The Right Money Team
The Right Money Team
Last week we reminisced about the childhood song “There’s a hole in the bucket dear Liza dear Liza!”
We talked about John and the hole he had in his systems.
Once John remedied with the right support he was able to be a stronger financial leader of his company.
You can read about it here if you missed it.
When you think about your money bucket, do you ever feel like there must be a hole in it?
Feeling like the money must truly be leaking out somewhere?!?!
I find for myself, and my customers, that the hole is in one of three places.
Mindset: What is going on with my thinking that is either keeping me blind to what is happening or not allowing me to see a better way.
Systems: What am I not getting from my reporting that if I had it would allow me to change what is happening
Support: Am I truly getting what I need from my team and how could we operate better, knowing I am 50% of the conversation.
Nancy came to us because she was concerned she was not getting the support she needed from her team.
Reporting was nonexistent, and payables were not being paid on a timely basis upsetting her vendors.
Nancy thought she had chosen the best team member; she had hired a CPA firm to do her ongoing accounting and file her taxes.
Having the right expectation of the right team member is really important when it comes to your finances.
A CPA’s job is to keep you in compliance with tax law and to provide sound strategies for keeping more of your money in your pocket than in the governments.
Most of the time when a client comes to us after having a CPA do their bookkeeping, what we find is a set of books that a CPA can use for tax purpose.
This is useless for operations and management of a company.
In my 30+ years of doing this work, I have found very few CPA’s who can effectively do both Tax and Operations and Management.
If they are doing both, then neither are being done to the best degree they could be.
These are two very different, yet integrated, ways of working with your financial information.
So what Nancy had was a lot of information in her Quick Books that was not assimilated well.
In Nancy’s case we simply started over.
It was not cost effective to go through the existing books and clean them up.
There was so much missing and incorrect information for a number of years.
It was better to start clean from tax returns and statements and create a new set of books that were accurate.
We worked with Nancy to set up a system so she could hire an in house support person on a daily basis.
This person was set up to win from the beginning, working in a system that was properly established.
We continue to reconcile and produce reporting on a monthly basis so Nancy has a second set of eyes on her operations.
Now, teaching her how to connect with her reporting so she can use it to grow her company with confidence.
If you are feeling like there is a hole in your bucket, but just aren’t sure where it is let’s talk!
It might just be a very simple fix!
If you want to schedule a call so your 2019 taxes are spot on, click here.
