Part Time CFO And Controller Services – 5 Ways Outsourcing Can Change Your Business

By Terry L Mickelson

Small companies often face similar financial challenges to those of larger companies. Many reach a point in company growth where the expertise of a financial professional is needed, but are unable to afford a full-time CFO. With a part-time CFO, you receive the benefits of financial help at a much smaller financial commitment than hiring another full-time employee. Along with saving both time and money, you’ll be able to focus on where your company needs you most. A part-time CFO can help you:

1. Receive accurate financial information. Many companies’ financial statements are filled with incomplete or inaccurate data, making it almost impossible for business owners to choose right for their business. A part-time CFO uses up-to-date accounting standards, giving you the key profitability information needed to make vital decisions for your business.

2. Spend more time with customers. Spending time with current and future customers is not just a luxury; it is essential for a profitable business. If you are not spending time with your customers now, then your competition is. By taking care of HR functions and accounting; a part-time CFO can free needed time so you can focus more on your customers and growing your business.

3. Get more money from banks or vendors. Banks and vendors are looking for financial statements that follow correct accounting standards, look professional and highlight key information. Create the professional financial statements you need to improve your company image and receive better terms with banks and vendors.

4. Discourage employee dishonesty. Many business owners have been shocked to learn how much stealing can go on within a company. There are many different types of theft such as; theft of money, customer lists, inventory and more. A part-time CFO can help discourage theft by establishing control and keeping you more aware of what going on inside your company.

5. Manage your cash flow properly. Lack of planning can often cause unpleasant cash flow surprises. Don’t address only the ‘squeaky wheel’, or let your company only ‘exist’ from month to month. By correct planning, using cash flow management solutions and securing needed financing, many cash flow issues can be reduced or even eliminated.

All companies face large challenges, but with the help of a part-time CFO big obstacles such as getting more money from banks and receiving accurate company data can be simplified and handled properly. By aiding in better cash flow management, discouraging employee dishonesty and freeing more time to spend with customers; CFO services can help your company succeed.

Article Source: http://EzineArticles.com/1678331
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Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our CFO and Controller Services.

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The Benefits of QuickBooks Enterprise For Your Business

By Gary Farrell

Whether large or small, no matter what you sell, your business needs an accounting program that is reliable and accurate, allows for simple generation of reports and is highly functional. Enterprise Solutions from QuickBooks, designed for growing businesses, has the capabilities and flexibility to meet your business’ unique needs as it grows – and it could save you thousands in up-front and ongoing system costs.

QuickBooks Enterprise provides the key functionality you need with incredible ease of use. If you are a business owner or manager exploring the available solutions for improving the financial flow of your work, here are just a few reasons why you should consider this product.

Business Growth Support: QuickBooks Enterprise lets you scale up to 30 simultaneous users as your organization grows. Flexibility: The software is designed to work the way you work, so you don’t have to change your current business processes. This program lets you customize any of its 120+ built-in reports and forms such as estimates and invoices to look and work the way you want. Instant Access: Get real-time, instant access to the information you need to know about your business, when you want it and in the format you want it in, from Enterprises’ 120+ built-in reports, such as Forecast Overview, Forecast vs, Actual, Profit & Loss Budget Performance, and A/P Aging Detail. Functionality: Enterprise Solutions delivers all of the key financial management and accounting functionality you would expect from a sophisticated solution, including: G/L, A/P, A/R, Payroll, Fixed Assets, Job Costing, Budgeting and more.

Consult with a local QuickBooks business advisor today to learn more about migrating your current records to the flexible and manageable QuickBooks software solution.

———————

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our QuickBooks services; or to set up a free consultation telephone call.

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Does Your Small Business Need an Outsourced Financial Controller?

By Tim Garrison

Many small business owners launch their business to follow a passion, whether that passion is writing, programming, Web design, art, sound & video, or any number of other industries. Your business begins to grow by word-of-mouth and soon, you’re hiring employees or independent contractors to take over part of your responsibilities rather than doing it all yourself.

Somewhere along the line, you grow large enough to hire a small business bookkeeper. Until now, you’ve managed your books yourself, either through QuickBooks or another bookkeeping software, or some system that you’ve devised yourself. Now, you’ve just gotten too big for this system to work anymore.

You hire a bookkeeper who understands financial accounting software and can manage your books on a full-time or part-time basis. This person could be an in-house employee, or maybe a local contractor. Or maybe you’re one of the growing number of smart business owners who hires an outsourced bookkeeper based in the U.S. who works virtually and communicates with you via phone and email.

Things go along well, but now that you’re not doing your own books anymore, you feel a bit out of touch with your company’s broad financial picture. Your bookkeeper can send you the reports and spreadsheets, but it doesn’t always make sense. You need someone to interpret all those numbers in boxes for you. Most importantly, you’ve grown large enough that you need a trusted financial advisor with the knowledge to help you make the best decisions for your rapidly growing business.

If you know anything about financial controllership, you might think a full-time financial controller comes with a 6-figure salary. And you’re probably right. Your business doesn’t have the budget for that — and it’s not what you need anyway.

You just need someone on a part-time basis to review your books with you monthly, provide checks-and-balances for your in-house or outsourced bookkeeper, and help you with financial planning and budgeting on a monthly or quarterly basis. If you think you can’t afford a financial controller, think again. Outsourced controllership services are less expensive than you may think, and will save your business money in the long run with better financial planning.

