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Entrepreneurship Newsletter 11/22/2024: Are Your Business Finances Ready for Year-End?

by | Nov 22, 2024 | QBO, Profit First, VPS, Entrepreneurship Newsletter

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Are Your Business Finances Ready for Year-End?

In today’s newsletter:

• End-of-year prep is crucial: It ensures your books are accurate and ready for tax season.

• Consistency saves time: Use tools and systems to organize receipts, track cash expenses, and reconcile accounts.

• Most Important of all – Visibility matters: Clean financial records provide insights into the health of your business and support better decision-making.

 

As we approach the end of the year, organizing your financial records does more than just prepare you for taxes. It provides clarity about your business’s performance, allowing you to spot opportunities for growth or areas that need adjustment. Reviewing key areas such as accounts receivable, inventory, and liabilities ensures you’re making informed decisions for the year ahead.

 

Here’s why year-end bookkeeping matters:

• Clean Financial Reports: Gain insights into the health of your business and make smarter decisions for the year ahead.

• Streamlined Tax Prep: Stay organized and ready to provide accurate information to your accountant.

• Bonus: Giving your CPA clean financial statements can significantly reduce your tax accountant’s bill and put more money in your pocket; PLUS, your tax accountant is enabled to focus more on what they do best – determining the best strategy for reducing your tax liability.

 

Key Steps for Year-End Prep

From reconciling accounts to organizing receipts, our Year-End Financial Reporting Checklist has you covered. I’ve attached the checklist to this email, but here’s a sneak peek:

• Reconcile Accounts: Checking, savings, credit cards, and loans to ensure accuracy.

• Document Large Purchases: Keep records of any equipment or assets bought this year.

• Review Accounts Receivable: Identify overdue invoices and decide whether to collect or write them off.

• Adjust Inventory: Make sure your books reflect your actual stock levels after accounting for loss or damage.

Need Help Cleaning Up Your QuickBooks?

We’re here to make year-end easier for you. If you need assistance organizing your books or preparing for tax season, give us a call at 816-500-5779 or use the link below to set up a free strategy session. Together, we’ll ensure your business is ready to shine in the new year.

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Adam Litster

Certified Profit First Professional and Pumpkin Plan Strategist

(816) 500-5779

adam@betterbizinfo.com

Visit Our Website!

 
Why I Love What I Do!

Why I Love What I Do!

by | Nov 3, 2019 | QBO, Profit First, Better Biz Info

Why I Love What I Do!

I love helping small business owners succeed!

When I first graduated from college my first job was helping small to mid-sized companies transition from their existing accounting systems to new accounting systems that ran on computer networks. I was able to work with dozens of companies in several industries. I learned their accounting systems and processes. I helped them streamline and automate those processes. I learned a lot about business, about technology, and automation. Mostly I learned how business owners think and what they want and expect from their accounting and computer systems.

I eventually held positions where I led teams of technical trainers and support professionals. I worked my way up through middle management and gained many skills and certifications, including Microsoft Certified Trainer, Microsoft Certified Systems Engineer, Certified Technical Trainer, Novell Certified Instructor, QuickBooks ProAdvisor, and more. I became a very respected trainer of computer networking systems. I began training and managing technical training for national and international companies. The list of companies I have personally trained include Boeing, Dow Chemical, the United States Navy, NASA, and more. It was a wonderful time! I specialized in computer networking, automation, and security.

My unique skill set that includes accounting knowledge, technical expertise, and real business experience became very valuable. Eventually I worked as the Chief Financial Officer for several companies and in time became the President and Chief Operating Officer for a company with offices in multiple states. I had successfully climbed the corporate ladder! I then started and owned a few companies of my own!

Through all the experiences I have had and the expertise I have gained, I found that the one thing I truly love is helping small business owners succeed. I love learning about their businesses and then helping them achieve visibility and gain the knowledge and ability to implement processes and systems to create success and increase profitability!

I love small business and small business owners! I love helping small businesses succeed! I love training and teaching new skills that create opportunities for success!

And guess what? I don’t miss the politics and grind of the corporate world. Flying on private jets was nice. Eating dinner in fancy restaurants with people you might consider famous was fun. Attending conferences and traveling to many places was exciting. But nothing is as exciting to me as seeing a small business owner chart a course for success and being a part of their journey.

I love what I do. I help small business owners use tools such as QuickBooks and Xero to track and manage their business. Then with that new visibility we set and implement a course for greater success.

I am an Elite level QuickBooks ProAdvisor, which is the highest level that can be achieved with Intuit. I am certified on Xero. But mostly, I know and understand business and business owners. I love teaching and helping them. That is the whole goal of Better Biz Info.  To help you and all small business owners succeed!  It is a wonderful journey!

I LOVE WHAT I DO!