractional CFO, especially if you have these questions.
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I have recently had to move some complicated QuickBooks (QB) Enterprise companies to QB Online for some clients. I like QB Online because of the lower cost and flexibility for remote work and access to different users. There are some Pros and Cons that need to be considered, but lately, the Pros to moving are making it worthwhile. Check out more of the Pros and Cons in my article titled QuickBooks Online vs. Desktop? What’s Better?
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Amid the current COVID recession, we are all hoping the economy does more of “V Curve” rather than a “Nike Swoosh.” The V-Curve would be a quick bounce-back of the economy at previous levels. The “Nike Swoosh” is more of a slow incline that takes longer to recover. We certainly cannot control the economy in total, but we can manage our own business. As I meet with clients, we discuss ways to pivot and grow even amid economic headwinds.