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How to Gain Financial Insight From Your Bookkeeper

June 25, 2019 / by Ida Abedon posted in South Florida, Bookkeeping Services, Business Advice

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As a business leader, you're laser-focused on doing everything you can to improve your company. You explore every possible lead. You network with influencers. You read everything from bestselling business books to the most obscure industry-related websites.

But there's one area of your business that you might not realize is worthy of a deeper dive. And yet, it's an area that can yield some of the quickest and most tangible improvements: bookkeeping. Here's a brief guide to how you can gain financial insight from your bookkeeping services provider — insight that can drive your most important decisions.

By Determining If (and When) You're Ready to Grow
Most anyone running a business has considered expanding at some point, whether by hiring another employee or two, moving to a bigger office or opening a second location. As a business leader, you want to think through each potential move. Will a new employee help generate enough revenue to cover their salary? Will moving to a new office create too big a disruption? Would a second location spread time and resources too thin?

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Miscalculating COGS Can Cost You

January 30, 2018 / by Rick Abedon posted in Small Business Advice, South Florida

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The cost of goods sold (COGS) is a key component of many small businesses. To determine the profit you make by selling something, you must know how much you spent on the raw materials to create it.

Miscalculating COGS can cause you to pay higher taxes than necessary. It can also give you an inaccurate picture of your company's financial health and lead you to make poor decisions when making strategic plans for your company.

COGS vs. CODB
The level of complexity of COGS, and the method used to calculate it, vary greatly from one business to another. But in general, to determine COGS for a given year, you start with the total value of the inventory at the beginning of the year, add the total of all materials and labor used to create additional inventory during the year and subtract the year-end inventory (inventory remaining after sales, in other words).

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Before You Ask for Money, Make Sure Your Records Are Right

January 2, 2018 / by Rick Abedon posted in Small Business Advice, South Florida

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If you need funding to take your business to the next level, it's vital that you button up your financials at this level first. Make sure your records are organized and complete to help the process proceed smoothly.

Here are some of the common issues that can jeopardize a funding round.

  • Misstated revenues: Deliberately misstating revenues — such as recording sales before you've received payment — constitutes fraud. And even if you misstate revenues through ignorance rather than by design, prospective investors will take an exceedingly dim view of it.

  • Misclassified expenses:
    If you run a business, you might be tempted to use the company's credit card or checking account to purchase a personal item, with the idea that you'll reimburse the company later. But if even one of those expenses ends up being charged to the company, that undermines the integrity of your entire financial history.
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Bookkeeping Services and CFOs: Which Do You Need When?

November 21, 2017 / by Rick Abedon posted in Small Business Advice, South Florida

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If you're wondering whether your business needs a bookkeeping service, it probably does. If you're wondering whether it needs a chief financial officer (CFO), that answer is a little more complicated.

Even the smallest of small businesses needs professional bookkeeping. There are simply too many ways you can get yourself in trouble, either with cash flow or with the IRS, if you don't follow the proper protocols. And while you can certainly learn to do it yourself, chances are you'll be too busy with other aspects of running the business to risk spreading yourself too thin and perhaps making a critical error.

What Is a CFO?
The first thing you need to know about CFOs is what their job is. Unlike a bookkeeper, a CFO generally doesn't get involved with day-to-day record keeping. It is the CFO's job, however, to ensure the company's financial records are complete and accurate. These numbers are the foundation of your company's future. They must be solid.

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Hubdoc: The Solution for Collecting Source Documents

December 16, 2016 / by Melody Gibbons posted in South Florida, Bookkeeping 101

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Everyone in the accounting services industry has a horror story about not being able to obtain source documents. Maybe a client routinely makes bank deposits without recording where they came from. Or they stuff all invoices and receipts into a folder and wait until the end of the month to sort through them.

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