Financial Efficiency 101

by | Jan 26, 2021

Trust and Commitment in a Remote Team 

A couple of months ago, I made my first overseas trek since 2017 – not for vacation – but to meet with the rest of the Fritz Financial Solutions team of accountants in the Philippines. It was important to me to show these women the time and attention needed to...

Client Spotlight: Andrea Freidman 

As a business owner, one of the most significant challenges to overcome is work-life balance. This dilemma has only been exacerbated over the last several years and forced many "traditional" industries, such as the legal profession, to change their ways. Long before...

MEET THE TEAM: Joy mercado, Staff Accountant 

Joy Mercado joined Fritz Financial Solutions just over six months ago after completing an accelerator program with TOA Global, our offshore recruiting partner specializing in the accounting industry. Joy has quickly become an invaluable team member doing highly...

Client Spotlight: Isaac Crawford  

Isaac Crawford is a ray of sunshine who went after his dreams and came out on top when he started his own hair salon. He has been in the hair industry for almost 15 years and has serviced hundreds of clients in Chicago. An inspiration to entrepreneurs, we are excited...

MEET THE TEAM: Milen Gomez, Staff ACCOUNTANT

6 months ago, we added a new staff accountant to our team: Milen Gomez. Our newest staff accountant is the best we could ask for with her incredible attention to detail and efficient mindset. She has been an essential part of our continued growth by always putting her...

Client Spotlight: Danielle Suchala Klausing

It’s always an exciting time when you’re ready to take the next step in life and buy a home. But finding that perfect home can be a challenge, especially if you’re not familiar with the real estate industry. That’s where Danielle comes in. With over 7 years of...

Who is responsible for payroll?

One of the most expensive resources for any business is payroll. It’s also one of the most important. We are firm believers that people are your most valuable asset, so it’s no wonder that payroll gets costly. Especially if you are a professional services company, and...

Small to midsize business owners and independent professionals: We have some great news for you.  How you’ve managed your business finances in the past does not have to be the way you do it forever. 

Here are a few suggestions to get you started on your way to efficiency.  Whether you want more time to focus on your business operations, more flexibility to increase your bottom line, or even decluttering your business life to add more balance to your lifestyle, it’s going to take some practical tools to make it happen.

 

CHOOSE YOUR SOFTWARE WISELY

We champion QuickBooks because, very simply, QuickBooks Online creates efficiency.  While there are other (free or paid) bookkeeping solutions out there, we migrate our clients to QuickBooks because it has the best financial reporting tools available.  It also has hundreds of integrations with different third-party software to accomplish whatever business or financial tools you need to run your finances efficiently. What are the benefits of the tools working together directly?  Reduction of staff hours.  Easy data imports for consistency across all tools.  Substantial reduction of risk of expensive and time-consuming human errors.  A fringe benefit of using QuickBooks?  Your CPA will love you and tax time will feel like a breeze.

 

PRIORITIZE PAYMENT EFFICIENCY

Accounts payable and receivable processes can always include some automation.  Automate the billing process using Bill.com, which streamlines payments by processing all bills out of a single software.  This simple transition can cut the time to pay bills by 90%.  Anyone who writes physical checks and sends them in the mail is taking a gamble.  The mail service of today is far less reliable than in the past.  What if the intended recipient does not receive your check?  What if you are forced to stop payment?  What if your payment is late?  Do you want to live with this kind of uncertainty when it comes to paying your bills?  The cost of chasing down a lost payment far exceeds the cost of a monthly subscription to bill pay software. Paying bills electronically ensures they are on time, every time.  Your Spotify subscription is paid automatically, so why isn’t your insurance bill?   How much more consistent can and should your business payments be?  Your business payments are of utmost importance and should be treated accordingly.  Furthermore, QuickBooks online connects directly with your financial institution, eliminating costly and time-consuming data entry – you simply assign the right category in the software.

