Wrap-Up for 2019: Speaking to Your Company’s Financial Fluency

What did you accomplish in 2019? This has been a year of growth for SBS Accounting & Advisors, from expanding our practice and offering advisory services, to retooling our website and focus on marketing. As we prepare for 2020, one last message I’d like to leave you with has more to do with prosperity than it has to do with the future: financial fluency.

What does it mean to be financially fluent? I’ve spent part of this year going through an immersive training to better understand business dynamics, and one of the primary focuses is on being able to understand what numbers mean and how they affect growth.

One mistake business owners make, without probably realizing it, is that they take their numbers for granted. They believe what they want to believe; in other words, if someone in their company is telling them they’ve got cash in the bank, they believe they are solvent and ready to buy a 72-inch high-def TV for their lobby.

Throughout this year – and even beginning with my first blog of 2019 – I’ve advised that your numbers are more than just black ink on paper or a screen, and while numbers can be sliced and diced any number of ways, being financially fluent means really understanding what your numbers mean, and how they could positively or negatively affect your company’s future.

If you finish 2019 with no other knowledge of financial fluency, I’d like you to remember these three goals and the tool you already have to understand the outcome:

  • Goal #1: To sell your goods and services for more than it costs us to provide them: Review your income statement.
  • Goal #2: To maintain a healthy cash flow to keep the company running: Review your cash statement.
  • Goal #3: To get a return on investment: Review your balance sheet.

Said another way, your income statement shows Revenue – Expenses = Profit:

  • Revenue: How much money you bring in.
  • Expenses: How much money you spend.
  • Profit: How much money you have left over.

And, your balance sheet shows Assets – Liabilities = Equity:

  • Assets: The value of what you have.
  • Liabilities: The amount you owe.
  • Equity: The remaining value left over.

I realize there’s a lot of math involved in coming up with your numbers – and I also know you want to focus on your business instead of the numbers. If you’ve kept up with our blog in 2019 and prior years, you know by now that the SBS Team is not only excellent in interpreting your numbers; we’re experts in advising you on making a profit.

It’s kind of like the garage mechanic who fixes cars. He’s great at diagnosing a problem having to do with your gears or engine, but wouldn’t be able to look at, and understand, his numbers without guidance. We’re great at looking at the numbers and teaching you how to be financially fluent, but would never attempt to change our own oil.

We want you to rely on SBS to help you become financially fluent, so contact us any time for a quick conversation, or even an in-depth session with you and your staff. Our greatest joy is knowing we’ve helped our clients succeed!

As 2019 draws to a close, I want to leave you with an inspirational message of faith and kindness:

“The fruit of the Spirit is love, joy, peace, patience, kindness, goodness, faithfulness, gentleness, self-control. Against such things there is no law.” — Galatians 5:22-23

Let’s all try to be more kind to each other in 2020, celebrating our Lord, family and life.

Happy Holidays!

7 New QuickBooks Online Features to Elevate Your Business

As a small business owner, you’re often so consumed with tedious tasks that you don’t have time to focus on what matters the most – running and growing your business. But, don’t worry because QuickBooks Online (QBO) has your back!

That’s because Intuit ensures that QBO, and the hundreds of apps that integrate with QBO, bring powerful solutions to your everyday needs. In an effort to transform your experience, Intuit constantly delivers new features to improve your workflow – all based on your feedback.

The latest batch offers a little bit of everything – from saving time, to staying compliant, to providing the blueprint to your cash flow picture, and much more. When combined with SBS Accounting & Advisors’ knowledge and expertise, you’ll not only get help implementing all of these enhancements, but also get the apps and answers you need to elevate your business to the next level.

Here are the most recent features, and, of course, we are here for you every step of the way.

Make Credit Card Payments a Breeze With This New Workflow

Now, located right inside your QBO and QuickBooks Online Accountant (QBOA), there’s a new workflow that makes recording paying down a credit card so much easier.

As seen below, simply click the “+New” button, put your cursor over “Other” and choose “Pay down a credit card.” Another way is to go through the expense list found in “New transaction,” and then click on “Pay down with a credit card.”

A Sales Tax Filing Solution to Keep You Compliant

As a small business owner, you know how important it is to stay in compliance. A great solution for you is found under QBO’s Manual Sales Tax experience. Now, in the Taxes tab inside QBO, it’s easier than ever to locate all the key information you need to collect and file sales tax. Even more, there’s verified tax agencies listed that can help you with your current tax rates.

See the image below for where this feature is found within your QuickBooks.

Get a Clear Picture of Your Financials With an Improved Profit and Loss Report

As a small business owner, it’s imperative that you have a clear picture of your financials from year to year. After all, you must know if you are truly making money, not just what’s in your bank account.

The improved profit and loss reported inside QBOA has you covered. Now, you get a better depiction of how your financials look from one year compared to the previous. In turn, this enables SBS a clearer picture of the past and the present, as we work to transform your future.

 

Going a Step Forward With the Revenue Streams Dashboard

Seeing your financials is one thing, but having the ability to act on them is another. With the Revenue Streams Dashboard inside QuickBooks Online Advanced – and SBS’s deep knowledge and expertise – you’ll actually be able visualize, firsthand, the revenue trends and opportunities that will ignite business growth.

 

Improve Your Cash Flow and Payment System With Batch Expenses

As a small business owner, taking control of your cash flow is key for unlocking success and longevity. With batch expenses in QuickBooks Online Advanced, you can now do just that. What’s more? You can even process checks, expenses and bills much faster.

For some of you, cash flow may go over your head, and for others, you may just not have the time to devote to finding the solutions you need. Feel free to reach out to us today to get the answers you need.

 

Beef Up Security With Custom Roles

As a small business owner, it’s important take have control of everyone’s roles, giving each person access to only what they need to do their job. With custom roles located in QuickBooks Online Advanced, you can now manage each user and maintain their specific task limitations.

 

Get More Time in Your Day With Automated Workflows

Let’s be honest, your time is extremely valuable. And, too often, it’s taken up with doing tedious tasks manually, which can lead to errors. Now, with automated workflows in QuickBooks Online Advanced, you can make many of these processes, such as invoicing and customer emails, an automated and efficient process.

See the image below for a picture of how the automated workflows enhancement can work for you.

 

Ready to Get Started or Have Any Questions? We’re Here for You!

Hopefully, these new features hit home with some of the challenges you’re facing. For us, they’re game changers to what we do and how we can help you reach your goals and succeed.

If you’re ready to start tapping into these features, or have any questions or concerns, contact us today. You’ll be on your way to a smarter workflow, a more stress-free life and a stronger business.

(Images courtesy of Intuit QuickBooks)