At the end of each year, it’s customary to pause and reflect on the past 12 months, both personally and professionally. As leaders and business owners, it’s also a critical time to remember all that you’ve learned about growing your business, and commit to healthy financial practices in the year to come.
It’s been an honor to serve as a mirror for 18 businesses this year. Through my business and volunteer work, I’ve helped my clients to see their own business from a different perspective, catching financial red flags, identifying opportunities, and educating them on what they need to see (and do) to practice financial business health for optimum success. By catching the light in new ways and offering a look from different angles, I can help your business achieve financial success in 2023 as well! Contact me today for a consultation on how a look in the financial mirror can boost your profitability.
11 Financial Learnings For Year-End Reflection
From skilled bookkeeping to internal controls, from accrual vs. cash basis to hiring employees vs. contractors, you’ve had a lot of expert tips and best practices from Huxley CPA to consider, absorb and implement over the last twelve months. Here is a summary for your year-end reflection, which includes cautionary tales, success stories, financial term breakdowns, funny analogies, mythical creatures, and much more:
The Importance of Internal Controls: Preventing Small Business Fraud And Embezzlement | Everyone thinks that fraud and embezzlement will never happen to them or their business. Unfortunately, it’s a more common occurrence than you might think. Here’s how to know if your business could be the victim of embezzlement or fraud and how to set up internal controls to prevent it.
Balance Sheet 101: Keeping Your Business Boat Afloat | If an unexpected economic crisis hit our country next year, would your business survive it? Read this article to learn about the key difference between the companies that stay afloat and the ones that sink when life’s storms roll in.
Don’t Let These Taxes Cost Your Business Thousands | Do you know everything you need to pay in taxes for your business? Even if your taxes are prepared professionally, that person doesn’t know all of the ins and outs of your business. Read this article about three tax types every business owner needs to know to avoid paying thousands in back taxes.
Mitigating Risk Through Hiring Best Practices: 6 Expert Tips | Mitigating risk through hiring best practices will save you from getting sued or having a big penalty from a government agency. Not implementing these basic steps from the beginning could cost you a lot of money in legal fees or with the IRS.
Employee Vs. Contractor | The Business Trap | Did you know that a contractor, a business partner, a vendor, a customer – literally anyone – can fill out a form with the IRS stating that you may be misclassifying your hired help as contractors when they should be employees? Yikes! So, what’s a business to do? Read this article to learn how to avoid the employee vs. contractor business trap and ensure you are properly classifying your hired help from the beginning.
Is Your Next Hire A Leaping Unicorn? | Are you chasing leaping unicorns for your next hire? Read this article to find out, plus learn the key questions every wise business owner needs to ask before hiring help.
Accurate Bookkeeping – How To Know If Your Bookkeeper Is Doing It Right | Accurate bookkeeping is essential to running a healthy, growing business. Unfortunately, I’ve worked with dozens of clients who hired a bookkeeper who didn’t fully understand accounting. Here are 6 small clues you should look for that will let you know if something isn’t quite right, ensuring you have 20/20 bookkeeping vision!
Preventing Financial Crisis: Accounting and Cash Flow Tips for Loans | If you find yourself in need of “fast cash” and are considering taking a loan from a short-term lender, read this article first! In it, I share the dangers of predatory lenders, how to avoid them, and how to understand and properly record your loan payments. This information could very well be the life preserver you need to keep your business afloat.
Is Cash Basis Accounting Driving You Towards A Collision? Accrual Basis Can Save You. | If you’re using cash basis accounting for your business, you may be driving towards a collision you can’t even see. The good news is accrual basis can save you! Read this article to learn why keeping your financial books on an accrual basis is the best way to clear up the fog and drive your business towards success with a clear view ahead of you.
From Fire Drill To Fire Prevention: Setting Realistic Financial Goals | If you are feeling like your business is operating in reactive mode instead of proactive mode, the smoke detector is going off at your business, warning you that small fires are about to billow into something bigger. Move from fire drill mode to fire prevention mode by following these goal-setting tips.
From Mini-Golf To Golf-Pro: Expert Advice On Hiring A Bookkeeper, Controller, and CFO | To someone who has never played golf, a 4-iron, 7-iron, and 9-iron look the same. But they are very different and should be used strategically based on the ball’s distance from the hole. To someone who is not well-versed in million dollar business finances, a Bookkeeper, Controller, and CFO all look the same. In reality, they too are very different and should be used strategically by entrepreneurs to gain a solid financial understanding of their business. Read this article to learn about the difference between the three financial roles and when to use each.
Looking Forward To 2023 Financial Health
You know your business and what it needs to thrive better than anyone else. Are there financial topics you want to know more about? What would you like to read about from Huxley CPA? Let me know! I’d love to hear your feedback on what would be helpful to the financial health of your business in the new year. You can email me your ideas at geneve [at] huxleycpa.com.