In the News
Separation of Duties in a Small Team: Yes, You Still Need It
When you run a small business, wearing multiple hats is normal. But when one person wears all the financial hats—that’s where trouble starts.
I’ve seen it more than once: A trusted team member who enters invoices, cuts the checks, and reconciles the accounts… and before long, things don’t quite add up. Sometimes it’s a mistake. Sometimes it’s intentional. Either way, it’s a mess to untangle.
6 Warning Signs Your Small Business Has an Internal Controls Problem (and how to fix them)
I can’t tell you how many times a small business owner has called us in for help with their books—only for us to uncover something much bigger.
They often think it’s just a reconciliation issue or a miscategorization. But once we start digging, we almost always find gaps in internal controls—some small, some serious. And in most cases?
Most Small Businesses Have Weak Internal Controls—Here’s How to Fix Things Before It’s Too Late
Running a business of any size is no small feat. When it’s a small business, the buck stops with you— you’re in charge of all decisions, putting out fires, and wearing more hats than you ever imagined. It makes sense that internal controls often get overlooked, but failing to put a system in place can cost you in a big way.
I’ve worked with countless small businesses, and I can tell you that most don’t realize they have an internal controls problem until something goes horribly wrong. Maybe an employee has too much access, an account is tied to the wrong person, or fraud goes undetected for months.
To Modernize or Not to Modernize: Navigating Change in a Family-Owned Business
Modernizing a family-owned business is almost never just a technical decision—it’s deeply personal, with multiple stakeholders often holding strong opinions about how things get done. For one company we’ve been working with, the question of whether to overhaul their project management and CRM systems went far beyond improving efficiency. Like many small businesses with multi-generational family stakeholders, it required a careful balance between supporting a legacy, maintaining harmony within the family, and preparing for future growth.
Changing the Conversation on the ROI of Accounting
Most businesses fail to recognize that accounting is the difference between guessing and growing.
When I hear people talk about accounting as a “necessary evil” or simply “overhead,” I know we’re not having the right conversation. Accounting isn’t just a line item on your budget—it’s table stakes for your business to remain competitive, stay on the right side of the law, and thrive.
Helping a Small Family-Owned Business Break Through to Real Profitability
When the owner of a family-owned business came to us, he shared something we hear a lot: "I think I’m making money, but I don’t know for sure. Is my pricing set up the right way?"He’d been figuring out his gross margin by subtracting commissions and overhead from sales. But even with a profit target in mind, he couldn’t see where he really stood—or how to confidently reach his goals.
Your company is profitable. But is every job, location, or client?
How well do you know your company’s profitability?
Most business owners use profit & loss statements to evaluate their performance and compare it over specific periods. Still, they might only be focusing on the overall company profitability. While that remains crucial, if you’re in a project-based—or location-based—business, it’s important to know your profit centers.
CPAPA Article: Cash Recycler Machines Help Reduce Theft and Undercounting for Retailers
CPA Practice Advisor recently featured an article I wrote about cash recycling machines.
Originally developed for banks, cash recyclers simplify cash handling and improve security, making them an excellent choice for various retail businesses.
More People Are Filing for Extensions Than Ever Before. Here’s What You Need to Know
The past three years have been the most challenging for tax preparers and accounting professionals. From sweeping changes, tax credits, and PPP loans to changing tax codes for individuals, changes to accounting requirements and regulations are the one constant over the pandemic.
The New Faces at Automated Accounting Services and Accounting For Green
Here we grow. Over the last 24 months, we’ve focused heavily on the green — your green. After all, we’re on a mission to help as many businesses — like yours — as possible develop a deep understanding of your finances so you can make the best possible financial decisions.
So we’d like to thank you for trusting our team to help you grow. That trust — coupled with your referrals — is helping our team offer even more services to you as we grow too.
So your state is legalizing marijuana...how can you prepare?
HOORAY, your state just announced it’s ready to take the leap and join the growing list of states who have legalized cannabis! Now is the perfect opportunity for someone like yourself, who has toyed with the idea of opening a dispensary, starting a grow operation, or creating cannabis-based products, to make their dream a reality.
So You Filed an Extension…Now What?
With tax season almost at its end, there is one thing that’s on many business owners’ minds – filing an extension. And while filing an extension might seem like your saving grace in the moment, no one wants to file an extension and then have tax season hanging over them for another six months or more.
The Importance of Cash Handling Procedures
In an age of credit card chips and tap to pay, cold hard cash is not used the same way as before. Your customers have often paid for their purchase with a plastic card or an aluminum phone.
But, that doesn’t mean that cash has become an obsolete form of payment.
Sign of the Times: Inventory Forecasting in 2022 and Beyond
If one thing has defined business in the past 24 months, it’s supply chain issues. Businesses across just about every industry have felt the impact of the pandemic in their supply chain. As some struggle to keep up with the product demand, others have an overflow of inventory with limited shipping containers to get items to their destination: the consumer.
Why Am I Seeing Profit But Have No Cash In My Bank Account?
Why am I seeing profit but have no cash in my bank account? If you find yourself asking this when you’re looking at your profit and loss statement, you’re not alone.
However, there’s no need to feel like you’re on the losing side of the equation.
Resolving this challenge means understanding the full picture of your financial standing across three key reports: balance sheets, cash flow statements, AND profit and loss.
How Your Bookkeeper Can Help You Prepare For Tax Season
Are you ready for tax season?
That’s right. We’re right around the corner from the wildest, craziest time of the fiscal year. Need help to remain sane as you prepare for what’s coming?
Look no further than the sanity-yielding magic of an experienced bookkeeper.
What The Heck Is A Fractional CFO?
When cash flow is poor, growth has plateaued, and you're frustrated about your financial goals … if only you had a trusted partner with the financial know-how to give you advice.
The good news is that no matter the size of your company, there are accounting professionals out there who do exactly this — we’re called Fractional CFOs.
How To Find The Right Bookkeeping Services For Your Business
As your business grows, you eventually arrive at a point where you need professional accounting and bookkeeping services to ensure your finances are in order so that you continue to build profit, pay fair wages, and avoid penalties.
You may have an in-house bookkeeper already — many businesses do. Perhaps it’s dawning on you that you’re not getting what you truly want out of your current arrangement as it relates to financial growth.
Vote for the Top 100 ProAdvisors of 2021
Clients, friends, and family, I would truly appreciate your vote to be an Insightful Accountant Top 100 ProAdvisor again this year.
It has been a huge honor to be named to this prestigious list over the last several years, and I truly appreciate your help today!
Bookkeepers, Accountants and Tax Preparers — How Your Financial Team Should Work Together
Are you working towards profit? If so, your business should be a well-oiled machine with automated financial workflows. For that to happen, you need an accountant and a tax preparer who can work together in harmony.
What you don’t want is an accountant VS tax preparer situation which could cost you more in the long run.