You may be concerned that, by hiring an outsourced controller, you’ll be giving up “control” of your company. That couldn’t be further from the truth. A financial controller provides you with the information you need to make the best decisions for your company — but all decisions remain yours. A financial controller doesn’t “control” your business. As a trusted advisor, he gives you the information you need to be more in control of your company.

Article Source: http://EzineArticles.com/7114727

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Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our CFO and Controller Services.

imagesRMWHBYUM

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Alignment – A Foundation For Lasting Revenue Growth

Your ability to win or lose more business is about alignment – configuring and calibrating key aspects of marketing and sales execution to optimize revenue growth. What this asserts is that the extent to which the organization consistently meets revenue targets is directly proportional to the degree of alignment between the organization’s parts and its strategic priorities.

Sustaining top-line revenue growth is an ongoing challenge for most companies. It’s no secret that one of the most critical challenges facing every 21st century organization is consistently delivering against the #1 driver of long-term company success-top-line revenue growth. Over the past decade of working with CEOs to design and deliver better long term revenue performance, I’ve seen and see, that those unable to sustain success routinely lack much of a coherent or comprehensive plan. Moreover, their teams have little understanding of how it all comes together and what their roles are, and/or the sequencing of events in achieving future plans.

When it comes to alignment, perception and reality often differ. That said, most executives think their companies are aligned. Over the past few months, they’ve put plans in place to align the organization and focus their resources to achieve maximum growth. They’ve organized a series of group and one-on-one meetings throughout the organization to communicate key initiatives, priorities, and growth expectations and get everyone on the same proverbial page. They sincerely believe that they are leading well-aligned companies, with all members of the management team and every employee clear on the rationale behind the strategic plan and their own priorities and accountabilities to support the plan, with specific time frames articulated.

But the facts tell a different story.
• 85% of executive teams spend less than one hour per month discussing strategy. (Norton)
• 54% of executives say that company’s capabilities do not reinforce one another (Booz@Co.)
• Two-thirds of support units are not aware of corporate strategy or aligned with their own business unit’s strategy. (Norton)
• 60% of organizations don’t link budgets to company strategy.(Norton)
• 95% of employees claim they are not aware of company strategy.(Norton)

It’s clear that organizations may not have their resources as well aligned as they think. Managers would do well to ask themselves and their teams the following questions:
• Are we all synchronized and systematically working towards the same objective-driving healthy revenue growth.
• Do we know the big picture and where we individually and collectively fit into that process?
• Are we clear on the critical factors that drive growth, there dependencies and that we’ve providing proper context for daily decisions being made in support of those objectives?

Without alignment, it’s difficult-if not impossible-for workers in an organization to have context for the decisions they’re making. Alignment and context allow an organization to move confidently beyond its current state to its future desired state.

Alignment is such a simple concept; why is it so difficult to achieve? The importance of aligning the team is hard to dispute, and it seems logical and obvious. But when you consider that strategy is set by very few, maybe once or twice a year, yet the real work is done over a long stretch by many who weren’t in those strategy meetings, you start to see the issue. The workers who ultimately carry out the mission have little understanding about how that strategy was reached, and they had no input on whether they think the strategy is plausible given the reality of resources, budgets, and competition they see out in the field. The result is that most do not have proper context for making good decisions in their daily work.

When you think of all the possible decisions that are made daily, one or two bad calls might appear to have little impact in the overall scheme of things. Most leaders may never be aware of these tactical decisions, or only find out about them when review meetings take place after the fact. But collectively, over time, decisions made outside the context of the organization’s overall direction will drive inconsistency and have significantly negative impact, with little opportunity to recover. This can result in confusion and unnecessary chaos, ultimately reducing the odds for success while driving down productivity and draining morale.

Alignment can be the difference between business success and failure. CEOs struggle each day with new challenges and increased complexity both within their companies and in the external environment. The percentage of companies that have consistently achieved even a modest rate of growth of over 5% for 10 years or more has continued to drop, and the business environment isn’t getting any easier.

Why do some companies succeed where others fail? When you think about it, all companies have the same basic ingredients: unique products or services, value propositions, a marketing budget, managers, leaders, people, buildings, metrics, etc. But, within each organization, the system can’t perform to its highest levels unless its constituent parts are aligned.

Think of professional sports teams. They all have the same ingredients: players, managers, owners, equipment, stadiums, playbooks, the best athletes, etc. Each is a system that is trying to become more successful than its competitors. What brings success? Alignment of the constituent parts. This rule applies equally to championship sports teams, Ferraris, and corporations. For the latter, it means developing and implementing a strategic framework that is translated into specific objectives and measurable initiatives. This framework galvanizes, links, and governs the entire organization, bringing more consistent and repeatable high performance.

Hitting your revenue growth expectations is proportional to your team’s degree of alignment. What becomes paramount is how well the organization can become aligned in order to move faster, make better decisions, and ultimately win more than the competition. This will allow leaders to more successfully align and optimize the collective resources to achieve key initiatives. This is a critical step in becoming more consistent in winning more than your competitors and, as such, should be a managed and formalized process that executives focus on for the long haul.

Article Source: http://EzineArticles.com/7488684

We provide remote cloud based Accounting and Accounting Management services for users of Intuit QuickBooks Enterprise / Desktop / OnLine, Microsoft Dynamics GP, Passport Business Solutions, including Entries, Inventory, Consolidations, Payroll, Analysis, Reconciliations, Budgeting, and Financial Reporting.

We provide these services on an hourly / part time / as needed or project basis, to include Accounting, Distribution, and Reporting functions; remotely or on your hosted systems.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation experience (including QuickBooks, Intuit, Enterprise, Passport, Dynamics, Great Plains, RealWorld, Peachtree, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software), as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons.

