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Posts Tagged ‘Relationship’
Friday, June 4th, 2010
Is cash flow a nightmare scenario for your business right now?
You’re not alone.
Many businesses (small and large) struggle with cash flow at some point during their existences. What many don’t realize is that there are some quick (albeit not always simple) ways to quickly improve cash flow in an emergency.
- Liquidate your inventory. This could require you to sell off items at rock-bottom prices. However, if you’re still making something on them (even if it’s not your typical mark-up), you’ll find yourself with fast cash to make payroll and cover bills.
- Create a snapshot of your cash flow for the past 6 months to a year. This can be done with the help of a professional financial expert. It will show you where the “gaps” are in your cash flow, allowing you to “unclog the drain”, so to speak.
- Put a moratorium on any new purchases. If you’ve been a little loose-handed with buying things for your business, it’s time to stop for a while. Make sure everything that’s bought is needed.
- Sell your accounts receivable. There are companies that will give you upfront cash in exchange for your accounts receivable. Though you won’t get the entire amount that’s owed to you, you’ll get a percentage of it and will be able to stop a cash flow gusher fairly quickly.
- Do more in-house. While this isn’t a long-term solution to growing your business, it may just help you survive in the short-term. If you’ve been hiring consultants to do work for you that you could do cheaper in-house, it makes sense to halt your relationship with those consultants. Again, this depends on what they are doing for you. But it’s a move that could allow you to be open a year from now.
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FinancialFutureCFO: Protecting your company for the future.
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Tags: Accounts Receivable, Cash Flow Situation, Fast Cash, Financial Expert, Gaps, Growing Your Business, Gusher, Hiring Consultants, Long Term Solution, Moratorium, Nightmare Scenario, Payroll, Relationship, Rock Bottom Prices, Snapshot, Struggle
Posted in cash flow management | No Comments »
Tuesday, February 9th, 2010
In my last post, I wrote about the need for business owners (and individuals) to contemplate changing CPAs, especially if the relationship with their current CPA just doesn’t seem to be working any longer.
In this post, I’m going to piggyback on that topic area and give you a few characteristics to consider when it comes to hiring your next accountant. After all, if you’re going to take the step to change CPAs, you’d best do it pragmatically!
1. Honesty
You deserve a CPA who will be perfectly straightforward with you in terms of what he/she can do and what he/she thinks of your plans. If you can’t be honest with one another, your partnership will be lacking.
2. Knowledge/Expertise
CPAs should stay up-to-date in their areas of practice. If your CPA doesn’t believe in continuing education… run!
3. Availability
You shouldn’t have to feel like you need Sherlock Holmes to help you track down your CPA. If an accountant wants your business, he/she should be available to you.
4. Reputation
Your CPA should have a spotless reputation. Ask for testimonials and referrals, then contact those people. It’s the best way to investigate an accountant because you’ll get the answers you need.
5. Team Mentality
Your CPA should act as though he/she is part of your team… because he/she IS! If you run into a CPA with an “it’s all about what I want” mindset, move on to the next accountant and don’t look back!
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Cash flow on your mind? Sign up for my free report, 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Act, Business Owners, cash flow, Continuing Education, Cpa Accountant, Cpas, Current, Honesty, Knowledge Expertise, Mentality, Mindset, Partnership, Referrals, Relationship, Sherlock Holmes, Spotless Reputation, Testimonials
Posted in Change your CPA | No Comments »
Saturday, February 6th, 2010
It’s pretty common for individuals and business owners to carefully choose a CPA and stick with him or her almost blindly. But let’s face it — times change and needs do, too. Sometimes, CPAs that were a great match for you and/or your company years ago don’t fit the bill any longer.
If you’re seeing any of these red flags between you and your current CPA, it’s not a bad idea to start investigating other accounting professionals.
- Your CPA is difficult to reach, and when you do reach him/her, you feel like you’re not being “heard”.
- Your CPA has really never taken the time to learn about your business. You feel like just another client.
- Your CPA doesn’t seem to want to learn anything new. This becomes more of a problem with each passing year.
- Your CPA was “inherited” by you and isn’t someone with whom you’d choose to deal.
- Your CPA either always says “yes” or always says “no”… and you feel like it’s just to get you to stop talking.
- Your CPA rushes all projects through at the last minute, giving you little time to discuss them.
Do any of these red flags sound familiar? If so, I’d encourage you to do yourself a favor and start looking around.
Remember — you’re not married to your CPA! So if you’re unhappy with the relationship, it may be time to move on.
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Are you worried about your company’s cash flow? Then sign up for my free report, 9 Ways to Increase Your Cash Flow.
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FinancialFutureCFO: Protecting your company for the future.
Join FinancialFutureCFO on Twitter.
Tags: Accountant, Accounting, Bad Idea, Business Owners, cash flow, Company Flow, CPA, Cpas, Current, Last Minute, Little Time, Match, Red Flags, Relationship
Posted in Change your CPA | 2 Comments »
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