To have a successful business, you need strong financials. However, getting to that point requires a financial system and processes custom-made for your business. Because your business is unique, your approach to your finances isn’t necessarily a carbon copy of your competitors. This means you’ll likely have to create and implement systems and processes that are meant to propel your business, and only your business, forward.
You’ll need a deep understanding of what makes each aspect of your finances tick, and on top of that, you’ll want to be able to recognize when something is off so that you can make the needed adjustments. Properly managing your business’ financials can be a huge undertaking, especially if it’s not something you are familiar with.
One of the most beneficial things you can do for your business is to work with an experienced accounting partner. They will walk with you to ensure your finances are solid, top to bottom, and you are reaching your financial goals.
At SIMPLY Financials PLUS we are all about getting your business from where it is now to where you would like to be. We understand the role every aspect of your finances plays in the success of your business and we want to work with you to bring clarity to your accounting system.
Our approach is simple. We will start by clarifying and refining your current finances. This will include a detailed look at:
Your KPIs
Your reporting
Your processes
Your accountant reconciliation
Your cash flow
Etc.
Once those have been reviewed and reworked, we will set our sights on the future by bringing clarity to:
Your forecasts
Your budgets
Your planning
Your financial strategies
Etc.
To take it one step further, we will even provide you with sound financial advice to help you make informed decisions for your business.
The remainder of this guide will walk you through exactly how SIMPLY Financials PLUS will approach bringing clarity to your business financials.
Clarity for your Current Financials
It’s no secret managing your finances is time-consuming and is often complicated. It’s tedious work and small mistakes can lead to much bigger problems within your business. Not to mention many business owners, like you, are not always well-versed in financial topics. You may understand the basics, but beyond that, there’s a good chance you aren’t overly confident in your financials.
Get your Books on Track
The first step in clarifying and gaining confidence in your financials is to ensure your books are on track. When you work with SIMPLY Financials PLUS, we will run through your current books and:
Access your problems
Break down all expenses
Create a budget
Reconcile your transactions or accounts receivable
This covers all of the major bases and will help to fix any glaring issues. It’s incredibly important that your books stay up to date and are accurate before diving into creating new systems and processes for your bookkeeping.
Improve your Bookkeeping
Some of the ways SIMPLY Financials PLUS can help improve your bookkeeping is with:
Properly categorized, coded, and reconciled transactions
Invoicing, A/R aging reports, and collections management
Payroll setup and processing
Account reconciliations
Monthly and quarterly financial statements
Each of these improvements, with the help of third-party apps, where appropriate, will make your workflow more efficient and reduce the time it takes you to do your bookkeeping.
Collect the Right Data
Once your books are in order and the new systems and processes are put into place, the next item on the agenda is to start preparing for where your business is heading, and it starts with your data.
Your data is the key to creating meaningful reports (like cash flow) that will be useful for making informed financial decisions to drive your business forward.
Clarity for Where you are Going
After you’ve found clarity in your current financials, you’ll want to shift your focus towards where you are headed. Getting to where you want to be involves just as much planning and strategizing as finding clarity in your current financials. However, now you will be using previous reports to help you set goals and make projections for a stronger business. You’ll be thanking yourself later for implementing forward-looking financial practices.
SIMPLY Financials PLUS focuses on getting you where you want to be by building forward-looking financial systems through our controllership services.
Our controllership services can help your business with:
Understanding and interpreting financial reports and KPIs
As previously mentioned, collecting the right data is key for creating growth- and future-focused reporting. At SIMPLY Financials PLUS, we believe it’s important for you to have, at least, a basic understanding of your KPIs and reports. We’ll walk you through everything to ensure you have a better idea of what’s going on in your finances.
Budgeting
Budgets quite literally plan for the future. You create budgets by sifting through your previous expenses and recording each of the expenses you know will be repeated in the future. You then combine that with any expenses you may have left out or know will be coming. Your budgets will serve as a guide for spending throughout the month/quarter/year. You can think of it as a spending goal and will be able to refer back to it often to make sure you are on track.
Forecasting (including cash flow forecasts)
Forecasting is another great way to look towards the future. SIMPLY Financials PLUS will help you create multiple forecasts for a variety of situations that predict the financial state of your business. They are based on previous numbers and, like a budget, can be used as a comparison each month/quarter/year to make sure you are on track.
Cash flow is one of the more important aspects of your financials and working with SIMPLY Financials PLUS will ensure you have an accurate cash flow forecast to use as a point of reference throughout the year.
Short- and long-term financial strategies
While looking ahead can mean a year, three years, or even five years, it also can mean next month or next quarter. Whichever you’re planning for, it’s important you have informed decisions driving your financial strategies. SIMPLY Financials PLUS will help you strategize for the future (and near future) to create a plan for reaching your business goals.
...and more
SIMPLY Financials PLUS will also supervise and train your bookkeeping staff, set up internal controls to reduce the risk of fraud, and liaison with your bank, venture capital financiers, and your tax preparer.
Once you’ve set goals, strategized, planned, and begun taking action on your forward-looking financial system you start to notice a new level of success within your business.
How to Get Started with SIMPLY Financials PLUS
SIMPLY Financials PLUS will play a key role in getting your business from where it is now to where you want to be. All you have to do is take the next steps for getting connected and you’ll soon be reaping the rewards that come with working with SIMPLY Financials PLUS.
Here’s what you can do to get started:
Let’s start with a phone call.
We’d love to get to know you and your business better. In this initial call, we will discuss your current accounting practices, get an understanding of the issues you are facing, and take a look at your existing QuickBooks file so we can run an assessment of the shape of your file.
Together, we’ll strategize and make a plan.
We will work with you to make a plan that is unique to your business needs.
We’ll accomplish your goals so that you can do what you do best: run your business!
We will help you and your team formulate the best accounting practices and ways to maintain your QuickBooks file. And if you need backend support while you run your business, we will help you with that too.
Work with SIMPLY Financials PLUS
At SIMPLY Financials PLUS, we know how complicated it can be to manage your finances. On top of everything else demanded of you as a business owner, managing your finances often becomes a bothersome task. However, we are here to help.
First, we will start by bringing clarity to your current financials. We will straighten out your books, improve your bookkeeping processes with the help of third-party apps, and help you collect data that will be used to create meaningful reports and sound financial decisions.
Then we will work with you to bring clarity to where your business is heading. We will help you understand and interpret financial reports and KPIs, formulate budgets with your needs in mind, create forecasts that give you a point of reference for reaching your goals, and suggest short- and long-term financial strategies to drive your business forward.
If you are interested in getting your finances from where you are now to where you want to be, consider working with SIMPLY Financials PLUS. We want to make sure you have all of the correct, and unique, systems and processes in place to drive your business forward.