BAS4Dental
Helping dental practice owners increase profits and cash flow through accounting and advisory services. READY TO LEARN MORE?
YOUR STRUGGLE: Managing the accounting side of your dental practice can be a challenge. You know you need to get the right processes in place to increase your profits and cash flow, but you just don't have the time. HOW WE HELP: We specialize in helping dental practice owners increase profits and cash flow through Accounting and Advisory services. We handle the accounting side of your business, al
Quick question for my friends who wear glasses (or contact lenses) -
๐๐ผ๐ ๐ผ๐น๐ฑ ๐๐ฒ๐ฟ๐ฒ ๐๐ผ๐ ๐๐ต๐ฒ๐ป ๐๐ผ๐ ๐๐๐ฎ๐ฟ๐๐ฒ๐ฑ ๐๐ฒ๐ฎ๐ฟ๐ถ๐ป๐ด ๐ด๐น๐ฎ๐๐๐ฒ๐? ๐ค
Myself, I started wearing glasses when I was 40
And how many pairs of glasses (and updated prescriptions) have you had since then?
Probably quite a few, right?
And Iโll bet if today you tried to put on your first pair of glasses, theyโd be -
๐ถ๏ธ Blurry
๐ถ๏ธ Uncomfortable
๐ถ๏ธ And unfashionable ๐
Makes sense, right? Our bodies are always growing and changing (just like our teeth, hence regular cleanings) โ so our glasses need to be regularly updated to give us the clearest vision possible, right?
Well - the bookkeeping in your business works the same way ๐ฐ
And when your finances arenโt updated, everything in your business starts to get blurry, just like an out-of-date pair of glasses:
โ You run right into avoidable obstacles, like walls or potholes โฆ or unnecessary late fees and interest charges
โ And your monthly expenses arenโt in focus โ so you end up staying subscribed to recurring expenses you forgot about
However, when your finances are up to date and โin focusโ, everything becomes clear:
๐ Itโs easy to see which of your revenue streams are the most profitable
๐ And you can see slow seasons coming long before they arrive โ and save up beforehand
Just think of your bookkeeping as the โfinancial glassesโ for your business ๐ค
The more up-to-date your business finances and bookkeeping are
The more clearly youโll be able to see your business โ and operate it smoothly and profitably ๐ฐ
However โฆ maybe your business finances are months (or years) โout of focusโ right now
And you know you need some serious help โupdating your prescriptionโ so you can start seeing your business (and some profits) again
If that sounds like you โ then just reach out โค๏ธ
I help my clients get caught up - and maintain 20/20 vision of their finances โ every single day.
And Iโd love to help you do the same!
Send me a message on here or Schedule a call Today: https://buff.ly/33Ldg60
๐ณ You wouldnโt hire an environmental lawyer to handle your divorce, right? ๐
Why not?
After all โ that environmental lawyer is still a lawyer, right? Isnโt that enough? ๐คท๐ปโโ๏ธ
But just because someone is โa lawyerโ doesnโt mean that theyโre the RIGHT lawyer for what you need.
Itโs the same in your business โ not every bookkeeper is the *right* bookkeeper for your business
Because every business has different needs:
๐ข A business that sells hundreds of items on Amazon needs a bookkeeper who knows how to use A2X
๐ข And a law firm needs a bookkeeper that knows how to handle IOLTA accounts
See what I mean?
And itโs the same with me โค๏ธ
Iโm not *just* a bookkeeper โ Iโm an expert when it comes to helping dental practice owners
๐ค I started working in a dental office when I was 18 (letโs just say that was a couple decades ago ๐) wanting to become a hygienist. I quickly realized I had a passion for the business side and went to college to graduate top of my class with a BA in Accounting. I have now worked with over 100 dentists helping them build a profitable practice.
๐ค 90% of my clients are dentists and I love serving them, such a great bunch of people! As an expert in the dental industry, I know what needs to be assessed for financial performance and the practice's financial position with ratio analysis. I have mastered financial statements for dentists.
๐ค Recently, I helped a dental practice owner that the previous bookkeeper did not have dental expertise. They did not have industry benchmarking to know where they stand with other dental practice owners. I advised that compared to other dentists, it appeared that they were overpaying salaries by about 50k a year. I produced easy-to-read P&L and know exactly where they are with each category. Example: Income, knowing where the most revenue stream is coming from helps to focus on what is profitable. Also, having profit and loss of hygienists and/or associate doctors. I have become an expert at KPI reports for dental practice owners setting targets for 90 days, 180 days, & 1 year.
