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My business is successful. I have money in the bank!

By
Education & Training with Number Cruncher LLC

The key to having a successful business is keeping your finances in order.  Why is it important to have your finances in order?  If your finances are a mess, there is no way to know how bad or good your business is doing.  Some areas of your business may be doing amazing while other areas could be losing money.  It is important to know these trends in your business so you can make the necessary changes to increase the bottom line. Thinking your business is doing good because there is money in the bank will lead you to some surprises, and I don't mean good surprises.  

Besides knowing how much revenue a business is bringing in, business owners also need to keep an eye on their expenses.  Are there expenses that need to be decreased or gotten rid of?  Are there some expenses that need to be increased to increase revenue? Answering these questions is much easier when you have a current Income Statement to review.


Below are the bare basics of bookwork that should be completed:


*Reconcile bank statement(s) monthly
*Keep Accounts Receivables current
*Know how much you owe vendors
*Get your financial reports completed at least quarterly
*Meet with your Tax Preparer/Accountant at least twice a year
*Keep receipts and records
*Learn to understand what your financial reports are telling you about your business.

If you or someone you know needs help with getting their business finances in order, please contact me at 702-469-9426 or cstevens@numbercruncherllc.tax.  I help business owners from all over the United States.

Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Too few agents get into the business thinking it is a quick way to make money and when it doesn't happen get frustrated and find another way.

Getting started in this business needs people with perseverance and ready to do the work to make money

Feb 23, 2021 09:22 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Candy,  I have extra money in the bank for a rainy day and hope the dollar is worth something.

 

Feb 23, 2021 10:24 AM
Anna "Banana" Kruchten
HomeSmart Real Estate - Phoenix, AZ
602-380-4886

Hi Candy many business people do not look after their money very well and end up on the short end of the stick at some point.  Having a financial mentor (CPA) is such a good idea for every business person from the start.  I am grateful for ours that we've had for years as well as my husband that has all the i'd dotted and t's crossed.

Feb 23, 2021 03:52 PM
CANDACE (Candy) STEVENS, EA

That is wonderful Anna Banana Kruchten CRS CRB, Phoenix Broker.


Having a good Accountant/Tax preparer is also essential to a business success!

Feb 23, 2021 04:46 PM
CANDACE (Candy) STEVENS, EA
Number Cruncher LLC - Overton, NV
Helping Taxpayers Resolve IRS problems

That is very true Ed Silva.  It is said it takes 5 years to start making money on business and I have found that to be true.

Have a Happy Day!

Feb 23, 2021 04:45 PM
CANDACE (Candy) STEVENS, EA
Number Cruncher LLC - Overton, NV
Helping Taxpayers Resolve IRS problems

Good for you Will Hamm.

Have a Happy Day!

Feb 23, 2021 04:45 PM