How do you balance performing financial tasks and growing your business?

How do you balance performing financial tasks and growing your business?

There is only so much time in a day, week, or month. Performing financial tasks requires a good deal of skill and a whole lot of time.

So many small businesses are started from a strong passion and a desire to do something that the owner is passionate about. We are fortunate to have so many of those businesses as our clients.

However, running a business requires more than passion and drive. It necessitates time and effort to both manage and grow the business. The sales and support side can be done by most SMB owners, but often times the accounting and financing skills are not naturally present. Failure to perform these financial tasks can negatively impact the growth of the business.

Managing cash flow is more than just managing your bill payments.

In our Bookkeeping 101 blog series, we recently highlighted Managing cash flow for SMB’s.

With cash from operations being the main source of funding for SMB’s, it’s critical for SMB’s to know where they stand from a cash flow prospective. Because so many SMB’s operate with small reserves, the question that they need answered on a daily basis is “How many days of cash do I have available?.” This can be a very difficult answer to reach as businesses are transaction driven with deposits coming in and expenses being paid. So, what’s the answer?

The answer lies in solutions that are being built specifically for SMB’s that are designed to analyze cash flow and monitor how the business is performing. By capturing your bank, expense and revenue data, these systems can create an extremely accurate picture of what the current cash flow looks like and tell you how many days of cash your business has.

It is critical to make sure your financial picture is clear and accurate. Keep your personal and your business accounts separate and that includes bank accounts, credit cards, loan payments and any financial accounts that may negatively affect the health of your business when looking for bank loans or other financial resources.

Understand your tax liabilities.

There are two types of taxes that business owners need to be concerned with:

Income Tax – We all have to pay taxes on the income we create. For a small business owner, this can get complicated, as the tax laws differ based on the structure of your business (is your business an LLC, S-Corp, C-Corp or a dba). Be sure you search out a tax professional BEFORE setting up your business so that your entity structure is best suited for you and your business.

Sales Tax – If you are selling a product and/or carry inventory, you must charge sales tax. Service based business do not have to charge sales tax. While this sounds straight forward, there are situations where these lines get convoluted. Again, search out a tax professional before starting your business to determine if you need to charge sales tax. If you do charge sales tax, you need to file sales tax returns. It is one of those bookkeeping tasks that can be confusing, time consuming and frustrating…and that’s if you are only filing in one state! If you file in multiple states or a state that has multiple jurisdictions, it can become almost too much to endure. And yet, it is a task that most small businesses must deal with.

You need more than a bookkeeper to perform financial tasks.

Growing the business should be first and foremost on a business owner’s mind yet the day to day financial tasks consume a large amount of time. We understand these constraints and built Expex, and Carly, with this in mind.

Carly is the last bookkeeper you will ever hire and as such, she provides small businesses with complete financial visibility, insight into cash flow, and the ability to operate their businesses more efficiently, with improved profitability and cash flow.

  • Prevents fraud by providing the ability to set access and administrative rights for separating accounting functions so that you can deploy controls within your business.
  • Lowers costs of monthly bookkeeping and financial tasks
  • Carly works 24/7/365.
  • Alerts and notifications afford you the tools to make financial decisions to keep your business healthy. Carly acts and thinks like a person and lets you know when there are things you have to do.

Carly delivers QuickBooks users with a dashboard and tool set that automates their entire internal accounting and bookkeeping requirements, which is still managed primarily in a paper-based environment. The application goes far beyond bookkeeping and provides users with the ability to operate their businesses more efficiently, with improved profits and cash flow. Carly thinks and acts like a bookkeeper. Carly can…

  • Automate tasks like paying bills and managing cash flow
  • Reconcile bank and credit card accounts
  • Deliver smart alerts for tasks you need to take care of
  • Provide financial visibility 24/7
  • Lower your cost of managing your finances
  • Reduce your risk of fraud
  • Prepare and deliver monthly financial statements including P&L, Balance Sheet, and Statement of Cash Flow.

Carly is a bookkeeper – only smarter, faster, less expensive and more secure than traditional bookkeepers.

Does your bookkeeper or accounting firm do all this this for you?

Most likely not. We want you to be successful and we know what it takes to do that. Time spent on bookkeeping and financial tasks require both time and knowledge. Hire Carly and go back to spending time on building your business!