Moral of the story?
Donโt hire an environmental lawyer ๐ณ to handle your divorce
Or the wrong bookkeeper for your business ๐
So if I sound like the *right* bookkeeper that can help you with your businessโ unique needs โ then just reach out โค๏ธ
I LOVE using my expertise to help solve my clientsโ problems in the best possible way
And Iโd love to be your perfect โdivorce attorneyโ, too ๐dentist
If this is something you need for your business feel free to reach out to me on here or schedule a call with me on my calendar for me to show you what my services will look like for you. https://buff.ly/33Ldg60
Thinking about applying for a small business loan from a bank โ but donโt know where to start?
Then this post is for you ๐
Here are three ways to start preparing for applying for a loan:
(๐ญ) ๐๐ป๐ผ๐ ๐๐ต๐ผ ๐๐ผ๐ ๐ฎ๐ฟ๐ฒ
First, letโs figure out if a bank will even consider giving you a loan:
โ How long have you been in business? (Most banks only give loans after 2 years in business)
โ Whatโs your credit score? (Business AND personal)
โ Whatโs your annual revenue (and profit)?
โ โDo you have any collateral?โ (Like real estate or investments; not always necessary, but helpful)
(Don't think you'll qualify? No worries - there are other financing options, too, like microloans and lines of credit)
(๐ฎ) ๐๐ป๐ผ๐ ๐๐ต๐ฎ๐ ๐๐ผ๐ ๐๐ฎ๐ป๐
๐ฐ How much money do you need to borrow?
๐ฐ What do you want to do with this money? (Providing a business plan always looks good to banks!)
(๐ฏ) ๐๐ฎ๐๐ต๐ฒ๐ฟ ๐๐ฝ ๐๐ต๐ฒ ๐ป๐ฒ๐ฐ๐ฒ๐๐๐ฎ๐ฟ๐ ๐ถ๐ป๐ณ๐ผ ๐ฎ๐ป๐ฑ ๐ฑ๐ผ๐ฐ๐๐บ๐ฒ๐ป๐๐
Every bank has their own (slightly) different list of required documents and information โ however, you can get a head start by collecting the following
โ
Business documents (tax ID number, licenses, etc.)
โ
Credit scores (personal and business)
โ
Tax returns (personal and business)
โ
Bank statements
โ
Financial statements (made from up-to-date bookkeeping)
Once you do those three things, you should have a healthy head start on your loan application process, no matter which bank you approach!
And if you want do more reading on how to get prepared, I added a helpful blog in the comments below ๐
And, of course, if you need some help getting your finances together (and updating your bookkeeping!) before approaching a bank, then just reach out โค๏ธ
I help my clients get prepared for loans and financing all the time. And Iโd love to help you, too!
Feel free to reach out to me on here or schedule a call with me here: https://buff.ly/33Ldg60
Nothingโs more irritating than that never-ending stream of Facebook ads for crash diet plans and products, right? ๐คฎ
Especially right after New Yearโs โฆ or right before summer vacation:
๐ โ๐๐ฐ๐ด๐ฆ 20 ๐ฑ๐ฐ๐ถ๐ฏ๐ฅ๐ด ๐ช๐ฏ 2 ๐ธ๐ฆ๐ฆ๐ฌ๐ด!โ
๐ โ๐๐ช๐ณ๐ข๐ค๐ญ๐ฆ ๐ฅ๐ณ๐ถ๐จ ๐ฎ๐ฆ๐ญ๐ต๐ด ๐ง๐ข๐ต โ ๐ธ๐ฉ๐ช๐ญ๐ฆ ๐บ๐ฐ๐ถ ๐ฌ๐ฆ๐ฆ๐ฑ ๐ฆ๐ข๐ต๐ช๐ฏ๐จ ๐ข๐ญ๐ญ ๐ต๐ฉ๐ฆ ๐ง๐ฐ๐ฐ๐ฅ๐ด ๐บ๐ฐ๐ถ ๐ญ๐ฐ๐ท๐ฆ!โ
๐ โ๐๐ฆ๐ต ๐ฃ๐ฆ๐ข๐ค๐ฉ-๐ฃ๐ฐ๐ฅ๐บ ๐ณ๐ฆ๐ข๐ฅ๐บ ๐ฃ๐ฆ๐ง๐ฐ๐ณ๐ฆ ๐ฃ๐ฆ๐ข๐ค๐ฉ ๐ด๐ฆ๐ข๐ด๐ฐ๐ฏ ๐ฏ๐ฆ๐น๐ต ๐ฎ๐ฐ๐ฏ๐ต๐ฉ!โ
But when I was looking at those awful ads โฆ I realized thatโs exactly what businesses do with their finances every year ๐
They procrastinate on managing their finances in a healthy way โ then end up trying to โcrash dietโ just before tax time.
