Planning for Profitability in the New Year

As a business owner, sometimes it’s tough to know where to turn your attention. Many aspects of your business demand it – people, products, processes and profit. As we prepare to enter a new year, what should you focus on first? The element that keeps it all going – PROFIT!

Often, business owners don’t have a clear understanding of their financials, yet as the primary decision maker for the company, financial statements can help you understand how to become more profitable. Here are some top reasons to pay attention to your financial statements:

  • Your financial status affects every aspect of your business – avoid unwanted surprises!
  • You need to know whether you are on track for tax time and make adjustments along the way as needed.
  • Accurate cash flow forecasting and management is dependent on understanding your financials. 
  • Keen interpretation of your financials is the foundation for the creation of a profit plan.
  • Treasures may be hidden in those documents that would enable you to borrow less, invest in new equipment, or hire additional staff.

It should go without saying that accurate books are essential to giving you the data you need to keep tabs on the numbers.  The Minerva Group can help by cleaning up your books and showing you how to navigate your way through your financial documents.

We are experts at helping business owners get a handle on their financial statements so that they can build a profit plan that gets results. We do this by performing an in-depth financial assessment of the health of your company, using your past financials as our guide or creating financial statements based on your books.

We also help in a variety of roles – from keeping your books clean and up to date and preparing and filing your taxes, to developing and implementing a detailed, strategic blueprint for growth. We take it a step further by acting as your accountability partner, helping you achieve your profit plan for the company.   

We’d welcome the opportunity to connect with you and help you get a handle on your financials. Contact us today to learn more.

Meet Q4 Head-On With Clean Financials

We’re catapulting through 2019 and Q4 will be here in a flash! Maybe the time for spring cleaning your financials blew right by you. Don’t wait until the frantic pace of the holiday season is upon us to prepare your financials for 2020. Now is the time to be sure your books are clean and in order.

Start by identifying any issues that exist with your financial records, and more importantly, your strategies and practices. Ask yourself these questions:

  • Were your high-level financial documents accurate and in balance when you filed taxes for 2018? If not, are they now?
  • What is your current cash flow and do you have a cash-flow forecast?
  • Do you have both short and long-term financial goals and a strategy to reach them?
  • Are your financial goals aligned with your company’s vision and mission?
  • Do you have Key Performance Indicators in place? If so, are they being monitored regularly and acted upon?

If your financials are lacking in any respect, many areas of your business can be negatively impacted including profitability, growth and even how you are perceived by clients and prospects. Now is the time to invest in cleaning up those documents and revising any practices and processes that may have been preventing you from keeping them that way. After all, they provide not only history but direction for your company. They should always be up to date and accurate. Once your financials are in order, you’ll be able to pinpoint trends, resolve issues, and create new processes for success.

Greet 2020 with Clean Financials – Simple Steps You Can Take

  • Create a list of known issues with your financials.
  • Collect on outstanding accounts receivable and deliver on outstanding accounts payable.
  • Ensure that all bank and credit card statements are reconciled.
  • Close out old or inactive accounts for customers, vendors.
  • Double check that payroll records are up to date and ready for W-2s and 1099s.
  • Check whether you have documents on hand that you’ll need for filing taxes.  
  • Verify that stated inventory and fixed asset levels on the books reflect what you actually have.
  • Clean up your balance sheet. Inaccuracies there will throw off your other financial documents like your income statement and cash flow statement. 
  • Generate a profit-and-loss statement and review it (both month-by-month and individual transactions) for mis-categorizations, missing or duplicate entries, fluctuations that are not accounted for, and any other irregularities. Correct entries as needed.
  • Assess your accounting practices and processes. Do you need to change how things are done? Do you need an additional employee or help from a CPA or accounting firm?

If this sounds like a lot of work, don’t fret. You’re tackling this project at the right time, and you don’t have to do it alone! The Minerva group is a full-charge accounting firm that supports businesses on every level — from accounting services and tax preparation to CFO consulting and professional advisory services. Our approach is distinctive in that it partners with business owners to build their financial framework to support business growth.

In addition to bookkeeping and accounting services, we help businesses see their financials from a big-picture, growth-oriented view. This process begins with The Minerva 360 BlueprintTMquiz. Take it today at www.360blueprint.info and get your personalized assessment, recommendations, and the opportunity for a complimentary follow-up call to discuss your results in even greater detail.

To learn more about how we can help get your financials in order for 2019 and on track for a successful 2020, visit http://www.theminervagrp.com/ or contact us.