How to Avoid Inefficiency When Managing Your Business Accounting
By Anna Masker In standard6th August, 2018
How to More Efficiently Manage Accounting Workflows Stop inefficiencies from running rampant. Far too many businesses use outdated, highly-inefficient business accounting processes – and accounting departments are no exception. Let us give you tips on how to avoid these inefficiencies in your business accounting. Tracking and approving expenses, for example, are plagued by dysfunction
Most Entrepreneurs’ Dirty Little Secret
By Anna Masker In standard23rd July, 2018
What is most entrepreneurs’ dirty little secret? They don’t understand their financial statement. And without it, they miss key opportunities and dangers. It’s OK. We know. You may not know what to do with your financial statements or why you should even care. It’s most entrepreneurs’ dirty little secret – they don’t know what to
5 Reasons Your Business Needs a Budget
By Anna Masker In standard16th July, 2018
5 Reasons Your Business Needs a Budget Yes. You need a business budget. “I run things by my gut. I don’t need a detailed business budget.” If we had a nickel for every time a client said that, we could all retire now to a sandy beach. Contrary to what that hotshot entrepreneur may
How much should you have in cash reserves?
By Anna Masker In standard31st August, 2017
Hurricane Harvey has caused a tremendous amount of damage in Houston, TX. Unfortunately, many of these businesses are relying on their insurance to cover the damages. However, many business owners may be disappointed that their policies have exclusions that leave them holding the bill for much of the rebuild and repair. Sadly, many of these
You can’t run your business by looking at your bank balance
By Anna Masker In standard4th August, 2017
Is this how you check on the health of your business? Step 1: Log in to your bank. Check the balance. Do a few small calculations in your head. Breathe a sigh of relief or panic and make a few phone calls. Step 2: Check sales numbers. Do a few small calculations in your head.
Growing your way into bankruptcy
By Anna Masker In standard4th May, 2017
“PAUSE, PAUSE, PAUSE!!!” I was yelling at the remote and pushing every button. I had somehow put the TV show my husband and I were watching in fast-forward mode. Exasperated, I tossed the remote to my husband who deftly found the pause button and stopped the madness. After he stopped laughing, he revoked my remote
The miraculous multiplying dollar
By Anna Masker In standard15th March, 2017
The math wasn’t working out. Our client just relayed to us what he was going to do with the profits of the large account they just landed. But when we added up how he was going to divvy up the profits, he basically was spending the same $100,000 six times over. We call
Pay attention to Project Velocity
By Anna Masker In standard13th October, 2016
Here’s a common scenario: You are in your post-project wrap up meeting. The team finished the project under budget and within the allotted hours. The client is satisfied with the work and everyone on the team starts congratulating themselves on a “job well done.” Except no one mentions that the project took 3 months longer
What’s in your playbook?
By Anna Masker In standard23rd September, 2016
It’s football season, and with it comes the donning of team jerseys, trips to football stadiums, and Monday-morning quarterbacking. It got me thinking about team playbooks. Guarded like gold, and critical to a team’s success, a player wouldn’t be allowed on the field without having memorized all the plays. Yet, many businesses operate every day
Your other line of business: Bank
By Anna Masker In standard3rd August, 2016
Again! The customer didn’t pay again! It was the third month in a row that my client’s customer had some excuse as to why they couldn’t– or wouldn’t– pay. When I looked at my client, I had to ask: “When did you become a bank? Because I thought you were in a completely different line