But instead of fighting against pounds โ youโre fighting against hours:
โฐ Research shows that the average small business spends 15 hours a week on financial admin tasks (like bookkeeping)
โฐ That's 60 hours (!) every month
โฐ And 720 hours (!!) every year
โฐ ๐๐ผ๐ฟ ๐ฎ ๐ด๐ฟ๐ฎ๐ป๐ฑ ๐๐ผ๐๐ฎ๐น ๐ผ๐ณ ๐ฏ๐ฌ ๐๐ต๐ผ๐น๐ฒ ๐๐๐ฌ๐ฆ
๐ณ ๐ณ ๐ณ
Can you *really* take off the whole month of March to โcrash dietโ your finances before the tax deadline?
BUT - ! If you (or your bookkeeper ๐) keep up with healthy monthly bookkeeping habits, tax time be less stressful โ and youโll enjoy perks all year, like:
๐ฅ Jumping on new business opportunities faster
๐ฅ Stop paying unnecessary late fees
๐ฅ Creating more profitable business strategies from actual data with benchmarking and KPI
Just like healthy ๐๐ฒ๐ถ๐ด๐ต๐ ๐บ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐ leads to daily lifestyle perks like better sleep, more energy, and a clearer head ๐ง๐ปโโ๏ธ
Itโs the same with your ๐ณ๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ฎ๐น ๐บ๐ฎ๐ป๐ฎ๐ด๐ฒ๐บ๐ฒ๐ป๐ ๐ฐ
So if youโre sick of crash-dieting your finances in a panic at tax time
(And want a piece of those sweet benefits that come with healthy monthly bookkeeping)
Then just reach out โค๏ธ
I help each of my clients enjoy easy and healthy financial management all year round - and Iโd love to help you do the same!
Book a call with me here: https://buff.ly/33Ldg60
When youโre talking to a new potential patient โ how do you communicate to them that you are *the best* choice to help them with their problem?
๐ Maybe you tell them about a college degree or specific certification youโve earned
๐ Probably mention how many years of experience you have
๐ It definitely doesnโt hurt to share some of the results youโve achieved for other patients
๐ And, of course, a raving testimonial or 2 from previous patients
Thatโs what you share with them โ because you know thatโs what YOU look for when youโre hiring someone new
You wanna know that someone has earned their stripes ๐
and REALLY know what theyโre doing ๐ง before you hire them
After all, you wouldnโt trust your business financials to Chad the high school intern at your accountantโs office, right? ๐
If someoneโs going to help you manage your hard-earned money and help you prepare for your taxes, you want them to be *the best*
And if youโre looking for someone like that to help you with your business bookkeeping and finances โฆ letโs just say that Iโve earned a few stripes ๐
๐ I graduated top of my class earning my BA in Accounting. I am also a certified LivePlan Expert Advisor, QBO ProAdvisor, and CFO Advisor.
๐ I have over 20 yearsโ experience working as a Controller and CFO for a wide variety of corporations. I started my dental career right after high school wanting to become a hygienist and quickly realized I had a passion for the business side and went to college.
๐ Recently I helped a client catch up on a 3-year backlog before the tax due date and cut in half the amount they owed at tax time, thanks to finding extra tax deductible expenses they missed
๐ And you donโt just have to take my word for it โ hereโs a testimonial from one of my clients:
โMy biggest challenge was staying organized and up to date. I had been using old school QuickBooks Desktop for years and doing my own books. As Randi can attest, I had things placed in incorrect categories, was several months behind in balancing my statements, and just really had no idea of my profitability. Randi's team is a lifesaver! They save me so much time and give me peace of mind. Do yourself a favor and sign up with BAS4Dental now! I wish I had done it sooner.โ
And thatโs exactly the kind of expert help (and results) that Iโd love to give you and your business, too
So when youโre ready to receive *the best* financial help for your business โ just like you provide *the best* level of service for your patients โ then just reach out ๐ฐ
I canโt wait to help!
Feel free to reach out to me on here or schedule a call with me using my calendar link here: https://buff.ly/33Ldg60
How many times have you heard this story? ๐
๐ฉบ Person A goes to the doctor for a routine exam.
