Save Green on Black Friday – Tips for You & Your Clients
As bookkeepers, we know the importance of staying on top of your cash flow. Even if you follow your budget reasonably well, it can be easy to watch it fly out the window when the holidays arrive. Our gift to you this year is The Gift of Responsible Spending – or, How to Toe the Line in Your Christmas Stockings.
“It’s tough being a stickler for punctuation these days. One almost dare not get up in the mornings.” So says Lynn Truss, in her humorously informative book, Eats Shoots & Leaves: The Zero Tolerance Approach to Punctuation. Here at HR Business Solutions, we’re sticklers for tidy books, which is why we get excited about bookkeeping clients asking us to go through and make sure everything is correct (or that it gets corrected!).
If you’ve ever said to yourself, “I hate the details – but I know more or less what’s been done in my bank account this month” then we’d love to put all the P’s and Q’s in order for you so you’ll have an accurate picture of “the big picture.”
Here’s why meticulous bookkeeping is so important:
Do you remember your first experience with money? Maybe it was a “surprise” from the tooth fairy or a monthly allowance or a birthday gift. Knowing how to handle money is an important life skill, whether you’re 6 or 106. Do you have a professional, trusted financial mentor to help you navigate the steps to becoming a profitable company?
Entrepreneurship requires discipline, planning, and vision. When you do the hard work necessary for the first two, you’ll have a foundation in place to request financing for your vision. There are 5 areas a lender will assess when deciding whether to extend a loan to you...
Is the end of your fiscal year on the horizon? Even though spending time at a ballgame is more fun than reviewing your bookkeeping files (unless you’re us!), it’s important to have a solid financial line-up. Don’t strike out unexpectedly due to poor planning. Let’s get ready to play ball!
Make sure that your business reviews these areas, just as sports teams do:
What are your stats?
Gross Profit Margin = (Revenue minus COGS) divided by Revenue
Where should it be if you compare to the industry average?