This is Michael–he's part of the Accountfully team. With clients, he’s leading financial analysis meetings and helping them navigate their inventory management headaches. But behind the scenes, he’s the joke-telling guy who rides his bike to work, has a gif for every occasion, and expertly brews coffee (after much taste testing and recipe perfecting). He’s proactive, thoughtful, diligent and goes the extra mile to make sure his clients understand the financial ins and outs of their businesses. We can’t promise he’ll make your bookkeeping and accounting fun, but he’ll get pretty darn close.
Michael is one of our more recent hires, so we asked him to share some accounting advice for small business owners and entrepreneurs now that’s he’s settled in.
Prioritize Your Bills
It’s okay not to pay everything in full every month. Business owners shouldn’t be paying off their credit cards the minute a statement lands in their inbox. We like proactiveness but work with your accounting team to understand what bills and what vendors takes priority. Your team should help you understand terms and maximize the relationships you have to make the most of your cash flow.
Adjust Your Budget
Hope for the best but plan for the worst. If you’re a producer of packaged good you’ll no doubt hit a slow season at some point. Sometimes budgets need to be reworked to account for what’s selling and what’s not. We like having budgets in place to understand the total health of the business but don’t consider them written in stone. In fact, the more up to date the budget is, the better sales projections can be. This makes a big difference when it comes time to make big decisions.
Over Communicate With Your Team
Sometimes clients have a tendency to hold back until things are get more overwhelming and stressful than they need to be. They hold on to questions until regularly scheduled calls because they don’t want to be a nuisance. Don’t. Keep us in the loop and be an over-sharer. We like having a heads up on things that might impact the work we do and ultimately your business.
We always encourage clients to get in touch with us as they need us, whether or not they have a call or meeting on the books. We’re fluent in their business and a great resource to dissolve unnecessarily stressful situations. As a part of their team we want them to feel supported and leverage our expertise. Have a question you’ve been meaning to ask? Shoot.