๐ฉ๐ฝโโ๏ธ Doctor notices a discolored mole.
๐งช Doctor runs an extra test and BOOM โ turns out Person A has skin cancer.
๐ BUT, since they caught it early, Person A is gonna be fine
All because of a routine check-up - !
Itโs a good lesson. And it applies to the financial health of your business, too. ๐
Letโs go back to the doctorโs exam. That visit is a snapshot, evaluating your health from multiple data points, like:
๐ Blood sugar tests
๐ Weight measurements
๐ And habits (like smoking)
Thatโs what a ๐ฏ๐ฎ๐น๐ฎ๐ป๐ฐ๐ฒ ๐๐ต๐ฒ๐ฒ๐ ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐ is for your business โ a snapshot of your financial health, pulled from multiple data points. It measures:
๐ฌ๐ผ๐๐ฟ ๐๐๐๐ฒ๐๐ (what you OWN) like:
โ
Equipment
โ
Investments
โ
Cash
๐ฌ๐ผ๐๐ฟ ๐๐ถ๐ฎ๐ฏ๐ถ๐น๐ถ๐๐ถ๐ฒ๐ (what you OWE) like:
โ Bank loans
โ Credit card debt
โ Unpaid bills
And adds it all together to show ๐๐ผ๐๐ฟ ๐ฒ๐พ๐๐ถ๐๐ (your business worth)
And answer the question:
๐ค โIs my business healthy? โฆ Or in trouble, and in need of some changes?โ
Remember how that routine doctor visit caught the skin cancer early?
In the same way, running quarterly balance sheets can help you catch small financial problems โฆ before they become BIG bankruptcy-sized problems - !
And if you wanna learn more about balance sheets and how to create them, I shared a helpful blog below ๐
And, of course, if you feel like youโre overdue for a โroutine examโ with your business finances, but need some help navigating that process โ then just reach out โค๏ธ
I create (and interpret) key financial reports like these for my clients alllll the time ๐ And Iโd love to help create these reports for you, too!
Schedule a call with me today using my calendar link here: https://buff.ly/33Ldg60
Whatโs the chore you ๐๐ผ๐๐ the most?
Laundry? ๐งบ Dish-washing? ๐ฝ๏ธ Taking out the trash?
For me, itโs DEFINITELY cleaning my floors!! ๐งน
Now other chores, like cleaning the kitchen or laundry
Those arenโt so bad
(In fact, I kinda like how warm the clothes are when they come out of the dryer or catching up on phone calls with friends while Iโm cleaning the kitchen after dinner)
But cleaning my floors??
Iโd rather stick a fork in my eye ๐ด
But, unfortunately, someoneโs gotta do it โ or else my entire house is nasty and black dirty bottom feet, right?
Itโs the same thing in our businesses
Just like in our personal lives, we have business โchoresโ, like:
๐ฑ Writing posts for social media
๐ธ Paying your vendorsโ bills on time
๐ง Replying to client emails
(Personally my LEAST favorite โbusiness choreโ is writing posts for social mediaโฆ)
But for you โ that business chore you HATE the most might be bookkeeping
And maybe - just like me and cleaning my floors - youโd rather stick a fork in your eye ๐ด than open QuickBooks or reconcile your bank statements
But still, ya gotta get it done โ or youโll end up with some nasty financial consequences ๐ฐ
Consequences that are the financial equivalent of an overflowing garbage can ๐คข
Consequences like:
๐คข Paying unnecessary fees for overdrafts and late payments, or
๐คข Missing out on opportunities โ because you needed to update your (way outdated) finances before you could get that crucial loan
But hereโs the good news:
๐๐ค๐ช ๐๐ค๐ฃ'๐ฉ ๐๐๐ซ๐ ๐ฉ๐ค ๐๐ ๐ฉ๐๐ ๐ค๐ฃ๐ ๐ฉ๐ค ๐๐ค ๐๐ฉ
Remember that chore I hate?
Sometimes I get my housecleaner to do it for me ๐
I donโt need to be the one who cleaning the floors
All that matters is that SOMEONE does it (and does it well)
So -
If bookkeeping for your business makes you want to stick a fork in your eye ๐ด
Then just reach out โค๏ธ
This happens to be my all-time favorite โbusiness choreโ ๐ค
And Iโd love to help you can get back to the work you actually *like* to do ๐
Schedule a call with me today for my free consult using my calendar link here: https://buff.ly/33Ldg60
Picture a lake ๐ A big beautiful mountain lake ๐๏ธ
This particular lake stays full because 3 rivers flow into it
Now - how do you measure which river fills the lake the most?
