February 2022


Small Business Mistakes You Can Avoid Now

Did you know that more than 40% of small businesses make mistakes on their payroll every year? โŒ AND โ€“ that the average fine for those mistakes is a whopping $850?? ๐Ÿ˜ฐ Thatโ€™s just one example of how bookkeeping mistakes can hurt your bottom line. ๐Ÿ’ฐ And donโ€™t get us started on all the other ways, too, like: ๐Ÿ’ฐ Overdraft fees ๐Ÿ’ฐ Fines for late tax filing and missed deadlines ๐Ÿ’ฐ Unclaimed tax-deductible expenses ๐Ÿ’ฐ And lots more! The good news? All are TOTALLY avoidable with some basic bookkeeping โค

Small Business Mistakes You Can Avoid Now


Expenses: An Essential โ€œIngredientโ€ In Every Business

They say that a good recipe starts with great fresh ingredients, right? ๐Ÿ“Š Well, itโ€™s the same with your business โ€“ if you want to create solid profit-making strategies, you need to start with clean up-to-date data. And one of those essential data โ€œingredientsโ€ is your business expenses. Think about it this way: You wouldnโ€™t make burgers for your family with expired meat and moldy buns, right? Your business deserves better than moldy old data, too! So, hereโ€™s 3 tips to help you manage your expenses in a โ€œfreshโ€ way that leads to more profitable strategies:
Tip #๐Ÿญ โ€“ ๐—•๐—ฒ ๐—–๐—ผ๐—ป๐˜€๐—ถ๐˜€๐˜๐—ฒ๐—ป๐˜. Two of the fastest ways to muddy a financial report is (1) duplicate expense accounts and (2) inconsistent categorization. Think about it โ€“ how can you track your expense patterns over time if you pick (or create!) a different expense category every month for your car insurance payment?

Expenses: An Essential โ€œIngredientโ€ In Every Business


The What If’s of Business Finance

๐—ช๐—ต๐—ฎ๐˜ ๐—ถ๐—ณ ๐—ถ๐˜ ๐—ฑ๐—ถ๐—ฑ๐—ปโ€™๐˜ ๐—ต๐—ฎ๐˜ƒ๐—ฒ ๐˜๐—ผ ๐—ฏ๐—ฒ ๐˜€๐—ผ ๐—ต๐—ฎ๐—ฟ๐—ฑ? โค๏ธ Seriously โ€“ take a second to imagine what it would be like if your business finances werenโ€™t so hard โ€ฆ or even โ€“ dare say! โ€“ easy: ๐Ÿคฉ ๐—ช๐—›๐—”๐—ง ๐—œ๐—™ tax season was a ๐˜€๐—บ๐—ผ๐—ผ๐˜๐—ต ๐—ฎ๐—ป๐—ฑ ๐—ฒ๐—ฎ๐˜€๐˜† process you finished early โ€“ and barely had to think about? ๐Ÿ˜ ๐—ช๐—›๐—”๐—ง ๐—œ๐—™ checking your business bank account (and the new client deposits!) was a ๐—พ๐˜‚๐—ถ๐—ฐ๐—ธ (๐—ฎ๐—ป๐—ฑ ๐—ณ๐˜‚๐—ป!) part of your daily routine? ๐Ÿฅณ ๐—ช๐—›๐—”๐—ง ๐—œ๐—™ you were ๐—ฒ๐˜…๐—ฐ๐—ถ๐˜๐—ฒ๐—ฑ to get your financial reports, and knew exactly how to turn them into ๐—ฝ๐—ฟ๐—ผ๐—ณ๐—ถ๐˜๐—ฎ๐—ฏ๐—น๐—ฒ business strategies? โ€ฆ Probably sounds too good to be true, right? Let us guess: You probably think that during tax season itโ€™s totally normal: ๐Ÿคฏ ๐—ก๐—ผ๐—ฟ๐—บ๐—ฎ๐—น โ€ฆ to be in a constant state of ๐—ฝ๐—ฎ๐—ป๐—ถ๐—ฐ during tax season ๐Ÿคฎ ๐—ก๐—ผ๐—ฟ๐—บ๐—ฎ๐—น โ€ฆ to ๐—ฑ๐—ฟ๐—ฒ๐—ฎ๐—ฑ checking your business bank account ๐Ÿ˜ฐ ๐—ก๐—ผ๐—ฟ๐—บ๐—ฎ๐—น โ€ฆ to ๐—ฎ๐˜ƒ๐—ผ๐—ถ๐—ฑ financial reports (because why bother? Theyโ€™re always ๐—ผ๐˜‚๐˜๐—ฑ๐—ฎ๐˜๐—ฒ๐—ฑ and ๐˜‚๐—ป๐—ฟ๐—ฒ๐—ฎ๐—ฑ๐—ฎ๐—ฏ๐—น๐—ฒ anyways โ€ฆ )

The What If’s of Business Finance


5 Steps To Manage Cash Flow

Ever wish you had a crystal ball when it came to the future of your businessโ€™ finances? Something to answer questions like:
โ€œCan I afford to hire 2 part-time employees during my busy season this spring?โ€, or โ€œWhen will I have enough money to pull the trigger on that expensive new piece of equipment?โ€ Now, we donโ€™t exactly have a crystal ball โ€“ but we do have the next best thing: ๐™ฒ๐šŠ๐šœ๐š‘ ๐™ต๐š•๐š˜๐š  ๐™ต๐š˜๐š›๐šŽ๐šŒ๐šŠ๐šœ๐š๐š’๐š—๐š ๐—ช๐—›๐—”๐—ง ๐—œ๐—ฆ ๐—œ๐—ง? Cash flow forecasting is a way of using your past and current financial history to estimate your future cash flow in your business.

5 Steps To Manage Cash Flow