Do yourself a favor…

I created the eWorkbook, “Smooth Business Sailing: 12 Tips to Sustain Your Cash Flow,”  to help you take a strategic look at how your business is doing so you can determine the changes you need to make. You have to right the ship before you can sail. The best business owners with the most successful businesses are those who know when it’s time to ask for help….. and CFO Your Way is ready to step in to assist you.

There’s nothing to lose and everything to gain with just a short phone call. If the idea of completing  the eWorkbook  is causing you to cover your eyes, then we’re the perfect resource to walk you through it. Come on. It’s time to let us see if we can help you. Just book a complimentary Discovery Call at www.ConsultWithCheryl.com.

Your employees, your managers, and your family will thank you.

I’m looking forward to talking things through with you,
Cheryl Mucha

Are you a Controller for a local or family-owned business who is ready for career growth?

 

Apply today for our new On-site Controller position:

Firm Mission:  We here at CFO Your Way love nothing more than collaborating with local and family-owned business owners to make their blood, sweat and tears show up as profit in their bottom line.  They don’t know what they don’t know – so we teach them how to use their P&L as a roadmap so they can keep more of the money they make.

Required skills, abilities, and knowledge:

  • Passionate about helping others
  • Professional
  • Experience working in/with local and family owned businesses
  • Trustworthy
  • Knowledge to interpret P&L, Balance Sheet, Cash Flow, and Financial Forecasts
  • Ability to make business and financial recommendations based on the interpretation/analysis
  • Excellent work ethic
  • Strong communication skills
  • Experience managing a small team
  • Position and task ownership and initiative
  • Ability/Flexibility to do what it takes to get the job done
  • Ability to travel to different client sites
  • The discipline, focus, and workspace to periodically work from home

Applicable skills, abilities, and knowledge:

  • Extensive accounting knowledge – Financial reporting, Strategy, Business streamlining – Expert level
  • QuickBooks – both desktop and online versions – Advanced level
  • Excel – Advanced level
  • Process Efficiency – Assess operating procedures, recommend and execute improvements

Preferred skills, abilities, and knowledge:

  • CPA
  • Desire for stability and longevity with employer
  • Experience working in/with real estate investors/property managers
  • Experience working for CPA firm

Send resume along with salary requirements to cheryl@cfoyourway.com.

Bookkeeping vs. Accounting: What’s the Difference?

Aristotle once quoted, “The whole is greater than the sum of its parts”. This quote speaks of synergy, the interaction or cooperation of two or more parties that produce a combined effect greater than the sum of their individual effects. In context of small business accounting, this saying holds true.

Small business owners often find themselves handling the accounting function on top of everything else that is important to operating a business. Some hire a bookkeeper to assist with the day to day recording of cash receipts and disbursements to alleviate the burden of financial record keeping, while others may look towards hiring an accountant to oversee and verify the accounting data.

A bookkeeper and an accountant both play a crucial role in establishing a strong and reliable accounting environment for your small business. The key difference between a bookkeeper and an accountant is that bookkeepers simply record in sequential order the daily transactions of a business, while accountants take this information a step further and verify and analyze this data into meaningful financial reports that small business owners can use to make sound business decisions as well as communicate business operations to key stakeholders.

Bookkeepers must ensure that all transactions are accurately and timely recorded into the accounting system. Accountants must ensure that all data entered into the accounting system provides a true picture of the financial health of the business. In order to enhance the individual efforts of the bookkeeper and accountant, your small business needs a skilled professional to properly interpret your accounting information and bring valuable insight to your business.

At CFO Your Way, we are a group of experienced professionals who can offer you a cost-effective solution that will make the whole greater than the sum of its parts. CFO Your Way enables your business to have a financial professional on your management team at your fingertips without having them in your office. We provide financial expertise to many of northern New Jersey’s fast-growing companies, tailoring our services to best suit your needs.

Schedule a Complimentary Consultation to discuss your needs. 

It’s time to work ON your business

The word “budget” sends many business owners into near panic because they’re too busy to stay connected to the week-to-week or even month-to-month numbers. They simply don’t know where they stand in their performance to plan. Sound familiar? Well, Tip #11  in the Smooth Business Sailing book  is for you, check it out.

It is the perfect exercise to bring your sight to the strategic level instead of the everyday tactical one. By anticipating your future needs instead of getting bogged down in the daily grind, you become the successful business owner that you’ve always wanted to be.

Schedule a Complimentary Consultation to discuss your needs. 

Regards,
Cheryl Mucha

What can QuickBooks do for my business?

Jack be nimble, Jack be…QuickBooks?

