Allison Dancy’s Post

A stronger, more intentional billing strategy is one of the best ways you can reduce your cash flow risks. But, communicating changes to your billing process can be a difficult conversation to have with your GCs. Here are four tips from Josh Luebker, a fractional CFO for subcontracting businesses, on how to approach this conversation with your GCs. 🧾 Level with the GC: Focus on transparency and explain why your number is what it is, and what your billing process looks like. This starts while you're bidding and planning work for clients. 👨💻 Expect the GC to expect it: GCs generally won’t be scared away by this type of billing. They’re aware that good subs know to bill this way. ✍️ Push until you get pushback: Luebker says, “Worst-case scenario, you just redo a billing, which takes 3 minutes. But maybe you get an extra $15,000 out of it. They’re not going to pull the contract.” 📊 Use data to be more confident: If you can show you’re not pulling these numbers out of thin air, you’ll appear more confident. To learn more about Josh's strategies for more intentional billing, check out the full article at the link in the comments.

Day 9 of our revenue recognition journey: Recognizing Contract Costs. In the world of business, it's not just about revenue; costs matter too. As we navigate through our contracts, we're not just focusing on the income side of the equation; we're also paying close attention to the costs involved. Why? Because accurate revenue recognition requires us to consider both sides of the ledger. We're distinguishing between costs to obtain and costs to fulfill contracts, ensuring that we're capitalizing where appropriate. By doing so, we're not just recognizing revenue; we're also aligning our costs with our revenue streams, ensuring that our financial reporting remains accurate and transparent. But it's more than just accounting; it's about accountability and responsibility. By recognizing contract costs, we're demonstrating our commitment to sound financial management and ethical business practices. Join us as we continue our journey towards revenue recognition excellence, recognizing the importance of both revenue and costs in achieving our financial goals! #CostConscious #FinancialResponsibility #RevenueExcellence #kaaresaccounting #virtualcfo #accountingservices #bookkeepingservices

🔍 Strategic Billing Audit: A Key to Business Growth! Businesses focus on revenue, but managing expenses is equally vital. Here’s how a billing audit drives growth: 1️⃣ Consolidate Invoices: Reduce administrative costs by simplifying billing. 2️⃣ Uncover Hidden Fees: Identify and eliminate charges that erode profits. 3️⃣ Negotiate Better Rates: Achieve cost savings with favorable service provider deals. 4️⃣ Identify Redundant Services: Cut unnecessary costs, boosting cash flow. 5️⃣ Improve Budget Forecasting: Enhance financial planning with detailed expense insights. Balance your focus between income and expenses. Start saving with Key2’s free billing audit today! 📞💬 #BusinessGrowth #BillingAudit #CostSavings #OptimizeExpenses #Key2Solutions #FinancialEfficiency #BusinessStrategy #FreeService

Getting Paid by Your Customers 💸 Sending out invoices and just hoping to get paid? 🙏 That’s risky business. 😬 Instead, make sure you truly understand your customers: 🥸 ⏹️ How’s their business doing❓ ⏹️ Are they getting paid on time❓ ⏹️ What challenges are they facing❓ ⏹️ How are you helping them reach their goals❓ You can’t afford to have a surface-level relationship. Be that reliable partner they trust and rely on. 💪 Here’s how to do it: ✅ Communicate Regularly ✅ Stay connected ✅ Understand their needs ✅ Align Your Solutions: Make sure your services align with their goals ✅ Be so ingrained in their workflows that they don't sneeze without consulting you ✅ Set Clear Payment Terms: 💬 Discuss payment upfront so there are no surprises Don’t just hope you’ll get paid. 🤞 Know you will because they see you as indispensable. ❓Is Your CFO Lighting the Way❓ Stay Bright. 🌟 VISIT OUR WEBSITE at https://ow.ly/ggne50RwEPU - AND - PLEASE FOLLOW our ClearBooks LinkedIn page for more insights that keep CEOs on top of finance and accounting. Welcome to the light side of business management, where your CFO works to ensure the coffers are full 👊 #CustomerRelations #BusinessSuccess #PaymentTerms #CustomerTrust #BusinessPartnership #CommunicationIsKey #CustomerNeeds #ReliableService #PaymentTransparency #BusinessGoals #FractionalCFO #CFO #Cashflow #AccountsReceivable

😫 Management Account Prep doesn't need to be a chore... a few simple habits can help make it a much more easy process. Find out what they are over on the PCFO blog! 😌 https://lnkd.in/dxd8aBVK #managementaccounts #outsourcedfinance #businessstrategy

One of the biggest challenges we hear from clients when it comes to implementing value-based billing is pricing. Accountants, determining the right price for services is like trying to solve a Rubik's Cube. You have to consider: • the complexity of the work • the level of expertise required • the potential impact your services can have on the client's business Aligning these 3 areas correctly is critical for both clients and the long-term health of your business.

