Posted on November 15, 2017
What if there were an App that connects to QBO and facilitates better cash flow, lower DSO, create fewer Bad Debts and saves you a ton of time? Would you be excited and eager to learn about it? That App does exist; it’s InvoiceSherpa. The following video shows you how QBO and InvoiceSherpa work together to improve each other and accomplish those crucial cash flow objectives. In this video you will learn: How to create thank you letters and reminders for your customers How to automate recurring payments How to invoice customers for late fees based on rules you customize [...]
Posted on September 5, 2017
Cash Flow Why It’s Important and How to Control It
Problem – Poor cash flow can kill a business. Learn more about it and how to manage it, and you increase your chances of survival. Eighty per cent of all small businesses fail in the first year. Think about that statistic for a minute. If one hundred people start a small business on New Year’s Day, only twenty of them will be celebrating on the next New Year’s Eve. The other eighty will be trying to figure out what happened. There are numerous lists that catalogue reasons why new businesses fail – poor planning, lack of understanding of the industry, [...]
Posted on September 5, 2017
The Evolution of Accounting
Roll Up Your Sleeves! What’s the origin of this idiom? We know it means to get ready for hard work, but why? Maybe this is the reason: My long-time accounting mentor, called Mr. Mac by friends and family, was born in 1910. By the time I was learning accounting procedures from him, he had already retired from one career and embarked on a new one to “keep busy.” Mr. Mac kept busy into his nineties. There is much to gain from the wisdom of experience, but my favorite times with Mr. Mac were when he was talking about his early [...]
Posted on August 15, 2017
Cash Flow for Small Businesses
If you’re an entrepreneur, managing a healthy cash flow is vital for the survival of your small business. It's essentially the main artery of your company. This is why it’s important to adopt several proactive strategies and anticipate any future peaks or valleys.   What is Cash Flow? Before we dive into the specifics, we need to understand the basics. According to The Balance, cash flow is the amount of money moving both in and out of the company during a specific period. Picture it as the tide, moving water both towards the shore and out to sea throughout a [...]
Posted on August 7, 2017
What is Days Sales Outstanding
A/R , A/P, ROI, GAAP – Accounting seems to thrive on acronyms. But there is one you may not be aware of, and it really drives the success of your business: DSO Days Sales Outstanding is a ratio that tells you the significance of how much money your customers owe you.  You may know that your Accounts Receivable total is $35,000.  Is that good or bad? If your annual sales are $100,000, then your DSO is 128 (AR/annual sales X 365).  That means it takes 128 days to collect that $35k total. But if your annual sales are a cool [...]