In this issue ....
Why Overhaul Your Books(keeping)
225 words a 1 minute read.
96% of CI companies use QB, yet most do not use it the way that can benefit their company the best. Bookkeeping is the last thing most operators direct attention to. Good enough is good enough. But what if better bookkeeping gave you better results. What if, crisper information guided the business instead of just reporting it?
After witnessing over one hundreds ways CI companies use QB, we have developed one-way to use QuickBooks and companies are getting much better results because of it. Here is WHY it is important:
A. You will see the business better than you ever have B. You can compare your performance to others C. You will be more compliant with what banks & investors expect to see. D. You will see where simple decisions can produce major results. E. A standard helps streamline best practices and speeds the success learning curve. F. Nonstandard use can give you false information G. You will be able to act versus react.
5 Changes that change your business
1. Get a strategic chart of accounts [Income/Costs/PAY/Profit Math] 2. Change revenue recognition to better align revenue and costs 3. Improve your process for billing, requesting payments, collecting, & bidding. 4. Get metrics to make better decisions 5. Validate results against other Ci Companies