๐๐ฎ๐๐ - ๐๐ผ๐ ๐ฟ๐๐ป ๐ฎ ๐ฐ๐ฎ๐๐ต ๐ณ๐น๐ผ๐ ๐ฟ๐ฒ๐ฝ๐ผ๐ฟ๐! ๐ค
OK, OK, so maybe that technique doesnโt work for mountain lake water-flow ๐ง
But it DOES work for your business cash-flow ๐ต
And, just like that mountain lake, your business has 3 โriversโ of money flowing in:
๐ ๐ฅ๐ถ๐๐ฒ๐ฟ ๐ญ: ๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ป๐ด
This is the money you make from selling your products and services
๐ ๐ฅ๐ถ๐๐ฒ๐ฟ ๐ฎ: ๐๐ป๐๐ฒ๐๐๐บ๐ฒ๐ป๐๐
This is the money your company makes from purchasing equipment or investing in other companies
๐ ๐ฅ๐ถ๐๐ฒ๐ฟ ๐ฏ: ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ป๐ด
This is the cash you earn (and spend) in the course of financing your company (loans, lines of credit, ownerโs equity)
All of these โriversโ help keep the lake full so you can do things like pay your payroll
However itโs REALLY important to know which river is contributing the most money to your business
Hereโs why:
๐ต Going through a slow season? A cash flow report can tell you if you need extra cash from the โFinancing Riverโ
๐ต Before giving you a loan, a bank wants proof that your โOperating Riverโ is the main source of your cash flow
๐ต Want to make (profitable) long-term plans? This is the report you need for future cash flow projections
Of course, a single social media post isnโt enough to cover everything ๐ so I shared a helpful article below ๐
And, of course, if you feel like you need more reports like this in your life โ but donโt know how to create one โ then just reach out โค๏ธ
I create financial reports like these all. the. time. for my clients. And Iโd love to help you, too!
Book a call with me Today using my calendar link here: https://buff.ly/33Ldg60
When it comes to your business financials, are you an African grey parrot? ๐ฆ
Or a headless chicken? ๐
Yes, itโs a silly question ๐ but an important one
It's easy (and common) to back-burner your finances after tax season
But without up-to-date bookkeeping data put in every month, your business financials are as dumb as a headless bird ๐
Hereโs what your business looks like as a โheadless chickenโ, without monthly bookkeeping:
๐ ๐๐ฎ๐๐ฒ ๐ฐ๐น๐ถ๐ฒ๐ป๐ ๐ฝ๐ฎ๐๐บ๐ฒ๐ป๐๐ because your invoicing is inconsistent
๐ ๐จ๐ป๐ต๐ฎ๐ฝ๐ฝ๐ ๐๐ฒ๐ป๐ฑ๐ผ๐ฟ๐ who get paid late โ and wonโt be flexible if you wanna negotiate terms later
๐ ๐ ๐ถ๐๐๐ฒ๐ฑ ๐ผ๐ฝ๐ฝ๐ผ๐ฟ๐๐๐ป๐ถ๐๐ถ๐ฒ๐ because, when a buyer for your company came knocking, your finances were out-of-date
๐ ๐๐๐ฒ๐๐๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ฎ๐ป๐๐๐ฒ๐ฟ๐ to questions like โCan I afford to hire another employee?" and getting it wrong
๐ ๐๐ถ๐ด๐ต๐ฒ๐ฟ ๐ฒ๐
๐ฝ๐ฒ๐ป๐๐ฒ๐ because youโre paying avoidable fees like overdraft and late fees
Meanwhile, hereโs what your business looks like as an African grey parrot (one of the smartest birds around) when you DO keep up with monthly bookkeeping:
๐ฆ Better cash flow (and profit margin!)
๐ฆ Data-based strategies, not guesses
๐ฆ Ready to jump on every opportunity
And โ BONUS โ none of the โcrash dietโ stress that comes with catching up your finances at the last minute for tax season! ๐
Sounds pretty smart to me ๐ฆ
The only difference?
