SBS Client Profile: Scott Bishop of Signature Wealth Management Group

Welcome to another Sound Business Services’ (SBS) client profile. We recently interviewed Scott Bishop, managing partner of Signature Wealth Management Group in Atlanta, Ga. Here is what he had to say about the driving force behind the company and what sets it apart, his unique background and how it has impacted him and his work, and what he gets out of the SBS relationship.

Jonathan Bill: Tell our readers what Signature Wealth Management Group is all about?

Scott Bishop: We formed Signature Wealth in 2017 after a combined 30 years on the broker-dealer side of the investment business. Signature Wealth is an independent wealth management firm located in Atlanta. We serve high net worth individuals with their retirement and financial planning needs, with the help of powerful financial planning tools and thoughtful investment management and research.

JB: Tell us about the driving force behind the company, and how your goals/expectations have changed over time.

SB: Our client services team is the driving force behind Signature Wealth. They have created long-lasting relationships with our clients and give them the support they need to manage their financial lives. Our firm’s goal always has been – and continues to be – providing the highest level of service to our clients.

JB: What sets you apart from the competition?

SB: Several things. When you call Signature Wealth, you know you will be speaking to someone that will give your request the highest priority. Additionally, our unique investment process sets us apart from other wealth management firms. We do not outsource our investment decision making to other investment managers. This allows us to keep our costs low and enables us to understand our clients’ investments, rather than simply knowing about them. Lastly, we invest in the professional development of our staff, which allows them to provide our clients with the required knowledge and expertise to help meet their goals.

JB: Aside from your work at the firm, you’ve served in the military for more than 20 years, spending more than 500 combat hours in support of Operations Iraqi Freedom, Enduring Freedom, New Dawn and Unified Protector, and still serve part-time in the Georgia Air National Guard. Tell me about that experience and what you get out of it.

SB: Serving in the military has taught me the importance of a great team. Flying 12-hour combat missions every other day for months on end necessitates a cohesive team that is willing to work very hard. Because I’ve spent a lot of time in the Middle East in some pretty austere conditions, I’ve also learned to appreciate all of the many conveniences we enjoy here in the United States.

JB: When did Signature Wealth Management Group first engage SBS? Why did you reach out to us?

SB: We first engaged SBS in the spring of 2017. We needed a professional partner to assist us with our bookkeeping needs, so we could focus on our mission – taking care of our clients.

JB: What services does SBS currently provide to your company?

SB: SBS provides us bookkeeping services, monthly financial statement preparation and bill payment.

JB: Please explain the difference that SBS has made in your company.

SB: SBS frees up valuable time for us to conduct investment research and spend time with our clients. We have an efficient process in place where we review financial statements each month with their help. SBS also works in conjunction with our CPA to assist us with filing our annual tax returns.

A Big QuickBooks Online Payment Solution: Progress Invoicing

As small business owners, ensuring your clients are making the proper payments on time is a top priority to keep your finances in order. Sometimes, however, this is easier said than done.

On one hand, you may be afraid to chase clients for payment, worried about setting them off, losing their trust and maybe even losing their business. On the other hand, waiting until you’ve completed a job to present the bill can lead to irritated customers or late payments, where you are waiting on the full payment amount for your hard work, which, in some cases, can be a major hit to your business’ finances. After all, without cash flow on hand, your ability to grow as a business suffers. Now, there’s a solution for this recurring issue.

QuickBooks® Online (QBO) now offers a new feature called Progress Invoicing, which is made specifically to solve these types of problems. With this feature, you can essentially set up a payment plan for any given client that begins immediately when you start a new job. This way, you receive a direct portion of the payment, which you can then invest back into your business as you continue to move forward – providing an improvement in general cash flow for your business. If your business is structured in such a way that you require a percentage or partial payment upfront – or perhaps you want to implement this strategy in your invoicing plans – the Progress Invoicing feature should be a necessary instrument in your company tool belt.

Progress Invoicing also acts as a great way to effectively track your progress on any particular job since it enables you to create multiple invoices from any preliminary estimates given to your customer. This is especially helpful if you deal with long-term projects or jobs that require you to work through multiple stages of services.

Still not convinced? Here are some tips and tricks for making the most out of Progress Invoicing.

Lock down your cash flow. Not only does Progress Invoicing ensure overhead costs for a job are covered, but billing clients incrementally also guarantees you always have access to a greater amount of funds necessary to keep your business afloat and grow.

Incentivize your team. Within a small business, you probably have a team working closely with you on these multi-phase projects, ranging anywhere from long-term employees to outside contractors. Progress Invoicing can act as an incentive for those you’re working with.

