We are more than halfway through 2018 which means for most businesses, we are more than halfway through the fiscal year. As a small business owner, do you know where you stand financially? Unfortunately, many small business owners are so busy with their day-to-day operations that they have little to no insight into the bigger financial picture.
At FinAccurate, we are wrapping up mid-year meetings with our clients. The mid-year meeting, organized and led by us, includes our clients, owners of growing B2B businesses, and their Certified Public Accountants. One of our clients describes us, FinAccurate, and their CPA, as, “my money team”.
Mid-year meetings are strategic as well as a touch base meeting. The meetings are typically 90 minutes and allow our clients to have two of their key business partners around the same table providing their perspective and insight into the business. As their outsourced provider of bookkeeping and accounting services, we highlight trends and discuss noted variances to bring forth ideas and suggestions to lower expenses, manage cash flow and improve margins. We bring attention to any changes in accounting treatment this year and any new events or transactions year-to-date which require the CPA’s advice regarding tax implications. The CPA reviews new tax laws and the impact on the business. Our objective is to ensure there is clarity in terms of the financial situation of the business and to develop a plan for the rest of the year. This plan gives us 5-6 months to positively affect the remainder of the 2018 fiscal year. We will meet again as a money team in mid-November to finalize planning for year-end.
Below are the financial reports we review in our mid-year meeting:
- Mid-year P&L
- Balance Sheet through June
- Year-to-date Financials vs. budget and compared to same period last year.
From these reports, we typically spend time on the two topics that are top of mind for most business owners: tax liability and cash flow. Many small business owners lose sleep over financial concerns – and especially over tax liability. Our main goal for these meetings is to remove the anxiety about taxes, based on the company’s financial position. Our clients are managing companies with aggressive growth goals. Commonly cash flow is a concern when expanding markets, operations and increasing sales. Costs increase, and cash flow becomes tricky. But with the money team around the table together, we bring our distinct areas of expertise to the table to discuss, plan for and implement strategies to help our client.
Peace of mind is an elusive goal for most small business owners. From revenues of $1 million to $10 million, the challenges of running a business are many. Having the right team around the table can make all the difference.
As partners in the truest sense of the word, we consistently see tremendous value in this mid-year review. So do our clients. Below is a quote from one client after the mid-year team review. When was the last time your financial team was around the same table focused on helping you manage and grow your business?
“Today was really helpful. Thank you again. We love this money team!”
Hadley Douglas, Owner, The Urban Grape
Do you have the right money team in place for your business?
If you aren’t sure, please contact us. We would welcome the opportunity to be your partner for outsourced bookkeeping and accounting services and deliver the business sense you deserve. We do that all year long.
We love to hear your comments on this article.
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