Who Needs an Outsourced Controller?
A business doing less $1MM in annual revenue may not be ready for Outsourced Controller services. I typically work with companies that are doing around $1MM in annual revenue up to $20MM in annual revenue.
What Are the Best Accounting Services for Small Businesses?
Small businesses can benefit greatly from a range of different services such as weekly/monthly bookkeeping, payroll processing, tax preparation, tax planning, cash management, financial reviews and so forth.
How Should I Pay Myself as a Small Business Owner?
This will depend on how the entity structure of how your business is taxed. For example, if you are taxed as a Sole Proprietor or Partnership, you will simply transfer funds from the business account to your personal account when you want to pay yourself. These are called "draws". However, if your entity is taxed as a Corporation, and you materially participate in your business, you give yourself a "reasonable compensation" which is ran through payroll. However, if your entity is taxed as a S-Corporation, you may be able to take money out of the business (distributions) tax-free.
I Don't Understand. My Financials Say I Made A Profit But I Don't Have That Cash In The Bank. What Happened?
This is a very common question. Simply put, profits will very rarely equal cash in the bank. There are certain transactions that aren't reflected on your Income Statement/Profit & Loss such as loan payments, draws/distributions and credit card payments which reduces your cash balance.
What is the Best Way to Grow My Business?
There are only 3 ways to grow any business--1. Get more customers (most expensive), 2. Increase how often your current customers buy from you, 3. Increase the Average Order Value (AOV) on every purchase. When you combine all three of these concepts, you start achieving exponential growth.
How Can I Improve My Cash Flow?
Start with getting paid from your clients as fast as possible while paying your vendors as slow as possible without damaging relationships. In a perfect world, you would be paid upfront for your services but pay your vendor bills 30-45 days later. Also, look for "bloat" in your Operating Expenses (OPEX) such as software subscriptions that are no longer being utilized.