Rather than waiting to finally get paid at the end of a time-consuming project, you’re all receiving compensation throughout the process. This boosts team morale and works to motivate your employees to increase their efficiency and, therefore, reduces the amount of time or resources that may have been unnecessarily wasted prior to implementing QBO’s Progress Invoicing feature.

Create mutually beneficial relationships. Finding a solution that benefits your clients and your business is always encouraging, and Progress Invoicing does just that. With the proper funds and a motivated team, the job at hand can be finished faster and more effectively, saving both you and your client precious time and resources, because as everyone knows, time is money.

This feature allows for your customers to pay less at a given time, while also preventing your business from the potential stress that comes from dealing with late payments. Because payments are received in increments based off what stage you’ve reached in any particular job, Progress Invoicing also gives you the ability to provide customers with accurate and timely updates, giving your customers more peace of mind.

We’re Here to Help

While this QBO feature can be a productive addition to the structure of your small business, our team at Sound Business Services understands that making changes to your work processes can seem like a daunting challenge. But, don’t worry – we’re here to help you every step of the way.

Incorporating Progress Invoicing is actually a fairly simple process that only takes a few steps to set up. Contact us with any questions you may have about getting started, and let us help you further streamline the structure of your small business.

How to Transform Your Business in 15 Minutes a Day

As a small business owner, you go into work every day looking to make productive choices that will ensure your company prospers. But, are you looking in the right places? At Sound Business Services (SBS), we firmly support small business owners and seek to provide that support in an effective way. Taking just 15 minutes out of your busy day to work on your business, rather than simply in it, could have a huge impact on the productivity and success of your company.

We want to help you grow your business in the right direction. A mere 15 minutes just once a day allows for introspection on the way in which your company is being run. It gives you an opportunity to take a step back, look at the bigger picture and identify new ways to grow in a positive direction.

That being said, 15 minutes is a short period of time. What you do with that time is extremely important. Here are a few tips on how to use your 15 minutes wisely:

  1. Find the time. This may seem obvious, but it’s beneficial to decide ahead of time when you’re going to schedule this out. If you’re not a morning person, then the minute you walk into the office may not be the best choice for you. However, planning this time before you get caught up in the bustle of the workday will probably serve you best. Planning for 9-9:15 a.m., for example, allows you to start this process with a clearer head, unhindered by the general pandemonium that happens around the office.
  2. Don’t overthink it. Try not to get caught up in the fact that this is only 15 minutes of your day. Success doesn’t happen overnight, and you’re allowed to play around with this idea and make it your own. Don’t expect immediate perfection – you’re only human and have to start somewhere! A successful, small business owner takes it one step at a time.
  3. Take it seriously. This is your time – so, in other words, don’t waste it. Time is money, especially when running a small business. Pinpoint those loose ends that you’ve been avoiding, no matter how small. Every aspect of how your business runs flows into the bigger picture of how well it succeeds.
  4. Find your focus. Whether you’re dealing with making new hires, cultivating a strong office atmosphere, streamlining processes, or creating a healthier balance between life and work, choose one thing to focus on everyday. Remember, your time is valuable and you should treat it that way. At SBS, we understand small business owners have so many responsibilities, often sending them in many different directions. Finding your focus helps you zero in on what is most pressing that day, and although your obligations may change quickly from day-to-day, using your 15 minutes wisely establishes the structure of how your workday is going to play out.
  5. Take control. Some days more than others, it can be difficult to actually step back and wrap your head around the bigger picture. However, as a small business owner, you must do this in order to grow and reach your untapped potential. After all, you built this company and your employees are depending on you to lead them. This allotted time can be used for more than just looking into how your company functions; it can be an opportunity for you to get to know yourself better, as well. A strong business needs a strong leader.

Let’s Work Smarter Together!

Running any business – especially a smaller one – takes time and dedication. At SBS, we are all about change and helping our customers transform their businesses.

As you may know, we recently launched our Facebook business page, and are so pleased with the early results – and humbled by your outpouring of support in our endeavor. We simply cannot grow without it, and our #1 goal in business is for you to grow, succeed, and live happy and healthy lives.

That said, we would love for you to share your own personal journey and story on our Facebook page, perhaps touching on how you allot your time to work on your business.

Let’s make this movement together. Work toward establishing a stronger business by taking the time out of your day to take a closer look into how your company functions – and where it thrives.

Although it may sound like a daunting task at first, don’t worry because SBS will be with you every step of the way! Contact us to share your experiences, or if you have any questions at all, and together we can visualize and create the path toward building better business.