Peter DeSmidt‘s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

We are headquartered in the Tampa Bay area; the majority of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

View our testimonials www.desmidtconsulting.com/testimonials.html

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced And Enterprise ProAdvisor

QuickBooks Certified Online ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Microsoft Great Plains Authorized Real World Consultant

Microsoft Certified Small Business Manager Consultant

Contact us to inquire about our CFO, Controller, Accounting, Dynamics GP, Passport, or Intuit / QuickBooks Services.

 

Better Profit of Your Business Dependent Upon Small Business Advisor

By Nantaram Peggy

While starting a business it is not always that the person knows everything about the business and there are always something or the other lacking behind in knowledge. In fact there are certain things which cannot be understood unless you have practical experience in it or have some expert advice with him. With the question of expert advice it can be said that it is always better to seek the help of some small business advisor who can guide you the best in managing your business and provide your expert advice in making it gain better profit. And therefore the role of the small business advisor is quite important for the better growth and development of any business. In fact there are also other factors that should be kept in mind.

The point is that the small business advisors that you choose should be efficient and trustworthy. In fact this is the primary criteria of choosing a small business advisor. When you do not have much idea of the business you are dealing with, in such a case it is obvious that you may have to depend a lot on the small business advisors and if they are not trustworthy the result may be that they may cheat you by providing false reports and take away your money. Therefore it is essential that you choose the proper small business advisor that can help you the best and is trustworthy as well. It is always better to choose someone who is already having quite a good deal of experience and a good reputation in the field you are working on. Therefore it is better to do some homework before choosing the right small business advisor. On the other hand the impartiality is also a great factor and if the company or the person you choose is partial towards any of your competitors it is most likely that the only sufferer would be you and your business.

Besides that it is essential to keep track of the total progress of the business and for that an accurate financial reporting plays a very important role. In fact when you have the total and proper reports of your business every week or every month it is easier for you to keep track of the progress of your business. In fact the accurate financial reporting can also be helpful in several other ways like providing you the actual state of your business and the things you are lacking behind in. Not only that, but with the help of accurate financial reporting it is easier for you to fix the future plans for your business for its better development with advice of the small business advisor. In fact when you do not have the proper reports it is not possible for anyone to understand the state of the business clearly and therefore there should be no mistake in the reporting for the better growth of the business and for better profit.

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Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

We provide part-time offsite and onsite Advisory, CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our Advisory, CFO and Controller Services.

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dyn gp

Microsoft Great Plains Dynamics – We Provide Remote Accounting Services In Your Hosted Environment

Microsoft Dynamics GP (formerly Great Plains) is a robust, reliable, and secure accounting system for small and mid-size businesses. For over 25 years, Dynamics GP has delivered comprehensive out-of-the-box business management functionality, from operations management and financial management to manufacturing and project accounting. Dynamics GP connects the many moving parts of your organization, giving you better visibility into and control over what’s going on in your business.

Microsoft Dynamics GP enables you to make smart decisions that have a direct impact on your bottom line – increasing margins and improving your cash flow. Simple to learn and to use, Dynamics GP works with your existing technology and scales as you grow to deliver long-term value.

Dynamics GP includes:
• Financial management and accounting
Manage your cash, assets, budgets, and banking—with built-in analytics and account-level security.
• Inventory management and operations
Track and manage your production, inventory, orders, returns, and vendors.
• Sales and service
Manage your sales, service contracts, and field resources.
• Business intelligence and reporting
Get real-time visibility and analytics to track performance and act with insight.
• Human resources and payroll
Hire, train, and pay your team with the help of complete employee profiles and evaluation tools.

We provide remote cloud based Accounting and Accounting Management services for users of hosted Microsoft Dynamics GP, Intuit QuickBooks Enterprise, Passport Business Solutions, including Entries, Inventory, Consolidations, Payroll, Analysis, Reconciliations, Budgeting, and Financial Reporting.

We provide these services on an hourly / part time / as needed or project basis, to include Accounting, Distribution, and Reporting functions; remotely on your hosted systems.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation experience (including QuickBooks, Intuit, Enterprise, Passport, Dynamics, Great Plains, RealWorld, Peachtree, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software), as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons.

Peter DeSmidt‘s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

We are headquartered in the Tampa Bay area; the majority of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Microsoft Great Plains Authorized Real World Consultant

Microsoft Certified Small Business Manager Consultant

QuickBooks Certified Advanced And Enterprise ProAdvisor

QuickBooks Certified Online ProAdvisor

Contact us to inquire about our CFO, Controller, Accounting, Dynamics GP, Passport, or Intuit / QuickBooks Services.

 

QuickBooks Help Save Small Businesses Money at Tax Time

Many small businesses use QuickBooks for their bookkeeping software. It is a fabulous way to maintain financial records in a convenient way, especially around tax time. If done correctly, your QuickBooks file should make tax time a breeze. However, if you have made small mistakes in recording throughout the year, you may be paying more taxes than you owe. Overpaying is never a good thing for a small business, so to avoid this situation you should have a qualified consultant review your files to look for mistakes you may have made during the year.

One way an error can happen when a business owner contributes their own money to their business. It happens now and then that you may have to use your money for a business expense. If this money is simply recorded as income, it will be taxed. This type of income must be specified as an owner contribution to the business within your QuickBooks file in order to avoid being taxed. Don’t make this mistake and find yourself paying tax on your own money.

