When you purchase a new vehicle, you get the fun of riding around in a new car with the new car smell! Our job has just begun – to get your new asset recorded properly on your books. We thought it’d be fun to give you a behind-the-scenes sneak peek at our part. Sales Contract The first thing we’ll ask you for is the sales contract. It will give us the payment price of your…
Read MoreIncreasing your profits might sound like it’s an unattainable dream just out of your reach. But there are a finite number of ways that profits can be increased. Once you understand what they are, you’ll have clarity on how to best reach your goals. There are two primary ways to increase profits: Raise revenue Lower expenses That’s not particularly enlightening or instructional, is it? Let’s look at the four ways you can increase revenues and…
Read MoreTim Ferriss made the 4-hour workweek a popular concept in his 2007 book. But is there such a thing, and more importantly, can business owners like you and me cash in on it? As the last of the Baby Boomers approach retirement, the topic of working less while making the same or more income is popular. Here are five ideas to help you work fewer hours while making the same or more income. Active vs.…
Read MoreIf you’re struggling with your accounting system, it might be a sign that you’re ready for something new. Perhaps your company has grown so much that it’s outgrown its older accounting solution. Here are several indications to look for that justify moving to an accounting system with more features and scalability. User Permissions Some companies have a need to limit certain functions to certain users. Most systems come with basic functional limitations, such as restricting…
Read MoreIf you grant credit to customers, then you have a balance in accounts receivable. DSO stands for Days Sales Outstanding, and this helps you measure how fast your receivables are being converted to cash. Here’s how to calculate it: DSO = Accounts receivable balance / Annual net credit sales * 365. DSO is measured in days and it represents how many days it takes to collect the customer invoice balance and convert it to cash.…
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