๐๐ฆ๐ฆ๐ฑ๐ช๐ฏ๐จ ๐ถ๐ฑ ๐ธ๐ช๐ต๐ฉ ๐บ๐ฐ๐ถ๐ณ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ฃ๐ฐ๐ฐ๐ฌ๐ฌ๐ฆ๐ฆ๐ฑ๐ช๐ฏ๐จ ๐ฆ๐ท๐ฆ๐ณ๐บ ๐ด๐ช๐ฏ๐จ๐ญ๐ฆ ๐ฎ๐ฐ๐ฏ๐ต๐ฉ, ๐ช๐ฏ๐ด๐ต๐ฆ๐ข๐ฅ ๐ฐ๐ง ๐ฑ๐ณ๐ฐ๐ค๐ณ๐ข๐ด๐ต๐ช๐ฏ๐ข๐ต๐ช๐ฏ๐จ ๐ถ๐ฏ๐ต๐ช๐ญ ๐ต๐ข๐น ๐ด๐ฆ๐ข๐ด๐ฐ๐ฏ ๐ค๐ฐ๐ฎ๐ฆ๐ด (๐ข๐จ๐ข๐ช๐ฏ!)
So if youโre ready to ditch those โheadless chickenโ ways ๐
But need a little help keeping up with the smart habit ๐ฆ of monthly bookkeeping (and all its benefits)
Then just reach out โค๏ธ
This is exactly how I help all of my clients have โsmartโ financials all year round โ and Iโd love to do the same for you!
Feel free to message me on here or
Schedule a call with me here: https://buff.ly/33Ldg60
Did you know that Profit + Loss reports are important for your business *every* month of the year โ not just for taxes in April? ๐ค
Here's 5 reasons why a Profit + Loss report is useful year-round ๐
(๐ญ) ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ถ๐ป๐ด ๐๐ฒ๐น๐ฝ
Need to apply for a business loan? The bank will ask for it!
(๐ฎ) ๐ฃ๐น๐ฎ๐ป๐ป๐ถ๐ป๐ด ๐ณ๐ผ๐ฟ ๐ฆ๐น๐ผ๐ ๐ฆ๐ฒ๐ฎ๐๐ผ๐ป๐
When you use previous P+L reports to compare years side by side, you can spot patterns. If summer is always your most profitable season, set aside a portion to cover for your slower months in the fall.
(๐ฏ) ๐๐๐ฑ๐ด๐ฒ๐๐ถ๐ป๐ด ๐ณ๐ผ๐ฟ ๐๐ถ๐ด ๐๐
๐ฝ๐ฒ๐ป๐๐ฒ๐
Irregular bills, like annual accountant bills, are easy to forget. When you check last yearโs P+L report, youโll remember the "irregulars" and be able to budget for them.
(๐ฐ) ๐๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ถ๐ป๐ด ๐ฃ๐ฟ๐ผ๐ณ๐ถ๐๐ฎ๐ฏ๐ถ๐น๐ถ๐๐
Which of your businessโ revenue streams is the most profitable? Do you have any expenses that can be eliminated? This report helps you spot those patterns
(๐ฑ) ๐ฆ๐ฒ๐น๐น๐ถ๐ป๐ด ๐ฌ๐ผ๐๐ฟ ๐๐๐๐ถ๐ป๐ฒ๐๐
If a buyer wants to purchase your company, they need up-to-date financial reports before they buy!
See?
Profit + Loss Reports - and up-to-date bookkeeping - are valuable tools that can help your business thrive year-round!
(P.S. I also added a helpful link in the comments below if you wanna learn more ๐)
And of course, if you ever need help figuring out how to run a Profit + Loss Report for your business
(Or even just entering all that necessary data to make the report useful to begin with - !)
Then just reach out โ I create and interpret reports like this for my clients all the time, and Iโd love to do the same for you! โค๏ธ
Feel free to contact me on here or book a call with me using my calendar link
๐ https://buff.ly/33Ldg60
You canโt have a beautiful orange drizzle cake without oranges, right? ๐
And you definitely canโt make tart lemon bars without fresh lemon juice ๐
And pumpkin cookies? Youโve GOTTA have that canned pumpkin goodness ๐
BUT โ
Do you know what you *also* need for each and every one of those recipes?
๐ง Salt
๐พ Flour
๐ณ And Eggs
True, they arenโt exactly the โsexyโ ingredients
But theyโre the building blocks of every good baked treat
(Unless youโre vegan or gluten-free or something โฆ but then you still need to use soy milk or something, right โฆ ?)
Anyways ๐
Even though the oranges and lemons and pumpkins give these recipes their โessenceโ
You simply canโt have a cake without those boring building block ingredients, too ๐ง ๐พ ๐ณ
And guess what?
You, and your business, are exactly the same way.
You and your specific business services are the delicious essence of your business โ the beautiful orange glaze ๐
But you still need the boring basics ๐ง ๐พ ๐ณ to have a cake at all.