Often, instead of giving money to use for your business, a business owner will loan money to their business. These are funds that will be paid back to the owner, possibly at a more stable financial time in the business. Remember, you only pay sales tax on income not on loans or contributions. Record this type of credit as loan so it will not be mistakenly taxed as income.

Many business owners use credit cards to make purchases for their business. QuickBooks is able to sort these charges and recognizes them as expenses for your business if they are recorded correctly. Suppose you purchase new office furniture from a superstore and simply record the total amount spent. QuickBooks needs to know what type of expense this was so that it could be correctly classified. This would be an office expense, and would be a tax deduction for your business. Take the time to specifically record credit card charges rather than just a one-time charge to your credit card company in order to receive accurate deductions.

QuickBooks also keeps track of how much sales tax you will need to pay to the state. However, if you have not recorded each of your income and expense transactions correctly, the sales tax payment may be too high. For each sale to customer, the amount of the tax must be recorded separately from the cost of the item. The amount you will pay to the comptroller will also need to be correctly recorded through the ‘Pay Sales Tax Liability’ window.

Finally, a common mistake people make both in business and in personal finance is incorrect recording of ATM or debit card purchases. It’s easy to swipe your card making a quick transaction and be on your way. It is crucial to record each debit or ATM use correctly. Think of it as each time you use a debit card, it’s just like writing a check and must be recorded just like a check would be.

Anyone who uses QuickBooks knows the value of this software. It makes the business owner or bookkeepers job much easier. However, it is always a good idea to have an experienced QuickBooks help consultant review your file at tax time to make sure you are not paying too much in taxes.

Article Source: http://EzineArticles.com/5146558

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We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our QuickBooks services; or to set up a free consultation telephone call.

imagesRMWHBYUM

Are You Running Your Business Without a CFO? Seriously?


By Jon C Daiker

The role of Chief Financial Officer (CFO) -and the structure in which CFOs operate-varies significantly across organizations. Market complexity, revenue sources and budget size are important factors that drive how the CFO role is configured-and how the role evolves over time.

The past decade has seen dramatic changes to the role of CFO – an evolution from a “bean counter” who reported the numbers and controlled over-all costs to a dynamic, strategic member of the management team. The responsibilities of today’s CFO have gone well beyond the finance function as more time is expended on strategy and operating issues and less on budgeting and accounting. Increasing business pressures, government regulatory intervention, the tight economy and a need to measure the operating performance of a company in order to stay ahead of the competition has transformed the “green eye-shaded” CFO into a key business partner of the CEO.

An interim CFO can fulfill a vital role in keeping a company on track, both in terms of day-to-day operations as well as longer term strategic objectives during these transitions. According to The CFO Expert, Samuel Dergel, even if a company is truly serious about hiring their next CFO and makes the search a priority, it could take up to 3 months to complete the search. “Can a company afford to leave this position unfilled for up to 3 months or more”?

In order to answer that question, let’s look at some of the responsibilities of the CFO on which organizations have become very dependent.

Cash flow is of utmost importance for all companies, and a tight economy really exacerbates managing the cash flow situation. To be successful, today’s CFO needs to manage both sides of the balance sheet.

On the asset side, managing the company’s accounts receivable balance becomes critical. How many days’ sales are outstanding compared to a year ago, compared to industry standards, compared to the company’s best ever? Has the company’s aging deteriorated? What can be done to accelerate collection? How much will it cost? What has been written off and why? Does the credit extension policy need revision in light of economic conditions? No business can afford to lose sight of any credit extension factors and the collection of outstanding accounts receivable balances. Who is the key to all this? —-the CFO and the financial staff.

Again, on the asset side of the balance sheet, a potentially huge use of cash that needs to be managed is inventory level. In a tight economy, consumer spending habits change. In response, production output probably needs to be reduced. However, cutback production too far and sales may be missed. A lot of analytical work needs to be done by the CFO and the financial staff to understand which SKUs are moving on a regular basis and which ones have started to stagnate. If production is cut, what facility is most efficient and has the capacity to meet new needs? What are the economics of the labor agreements in the plants where downsizing would occur? No business can afford to lose sales, build inventories without demand or make bad decisions on plant cutbacks. Who is the key to all this? —- the CFO and the financial staff.

One last area of concern on the asset side of the balance sheet is capital improvements. Even in good economic conditions, capital investment decisions are somewhat subjective. There are always a lot of assumptions that need to be made and challenged. A tight economic environment only intensifies the decision making process. And when funds requested are for an intangible like software, assumptions are difficult to challenge and evaluate. No business can afford to forego ROI and Payback analysis at any time, let alone in a tight economy. Who is the key to all this? —- the CFO and the financial staff.

Turning to the right side of the balance sheet, accounts payable and accrued expenses can be an important source of funds from a cash flow perspective and require more scrutiny and management in tough economic times. Understanding vendor agreements and negotiating better terms are responsibilities of the CFO and the financial staff. No business can afford to leave a stone unturned if the goal is to maximize cash flow and minimize borrowing. Who is the key to all this? —- I think you know the answer!

One of the CFO’s primary responsibilities in all economic environments is ensuring there are adequate funds available through loans, lines of credit or equity. These agreements require continual monitoring to avoid default. Also, determining if market conditions are right for a refinance or equity offering are equally important. No business can afford to default – the market waits for no one, so be ready to refinance when appropriate. You know who is the key to these transactions.

