Like many small business owners, you went into business to pursue your passion and gain more control of your life, business and personal financial future. But you’re beginning to wonder if you made the right decision. You’re working longer hours, bringing work home, and assuming responsibilities you’re not familiar with and don’t enjoy.
You’re not alone, and the toll can be devastating for business owners who can’t get past this hurdle. The Small Business Association reports that over 627,000 new businesses open each year, that 30% of new businesses fail during the first two years of being open and after ten years, 66% have failed.
Hard Work and Money Aren’t the Only Keys to Success
You and your employees may be working hard, and money is rolling in, but that doesn’t mean your business is healthy and profitable. When you struggle to pay the bills and cover payroll and thoughts of the future churn up your dread of taxes and government reporting, it’s time to change your strategies.
What’s Another Key?
Having good numbers is another important key to unlocking the potential of having a profitable business. Maybe you have an employee who also handles data entry and runs reports—or you do it yourself, often at home. Either way, you know that getting good numbers is no easy task.
Most business owners look at the reports generated with these numbers. Other than checking the bottom line, many admit they don’t fully understand the results, how they interact, or if they’re even correct. That’s logical. Unless you’re in this field, you’re probably not an expert at data entry, accounting or financial interpretation.
“TDK was recommended by my banker: I was lacking the [financial] expertise that my business demands, and really had no one in place to answer questions on financial moves and how they might affect me long term. I now feel I have the right people in place to bounce ideas against…and know where I stand at all times, and it has been an excellent decision.”
Getting Those Good Numbers
My clients have discovered that outsourcing their accounting, financial and tax management services is the ROI solution they need to bring profitability and financial success to their businesses.
Getting the numbers right isn’t easy. How are you handling these activities for your business?
- Bookkeeping involves the recording on a systematic basis of financial transactions and information pertaining to a business. This detailed and sensitive process of accounting keeps track of the “who, what, when, where, why, and how much” and provides reconciliations for verification. Bookkeeping is responsible for everything being right, being in the right place, and ready for reporting, review, analytical assessments, projects and planning.
- Accounts Payable handles money going out, making sure that you never overpay your vendors, and late payment charges are never incurred. Accounts payable pays attention and looks for opportunities to save money such as incentives, discounts, bundling offers, and other options.
- Accounts Receivable and Revenue Tracking is another vital duty which creates and tracks invoices and money coming in. These duties can also include the unpleasant task of collecting outstanding invoices, terminating relationships or salvaging and restructuring fragile, yet critical relationships.
- Financial statements and reports are the targeted work product of a well-run accounting department. The most potentially insightful and important information resulting from accurate numbers make up The Big Four financials:
- Profit and Loss Statement (income statement)
- Balance Sheet
- Cash Flow Statement
- Statement of Changes in Equity
- Accounting departments use these reports in specific ways. However, planning strategies, tax management, financial goals and other major decisions are made by owners, proprietors, partners, shareholders, and their financial advisors.
Interpreting the Numbers Into Financial Success
Interpretation is the name of the game to bring your business across the finish line to profitability and financial success. Unless you’re skilled at interpretation and implementing relevant changes, outsourcing business services may be the biggest return on investment decisions you ever make.
Helping Business Owners Make Smart Decisions
GIGO (garbage in, garbage out) reporting undermines the work of decision-makers. Many business owners readily admit identifying incorrect numbers and understanding accounting procedures and practice is not their best talent.
That’s where we come in. We help you determine what level of services are right for you and can make sure you have:
- Everything you need for an efficient, well-run accounting department.
- Financial interpretation and consulting so each step you take is solution-driven and keeps you on the right path, heading in the right direction.
- Tax management that considers your business and personal finances so that you always avoid overpaying your taxes as you make tax-advantaged decisions to protect all your business and family assets.
As your complete business and individual financial guide, we’re by your side as you set and pursue strategic business, estate, and individual financial goals.
“We are your solution driven answer. Contact us. Problems solved.”