AddJust Accounting LLC

Even when business is booming, if your operations and financial systems aren't running efficiently, you could find yourself in a cash flow shortage in your business.

For example, if receivables aren't trickling in before your bills are due, you're going to end up with a cash flow problem that can spiral and affect other areas of business -- payroll, credit lines, etc.

But there are some strategic moves you can make to help your cash flow woes:
- Provide incentives to clients who pay things early
- Get invoices sent out right away
- Open the door to electronic payments
- Adjust for inflation and charge more for your products or services
- Go for a lease option instead of purchasing real estate, tools, supplies (paying in smaller increments helps with cash flow)

There are people who HAVE plans, and there are people who MAKE plans.

Which are you?

Joining your local chamber of commerce could be the thing your business needs for growth and establishing connections. What's been your experience at your local chamber?

Benefits of Joining a Local Chamber of Commerce Learn how your local chamber can create business contacts, increase credibility, expand your network, provide resources, and support professional development.

The Department of Labor's changes to the definition of independent contractor and employee could have a serious impact on your business.

Who’s an Employee and Who’s a Contractor: DOL Proposal Explained There are only 41 days left for anyone to try to change the Biden Labor Department’s mind on a proposal outlining the legal test that would make it easier for workers to be classified as employees rather than independent contractors under federal wage and hour law.

Ever take care of a plant?

At some point, you probably noticed brown leaves and dead branches. So, you carefully picked them off or cut them away, and not long after, you saw fresh green sprouts appear.

Easy to see where we’re going with this...

If your business was that plant, which customers would the dead stuff be?

Growing your business is about more than just money... you also need the right people.

How many of these types of people do you employ?

https://www.inc.com/marcel-schwantes/4-innovative-types-of-employees-you-should-hire-to-grow-your-business.html

How New York State, New Jersey, Connecticut Owners Can Have a Productive Business Meeting

How New York State, New Jersey, Connecticut Owners Can Have a Productive Business Meeting A productive business meeting? Is it possible? Yes, if you follow some of these tips.

Anyone who's built a business has walked the delicate line of knowing when and how to add the right people to the team. When you've poured your heart and soul into building something from the ground up, it can be hard to trust others to handle it as you would.

As you think through this, remember:
1. There really is strength in numbers. People have different gifts, and no one person has all the talent needed to cover all the bases. Take an honest look at what are *not* your strengths, and look for someone who can fill those.
2. Screen people to make sure they are team players. You're not looking for a one-man show to add to your production.
3. Growth can be painful, but remember the end result is good. If you find the right people, the growing pains of trusting someone else with your work very well may skyrocket your success.

Every year, millions of new businesses are started across the country.
Yes, MILLIONS.

But the unfortunate reality is that a high percentage of them will be out of business in the next five years because of a bad business plan, poor ex*****on, or other *controllable* factors.

Our job is to help you get a handle on those ... so you stay in business... but also so you keep growing.

The how-to for applying for the new student loan forgiveness...

Student loan forgiveness application officially launches, putting relief in sight for 40 million Americans Tens of millions of Americans can now apply for student loan cancellation.

There’s no avoiding meetings completely in business – but with a little work you can make them a little more necessary and a little less evil.

Start by considering the following questions:
- Could this meeting be done by phone call or fact sheet?
- Is this going to help move work forward?
- How many people should be at this meeting?
- Is this the best day/time to have a meeting?
- Do you have an agenda prepared in advance and are you sticking to it?
- Are the right questions being asked and answered?
- Do people leave feeling like the meeting was worthwhile?

What would your financial situation -- both personal and business -- look like in a year if you applied this principle to all of your financial decisions?

You can’t replace meetings totally, nor should you. Often, you have to get coworkers in the same room (or on the same Zoom screen) to swap ideas. But could something have replaced that meeting? A phone call? A fact sheet?

In other words, is the meeting going to help move work forward – or replace work, only giving everyone a sense that something’s getting done?

We all want to get a good night's sleep, but there's a lot of debate out there about how that actually happens.

This sleep study has our interest piqued.

Want to get a good night’s sleep? First of all, stop trying Seven expert and unexpected tips for people who have already tried everything. By Camilla Stoddart

As a business owner, consider now what your retirement plans are so you can make a plan for your business and for yourself.

Here are some questions to get you started:
- Do I know how much income I will actually need at retirement?
- How much control in the business must I maintain to secure my retirement income?
- Have I looked into financing options for key employees to buy me out?
- Do I want to be running my business, full-time, five years from now?
- Do I have contribution protection for my retirement if I were to become disabled?

Too many business owners view their business as their "retirement cash cow" but have not made serious plans for how it can BE that cash cow.

Many, many Americans are facing this predicament.

If you are, you're not alone.

