Blue & Gold Accounting Services LLC

Recently, I had someone ask, “When should we put a formal costing structure in place?” While my gut reaction would be “Right away from the beginning!”, the answer is more nuanced. In the early stages, when you’re first starting out, there are many different concerns vying for your attention. This is not the time to worry about having a formal structure in place. As long as you’re keeping track of the total expenses, you’re on the right path. However, once your business is established and growing, that's the time to start formalizing your costing structure. I recommend doing this when you start hitting $100,000 in annual revenue. The great thing about costing is its flexibility—just because you’ve settled on one method doesn’t mean it can’t be adjusted, even from year to year, depending on your needs, inputs and insights gained. Formalizing your costing process can provide much needed insights into your expenses and profitability, allowing for better decision-making and strategic planning. Ready to formalize your costing process or need advice on where to start? Let's connect and discuss how to tailor a costing strategy that fits your business needs. #ManufacturingFinance #CostAccounting #BusinessGrowth #FinancialPlanning #CostingStrategy

Imagine having a clear understanding of your production costs and knowing exactly where to allocate resources for maximum profitability. By exploring different costing methods, you can gain this clarity and control. Let’s take a closer look at three common methods: 🔹 Job Order Costing: Perfect for custom products or services, this method tracks costs per job or order, giving you insights into the expenses associated with each unique project. 🔹 Activity-Based Costing (ABC): ABC allocates overhead costs based on activities like setups and machine hours, helping you see where your money is really going, providing more accurate cost information and helping to identify cost drivers. 🔹 Standard Costing: Ideal for tracking and controlling production costs, standard costing uses predetermined “standard” costs for materials, labor, and overhead.  It simplifies budgeting and variance analysis. These methods aren’t just about crunching numbers—they’re about transforming your financial strategy and driving growth. And while these three are the most common, there are other methods like Process Costing for mass production or Direct Costing, which focuses on variable costs. Ready to dive deeper into how these costing methods can revolutionize your manufacturing business? Let’s turn cost chaos into clarity and drive your business growth! #ManufacturingFinance #CostAccounting #JobOrderCosting #ActivityBasedCosting #StandardCosting #BusinessGrowth #FinancialClarity

This month marks the completion of my first year in business as the Costing Chaos Controller at Blue & Gold Accounting Services. Reflecting on the past year, I've experienced both ups and downs, but the journey has been incredibly rewarding. Here are a few lessons I've learned along the way: 1. Embrace Available Resources: There are countless resources to help start a business, especially in finance. Finding the right mentors and peer groups took some trial and error, but I've connected with incredible people willing to share their knowledge and experiences. 2. Expect the Unexpected: The journey took longer than I anticipated, partly due to changes in the scope of services and prioritizing my family. Flexibility is key. 3. Change is Always Possible: Few initial decisions are set in stone. The ability to adapt and change direction has been crucial. 4. Ride the Highs and Lows: Owning a business brings higher highs and lower lows than being employed. Every decision rests on my shoulders, but that responsibility is empowering. 5. Reflect Your Values: I can shape my firm to reflect my values. Whether it's taking Fridays off or giving back to the community, my business aligns with what matters most to me. 6. Structure is Essential: A schedule and realistic goals are vital. Writing things down helps me stay focused and productive. 7. Support is Everywhere: I've been reminded that I have a strong support network cheering me on and helping me succeed. 8. Stepping Out of Comfort Zones: Promoting my business has been challenging, but it's reinforced that the toughest tasks are often the most rewarding. Overall, it's been a successful first year, and I'm excited for many more years of helping manufacturers regain control of their finances and achieve growth. What’s the most important lesson you’ve learned in your first year of business? Share below! ________________________________________________________________________________ As the Costing Chaos Controller, I'm here to help you turn financial chaos into clarity and growth. Let's connect and explore how we can streamline your financials and give you the confidence to focus on what truly matters. #ManufacturingFinance #BusinessGrowth #CostAccounting #FirstYearInBusiness

Appreciating how on-point my new cup is, for both my personal and business life! I truly enjoy taking the chaos we call life, and bringing it under control. Whether it’s the soccer schedule for my son’s team, or a business’ expenses, the final result when it all comes together is one of my favorite ways to feel accomplished! What gives you the feeling of accomplishment, either in your personal or business life? Let me know below! #winning #businesslife #personallife #accomplishments #chaosconquered

How much of what you think can be done is a product of the constraints you put on yourself and your business? “Life can be much broader once you discover one simple fact: everything around you that you call “life” was made up by people that were no smarter than you – and you can change it. You can influence it. The minute you understand that you can change it, that you can mold it, that’s maybe the most important thing. To shake off this erroneous notion that life is there and you’re just going to live in it – versus embrace it, change it, improve it….and make your mark upon it.” – Steve Jobs This quote was recently in an article posted on Inc.com about productivity (article linked in the comments). Steve Jobs was arguably a genius when it came to thinking outside the box – without his vision, we wouldn’t be where we are today technologically. He didn’t allow self-imposed constraints to stop him from thinking of what’s possible, like having music in your pocket or a phone that wasn’t connected by wires to the wall. Ask yourself, are there things in your business or personal life that are being limited due to self-imposed constraints? Are you following the best practices available, or doing things “because that’s the way it’s always been done”? Is it time for change? The sky’s the limit when you’re willing to examine your own assumptions and challenge the status quo. Share in the comments a time when you’ve pushed back on the boundaries of what you thought was possible!