The tactical responsibilities detailed above all support the day to day activities of cash flow management which by itself is a full time job. And that is before the control and reporting aspects of the CFO’s responsibilities are considered. When you add all the regulatory responsibilities that are now part of the CFO’s portfolio, the CFO is truly moving from “bean counter” to “jack of all trades”.

The CFO’s responsibilities go well beyond finance into balancing compliance and risk management with overall business performance. A CEO needs the CFO to take a leading role in shaping strategy that drives bottom line results while managing risk. Market conditions are continually changing and the CFO needs to recognize change as it relates both to control as well as business performance.

The executive team needs to seize opportunities as they arise. Understanding and monitoring evolving business drivers and developing models that portray the “what ifs” of new market conditions requires diligence as well as consistency. Management needs to know the deeper sense of how business will be affected by various scenarios. The CEO is no longer relying on marketing and business development to make these decisions without having applied the financial analysis tools of the CFO and the financial staff. No business can afford to approach these scenarios in a haphazard way, as a wrong turn could cost the company millions of dollars and a potential loss of market share. Who is better equipped to address these issues?

Increased business pressure and the tightening of purse strings are causing the CFO and CIO to work more closely together to leverage technology to cut costs and improve processes. The need for real-time operational and financial data and analyses is being demanded by management and the need to respond to the fast pace of today’s market conditions. Processes need to be streamlined to adapt to the ever-changing business and market demands to meet key business goals and improve the bottom line. Again, these decisions are more subjective and can negatively impact the bottom line if the appropriate analysis and due diligence are not performed. Here, again, you can’t afford to proceed down the process improvement path through technology improvements without the scrutiny and challenge of the CFO and the financial team.

With the changing focus of the CFO’s responsibilities and financial management in general, the CFO is becoming a strong business leader. More involved with the evolution of the company’s culture, concerned with the development and mentoring of the financial team, the CFO must now instill financial acuity into the whole organization. Assisting the CEO and other key management personnel with talent management is only the tip of the iceberg. Today’s CFO must instill a sense of confidence and credibility with all stakeholders….employees, customers, partners, business analysts, and shareholders.

The CFO’s role is no longer one just of stewardship, statistician and historian. The narrow purview of years past of reporting, compliance and controls, while still part the CFO’s responsibilities, has evolved into strategist, visionary, technology leader and communicator. The CFO role has become the glue that holds everything together and moves the organization forward—balancing compliance and risk management with business performance goals. CFOs have emerged as the key business partner to the CEO. CFOs require an understanding of the company’s markets and the evolving business drivers, as well as broad knowledge of the organization and the relationships between functions. And CFOs require the communication skills to recognize the concerns of all stakeholders and assure them that the accountability and integrity of the company and its management is not being compromised. A business that wants to become or remain a market leader and create value for the shareholders/owners cannot afford to be without the strong business leadership of the CFO for any period of time, including the candidate search window, without jeopardizing the company’s performance. That is why an experienced Interim CFO can add value in a time of change, provide steady and seasoned direction in a turbulent business situation, and continuity and counsel to the CEO, executive team and eventually to the new CFO. Every business of substance could use some CFO assistance whether it’s full-time, part-time, or on an interim basis.

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Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our CFO and Controller Services.

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Benefits of Retaining Us to Perform Your Remote Accounting Services

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Small and medium-sized companies that are not in a position to hire a full-time Controller or CFO are often the companies that would benefit the most from the expertise of an experienced Controller or CFO.

We can take complete responsibility for the financial side of your business, or we can function purely as your part-time / virtual Controller or CFO, optionally, managing your existing accounting  and bookkeeping staff.  Every business and situation is different.

We can work with your accounting and bookkeeping staff, attorneys, bankers, insurance brokers and tax preparers at a fraction of the cost of a full time employee.

Outsourcing to us will reduce and control your internal operating costs, allow you to gain access to extensive additional capabilities, and allow you to focus on managing your business.

We are seasoned professionals and have the experience, expertise, education and qualifications to be your part-time / virtual / on-going Controller or CFO.

The types of services that we can optionally provide include:

  • Monthly Accounting, CFO and Controller Services
  • Accounts Payable and Receivable Management
  • Financial Statement Preparation
  • Cash Flow Analysis and Management
  • Inventory Management and Control
  • Fixed Assets Reporting
  • Bank Reconciliations
  • Tax Return Preparation
  • Payroll Tax Compliance
  • Variance Analysis and Reporting
  • Activity Based and Job Costing
  • Revenue and Expense Analysis
  • Staff Training and Utilization
  • Business Consulting and Guidance
  • Accounting Systems and Controls
  • Financial Analysis and Reporting
  • Risk Management and Controls
  • Strategic Planning and Consulting
  • Cost / Revenue Benefit Analysis
  • Budget Preparation and Reporting
  • Financial Forecasting and Modeling
  • Treasury / Cash Management
  • Negotiations for Financing and Operations
  • Reorganizations, Mergers and Acquisitions
  • Develop and Analyze Business Plans
  • Software Selection and Implementation
  • Software Training and Support
  • Preparation of Policies and Procedures

We are headquartered in the Tampa Bay area; the majority of our work is handled remotely, yet, we are able to talk and work with you on a regular periodic basis.

We have over 45 years of Accounting, Management and Systems experience.  Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help – this is what we do.

Visit our website www.desmidtconsulting.com to learn more about our business.

Visit our mobile website www.DeSmidtConsulting.mobi

Read about us on LinkedIn http://www.linkedin.com/in/peterdesmidt

Contact us http://www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt,

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Small Business Year End Financial Planning

Business meeting

For calendar year companies, November starts the “End of Year” accounting process.  Here are some practical guidelines to get out in front of the End of Year and be ready and more prepared to succeed next year.

