ClearBooks’ Post

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

What do you think is the most important financial statement for small businesses, excluding the Big Three (Balance Sheet, Income Statement, Cash Flow Statement)? Bonus points if you also mention your favorite non-business Big 3. 1. Accounts Receivable Aging Report: This report helps track outstanding invoices and their aging. It's essential for managing cash flow, identifying potential bad debts, and understanding customer payment behaviors. 2. Budget vs. Actuals Report: This financial statement compares the projected budget to actual expenses and revenues, helping business owners understand where they are over or under budget. It's crucial for financial control and forecasting. 3. Profit by Product or Service Line Report: For businesses offering multiple products or services, this report breaks down profitability by each line. It helps in understanding which segments are most profitable or costly. Or something not mentioned? #financialstatements #bookkeeping #smallbusiness #big3

Management accounts just cost me more money. I don’t need them. I beg to differ. Hear the word accounts and people assume that we are talking about the yearend statutory documents that MUST be prepared for filing at Companies House and with HMRC. To be honest these are dry documents prepared primarily for external use and its no wonder business owners don’t see the value in more of the same. But management accounts or financial insights or performance reports, whatever you want to call them offer so much more. Internally focused, you have total control over what you want to see and how the information is presented. You can combine financial and operational performance data that is relevant to you and your current situation. And if pages and numbers aren’t your thing you can add graphs and charts to your reports. Here are my top 6 reasons why you should invest in management accounts and insights: - 💡 More information means more informed decision making. 💡 What gets measured gets done – track performance regularly and your business will grow profitably in the right direction. 💡 Cashflow management will be better. 💡 Plan for tax liabilities and payments, so no more surprises or panics. 💡 Understanding your numbers will give clarity, that fosters new ideas for growth and the confidence to move forward. 💡 Unlock the story your numbers are telling you and you can take on that next hire, outsource some tasks and gain the financial and time freedom you have been looking for. #smallbusinessowner #directros #3Ns #managementaccounts

Management accounts just cost me more money. I don’t need them.  I beg to differ. Hear the word accounts and people assume that we are talking about the yearend statutory documents that MUST be prepared for filing at Companies House and with HMRC. To be honest these are dry documents prepared primarily for external use and its no wonder business owners don’t see the value in more of the same. But management accounts or financial insights or performance reports, whatever you want to call them offer so much more. Internally focused, you have total control over what you want to see and how the information is presented. You can combine financial and operational performance data that is relevant to you and your current situation. And if pages and numbers aren’t your thing you can add graphs and charts to your reports. Here are my top 6 reasons why you should invest in management accounts and insights: - ✅ More information means more informed decision making.  ✅ What gets measured gets done – track performance regularly and your business will grow profitably in the right direction.  ✅ Cashflow management will be better.  ✅ Plan for tax liabilities and payments, so no more surprises or panics.  ✅ Understanding your numbers will give clarity, that fosters new ideas for growth and the confidence to move forward.  ✅ Unlock the story your numbers are telling you and you can take on that next hire, outsource some tasks and gain the financial and time freedom you have been looking for.  #smallbusinessowner #directros #3Ns #managmentaccounts 

Revenue Recognition: Timing is Everything ⏱️ When should you recognize revenue? It’s not as simple as when you get paid! Revenue should be recorded when it’s earned, not when the cash is received. This simple rule keeps your books accurate and ensures compliance. Learn how to apply this principle to improve your financial reporting. #RevenueRecognition #AccountingEssentials #BusinessFinance #CashFlow #AccrualAccounting #FinancialReporting #BusinessManagement #FinancialHealth #AccountingBestPractices #BookkeepingTips #AccountingForGrowth #ProfitAndLoss #BusinessSuccess #EntrepreneurLife #BusinessStrategy #AccountingFundamentals #FinancialClarity #SmallBusinessTips #FinancialGoals #BusinessPlanning #BookkeepingBasics #AccountingForSuccess #CFO #FinancialInsight #BusinessAccounting #Compliance #RevenueTips #FinancialSuccess #WealthManagement #AccountingLife #AccountingTools

Sending out invoices can be a pain. But if you don't do it on time - an follow up - your cash flow will suffer. So, consider setting up automatic invoicing and payment reminders. This will help make sure you get paid on time. And if a client is late, don't hesitate to follow up. Your business’s financial health depends on it! Reach out to us for help with invoicing and improving cash flow! 📱: 1-888-881-7509 📧: accounting@meticulousbooks.com #MeticulousBooks #Finance #SmallBusinessOwner #CPA #CFO #Entrepreneur #Accounting #budget #budgeting #savingmoney #automation #VirtualCFO #Accountant #cashflowmanagement #cashflow

