Cash flow. Regardless whether you’re running a business or a nonprofit, that’s what keeps you open and growing. Cash flow must be carefully monitored and nurtured. To make sound business decisions, you must identify which activities increase cash flow and which don’t. You must know which expenses are justified, and which ones need to be reduced or eliminated. You must ensure your customers pay you on time, and that you pay your vendors on time. You must be ready at all times to seize new opportunities, which often requires capital expenditures from current resources or from financing. You must pay your employees and avoid/survive tax audits through 100% compliance. And you need to minimize your tax bill. Keeping all this in mind, do any of the following sentences make you uneasy?
- Both Forbes and Investopedia list the following reasons for an 80% business failure rate: Insufficient cash flow and capital, inadequate management, and poor customer service, planning, marketing, and pricing strategies.
- You have payroll, but you’re not sure you’re doing it right.
- You wish you didn’t have to pay taxes every year when you file returns.
- Your accounting is behind because…
- Your current system for capturing and storing expense receipts is tedious
- You can’t afford to hire a qualified bookkeeper
- You don’t have the time and/or knowledge to do it yourself
- Just thinking about doing your own bookkeeping stresses you out
- You’ve hired and trained bookkeepers in the past, only to have them leave (high turnover)
- You hired or assigned an employee to do the bookkeeping, but they knew little to nothing about accounting and left your books in a mess
- Because your bookkeeping is behind, you can’t do any budgeting or forecasting. You don’t know where your business is or where it’s going. You also aren’t ready to secure the financing you might need to meet expenses or capture new opportunities.
- Customers often pay late because you have no time for accounts receivable management.
- You often pay vendors late because you have no time for accounts payable management.
- You signed up for a QuickBooks Online account, or bought QuickBooks Desktop, you aren’t sure you’ve got the right version, and/or you don’t know how to use it.
- You’ve been using QuickBooks Online for awhile, but in the Chart of Accounts your Accounts Receivable has a negative balance, and/or Undeposited Funds has a balance when it shouldn’t.
- What is a Chart of Accounts? What needs to be on it?
Rocket City Bookkeeping provides financial accounting services. Our clients include small businesses and nonprofits generating annual revenues under $5 million. For more than 12 years, we’ve worked successfully with clients across the continental United States. Our services include all the accounting functions that come before tax preparation and filing. See our Bookkeeping Services page for more information. Since 2007, our bookkeeping services have helped time-strapped business owners make informed decisions, capture opportunities, enjoy financial peace of mind, and focus on what they do best.