  1. Get your internal and external team on board – the Entrepreneurs, the Controller, the Bookkeeper, the business CPA, the Tax Preparer, the Payroll Service, the Attorney, the K-1 recipients, and the Personal Financial Planner.
  2. Plan for your next year Budget – review for next year revenue planning and cost control, including tax incentives for fixed asset additions – including equipment and software.  Review – is the basic financial model still sound?  Should we expand into a new line of business?
  3. Defer your income / let your receivables payments slide into January.  Payments your company can receive during January, as opposed to December, may cut your tax bill. Any deferral strategy will depend on your profit and loss for the year and your business legal structure, so check with your accountant first.  Make sure your cash flow can handle the deferred receipt.
  4. Increase expenses. If you have been thinking about upgrading equipment, software or other business items you require in the immediate future, purchase those items this year to maximize your deductions. If you can see a need for goods and services in the first quarter of the New Year, buy them now if cash flow permits.  Remember that pre-paying the expenses for the next year will have impact on the tax position of the next year.
  5. Ensure that your planned Capital acquisitions have been completed.   Take the benefit of the section 179 deduction – if you have purchased any equipment up to the current dollar limit, you may be able to claim a deduction for the entire amount for the current year.  There is no need to keep on depreciating it over a number of years.  The only condition for such a deduction is – the equipment must be installed and it must be running before the close of the year.  So you can make purchases of necessary equipment and software for your business at the end of the year and claim the entire amount as a deduction.  Remember, this deduction cannot exceed your taxable income.
  6. Decide about year end bonuses now.  If you won’t be able to give a bonus to employees who have received them in the past, tell them now, so that they can plan accordingly.  You don’t want to have that kind of negative surprise later this year.
  7. Consider raising prices now.  While you may not be able to do so, don’t overlook this possibility if you haven’t adjusted your pricing recently, and, in particular, if your costs have increased.  Also, consider resourcing many of your purchased raw material and inventory items – if you believe that they can be sourced better.
  8. Update your website – that’s an entry point for many purchasers.  Use your website to provide information that will enhance your business position as an expert company in the field.  Offer some promotional incentive to move inventory.
  9. Review your obsolete, unneeded, and slow moving inventory items.  Depending on your accounting process, you may wish to check your inventory for goods that have been damaged or have become obsolete.  Also, the end of the year may be the ideal time for a physical inventory count.
  10. Reconcile all balance sheet accounts, including Cash, Receivables, Payables, Prepaids, Accruals, Undeposited Funds, Notes and Loans, Credit Card Accounts, Payroll Liabilities, and Equity Accounts.
  11. Consider outsourcing domestically, additional areas and tasks for the New Year – CFO and Controller services, Payroll and Human Resources services, and Information Technology services.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of Accounting, Cost Accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons.

Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

Visit our website http://www.desmidtconsulting.com

Contact us http://www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt

Contact us to schedule a free consultation phone call to learn more about how our year end services may be able to help you.

Retain A Part Time CFO – Reach Your Business Potential

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By Sara Johnston

Often small businesses are confused when deciding which is best for their company; an accountant, a bookkeeper, a CFO, etc. For most small to mid sized companies, the best choice is a part time CFO. You can benefit from all the experience of a CFO, without the commitment and added cost of hiring a full-time senior staff. Using a variety of financial planning tools they help map out a company’s future, on an affordable, as need basis. Choosing to hire a part time CFO can greatly benefit your company in many ways, such as:

1. Many are seasoned professionals with at least 20 yrs of experience in accounting and finance. They have overcome and learned from numerous challenges, have already experienced most problems your company faces and know how to help you run your business successfully. With a part time CFO, plans and strategies can also be tested in financial models before you risk implementing them in your company.

2. Using strategic, insightful solutions, they work as a member of your team to help you reach your company’s financial goals. They provide financial management at a significantly lower cost than hiring an in-house senior staff and should be seen not as an additional cost, but as a way to boost profits.

3. With accurate financial statements, a part time CFO helps empower business owners to better achieve their goals and control the direction their company is moving. By clarifying and enhancing your financial situation you will be able to see exactly where you are now and decide on future steps needed. You’ll be able to move forward confidently in the direction you want with a strong foundation under you, and anticipate company needs before future events occur.

4. Having accurate financial statements is critical when trying to obtain necessary cash from banks or other financial institutions. A part time CFO can help create financial statements that will help you feel more confident in your control over your business. When a lender sees the owner knows exactly what is happening, they will have confidence in that business and be more apt to provide the working capital needed.

Experienced and thorough financial management is vital to building a successful business. Part time CFOs are skilled at enhancing and assessing your financial situation and offer advanced, affordable expertise. By working as a member of your team, they offer strategic solutions to help you move in the right direction for your growing business and achieve long-term goals, with lasting results.

Article Source: http://EzineArticles.com/expert/Sara_Johnston/137485
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Our approach is to provide a definitive yet thorough assessment allowing you, and your company, to consider a broad overview of alternatives to manage the challenges and enhance the performance of your business.

In short, we identify opportunities, work with you and your organization, and enable you to take advantage of business potential and growth. The move to part time, on call, and virtual services has become more accepted in the business world over the past few years. For a fraction of the cost of a full time employee, a small business can have the Controller / CFO function filled by an experienced professional.

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our CFO and Controller Services.

