OBJECTIVE: To provide the small business owner with regular monthly, accurate financial statements.
SITUATION: After seeing a friend, work hard, and bring home little disposable cash, I suggested he consider a new approach to his back office. Let’s do monthly bookkeeping, and lets see where it goes from there….
FINDINGS: To no surprise, the wife was the bookkeeper per se, the son did invoicing, and they used an independent lady to do the books at year end. Day to day operations were run off the bank balance. There was no visibility, to job profitability, monthly profitability – profit equated to cash in the bank.
SOLUTION: With cost effective technology options available today, the smallest of small entrepreneurs can integrate and sync and consolidate all their fiscal activities into a simple dashboard, with a holistic overview. With both technology integration and cost-effective bookkeeping, the stakeholders now have full visibility to their operation, their teams, their burn rate and profitability. As the old adage goes, you need to spend money to make money! In this instant, the ROI is ridiculous, as their quality live has been impacted positively. Cash is king!