The Power of Cash Flow Management

If you’ve been keeping up with our newsletter and blog (thank you!), you know how excited we are about two big announcements: Our name change to SBS Accounting & Advisors and our new advisory services division.

Our advisory services division is designed to expand our role as your trusted advisor by providing deep financial analytics and next-level plans to help you dream big and reach the path toward realizing your potential and experiencing long-term growth.

Cash flow management may be the most important factor, especially for many of our clients. According to a recent Intuit report on cash management, 66 percent of small business owners said that the largest impact with regard to their cash flow is the time it takes their receivables to process after receiving a payment. The other 34 percent reported that the issue is not getting paid by customers or clients within the terms of their payment system.

These are two major issues we see every day. To help, our new advisory services division works hard to ensure these problems don’t deter you from your goals and aspirations.

Cash Flow Management: Powerful Solutions to Your Everyday Needs

Many business owners overlook cash flow, or simply let it go over their heads and do nothing about it. Often, some just look at their online bank balance when making purchasing decisions and wonder why they later experience regular cash crunches. This is a vicious cycle that can cripple a business, and at the very least, keep it from growing.

When experiencing a cash shortage, your first instinct is to try to sell more or delay paying vendors, waiting for cash to build back up. This is a bad strategy!

At SBS, we help you know when you can expect a cash shortage and make sure you avoid it. Over time, as we help you take control of your spending and learn to think proactively versus reactively, you will begin to build reserves. For those in a position where they don’t experience regular cash shortages, we can help you build your cash reserves and strategically plan for future growth.

Bottom line: cash is king. Until you learn to manage cash flow, you’ll never be able to really grow your business.

Next Steps: What We Do for You

At SBS, we study your data, take actionable steps, and provide you with real solutions to ignite business growth and reach your true potential. In this process, we take a systematic approach, making sure we’re there for you every step of the way.

With cash flow management, we start by meeting with you to discuss your cash pain points and goals. Then, we build a cash projection that uses your recurring data from your accounting file, so that we don’t have to take any more of your time than necessary.

Next, we incorporate our findings into a projection of your goals, and any upcoming income or expenses that are non-recurring or not yet accounted for. Best of all, we meet with you each month to review your past performance, update your projection, and plan for the future month and beyond.

Ready to Tap Into the Power of Cash Flow Management? We’re Here to Help!

As you can see, cash flow management is integral to small business success. Not yet convinced? Imagine if you could make a purchase with the peace of mind knowing that you truly have the money, or even better yet, it is an expense that you had planned on making that month. That’s the power of cash flow management.

Ready to tap into the power of cash flow management, or have any questions? Feel free to contact us today, and you’ll be on your way to taking control of your business and empowering yourself with next-level tools and resources to ignite business growth.

A Trio of New QuickBooks Online Features: Rock Your Workflow and Reduce Tax Time Stress

Many of you know how much I love QuickBooks Online (QBO). It not only has next-level solutions to your everyday needs, but also comes with tons of powerful tools and resources to ignite business growth.

If that weren’t enough, Intuit is always listening to your pain points and recommendations to improve QBO, constantly updating it with new features to improve your experience and transform your business.

The latest trio of features is no different, this time simplifying your workflow, reducing stress during tax time and streamlining your payroll. Here is more about these new enhancements, and of course, SBS can help you implement them into your workflow.

Receipt Capture to Reduce Tax Time Stress

Fumbling through a shoebox of receipts is one of the more common tax time nightmares … until now. With Receipt Capture in QBO, that’s now a thing of the past.

Go digital with this feature by snapping and storing receipts in QBO. All you have to do is take a picture of the receipt on your phone, and either scan it directly in your phone app, upload and drag and drop it, or forward by email.

Whatever method you choose, all your receipts will be posted to one place in the receipts dashboard located in the “Banking” tab. See the image below for a better visual.

Then, your receipts are instantly categorized and matched to your current transaction, as seen below. And, you can change the details of the receipt and even make it go away entirely at any time.

It’s that simple, and the solution is a powerful one! Not only will you save hours of time, but you’ll also have those receipts cleanly organized, and automatically categorized and matched to transactions. This will reduce your stress, while helping SBS Accountants & Advisors deliver you bigger results come tax time.

Trackable Details for a Stronger Contractor Payment Solution

As a small business owner, it’s important to keep your top contractors happy and healthy. In other words, they must be getting paid on time.

You may have a process in place that makes this goal difficult. After all, tracking down details and searching for transactions is cumbersome and challenging, which, in turn, leads to high stress, interrupted workflow and unhappy contractors.

With trackable details within QBO, your payment process is simplified into one single step, where you decide which details you want to track to help pay contractors on time.

As you enter the payment information, drop-downs enable you to enter the details you want to track. As you can see below, you can search by customer, project and location.

Rock Your Workflow With This Powerful Payroll Solution

As small business owners, you might dread running payroll. You also might be afraid to make mistakes if you don’t complete payroll in one fell swoop.

Those worries are a thing of the past with the new edit and preview payroll features inside QBO. Now, enjoy a smoother and simpler workflow experience by being able to make changes to your payroll, anytime, anywhere.

Whether it’s employee-setup details or selecting specific employees while running payroll, you can make changes as you go and not have to stop what you’re doing and leave the workflow. On top of that, you can preview all those changes before submitting payroll (as seen below), giving you the boost you need to eliminate mistakes.

Ready to Tap Into This Trio of Features or Have any Questions? We’re Here to Help!

There’s no doubt that these exciting enhancements provide solutions to your everyday needs, but it’s our help and expertise that’s the key to implementing them and unlocking next-level success by being there for you every step of the way. So, if you’re ready to explore these new features and add them to your workflow, or still haven’t made the leap to QBO, contact us today. You’ll be on your way to rocking your workflow and reducing stress.

(Images courtesy of Intuit QuickBooks)