Dallas Fed says inflation surge badly eroding many American's wage gains Americans' wages are losing ground to inflation at a steep rate, a report on Tuesday from the Federal Reserve Bank of Dallas said, a finding that offers some support for the central bank's super-charged campaign to lower price pressures.

If your business is experiencing financial difficulties, and you’re not able to make your current lease payments, talk to your landlord.

The worst thing you can do is avoid this conversation.

Instead, be upfront about your business's financial realities and see what your landlord can do to work with you.

It's pretty likely your landlord will be open to modifying your current lease. Consider some common options:
- Temporary forgiveness of base rent.
- Deferral of rent.
- Payment plans for missed rent.
- Modification of who pays what on a net lease.
- Shorten or lengthen the lease, depending on landlord needs and preferences.
- Negotiating a percentage of business sales as payment against lease amounts due.

How New York State, New Jersey, Connecticut business owners can beat occupational stress

How New York State, New Jersey, Connecticut business owners can beat occupational stress The independence you get from running your own business can often feel like loneliness. Take these steps to help reduce occupational stress.

Don't make quick financial business decisions without getting outside perspective. This, truly, is why we are here.

One of the brighter sides of getting older is the plethora of discounts that become available when you reach your golden years -- and the list of discounts seems to be getting longer.

A great site to find a good list is the American Association of Retired Persons Member Benefits (AARP). Offers are broken down alphabetically and by topic and run a pretty complete gamut.

Also worth a look: Senior Citizen Discount List and Senior Strong.

AARP® Member Benefits: Browse All Discounts & Programs Explore all the benefits that come with AARP membership. From travel and insurance to fraud protection, AARP has you covered. See a full list here.

Making the right decisions for your business is wholly dependent on having the right information, whether big or small. Sometimes, that information takes time to curate because you have to update things in your “ledger” to make sure you know exactly where things stand.

While some delay in updating records is pretty common for business owners, the reality is, there are times you need to make quick decisions (both operationally and investment-wise).

If you don’t have the most updated bookkeeping that could mean missed opportunities, or even worse, lost money from making decisions based on incorrect information.

Dealing with any particularly difficult clients right now? Ever thought about doing this?

Ways To Tell When It's Time To Fire a Client Although you try to maintain every customer relationship, not every client is worth nurturing. Learn when it's better to fire a client than to put up with them.

Running a startup, or thinking about starting one? Here's a good rule of thumb:

1) Take your projected costs: double them.
2) Take your projected revenue: cut it in half.

No matter how detailed your business plan is, chances are your startup will require more time and money than you anticipate before it gets off the ground.

Ending Customer Relationships for Growth in Your New York State, New Jersey, Connecticut Business https://bit.ly/3Swdm69

Ending Customer Relationships for Growth in Your New York State, New Jersey, Connecticut Business Ending bad or resource-consuming customer relationships is one key to growing your New York State, New Jersey, Connecticut business.

Fridays call for some uplifting news.

Dogs take the waves at Del Mar's Surf Dog Surf-A-Thon Canine surfers from across San Diego County and beyond hit the waves at Del Mar Dog Beach on Sunday during the annual Surf Dog Surf-A-Thon.

A word on success, for small business owners (which applies to most people who don't own their own business as well):

Many business owners hold themselves back through improper or insufficient delegation skills. Simply put: It's likely you spend too much time on activities easily handled by somebody else.

There's one major place small business owners get hung up that will keep you "running a business" instead of *owning* a business -- and that's investing in the support staff you need to take some of the heavy administrative and marketing burdens off your plate.

This concept trickles down to areas of your personal life as well.
Are you feeling pressed to find the time to play soccer with your kids, or spend time on the creative outlet that makes you feel alive? It very well may be worth it to hire out your lawn care, or house cleaning, and free up that precious space in your schedule.

Has not being sure of your business's financial footing kept you from growing your business?

Finding the financial pulse of your business and keeping your finger on it is essential for realizing those business dreams you have. And that can be difficult to do when you are busy running your business.

We're excellent pulse takers and we want to help you realize those business dreams.

A quick P/L analysis starting with these can help you see where you're at and where you're headed:

Projections: Are your income sources sustainable? Revenue - direct costs = gross margin
Examining where it’s gone over the past year can help you determine how your cash flow is likely to do near term.

Expenses: Are your biggest ones justified? Are there ways to reduce expenses overall?

The Federal Reserve's "tough love" message might hurt more than a little.

Federal Reserve raises key interest rate by 0.75% in inflation fight The Fed is trying to slow the economy to rein in galloping inflation, which has been sitting at 40-year highs since the beginning of the year.

AddJust Accounting LLC's Guide to Successfully Managing Remote Employees https://bit.ly/3BII8lg

AddJust Accounting LLC’s Guide to Successfully Managing Remote Employees Shifting sands in the ways of doing business also mean managing remote employees successfully in your New York State, New Jersey, Connecticut business.