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Prepare For Year End With Our QuickBooks File Review and Analysis Services

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If you are having a difficult time with your QuickBooks, your monthly or annual reports, your chart of accounts, your understanding of your financial reports, or you have felt like you did not get off on the proper track with your QuickBooks setup, we can help.

Our QuickBooks Certified Advanced Pro Advisor, CFO, Controller and Accountant, Peter DeSmidt, will remotely perform data file review, analysis, corrections, and journal entries, of your company data file.  Act now, save money, time, and insure accuracy, on your current year, and year end, by having your QuickBooks file professionally reviewed and analyzed.

For a $400 fee we will

  • Correct postings to incorrect accounts
  • Review and analyze the company file
  • Review the company setup and make recommendations as needed
  • Insure items, fixed assets, sales tax, and chart of accounts are set up properly
  • Fix unapplied customer and vendor payments and credits
  • Review customer and vendor aging balances
  • Correct undeposited funds accounts
  • Adjust loan and credit line balances
  • Write off customer bad debts
  • Clean up stray entries
  • Locate discrepancies in bank reconciliations
  • Review and scrutinize your transactions for the year
  • Discuss your business operations, accounting requirements, and reporting needs with you

This service is for QuickBooks 2016, 2017 and 2018 Pro, Premier, Online and Enterprise (separate pricing) editions.  We will work with your accountants copy or portable copy and not interrupt your ongoing work and reply back to you, via email, with known issues, corrections and recommendations.  Not a long term commitment.  Even if you have an accounting and tax preparer firm, we can help.  We can also provide optional training, reporting, analysis, CFO, controller, coaching and hiring assistance. 

We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of Accounting, Cost Accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons.

Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Ask us for help.

Email us or call us – to schedule your review and analysis, to learn more, and to discuss your requirements.  Free initial telephone consultation. Evening, weekend, and daytime telephone consultation appointment times are available. We would welcome the opportunity to work with you.

Visit our website www.desmidtconsulting.com

Visit our mobile website http://www.desmidtconsulting.mobi

Contact us http://www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us to inquire about our QuickBooks services; or to set up a file review and analysis service.

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Tips To Effective Working Capital Management

By Marcus L Jimenez

Working capital is the available cash on hand for the day-to-day operations of your businesses. And this can be affected by numerous factors, which include internal mechanisms and external issues.
Another factor that will have a huge impact on your working capital is the unwarranted focus on the task of coming up with excellent sales results. Oftentimes, this has a negative effect on your working capital performance. When your business operations marked seasonality and the requirements of your working capital vary from one quarter to another, there will definitely be a great chance for your working capital performance to be affected negatively.

Indeed, proper capital management will ensure that you maintain enough liquid resources for your everyday business operations. Proper manage will involve attempting to achieve a balance between reducing insolvency risks and maximizing your asset’s return.

How To Manage Your Working Capital

Create proper cash flow projecting – This process must consider the market cycles, the loss of a valued client, the actions done by your competitors, and the impact of all unanticipated events to your business’ overall performance. Moreover, you must also consider the unexpected demands of your capital.

Craft contingency plans for unexpected events – Regardless of how profitable your business is, you must always ensure that you are well-prepared in case unexpected events arises. You need to hone your skills in efficiently managing any uncertainty by formulating risk management procedures. Remember though to establish these procedures based on the objective and realistic view of your working capital requirements.

Use your working capital in a corporate wide basis – This is regarded as among the most effective capital management strategies because this will help make sure that your business’ cash on hand are utilized in various functions. This can be performed by using such cash from one place to another. Making sure that different aspects are in place is a great way of efficiently implementing this tip. These will include efficient banking channels, excellent linkages between production and billing, effective internal systems, information access, and good treasury practices.

Manage disputes properly – This can free up cash that have been locked in due to certain disputes to clients. Customer service can also be improved with efficient dispute management procedures. Most importantly, your business efficiency is expected to improve since you can begin to minimize operating costs via this tip.

These tips will definitely help you in measuring the operational and financial efficiency of your business effectively.

Article Source: http://EzineArticles.com/expert/Marcus_L_Jimenez/1865448
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We are headquartered in the Tampa Bay area; a portion of our work is handled remotely, yet, we are able to talk, meet, and work with you on a regular periodic basis.

PETER DESMIDT has more than 48 years of accounting, cost accounting, and systems implementation (including QuickBooks, Intuit, Enterprise, Passport, RealWorld, Peachtree, Great Plains, Dynamics, Sage, Direct Systems, SouthWare, ACCPAC, and Computer Associates software) experience, as well as management positions with companies like Atlantic Richfield, Signode, Norlin Industries and R.R. Donnelley and Sons. Peter DeSmidt’s specific experience is as a CFO, Controller, Accounting Manager and Advisory Consultant. He holds a BA Degree majoring in Accounting and an MBA Degree majoring in Accounting and Computer Science. As we are a small business ourselves, we understand what it takes to get a small company off the ground and on the right track.

Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help.

We provide part-time offsite and onsite CFO, Controller, Accounting, Cost Accounting, Forecasting, Inventory Management, Cost Control, QuickBooks Problem Solving, and QuickBooks Training Services to small and medium sized businesses.

Visit our website www.desmidtconsulting.com

Visit our mobile website www.desmidtconsulting.mobi

View our testimonials www.desmidtconsulting.com/testimonials.html

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt, BA, MBA, PA

QuickBooks Certified Advanced ProAdvisor

Microsoft Certified Accounting Application Specialist

Microsoft Certified Installation Specialist

Contact us for a free telephone consultation to learn more about how our business may be able to help you.

