February 2022

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

They say that a good recipe starts with great fresh ingredients, right? 📊 Well, it’s the same with your business – 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 “ingredients” is your business expenses. Think about it this way: You wouldn’t make burgers for your family with expired meat and moldy buns, right? Your business deserves better than moldy old data, too! So, here’s 3 tips to help you manage your expenses in a “fresh” way that leads to more profitable strategies:
Tip #𝟭 – 𝗕𝗲 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁. Two of the fastest ways to muddy a financial report is (1) duplicate expense accounts and (2) inconsistent categorization. Think about it – 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?

𝗪𝗵𝗮𝘁 𝗶𝗳 𝗶𝘁 𝗱𝗶𝗱𝗻’𝘁 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗯𝗲 𝘀𝗼 𝗵𝗮𝗿𝗱? ❤️ Seriously – take a second to imagine what it would be like if your business finances weren’t so hard … or even – dare say! – easy: 🤩 𝗪𝗛𝗔𝗧 𝗜𝗙 tax season was a 𝘀𝗺𝗼𝗼𝘁𝗵 𝗮𝗻𝗱 𝗲𝗮𝘀𝘆 process you finished early – and barely had to think about? 😍 𝗪𝗛𝗔𝗧 𝗜𝗙 checking your business bank account (and the new client deposits!) was a 𝗾𝘂𝗶𝗰𝗸 (𝗮𝗻𝗱 𝗳𝘂𝗻!) part of your daily routine? 🥳 𝗪𝗛𝗔𝗧 𝗜𝗙 you were 𝗲𝘅𝗰𝗶𝘁𝗲𝗱 to get your financial reports, and knew exactly how to turn them into 𝗽𝗿𝗼𝗳𝗶𝘁𝗮𝗯𝗹𝗲 business strategies? … Probably sounds too good to be true, right? Let us guess: You probably think that during tax season it’s totally normal: 🤯 𝗡𝗼𝗿𝗺𝗮𝗹 … to be in a constant state of 𝗽𝗮𝗻𝗶𝗰 during tax season 🤮 𝗡𝗼𝗿𝗺𝗮𝗹 … to 𝗱𝗿𝗲𝗮𝗱 checking your business bank account 😰 𝗡𝗼𝗿𝗺𝗮𝗹 … to 𝗮𝘃𝗼𝗶𝗱 financial reports (because why bother? They’re always 𝗼𝘂𝘁𝗱𝗮𝘁𝗲𝗱 and 𝘂𝗻𝗿𝗲𝗮𝗱𝗮𝗯𝗹𝗲 anyways … )

Ever wish you had a crystal ball when it came to the future of your business’ finances? Something to answer questions like:
“Can I afford to hire 2 part-time employees during my busy season this spring?”, or “When will I have enough money to pull the trigger on that expensive new piece of equipment?” Now, we don’t exactly have a crystal ball – but we do have the next best thing: 𝙲𝚊𝚜𝚑 𝙵𝚕𝚘𝚠 𝙵𝚘𝚛𝚎𝚌𝚊𝚜𝚝𝚒𝚗𝚐 𝗪𝗛𝗔𝗧 𝗜𝗦 𝗜𝗧? Cash flow forecasting is a way of using your past and current financial history to estimate your future cash flow in your business.