7/3/2015, 10:22:15 AM
We provide all of your day to day accounting services. From paying bills to processing payroll to analyzing your income, Beyond the Books can help. We offer greater flexibility and reliability than an in-house accounting staff. We will customize our accounting services to meet your needs.
If you are like most people, you are shocked that the year is half over. Focus some time now on your business so that you can impact your bottom line for the year.
1. Revise Your Budget. Since the first half of the year is over, it is time to compare your results to your goals. Ask your accountant for a year to date profit and loss comparison to budget. Maybe an idea you wanted to implement is not working like you planned. Decide to scrap it or think of ways to get it back on track. If you are not going to make your net income for the year, it is time to implement that plan you have been thinking about but never had the time. Or, if you do not have a budget, now is the time to sit down with your bookkeeper and plan out the rest of the year. Remember the saying; if you fail to plan, you plan to fail.
2. Take a Look at Your Line of Credit. Is the line big enough to cover payroll or that big order you have? Your business has probably grown or changed since you first got the line of credit and it is no longer an effective tool. Has the interest rate changed? Maybe you got the line of credit when you were first getting started and you have a high interest rate. Now that you are more stable, you could get a more competitive rate. Go to your banker and ask for an increase in your line of credit or a lower interest rate. Have your accountant prepare profit and loss for the year. You will need to give that and last year’s tax return to the banker to justify the change you are requesting.
3. Review Your Merchant Account. Make sure you are getting the most competitive rates on your account. Shop around. Companies offer different rates for swiped transactions, online transactions, and rewards credit cards. So, figure out what a typical month is for your business and compare the different merchant accounts. The savings may seem small, but over time it impacts your profits.
4. Find Efficiencies in One Process. There is something in your business right now that you are spending way too much time on. Maybe you are handwriting your checks for all of your bills. Sign up for bill pay with your bank and start printing checks out of your accounting system like QuickBooks. Or maybe it is more complicated. Maybe you have too many steps in completing an order for a client. Look for ways to streamline the process and shave time. Your client will be happier and you will be able to process more. Both will increase your bottom line.
5. Plan an Employee Appreciation Event. Your employees are integral to your success. Plan an event to show your thanks. It will reenergize your staff and that will show in their work. Your customers will notice and your business will benefit. It can be as simple as bringing in lunch for the team or you can make it an offsite event at the beach. It is summer, might as well take advantage of it.
CALL NOW FOR A 1 hour FREE CONSULTATION 714-908-4022
We provide all of the traditional bookkeeping services as well as consulting services for small and mid-size business.
We can help with the initial setup of your company or provide the necessary help to take your business to the next level. Whether you need onsite support on a regular basis or the occasional remote support, Beyond the Books is here to help.
You work hard to generate profits, we work just as hard to track it. Our goal is to make you more efficient and profitable.
Beyond the Books is committed to providing you with the best possible financial service possible. We believe we are partners with our clients and we are vested in their growth. We provide all of the necessary accounting and bookkeeping functions. But more than that, we provide the necessary tools for our clients to make the most informed financial decisions.