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You Can Benefit From Our Small Business Advisory Services

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Business Consulting
Even the most qualified managers can benefit from competent, objective feedback. We can help your company’s management team develop long-term objectives and specific strategies to facilitate your business’ future growth and success.

We can provide your business with small business consulting, virtual, interim and temporary accounting, controller, and CFO services, business and financial planning, CEO and COO support, project management, cost control services, strategic planning, business valuations, business start up advice, lease purchase analysis, and outsourced accounting services.

Supply Chain Consulting
Global studies suggest that many executives rate supply related risks as the top threat to revenue. We can help you minimize risks related to supply interruptions, security threats, weather threats, labor disputes and customer demands.

We instruct our clients on how to identify, manage and monitor supply chain risks resulting in process improvements and improved efficiency.

Strategic Consulting
Strategic planning is a management process for evaluating your current business, determining your strategic direction, and road mapping your strategic plan into practical actions. A strategic plan explains why an organization exists, what it is trying to accomplish, and the tactics it will take to achieve its goals and objectives.

We will develop the business planning and financial modeling necessary to formulate a forward-thinking, evidence-based strategic plan. We can help you develop your strategic direction and then focus on specific actions to put your plan into action.

Profitability Management
Profitability Management involves integrating the pricing objectives of often conflicting functional areas of the organization into a comprehensive plan to effectively set and capture prices.

We can help you attain the greatest value for your pricing strategy by developing an optimal pricing strategy, implementing effective pricing processes, measuring and controlling price at the transactional level and integrating technology with the processes utilize for your pricing strategy.

Cost Reduction
We implement and expedite cost-savings initiatives for all types of organizations. We combine a data-driven procurement strategy with market proven purchasing techniques to provide significant cost savings to our customers.

We specialize in using financial information to identify those areas of the business that provide the greatest opportunity for expense reduction and cost savings resulting in improved value for the organization.

Policies and Procedures
Many businesses fail because they have the right strategies but are unable to put them into practice because of failures in the processes necessary to implement those strategies. Whether your business processes are broken or in need of improvements we can help you break through your execution problems.

By analyzing existing processes, identifying bottlenecks and redesigning or improving the processes we can significantly reduce costs and improve satisfaction for all stakeholders in your organization.

Systems Consulting
When considering the installation of an accounting software system, you want to be certain to get the one that’s best for your business. We can provide your business with needs analysis, accounting systems design, chart of accounts design, software selection assistance, software installation, implementation and setup, financial statement design, file conversion, training, support, and guidance.

Management Advisory Services
We can help your business identify areas negatively affecting profitability and growth and develop solutions that are practical and technically sound. In addition to acting as a sounding board for management, we provide comprehensive, flexible strategies that address the issues affecting your business.

We can provide your business with product line profitability analysis, inventory and purchasing control, employee benefits planning and analysis, operations and office procedure documentation and advisory services.

We have over 45 years of Accounting, Management and Systems experience. Contact us for a free initial telephone consultation to discuss the immediate and long term benefits that we can offer you.

Ask us for help – this is what we do.

Visit our website www.desmidtconsulting.com to learn more about our business.

Visit our mobile website www.desmidtconsulting.mobi

Contact us www.desmidtconsulting.com/contactus.html

813-252-9490

Thank you,

Peter DeSmidt

Online Accounting Services and How Small Businesses Benefit from Them

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By Amitaabh Saboo

If you manage a small business then you probably find it hard to perform bookkeeping. Online accounting services the best solution into easier bookkeeping. This is an online system that allows you to take control of all your accounts online. It is provided by accounting outsourcing firms and it gives you much time to handle other aspects of your business rather than bookkeeping, which often takes many hours. It is a convenient way to handle your management tasks without wasting a lot of time.

Online accounting services are efficient in helping you store all your accounting information on a web based system. With the allowance to access it more frequently and from anywhere it is very convenient. Besides, these services will help you cut down on the extra payment you make to a book keeper who physically comes into your premises. As long as you have an internet connection, you can always access your books.

One benefit with the online accounting services is that they avail a system where the client will have very little data to enter. Mostly the clients will use the QuickBooks software, which is simple to learn and use. Some outsourcing companies will even provide training software to their clients and they help them ease their bookkeeping tasks. The online accounting firms will help their clients ease the making of a business activity statement and handle the payroll.

Using the online accounting services will not only help you save some hours, which were previously directed to bookkeeping but you can also be assured of competence. Your records will be handled by an experienced professional eliminating any worries of making mistakes when you take the task yourself. You should remember that the professionals have the bookkeeping task as their profession and do not feel oppressed by it.

There is dire need to outsource simple tasks that do not matter much to the business such as cleaning, bookkeeping and marketing so that you are able to focus on the core matters. The online accounting services will be of great aid to you if you are planning to outsource the bookkeeping task. They will give you ample time to concentrate on other factors such as customer service and products, which are more important to the success of your business.

It is mandatory for all businesses to keep records of their transactions so that it is easy to track the movement of funds. Traditionally, the business owner would usually employ accountants whose profession is based on keeping accurate records. However, with invent of the internet it is now possible to have bookkeeping online through the online accounting services. One of the greatest benefits you will reap as a business owner is the reduced cost at which you get the service.

The Online Accounting Services also include financial analysis. Your business can keep abreast with details of its marketing efforts by having this service. It is useful where you want to lay out new strategies since it points out to your faults. Your accounting records can be presented in graphs and tables allowing you to easily see what needs to be done to make your business more efficient.

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