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.
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Reposting this gem! 💡 Elevate your billing game and minimize cash flow risks with these actionable tips from Josh Luebker, a go-to fractional CFO for subcontracting businesses. Swipe for insights: 🧾 Transparency is key—level with your GC from the get-go. 👨💻 GCs expect savvy billing practices—don't shy away. ✍️ Push boundaries, and you might just score an extra $15,000. :) 📊 Data-driven confidence—show your work and win trust. Dive deeper into Josh's strategies in the full article. Link in the comments! 📈
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.
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Helping businesses fix their books of accounts in 30 days 📚💼 | US GAAP | IFRS | Ind AS | Don’t worry about your timelines anymore ⏰ | Served 25+ businesses ✅ | Let’s Connect 🤝
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
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Online Bookkeeper | Fractional CFO | Helping 6-8 Figure Modern Firm Owners, Home Care Agency Owners & Basic Life Support Training Centers #CPR #BLS #AHA to systemize and achieve worry-free accounting operations.
One of my clients used to have a lot of trouble with revenue recognition because of how complicated the topic is. He asked me, "Grace, I know I am selling and I am selling a lot, but I want to know how much I am making or how I recognize my revenue?" while we were on the call. I reassured him, saying, "Don't worry; we got you covered!" Business owners should know these five financial management tips: 1. TIMING MATTERS: Accurate financial reporting requires timely revenue recognition. To avoid mistakes, learn industry standards. 2. MULTIPLE ELEMENTS: Revenue recognition may involve multiple elements, such as bundled products or services. To fairly distribute funds, it is necessary to carefully examine each element independently. 3. CONTRACTUAL TERMS: Carefully review contract terms. Their timing and manner of revenue recognition are subject to any conditions they may contain. Read these terms carefully to make sure you're on board. 4. VARIABLE CONSIDERATIONS: Discounts, rebates, and customer incentives can affect revenue recognition. Know how to estimate and account for these variables. 5. ONGOING ASSESSMENTS: Revenue recognition is a continuous process. It must be monitored and assessed to adapt to changing circumstances. Regularly review contracts and adjust revenue recognition. Keep in mind that staying up-to-date and applying industry standards will result in accurate financial reporting and enhanced decision-making capabilities. Book time now to discover how I can help you with your accounting/business finances https://lnkd.in/gYbJwR6p #RevenueRecognition #FinancialManagement #BusinessTips #GRDGBAccounting #FinanceTips #Consultant #BusinessConsultant
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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
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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.
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Navigating the challenging seas of the consulting industry? 🌊 Managing finances can often feel like steering a ship through stormy waters. But with the right strategies, profitability can be at your fingertips! 🔍 ✅ Streamline Billing Processes: Automated invoicing and clear payment terms can significantly speed up payments and reduce errors. ✅ Optimize Utilization Rates: Establish clear targets 🎯 and adjust workloads to ensure maximum billable hours. ✅ Improve Budgeting and Forecasting: Implement real-time tracking 💡 and promote a culture of transparency. ✅ Focus on Client Retention and Expansion: Value your clients by consistently delivering exceptional services and showing genuine interest in their success. 🌟 ✅ Monitor and Control Overhead Costs: Regular reviews and smart vendor negotiations can dramatically reduce overheads. 💰 Ready to dive deeper into maximizing your firm's profitability? Discover more essential tips and tricks ➡️ https://smpl.is/7rxc0 Let's chat! Share your financial management experiences below. How does your firm navigate these challenges? #consulting #financialmanagement #profitability #clientretention #billingprocesses
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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
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As a service provider, being able to tailor your services according to what each of your client needs should be one of the pillars of your quality assurance. See how you can tailor your CFO services here!
How to Tailor your CFO Services According to Every Client’s Needs
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😫 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
Best Practices for Management Accounts | Blog | Practical CFO
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Is your company in a competitive market? Trick question, we all are! This reality means there are challenges and opportunities every day. So - you want a decision-making approach that faces challenges and takes advantage of opportunities. PEK’s Balance Sheet Business Management (BSBM) approach can help you. The BSBM approach: · Decision-making with a clear, defined objective. · Options are evaluated with outcomes defined. · The best option is selected to meet the defined objective. What is a “clear, defined objective”? It is the basis for PEK’s approach to decision-making. The clear, defined objective is to increase balance sheet strength with every decision. Here are some questions to ask yourself and assess your balance sheet strength: 1. Are we reviewing the balance sheet regularly? 2. Do we know the company’s assets and liabilities? 3. Can we improve our understanding of the balance sheet and how to use it? Reach out to PEK to learn more about the BSBM approach on a ZOOM. www.pekaccounting.com
PEK Accounting | Consulting » Making Business Progress
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