For years, my kids have done chores around the house to earn an allowance that I never actually let them spend. I really wanted them to understand the value of a dollar and how great it feels to watch their bank balance grow. I didn’t want them to waste it. I also know they will never learn how to ... VIEW POST
How KPIs and Scorecards Get You More Time and Money
It’s summer 2021 and my whole house is caught up in Olympic Trial watching! It started with USA Swim Trials in Omaha as we proudly watched our local club team swimmers give it their all. Watching the Olympics has me thinking about how business owners measure their success, today I want to share my ... VIEW POST
How Variance Analysis Gets You More Time and Money
I am old enough to remember my parents using physical maps to get from one place to the next. When I started driving for myself, it was all about MapQuest. You would put in your current location, select your destination, and it gave you step-by-step instructions to get there. It even told you ... VIEW POST
How Budgets and Forecasts Get You More Time and Money
You guys are going to see me geek out today…budgets and forecasts are seriously my favorite thing to talk about. I don’t even remember when I started using budgets in my personal finances. It’s something I’ve loved doing for as long as I can remember. Some people can curl up on the couch, snuggled ... VIEW POST
How Cost Price Analysis Gets You More Time and Money
Did you know the average profit margin for a small business ranges from roughly 2% to 13%? That means for every $100,000 in sales, a business owner makes somewhere between $2,000 and $13,000. Sure, there are some that make more than that and others that are not profitable right now at all. But, on ... VIEW POST
How Revenue and Expense Drivers Get You More Time and Money
I was sitting in a Chamber of Commerce meeting this morning…and can I just take a minute to say I am so excited to be part of the “fastest growing Chamber” in the area. It feels so GOOD to be part of something that’s growing! I want every small business owner to know what it feels like to be on that ... VIEW POST
How an Expense Audit Gets You More Time and Money
Have you have ever looked at your bank balance or credit card statement and wondered “where on earth does all the money go”? Your money will go anywhere and everywhere if it’s not TOLD where to go….but this isn’t about budgets, that’s a topic for a later date. Today, we’re talking about ... VIEW POST
How Cash Flow Management Gets You More Time and Money
Cash flow management is a topic that is near and dear to my heart today as the news comes out that Texas (where I am) is ending the distribution of federal unemployment assistance early. Regardless of political opinion, the fact is, there are self-employed individuals counting on these benefits in ... VIEW POST
How Bank Reconciliation Gets You More Time and Money
As promised, this week I am talking about bank account reconciliation. Yes I know, you’re thinking this is one more step that sounds like it takes time or money rather than helping you save time and money. Just let me explain. In an ideal world, bank account reconciliations should be performed on ... VIEW POST
How Your Monthly Accounting Process Gets You More Time and Money
Here we go…part 2! We’ve talked about why accounting method matters and why I recommend accrual basis for my clients. Now I want to talk about actually DOING the accounting. Journal entries are the nuts and bolts of your financial data. Knowing they’re important doesn’t make them any less tedious. I ... VIEW POST
How the Right Accounting Method Gets You More Time and Money
As I was writing the blog (and related cheat sheet) last week, I realized… knowing what a bunch of accounting terms means is great but it doesn’t help you, as business owners, understand why on earth you should care about ANY of them. So I’m going to write a series of blogs over the next month to ... VIEW POST
Translating Accounting Terms into Plain English
In order to know your business numbers, you have to understand what your accountant (or virtual CFO – yep I gave myself a shameless plug haha) is saying! I know what it feels like to sit in a room full of professionals using words and acronyms you’ve never heard before. It’s like they’re speaking a ... VIEW POST
Is the Pandemic Redefining Work/Life Balance?
I read an article today on CNBC that talked about small business closures nearing peak pandemic levels. Here I was thinking we’re almost on the other side of this. Vaccinations are being offered to everyone in almost every state. I can see the light at the end of the tunnel….yet businesses are still ... VIEW POST
Time is Money
Being an entrepreneur means our financial analysis is about more than dollars and cents. Time is money. How much of your time are you spending on the business? Where and how are you spending that time? None of us went into business to spend less time with the people and activities we love. But ... VIEW POST
Price to be Profitable
One of the biggest hurdles entrepreneurs face is undervaluing their product/service or overvaluing the need for an expense. That sounds simple enough but the raw data behind it can get a bit complicated. Time is money, so I’m going to try to simplify this for you guys. Whether you’ve been in ... VIEW POST
Piece Your Tax Info Together
It's the most wonderful time of the year Okay, I’m a few months late with those lyrics and I’m pretty sure no business owner has said (let alone sung) that about tax season unless they DO taxes. But to those of us involved in the preparation for (or of) taxes, it’s puzzle time! I recently told a ... VIEW POST
Instantly Know Where Your Money Stands
Let’s be honest, building a business and helping others is more fun than pouring over spreadsheets or balancing bank accounts. That’s why so many of us take the ostrich approach (head in the sand) to money management. If I just pretend it’s not a problem, I can figure it out later. Right? This feels ... VIEW POST
Are you an overthinker?
I spent a lot of time trying to figure out what my very first blog post should be. I toyed with the idea of explaining what a virtual CFO is or the kind of businesses that could benefit from a virtual CFO. The truth is, you wouldn’t be reading this if you didn’t have some frame of reference for what ... VIEW POST
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