Undoubtedly, QuickBooks is the most widely used accounting software among small businesses, but are you maximizing its potential? As an acclaimed small business accounting software, QuickBooks has tremendous functionality and features which can help business owners effectively and efficiently manage their business. QuickBooks is available in both desktop and online versions. With the aid of various online and mobile apps, QuickBooks can transform your business when used properly. It can also streamline bookkeeping and back office work by:

  • Alleviating redundant manual data entry through automatic transaction downloads from your bank or credit card company
  • Streamlining reporting through scheduling routine financial reports to be run automatically
  • Making creation of invoices fast and easy to email to customers to enhance cash inflow
  • Reducing paperwork through use of electronic data transmission that allows you to attach electronic invoices and/or receipts to transaction detail
  • Offering automatic backup of QuickBooks files with advanced security features to ensure all information is safe and secure

While it can do this and much more, it is critical that you have the right people using this amazing business tool. The best way to ensure you are maximizing QuickBooks’ potential is to have an experienced professional at your side to help guide you through the accounting process and provide you with meaningful financial reports to operate your business at its best. CFO Your Way is that experienced professional.

At CFO Your Way, we know it can be challenging for a small business to introduce new technology and gain a full understanding of its usefulness; that is why we make it our focus to help small businesses overcome these obstacles by assisting with their bookkeeping and accounting needs while also providing them with expert management advice.

As a virtual CFO, we work with small businesses in Northern New Jersey to lend a hand in organizing small-business finances through the use of QuickBooks – online or desktop versions and are happy to train on QuickBooks and other accounting processes to ensure the most efficient and effective use of your employee(s).

Working with a virtual CFO gives your business the benefit of having a financial professional managing your accounting and financial reporting needs and providing you the necessary reports to make well informed business decisions. We tailor our services to best suit your needs, that’s why we pride ourselves with our name CFO Your Way.

Schedule a Complimentary Consultation to discuss your needs. 

The greatest expense/time saver is…

Are you keeping an eye on the condition of your equipment, computers, or systems? Once something new is in place, it’s easy to overlook it because it’s running great when it’s new. Tip #9 in the “Smooth Business Sailing”  asks you some questions about your equipment, so you can assess how to handle it.

Tip #10 is one of the greatest expense and time savers for most local businesses. I’m not going to spoil it for you here…. you’ve got to get the book  and take a look. You’ll be glad you did!

Schedule a Complimentary Consultation to discuss your needs. 

Yours in cash flow,
Chery Mucha

The Importance of Being Earnest about Bookkeeping

As a small-business owner, you may think it is important to be customer focused.  However, it is just as critical to be finance focused. Small-business owners need to pay attention to bookkeeping and internal, day-to-day accounting functions such as recording expenses, invoicing and deposits. Bookkeeping is vital to properly managing business resources as well as ensuring that the necessary business records are retained for tax and compliance purposes. Paying attention to bookkeeping in earnest will make certain that you avoid costly errors later.

Bookkeeping is like studying; adopting simple, good habits early in the game is key. No, you can’t keep slips of paper in folders or drawers, or store the financial information in your head. You are building a business and you need a professional to help you manage your company’s financial growth and health.

Consider hiring a virtual CFO to help you set up business policies and procedures. This accounting professional can work with you to:

  • Track your expenses. Record as many details as possible regarding expenses, such as the type of expense, suppler/biller, account number, date the invoice was received and amount owed. In many cases, business expenses can translate into tax write offs. However, you can’t write off what you don’t track. A standardized business process or system can help document car mileage, business-related purchases and receipts for business lunches and meetings. Receipts (paper or electronic) can substantiate your expenses in the event of an audit.
  • Record deposits correctly. It’s great if monies are coming into your business; however, you must have an accounting system in place that details where each deposit comes from. This will ensure that you pay tax on income only. Cash infusions from your personal savings or small business loans are not taxable and risk being put in the wrong category if you do not have strong systems established.
  • Set aside funds to pay taxes. Paying tax on income is inevitable. Be sure to set aside monies each month so you don’t get caught short when it is time to pay the taxman.
  • Keep an eye on invoices. Be sure to provide your customer with enough information for them to be able to approve and process your invoice quickly. Note your payment terms; follow up if you do not receive payment within your required time period. Your cash flow depends on it.
  • Plan for major expenses. Growing a business often means an outlay of funds for big expenditures. Anticipating and budgeting for major upgrades in equipment or increases in staffing costs will smooth out your business’ potential cash flow issues.

Bookkeeping can help you achieve and keep long-term goals, smooth out any seasonal cash flow dips, pay your taxes on time and ultimately, improve your profits. If you don’t have a head for numbers, processes or systems, a virtual CFO can be a cost-effective financial resource to help you put these bookkeeping tips into practice. A virtual CFO can give your company access to small business accounting and bookkeeping services and bring a new perspective to your business.