And one of those boring basics in your business -
Is good bookkeeping ๐ค
I know โ itโs not a โsexyโ business ingredient. But itโs still essential:
๐ง Monthly reconciliations help protect you from overdraft charges (and unhappy vendors!)
๐พ Up-to-date financial reports help you create (actually) profitable business strategies
๐ณ And tax season prep will be a blip on your radar, instead of an annual crisis
The orange glaze by itself doesnโt make an orange cake ๐
It all works together โ from the salt to the orange glaze - so you can have a perfectly-balanced recipe for success ๐
(OK, OK, cheesy, I know โ but you know Iโm right!)
And I get it โ youโre not a boring basic ingredient: youโre the orange ๐ the lemon ๐ the pumpkin ๐
Thatโs who you are โ youโre the essence!
But if you know you need some help with the boring basics in your business
Like bookkeeping ๐ค
Then just reach out โค๏ธ
I love taking care of the boring basics for my clients ๐ง ๐พ ๐ณ
So they can focus more on the things theyโre best at, and that make their businesses so special ๐ ๐ ๐
And Iโd love to do the same for you, too!
Schedule a call with me here ๐https://buff.ly/33Ldg60
Ever wonder how much money โ and for what things โ you should be setting aside and saving for your business? ๐ค
Maybe you just finished a rough tax season and youโre trying to avoid repeating that painful price tag on procrastination for next year โฆ ? ๐ฌ
So - letโs talk about WHY it matters to save consistently, HOW MUCH to save, and some tips on HOW to make it easier:
(๐ญ) ๐๐ ๐๐ฅ๐๐๐ก๐๐๐๐ฆ
๐ This could include anything unexpected, from equipment breaking down, to loss of a major client, or even a fire in your building.
๐ต In an ideal world, your goal should be to save up enough to cover 3-6 months of your monthly business expenses (like rent and payroll, etc.) in order to give yourself some time to recover without losing your business.
(๐ฎ) ๐๐ฅ๐ฅ๐๐๐จ๐๐๐ฅ ๐๐ซ๐ฃ๐๐ก๐ฆ๐๐ฆ
๐ This is pretty much anything outside of your recurring monthly bills, and could include anything from updating business equipment to annual accountant bills
๐ต Look back at your business expenses over the past year or two. What did your โirregular expensesโ add up to over a full year? Divide that number by 12, and try to set aside that amount every month
(๐ฏ) ๐ง๐๐ซ ๐ฃ๐๐ฌ๐ ๐๐ก๐ง๐ฆ
๐ Somehow those estimated quarterly payments always seem to sneak up on us, right? Theyโll be far less painful to handle if you save up for this consistently throughout the year!
๐ต Make it a habit to always set aside a percentage of your profit; the amount depends on your business, but 30% of your gross income is a good place to start.
(๐ฐ) ๐ฆ๐๐ข๐ช ๐ฆ๐๐๐ฆ๐ข๐ก๐ฆ
๐ Maybe Christmas is a boom season for your business โ and then you see a big lag in business after the holidays end. Make sure to protect yourself during those slow months by saving up while business is booming.
๐ต How long is your โslow seasonโ? Do you still make some money during the slow months, or none at all? And whatโs the total of your monthly operating expenses? Use that info to create a savings goal during your busy season!
(๐ฑ) ๐๐จ๐ง๐จ๐ฅ๐ ๐ข๐ฃ๐ฃ๐ข๐ฅ๐ง๐จ๐ก๐๐ง๐๐๐ฆ
๐ You can never be sure when a business opportunity will pop up โ so try to keep a chunk of money set aside just for this. If you need a business loan in the future, not only will it lower your amount of debt, it could improve your chance of getting the loan in the first place (banks like seeing that you can save up!)
๐ต What are your goals for your business for the next 1-5 years? Do you want to update your equipment, buy a brick-and-mortar office space, etc.? Your goals will affect how aggressively (and how much) you want to save up
๐ฃ๐๐จ๐ฆ - ๐ ๐๐๐ช ๐ฃ๐ฅ๐๐๐ง๐๐๐๐ ๐ง๐๐ฃ๐ฆ ๐ข๐ก ๐๐ข๐ช ๐ง๐ข ๐ฆ๐๐ฉ๐ ๐๐๐ง๐ง๐๐ฅ ๐
โ
Set up automated savings transfers on a weekly or monthly basis
โ
Have multiple savings goals or needs? Set up multiple accounts to help you stay organized
โ
Aim for progress, not perfection โ if you need to start small, then start small! As long as you start and stay consistent
Thatโs not an exhaustive list of course, but hopefully, thatโll help you get started! โค๏ธ
And, of course, if you feel overwhelmed and feel like you need some extra help figuring out a budget and plan for your business savings โ then just reach out
I help my clients plan for this stuff all the time. And Iโd love to help you, too!