💡 𝗧𝗶𝗽𝘀 𝗳𝗼𝗿 𝗢𝗿𝗴𝗮𝗻𝗶𝘇𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗖𝗵𝗮𝗿𝘁 𝗼𝗳 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀 (𝗖𝗢𝗔) 💡 If you’re starting from scratch or need to update your COA to scale your business, organizing your chart of accounts is key to keeping your financials neat and structured. Here are a few important tips to keep in mind: 𝗖𝗮𝘁𝗲𝗴𝗼𝗿𝗶𝘇𝗲 𝗦𝗺𝗮𝗿𝘁𝗹𝘆: Use major account category types, like Assets, Liabilities, Equity, Revenue, and Expenses to correspond with your business’ financial statements and to keep things organized. A well-structured COA makes tracking transactions easier! 𝗨𝘀𝗲 𝗮 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗡𝘂𝗺𝗯𝗲𝗿𝗶𝗻𝗴 𝗦𝘆𝘀𝘁𝗲𝗺: Set up a numerical system for each category. For example, all 𝘈𝘴𝘴𝘦𝘵 𝘢𝘤𝘤𝘰𝘶𝘯𝘵𝘴 could start with "1" (Cash might be 101, Checking might be 102, Accounts Receivable 103), your 𝘓𝘪𝘢𝘣𝘪𝘭𝘪𝘵𝘺 𝘢𝘤𝘤𝘰𝘶𝘯𝘵𝘴 such as accounts payable, bank loans, and payroll could start with “2”. It keeps everything crystal clear and easy to navigate. 𝗧𝗮𝗶𝗹𝗼𝗿 𝗜𝘁 𝘁𝗼 𝗬𝗼𝘂𝗿 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆: It doesn't make a difference if you're running a small business or a big one, your COA should suit your business' specific needs. Let's say your business manufactures goods and sells finished goods; to capture these transactions, add Inventory accounts to your Assets category and COGs accounts to the Expenses category of your COA. Do you know what the beauty of a solid COA is? It grows with you! Whether you've got two dozen or two thousand accounts, a well-structured COA makes financial reporting, analysis, and forecasting future trends a breeze! We have seen firsthand the impact of a poorly structured COA on businesses' financials. If you're thinking that your COA could use a face lift, reach out to us today to get started! 📧📲 #AccountingTips #ChartOfAccounts #FinancialOrganization #BusinessGrowth

I regularly find MSP's unbilled revenue. Why does it happen? -> The business owner is too busy for the detail -> The team has forgotten to raise the charge -> Your PSA is not set up properly These are just a few. We need to give these problems priority attention. Why? -> This directly effects your Gross Profit margin -> This could span across the life of the client -> This could be part of a bigger problem How can you avoid it? -> Ensure processes are correct & being followed -> Review monthly management accounts -> Take time to rectify any system problems Trying to grow your business with flawed systems & processes is costly & slows down that growth. Take the time & invest in identifying the solutions. If you want some help me & my finance team are at hand 👌🏼 At Counting Creators we have experts at all levels: ✅ Finance Managers ✅ Management Accountants ✅ Bookkeepers Much more than a bookkeeping service 😉 Ps Teal is my favourite colour, but is it green or blue?

Anyone who’s worked in finance in the last 15 years will tell you the responsibilities and role of the Chief Financial Officer (CFO) has evolved way beyond mere number crunching. Today’s smart CFO harnesses data to drive strategic decisions, optimize processes, and ensure the financial health of the organization. Among the various financial reports available, accounts receivable (AR) reports hold a special significance, offering crucial insights into cash flow, customer behavior, and overall business performance. In this article, we’ll highlight five essential reports that CFOs can leverage to steer their organizations toward success. Check out these 5 most commons accounts receivable reports you can use to gain insights into your business’s financial transactions 👇 https://lnkd.in/gR9acVPn #finance #financialreporting #CFO #accountsreceivable #arautomation

🌟 5 monthly reports every business needs. 🌟 Are YOU reviewing these each month? 🤔 ✅ Profit and Loss Statement (P&L) shows your revenues, costs, and expenses during a specific period, providing insights into your business’s profitability. ✅ Balance Sheet provides a snapshot of your business’s financial position at a particular point in time, detailing your assets, liabilities, and equity. ✅ Cash Flow Statement tracks the flow of cash in and out of your business, helping you understand your liquidity and manage cash effectively. ✅ Accounts Receivable Aging Report shows which customers owe you money and how long their invoices have been outstanding, helping you manage collections. ✅ Accounts Payable Aging Report details your outstanding bills and how long they’ve been due, aiding in managing your payables. #C2Accounting #finance #bookkeeping #accounting #smallbusiness