In our last post, we discussed the pain points in bookkeeping and accounting – mostly to do with compliance.
Once your compliance is in order, however, it’s time to move on to moving the needle. In other words, look at your financials numbers and see where you can improve profitability.
For example, we may want to work with small business owners to see which sectors of their business are the most profitable, and which should be cut or have spending reduced.
We may want to look at revenue recognition (we recommend GAAP accounting anyway) to make sure that the reports are meaningful.
We will definitely want to make sure our client understands the accounting-ese we’re sending them. Can they read the reports? Do they get meaningful insights from them?
Moving the needle is about getting the information in front of our clients that they need to make mindful business decisions, and making sure they understand the information we’re seeing. Once the financial statements are meaningful, and presented in a way that makes sense, then those statements begin to be useful and actionable.
We can also help with various situations that come up. One great example has been 2020. We had several clients who wanted or needed payroll protection loans – because we spend our time investigating the ins and outs of the SBA disaster loans, and whether it was the best option for our multiple clients, we were able to provide informed advice.
Depending on your goals for your business, we can talk to you about how to meet those goals. From referrals for the professional services you may need, to discussions about business goals and directions, our CFO services are here to help you grow.
Donna Harris holds a BSci in Accounting and is the owner of Bookkeeping Made Simple. She expects to complete her MBA by May, 2022.
Donna Harris, BSci Accounting, MBA, founded Bookkeeping Made Simple with the understanding that small businesses is the heart of the American economy. After offering to do books for a friend who said he didn't have enough work to keep someone in the office 20 hours a week, she recognized the need for an efficient, online system. She has 20 years of bookkeeping and accounting experience and is excited to help small business owners achieve their goals. She enjoys spending time with her family and traveling whenever possible. She also loves reading, hiking, camping, cooking, yoga, and fitness. A huge believer in lifelong education, she is currently working on her master's in Accounting.