Are you accepting online payments?  QuickBooks features the ability for you to accept bank transfers for a negligible fee of 1%, up to $10 total for the transaction.  This probably adds up to only a few hundred dollars per year – yet ensures you receive payment quickly and applied instantly to the appropriate invoice without any data entry required. Are you using Shopify or Paypal? We’ll get you set up so things are syncing directly to QBO.

 

INTEGRATION MATTERS

Intuit, the parent company of QuickBooks, has created a widely versatile online solution.  Their investment in integrations has made it THE accounting solution for businesses of every size.  Why is that?  The QuickBooks app store has literally thousands of different applications that integrate seamlessly with QuickBooks online.  These range from payment processing to inventory management to construction to time tracking.  You name it. Every solution is there.  Streamline your record-keeping by downloading the app to your phone and attaching receipt photos to QuickBooks entries.  No more shoeboxes of receipts.  Track team hours and overtime by using TSheets, Homebase or another program that integrates with QuickBooks.  Pay your team electronically through QuickBooks online payroll. 

 

EFFICIENCY ALLOWS FOR DECISION MAKING

Once you are using QuickBooks, a whole new world of efficiency is opened to you.  But it is not efficiency for its own sake – these efficiencies can have a direct impact on your bottom line.  We are able to identify important operational questions – and answers – for our clients.  What is the cost to you to NOT have crucial financial information at your fingertips?  What is the cost to you if things fall through the cracks? Late fees? Unhappy vendors? Without clear knowledge of your financial position, you’re missing out on the opportunity to make necessary changes in spending or product and service lines.  Without solid financials, you don’t have the tools to quickly pivot.  Reviewing and reacting to your financials every month will give you the opportunity to be more efficient and more effective.

 

Clients sometimes are concerned with the ongoing expense of utilizing QuickBooks. I say, We’re talking nickels and dimes. When having these conversations with clients, I ask them, How much is your time worth?  As your small business pros, we’re here to make recommendations, guide you through the process of implementing new financial processes and helping you make improvements that can impact your bottom line. We’ll be happy maintain close communication to ensure you are on track for implementing new processes and programs. 

 

Trust and Commitment in a Remote Team 

A couple of months ago, I made my first overseas trek since 2017 – not for vacation – but to meet with the rest of the Fritz Financial Solutions team of accountants in the Philippines. It was important to me to show these women the time and attention needed to...

Client Spotlight: Andrea Freidman 

As a business owner, one of the most significant challenges to overcome is work-life balance. This dilemma has only been exacerbated over the last several years and forced many "traditional" industries, such as the legal profession, to change their ways. Long before...

MEET THE TEAM: Joy mercado, Staff Accountant 

Joy Mercado joined Fritz Financial Solutions just over six months ago after completing an accelerator program with TOA Global, our offshore recruiting partner specializing in the accounting industry. Joy has quickly become an invaluable team member doing highly...

Client Spotlight: Isaac Crawford  

Isaac Crawford is a ray of sunshine who went after his dreams and came out on top when he started his own hair salon. He has been in the hair industry for almost 15 years and has serviced hundreds of clients in Chicago. An inspiration to entrepreneurs, we are excited...

MEET THE TEAM: Milen Gomez, Staff ACCOUNTANT

6 months ago, we added a new staff accountant to our team: Milen Gomez. Our newest staff accountant is the best we could ask for with her incredible attention to detail and efficient mindset. She has been an essential part of our continued growth by always putting her...

Client Spotlight: Danielle Suchala Klausing

It’s always an exciting time when you’re ready to take the next step in life and buy a home. But finding that perfect home can be a challenge, especially if you’re not familiar with the real estate industry. That’s where Danielle comes in. With over 7 years of...

Who is responsible for payroll?

One of the most expensive resources for any business is payroll. It’s also one of the most important. We are firm believers that people are your most valuable asset, so it’s no wonder that payroll gets costly. Especially if you are a professional services company, and...

What solution can Fritz Financial find for you?

Schedule a meeting with Daliah Fritz