In addition, most businesses pay too much in taxes. Although there are a lot of tax benefits of owning a business, if you do not know all the ins and outs of the tax laws, chances are that you are paying too much. The money I help you save in this and other areas can go back into the marketing and growth of your business.

So you can see that it is not only important and profitable to have a simple and accurate accounting system, but it is vital to your success.

My accounting practice does bookkeeping and accounting but we also handle income taxes, voluntary employee benefits, payroll preparation and tax planning.

Many small business owners collect their financial information in a box during the year. Maybe you have even invested in a popular accounting software, like QuickBooks, Freshbooks, Sage MIP, MAS 90, or Excel. After the year is over, you are going to take the information to a tax preparer and hope he/she can sort through the materials and arrive at the information the IRS is looking for.

If this scenario matches your business practice, you are missing something. If the information were available to you throughout the year, you could take advantage of tax deductions and tax planning solutions that would reduce your tax liability.

A simple and accurate bookkeeping system can improve your cash flow management to make better use of your cash and anticipate cash needs in time to arrange for financing, if necessary.

• Accurately calculate interest, and collect it from overdue accounts.

• Reduce the need to borrow due to poor cash flow.

• Do not lose sales because you are out of stock on items.

• Avoid rush delivery charges to obtain out-of-state items.

• Don't waste money buying more of what isn't selling.

• Set your sales prices based on profit instead of guessing.

• Concentrate on selling the most profitable items instead of the easy ones.

• Identify profitable cross-selling opportunities.

• Don't sell a product at a loss because you didn't take markdowns on time.

• Know which money-making product lines to expand, and which ones to drop because they're money-losers.

• Find out if you have a theft problem before it's too late.

• Never pay a bill twice by mistake.

• Never lose a discount by paying a vendor late.

• Plan for your payment due dates and reduce the need to borrow.

• Maintain your good credit rating and keep your borrowing costs low.

• Obtain better credit terms based on your good payment history.

• Know how much payroll and sales taxes you owe, in order to avoid penalties and interest.

• Never write a bad check by mistake.

• Never pay another bad check service charge.

• Make sure all your cash receipts are credited to your account.

• Know when you have excess cash so you can put it to work.

• Keep track of all of your expenses in detail so you know which ones can be cut back.

• Never spend beyond your budget.

• Get the maximum possible tax deductions for the expenses of running your business.

• Learn how much profit you've made, and what your business is worth each month, in order to:

  • Know when it's the right time to grow

  • Know when it's the right time to hold back

  • Plan accurately for taxes

  • Save hundreds to thousands of dollars on your year-end tax return

  • Comply with the reporting requirements of any business loan

  • Respond immediately to any supplier's or customers request for financial information

• Figure your profit on a cash or accrual basis so that you pay the lowest taxes.

• If you keep track of revenues and costs by job or project (contractors, landlords, attorneys, etc.):

  • Know on an ongoing basis which products are profitable and which ones aren't

  • Get paid on time as you complete the job

  • Avoid working on projects where progress payments are behind

• If you manufacture or assemble products (machine shops, bakeries, clothing makers, etc.):

  • Know what it costs to make each item

  • Set a selling price to cover your costs and achieve a fair profit

  • Know what product lines to expand because they're profitable

  • Know what product lines to drop because they're money-losers

Cost-Efficient Expertise:

• Gain access to high-level financial leadership without the overhead of a full-time CFO. Optimize your financial operations while saving resources, ensuring your business achieves sustained growth and profitability.

Proactive Cash Flow Management:

• Stay ahead with dynamic financial oversight that includes monitoring cash flow, precision budgeting, and accurate forecasting. Uncover opportunities for cost savings and growth while maintaining a steady, reliable cash flow.

Transform your financial landscape—let CFO advisory services guide your business to success with consistent, positive cash flow.