As a business leader, one of the most powerful tools at your disposal is your financial statement. Or is it?
So many business owners don’t have access to good reports designed to inform decision making for operations. At one end of the spectrum are bookkeepers who are interested in getting all the information into the accounting system to balance bank statements, and at the other end are accountants who are mainly focused on tax strategies. What you really need to dial in operations are reports that can show you where you are most profitable, where you are inefficient and where you can save or invest to have the most impact. We’ll help you with those reports in several different ways.
Understanding Your Financials
Understanding Your Financials is more than understanding the bottom line. Financial statements are a numerical report of operations and when they’re set up properly, they can tell you a LOT about what’s going on in your company. We’ll meet with you to review your current financial statements and brainstorm strategies for setting up the books to get the data you really care about. Dependent on your priorities, a review may include:
- Analysis of prior years to identify trends that will inform your current goals
- How to use departments, categories and classes to narrow in on important sales or cost details
- Overview of checks and balances in the system to ensure accuracy and security
Our overall objective is to get you comfortable with how you want your financials to be available for you to make informed management decisions, and to map out a plan to get your books from where they are to where you want them to go.
Our bookkeeping services are designed for owners who want to use their financials as a management tool; to understand their business and stay current with their books. If you just want the lowest cost bookkeeper who can get everything into some software to help reduce your tax costs, our bookkeeping service won’t be a fit for you. On the other hand, if you have known for a very long time that there’s information in your financials that could help you grow your business and you haven’t been able to find a bookkeeper who understands that, then we will likely be a great fit. Contact us today and let’s look at the system you have and how we can best serve you!
Growing the Bottom Line
Once we’ve identified the reports you want and you (or we!) have got your books set up to provide those reports, we can begin to identify cost savings in expenses, inefficiency in systems and opportunities for sales. Whether we do your bookkeeping or not, our team is available to review your financials regularly to help you watch for red flags, trends and opportunities to grow the bottom line. Learn more about how you can grow your bottom line with regular management reviews.
“I brought Eden on board when I was expanding to a third location. I was nervous about the management challenges of three shops and wanted to have a plan. Since then, Eden has coached my team, helped develop the role of General Manager for my business, and managed a huge software conversion project. We appreciate her contribution to our growth! I would definitely recommend her to any business owner looking to grow their company.”
“Eden provided Thrively with targeted, extremely impactful consulting right at the time we needed it. She quickly understood our needs in the context of our growth cycle, made just the right recommendations for how she could help, and executed perfectly, allowing us to take her expertise and run with it.”
“Eden Lovejoy has worked with us as our Virtual GM off and on for a couple of years. She helped us navigate the challenge of stepping back from the day to day operations of our business while not losing the control we need to feel secure. With her support, we have a new structure, clear roles, an engaged team and excitement about where we’re headed. Net result? Sales are up, profits are better than ever, and we are spending weeks at a time out of the country completely confident in how our company is running!”