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budget Archives - The Accounting Department Inc

Stop the Money Leaks in Your Business to Create More Profit

By | Accounting 101, AskConnie, Bookkeeping 101, Cash Flow, CEO Mindset, Profit First | No Comments

This month’s “Ask Connie series” question about Profit First even stopped ME in my tracks. Hint: this is often where a third party, one that isn’t emotionally attached to your business, makes for a helpful profit ally.. The Question: But I can’t even see how to cut my expenses – what’s your advice? Review your expenses In my last blog post we focused on how to increase our owner’s pay. As I mentioned, one of the fastest way to increase funds to pay yourself is going to come directly from the expenses your business is paying. Here are some items…

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Time to Celebrate and Take in the View at 500′

By | Accounting 101, Bookkeeping 101, Business 101, Profit First | No Comments

As we celebrate the end of 2nd quarter and get ready to calculate our Profit Distributions, it also signals time to pause and relook at our plans for the rest of the year. A chance to review our annual goals, our TAPs (intentional money use target allocations), and to give our plan that 500 foot level review. A mid-year review can be empowering and here is how I walk myself and my clients through the process. Profit First Celebration & Review Before we celebrate just a little administrative housekeeping. So let’s make sure everything has been accounted for: Close out…

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Creating an Intentional Payroll Will Save Your Profit

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset | No Comments

Payroll, it can be confusing, especially when the question of the day seems to be around owner’s pay: what is the appropriate amount, and am I paying myself enough? When is payroll not payroll? That is a super good question and one where many business owners get stuck. When accounting professionals talk payroll, they mean setting your business up to process payroll as an employee, with employer taxes and processing fees. Which for some tax entities, is a requirement – yes I’m talking to all you S-Corporations out there. For those of you who are Partnerships, there is no payroll,…

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Unexpected Tax Bill? Survival Tips and Advice for This Year

By | Accounting 101, Bookkeeping 101, Business 101, Taxes | No Comments

This episode of Ask Connie is a question that comes up often when I talk to business owners, especially this time of year – tax season: I was shocked about my tax liability and am struggling on how to pay for that and not have that same situation happen next year. Perhaps I need to relook at my tax entity. Perhaps the tax professional made a mistake. Perhaps I should move. What do I do next? I have even had this question come up for myself in prior years, so I felt it was important to explore the question a…

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Profit First!

It’s Profit Time! Proof That Your Business Supports You

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Profit First | No Comments

As the calendar pages flip, it signals the Profit First quarterly distribution moment – the first one for the year. I wanted to take a moment to explore these and discuss why they happen and more importantly, why I recommend to consistently take them even if your negative mindset gets in the way. It is also a fabulous time to celebrate and recognize that your business is actually supporting you with a pure profit distribution. Definition As Mike Michalowicz indicated in the book, Profit First, a quarterly distribution is the representation that “Your business is serving you.” So every calendar…

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Naked Look at the Budgeting Mistake I’m Embarrassed To Share

By | Accounting 101, Bookkeeping 101, Business 101, CEO Mindset, Outsourcing, Team Building | No Comments

There are some lessons you learn that you can’t wait to share with anyone that will listen. Then there are lessons that open up your possibilities and are slightly, well embarrassing. Embarrassing for yourself mostly because it was right there and you didn’t see it – even if it is part of your education and knowledge background. Sometimes those lessons hurt. This is one of those lessons. Problem Identified: My Plan didn’t support both me AND a larger team. When creating a budget for start-up or a plan for growth, it is important to have a clear understanding of the…

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Establish Realistic Targets to Unlock Your Best New Year

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, CEO Mindset | No Comments

As the year comes to a close, this is a perfect time for reflection and planning. Early on in my business ownership, I found the act of planning a little like throwing darts against the wall. I was aiming at numbers somewhere between what I thought my potential clients could afford and what I thought my competition was charging. I even remember setting my revenue goals based on what others were going after, the magical $10k per month and the elusive six figures. At no time during my early days did I actually look at that revenue goal with the…

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Working the Numbers

By | Business 101, Cash Flow, CEO Mindset | No Comments

Things change in business, $#!% just happens. We lose one client, not a big deal, but lose three, four or even five, then you may need to take action and quickly! I recently heard someone say: Few people know the target they are heading towards. Most put life and finances on autopilot, waiting for “IT”  to show up. Such a smart statement; which I know is a true statement, because I have witnessed it time and again with clients. It was even the catalyst when I changed my brand and expanded my practice back in 2001. Recently, it happened again…

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Business 101: Calculating Business Cash Needs

By | Accounting 101, Bookkeeping 101, Business 101, Cash Flow, CEO Mindset, Outsourcing, Profit First | No Comments

  A conversation with a prospective client this week brought up an old topic: running a business based on bank-balance-accounting (you can read more on that topic here). The business owner was a start-up and their prior accountant did set-up QBO for tracking. The accountant stopped as of 12/31, and didn’t provide any training or support. Since the business owner didn’t have the skill set to update their accounting tool, he was left running his business simply based on what his bank balance was, which was the reason for the call: he needed his accounting brought current so he had…

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Business 101: Setting Targets Essential for Accurate Budgets

By | Accounting 101, Bookkeeping 101, Business 101 | No Comments

One of the most common requests I have received from business owners over the last 20 years is assistance in creating a budget for their business. To me, it seems that a majority of business owners think once they have a budget it will be that one shiny object that will save their business. What I have witnessed is that business owners can feel stifled by the budget they created, even using it as an excuse or a shield to hide behind. When they outsource the creation, there tends to be little-to-no-buy-in so it never assists the business throughout the…

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