Many of Northern New Jersey’s fastest-growing companies rely on CFO Your Way for the financial management expertise they need with the flexibility they desire. These companies get the benefit of a financial professional managing the books and keeping an eye on the bottom line, at a fraction of the price of hiring an in-house employee—and without the headache of additional payroll or office space needs.

CFO Your Way is on your management team but not necessarily in your office. Schedule a Complimentary Consultation to discuss your needs   in the areas of bookkeeping, financial forecasting, cash flow analysis and more.


“While I originaly hired CFO Your Way for bookkeeping, they moved into a “controller or CFO role” and were constantly accessible to me when I had questions and to provide advice. Cheryl spent time with me going over financial data and running reports so that I could make smart financial decisions as my business grew. I thought of her team as my outsourced finance department and I know them to be dependable, responsive and trustworthy. I would highly recommend their services.” 

~ Rachel Durkan,
Founder & Owner,  Paradigm Marketing & Design

Think out of the box

You remember the last time you decided to trade your products or services with another business owner?  How did that turn out? Tip #7 in the  Smooth Business Sailing book “ gives you a few ideas on how you can ensure it goes smoothly for you.

Refinancing fixed debts isn’t something that is top of mind for most busy business owners like you. When you fill out the chart for Tip #8, you’ll be able to see where your opportunities might be to improve the terms for those debts…. and possibly increase your cash flow.

Don’t have the book yet? Click here!

Schedule a Complimentary Consultation to discuss your needs. 

Cheryl Mucha

Get Real with Your Real Estate Business by Hiring a Virtual CFO

Real estate investment and management companies face a myriad of issues unique to the industry. Real estate investors and property owners need to have an understanding of where to place their financing, how to maximize the value of properties in their portfolio, and what to do with legacy assets that they may have “inherited.”download

A virtual CFO can help real estate companies get real about their business by:

  • Assisting in raising funds (debt and equity) at the lowest cost possible. To this end, a CFO should have a robust network of investment and banking contacts to be able to raise funds quickly when they are needed … and be able to produce the financials necessary to go to the lending institution with confidence.
  • Managing resources such as talent, finances and property. This skill is especially important when a company has diverse real estate holdings with varying property values.
  • Overseeing the entire real estate portfolio to ensure that it is running at maximum profitability. By looking at the whole picture and not just pieces of the business, and by providing an in-depth financial analysis and accurate financial reporting, a CFO can help principals determine the financial levers to adjust to capitalize on the business holdings.
  • Serving as a buffer between various stakeholders such as property managers, tenants, contractors and the business owners.
  • Mitigating risk through the right insurance vehicles for your property management or real estate investment firm.
  • Determining the optimal financial mechanisms for the real estate business and the properties it holds. A great CFO can make certain that your current financing has the best terms, which in turn helps to improve cash flow and long-term profitability.
  • Analyzing financial information provided by property managers and generating reports as appropriate for investors. For instance, while tax advantages on current holdings may be decreasing, there may be other financial considerations that can counterbalance these changes.

The hard reality is that a virtual CFO with real estate industry expertise is a vital part of your professional team, there to ensure that the company’s financials are in order and that real estate investments are as profitable as possible. Don’t miss out on an investment or profitability opportunity to optimize your business cash flow. Get real about adding a virtual CFO to your management team!

CFO Your Way knows what to look for to ensure that your real estate portfolio is operating at maximum financial capacity. With more than 25 years of experience in the real estate investing market, we provide the benefit of a financial professional at a fraction of the price of hiring an in-house employee. No need to add to your company’s headcount or take up additional office space when you engage a virtual CFO.

We offer expert advice with financial management, accurate financial reporting, KPI monitoring, and much more. Schedule a Complimentary Consultation to discuss your needs  in the areas of business bookkeeping, financial forecasting, and cash flow analysis.

Your payment practices

Let’s  look at your payment practices. Your payment practices have a direct effect on your cash flow, and it’s important to make them work harder for you!

In my book, “Smooth Business Sailing: 12 Tips to Sustain Your Cash Flow,” Tips #5 and #6 give you tables to plot your credit card, loan, and other payments as well as planning your payments to vendors.

These two exercises will show you where you can manipulate your company’s cash flow so that it favors you AND still meets your obligations to others. Many business owners overlook this simple exercise that could keep them afloat.

Don’t let that be you. Click here to get the book!

Cheryl Mucha

PS – If plotting all that information out into tables makes your eyes glaze over, just go to www.ConsultWithCheryl.com and book your complimentary Discovery Session to see if CFO Your Way can take some of that burden from you.