Unravel the mystery of revenue recognition and invoicing 🕵️♀️💼 We often hear about revenue recognition and invoicing in the business world, but how many of us truly understand the intricate complexities involved ❓ Dive into the world of accounting and finance 📚💰, where each process is a critical cog in the vast machinery of enterprise. From the moment a sale is made to the final step of revenue recognition, every detail matters 🔍 Think about it: Every invoice sent, every payment received, it's all part of a well-oiled finance machine 🧾💳 But what happens when there's a glitch? A missed invoice or incorrect revenue recognition can send ripples through the system 🌊 That's where controlling comes into play 🎮 Controlling isn't just about preventing errors but also about creating a streamlined, efficient process that works seamlessly. It's about developing a clear, detailed picture of the company's financial health 📊💪 Monthly analysis isn't a chore; it's an opportunity 💡 By conducting a thorough monthly analysis, we can identify trends, spot potential issues, and take proactive steps. It's a chance to delve into the details, to peel back the layers of financial data and uncover the story behind the numbers 📈📝 Never underestimate the power of controlling and monthly analysis in the revenue recognition and invoicing process. It's not just about crunching numbers - it's about understanding the essence of business operations and making informed decisions 🤔💼 Next time you glance at an invoice or consider a revenue figure, think about the intricate process behind it. And remember: every detail matters 🧠🖊️ Start exploring the intricacies of your revenue recognition and invoicing process. You might be surprised at what you discover 🕵️♂️ Remember, knowledge is power 📚💡 The more you know, the more you can control. So, let's dive in and demystify these processes together. Share your thoughts, experiences, and insights below. Let's learn from one another 🗣️👥 #UnravelRevenue #FinanceMystery #InvoicingInsights #AccountingAdventures #FinancialControl #MonthlyAnalysisMagic #RevenueRealization #InvoicingIntelligence #KnowYourNumbers #BusinessInsights #ControlYourFinances #DemystifyFinance #LearnAndGrow

Getting Paid by Your Customers 💸 Sending out invoices and just hoping to get paid? 🙏 That’s risky business. 😬 Instead, make sure you truly understand your customers: 🥸 ⏹️ How’s their business doing❓ ⏹️ Are they getting paid on time❓ ⏹️ What challenges are they facing❓ ⏹️ How are you helping them reach their goals❓ You can’t afford to have a surface-level relationship. Be that reliable partner they trust and rely on. 💪 Here’s how to do it: ✅ Communicate Regularly ✅ Stay connected ✅ Understand their needs ✅ Align Your Solutions: Make sure your services align with their goals ✅ Be so ingrained in their workflows that they don't sneeze without consulting you ✅ Set Clear Payment Terms: 💬 Discuss payment upfront so there are no surprises Don’t just hope you’ll get paid. 🤞 Know you will because they see you as indispensable. ❓Is Your CFO Lighting the Way❓ Stay Bright. 🌟 Follow our ClearBooks LinkedIn for more insights that keep CEOs on top of finance and accounting. Welcome to the light side of business management, where your CFO works to ensure the coffers are full 👊 #CustomerRelations #BusinessSuccess #PaymentTerms #CustomerTrust #BusinessPartnership #CommunicationIsKey #CustomerNeeds #ReliableService #PaymentTransparency #BusinessGoals #FractionalCFO #CFO #Cashflow #AccountsReceivable

As we usher in Q4, it's essential to strategically review your #business #financials. Our team can help guide your business to meet its end-of-year goals. 👉 https://lnkd.in/d-sUFg2

💼 Pro Tip for Managers: Effective Communication with Your Accounts Team on Accruals 💰 Don’t lose your projects money! 💴 Ensuring your accounts team accurately accrues expenses can make the difference between a healthy bottom line and unexpected financial surprises. We want to help you effectively communicate with their accounts team about accruals, so your company doesn’t lose money. 📏 Set clear expectations early. Make sure your accounts person understands your agreements. Remember they aren’t necessarily involved in your projects. Regularly review and update them on any changes in operations that could impact financial reporting. 🗣️ Regular communication is key. Keep an open line of communication with your accounts team, especially as month-end or year-end approaches. This helps in identifying any expenses that haven’t yet been recorded but need to be accrued. 📑 Be sure to document everything. Ensure all expected expenses, even if they haven’t been billed yet, are documented and communicated to the accounts team. This includes ongoing projects, vendor contracts, and pending invoices. ✨Prioritize your major expenses. Highlight significant costs or expenditures that, if missed, could have a substantial impact on financial statements. 🗣️ Collaborate with your team on forecasting. Work together with your accounts team to anticipate upcoming expenses. This not only helps in accurate accruals but also in better financial planning. 👥 Provide Context. Explaining the 'why' behind accruals can motivate your accounts team to be diligent. When they understand the potential impact on the company's financial health, they’re more likely to ensure accuracy. 🤓 Remember, good accrual practices not only keep the books clean but also protect your company’s financial health. Don’t let missed accruals eat into your profits! #FinancialTips #AccrualAccounting #Management #BusinessFinance #Leadership