Feel free to reach out to me on here or my calendar link below:
https://buff.ly/33Ldg60
You wouldnโt hire a plumber ๐ฝto fix your roof ๐ right?
Now - what about your air conditioner? โ๏ธ
You wouldnโt hire a dog walker ๐ to make sure youโve got a cool breeze this summer, right?
And when you want to remodel your bathroom ๐
Youโre not calling up a computer programmer ๐ป for that project, right?
Um, OF COURSE NOT
๐ You get a roofer for the roof
โ๏ธ An HVAC guy for the A/C unit
๐ And a contractor for the bathroom
Now, if thatโs the case:
๐๐ฉ๐ฆ๐ฏ ๐ธ๐ฉ๐บ ๐ข๐ณ๐ฆ ๐บ๐ฐ๐ถ ๐ฅ๐ฐ๐ช๐ฏ๐จ ๐บ๐ฐ๐ถ๐ณ ๐ฐ๐ธ๐ฏ ๐ฃ๐ถ๐ด๐ช๐ฏ๐ฆ๐ด๐ด ๐ฃ๐ฐ๐ฐ๐ฌ๐ฌ๐ฆ๐ฆ๐ฑ๐ช๐ฏ๐จ? ๐ค
Youโre not an accountant or a bookkeeper, right?
And you donโt have a financial management business either, right?
Didnโt think so ๐
So โฆ do you know who that makes you?
Youโre the plumber on the roof ๐ฝ ๐
Now maybe youโre protesting, โIt canโt be that hard, and I can figure it out as I go, right? Why do I need to hire someone extra for the bookkeeping?โ
OK, sure โ maybe you are one of those โjack of all tradesโ handyman guys, who say they can do everything
๐ From cleaning gutters
๐จ To building an addition on your house
๐คก And even performing magic tricks for birthday parties and bar mitzvahs
โฆ But, if youโre honest, youโd prefer the guy with an HVAC certification โ who ONLY works on A/C units โ to fix your air conditioner, right?
Yup โ thatโs what I thought
So Iโll ask you again:
๐๐ฉ๐บ ๐ฅ๐ฐ ๐บ๐ฐ๐ถ ๐ช๐ฏ๐ด๐ช๐ด๐ต ๐ฐ๐ฏ ๐ฃ๐ฆ๐ช๐ฏ๐จ ๐ต๐ฉ๐ฆ ๐ฑ๐ญ๐ถ๐ฎ๐ฃ๐ฆ๐ณ ๐ฐ๐ฏ ๐ต๐ฉ๐ฆ ๐ณ๐ฐ๐ฐ๐ง? ๐ฝ ๐
You want to make sure your roof is correctly repaired (and doesnโt leak in the next heavy rain), right?
So hire the dang roofer already.
Same with your business finances โ if you want them to be
๐ต Up to date, and always ready to generate accurate financial reports
๐ต And clean and tax-ready long before the tax deadline
Then get off the roof โ and hire an experienced bookkeeper (like me)
๐ค Iโll help interpret your financial reports into plain English and clear strategies
๐ค Iโll help you find places to reduce your expense โ and increase your profit margin
๐ค And Iโll remind you of tax and filing deadlines โ especially the new ones that the IRS likes to make from time to time
Can you be *that* good of a bookkeeper for yourself? ๐
Because ๐๐ค๐ฃ๐๐จ๐ฉ๐ก๐ฎ โ ๐ฎ๐ค๐ช ๐๐ค ๐๐๐จ๐๐ง๐ซ๐ ๐ฉ๐๐ ๐๐๐จ๐ฉ
And itโs ok that you arenโt the best bookkeeper ๐
So if youโre done being a โjack of all tradesโ
And youโre ready to hire a specialist to help you do the job right
Then just reach out Iโd love to help!
Feel free to reach out to me on here or schedule a call with me using my calendar link here: https://buff.ly/33Ldg60
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Roswell, GA
110 Norcross Street
Roswell, 30075
Blazej Accounting & Bookkeeping works with small and medium sized businesses as well as franchises. O
P. O. Box 1126
Roswell, 30075
Williams & Associates is an accounting solutions firm. Located in Roswell, GA. Serving clients in Me
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