Financial Efficiency 101

by | Jan 26, 2021

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...

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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...

Let’s just Write it off! 

Ahhh the joys of being a business owner. You get to set your own schedule, be in complete control of your success and of course, deduct your business expenses.   Just like all of those statements, there are some pros, cons and a lot of misconceptions that go...

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It's March and that means two things:   Tax season is in full swing.   Chicago winter is about halfway over.   There isn‘t much a financial consultant can do when it comes to the weather, but when it comes to making your tax season less...

Meet the team: Eileen Manaloto, Sr. Accountant

Despite a job market full of unique challenges, My Small Business Pro was incredibly fortunate to bring on a new team member last year, Eileen Manaloto. Like many small businesses, we got creative in finding the right resource to support our amazing clients and fit...

Back to the Financial Future! 

A new year is upon us! While there’s a tendency to charge into 2022 with new hopes, plans and goals; but you need to pump the brakes. One of the most prudent things you can do is slow down and take some time to do a serious review of your past. Last year is full of...

Why Your Accountant Hates You

Unless prompted, few business owners willingly gush about their accountants. I get it, accountants aren’t always the most affectionate bunch; sometimes referred to as boring or dry. Many consider them a necessary evil, number crunchers or even bean counters. Some...

Sharpen your Tax Ax

As the year winds down, most people start to slow down. People are looking forward to the holidays and start to bundle up as the days get shorter, maybe even start planning that holiday vacation. But if you’re a business owner, there’s something that starts to scare...

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. 

 

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...

Let’s just Write it off! 

Ahhh the joys of being a business owner. You get to set your own schedule, be in complete control of your success and of course, deduct your business expenses.   Just like all of those statements, there are some pros, cons and a lot of misconceptions that go...

How to beat tax stress

It's March and that means two things:   Tax season is in full swing.   Chicago winter is about halfway over.   There isn‘t much a financial consultant can do when it comes to the weather, but when it comes to making your tax season less...

Meet the team: Eileen Manaloto, Sr. Accountant

Despite a job market full of unique challenges, My Small Business Pro was incredibly fortunate to bring on a new team member last year, Eileen Manaloto. Like many small businesses, we got creative in finding the right resource to support our amazing clients and fit...

Back to the Financial Future! 

A new year is upon us! While there’s a tendency to charge into 2022 with new hopes, plans and goals; but you need to pump the brakes. One of the most prudent things you can do is slow down and take some time to do a serious review of your past. Last year is full of...

Why Your Accountant Hates You

Unless prompted, few business owners willingly gush about their accountants. I get it, accountants aren’t always the most affectionate bunch; sometimes referred to as boring or dry. Many consider them a necessary evil, number crunchers or even bean counters. Some...

Sharpen your Tax Ax

As the year winds down, most people start to slow down. People are looking forward to the holidays and start to bundle up as the days get shorter, maybe even start planning that holiday vacation. But if you’re a business owner, there’s something that starts to scare...

What solution can Fritz Financial find for you?

Schedule a meeting with Daliah Fritz