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.

Is Your Business Leaving You Puzzled?

Have you ever challenged yourself to complete a 1000-piece jigsaw puzzle? If you have, you can relate to opening the box for the first time and taking in the jumbled mess of puzzle pieces. Pieces are upside down, right side up – intermingled in one heap of confusion. Where do you even begin?

Spurred on with the desire to convert confusion into a beautiful picture, you dig in and take on the challenge.

If you ever wonder what a virtual accountant / CFO / controller does, think of the analogy just given. Our job is to straighten out the financial books and records of an organization and bring clarity to the mass of numbers that often confuses the business owner. Most owners are visionary entrepreneurs and results driven. What they often forget is that to create a picture and put all the pieces together takes time and diligent consideration.

As accountants, nothing gives us more satisfaction than to dive into the business puzzle box and begin the efficient approach of bringing a company’ financial picture to life. This systematic approach involves the following steps:

Identify the edges of the puzzle. The company’s balance sheet accounts (i.e. assets, liabilities, and equity) are identified and structured according to character and importance. Our goal is to simplify the balance sheet and establish a parameter for moving forward.

Sort pieces by color and/or tabs and blanks. Understand the purpose of revenue and expense accounts for classification and whether there are multiple departments or classes that should be taken into consideration. Categorize activities and accounts according to purpose (i.e. costs of goods, selling, general and administrative) will help segregate key components of the income statement, to further define the financial picture of the company.

Complete different color groups of the puzzle. Trace and agree various account balances to supporting documentation, understand the business transaction’s purpose, and piece together any other items that may impact the account balance(s).

Place completed sections in approximate location of where they should go. Identify the most suitable placement of transactions within the company’s financial statements.

Fill in the gaps. With sizable pieces of the financial puzzle outlined and supported, this step involves filling in the gaps with items that are not significant to the financial statements or finding answers to questions and open items on various areas previously addressed.

Picture comes into focus. At this point, the financial picture of the company begins to come into focus. Decisions become less time consuming and tedious and financial reporting begins to take on a new meaning.

Complete the puzzle. The feeling of exhilaration and accomplishment when the final piece is proudly placed down! There is now clarity in the picture. It makes sense and leads to educated, supported decisions.  Each year may be looked at as a puzzle that requires completion. Although the financial picture of a business is ever changing, the thought of putting the last piece down on any given year is enough to make any business owner happy.

At CFO Your Way, we enjoy opening the financial puzzle box of small and mid-size businesses and placing each piece into its appropriate place. As with any puzzle, the picture doesn’t come into focus without first experiencing the tedious and time consuming work of identifying and assembling various pieces. Patience is key to unlocking the unlimited potential found in accurate, timely, and reliable financial reporting.

Not up to the challenge of conquering your company’s financial puzzle? Schedule a Complimentary Consultation to discuss your  unique business puzzle.

Are your customers delighted?

In your efforts to foster relationships with your clients or customers, you probably like to do as much for them as you can. Make a special note about early payment incentives and easy payment methods you are utilizing in your business. It’s common for businesses to be a bit insular about their current processes, so these tips help you step outside of your company and into the shoes of your customer or client.

By looking at things from their perspective, you’ll be able to see how you can make their interactions with your company easier for them – which could mean greater loyalty from them AND greater cash flow for you.

Grab your copy of my book, “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.

Schedule a Complimentary Consultation to discuss your needs. 

Cheryl Mucha

The More I Know the More I Realize What I Don’t Know

Determining the precise accounting needs of your business is easier said than done, especially when you are unclear as to what would benefit your company. Do you need a bookkeeper, an accountant, a Controller, a CFO? Should you hire full-time, part-time, or on an as-needed basis? Sorting through what each position offers may help you better understand what would benefit your business would benefit.

A bookkeeper performs the internal, day-to-day accounting functions such as paying bills, making deposits, monitoring receivables and payables, performing bank reconciliations, and ensuring that accounting transactions are completely and accurately entered into the accounting software. This is a vital position in every business that should not be left to the unorganized and inexperienced individual.

An accountant is capable of performing bookkeeping duties, yet has the additional knowledge and experience to take the daily transactional data 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. Accountants will have, at a minimum, a 4-year degree in accounting.

A controller essentially is an accountant responsible for supervising the quality of the accounting and financial information of a company, monitoring internal controls, assisting in preparation of operational budgets, performing essential duties of payroll, monitoring future legislation that impacts taxation and operations, recruiting, selecting, and training staff, and more. Controllers should preferably hold a 4-year degree in accounting and have a CPA license and managerial experience, even though a CPA license is not required.

A controller typically reports to the chief financial officer (CFO), although these two positions may be combined in smaller businesses. The CFO gets involved with financial planning, financial data analysis, and establishment of internal policies, procedures, and controls.

Keep in mind that cost is directly correlative to the increase in experience, qualifications, and responsibilities required of each position. Many small to medium sized businesses simply cannot afford to hire a full-time accountant and/or bookkeeper leaving them wondering what options do they have. Fortunately, the option to hire an outside bookkeeper, accountant, controller, and/or CFO is directly at your fingertips and can be found all in one place, namely CFO Your Way.

At CFO Your Way, we are a group of experienced professionals who can offer you a cost-effective solution that will meet the specific needs of your business. CFO Your Way enables your business to have a financial professional on your management team, at your fingertips without having them in your office.

Schedule a Complimentary Consultation to discuss your needs. 


“Cheryl and CFO Your Way helped to take our business to the next level by allowing us to focus on growing the company’s revenue side while being able to outsource accounting and financial reporting functions to CFO Your Way. We are extremely satisfied with the services and I can with no doubt recommend Cheryl.” 

~ Konrad Konik,
Principal,   Batlic Property Group LL

Cash is King

Have you gotten your copy of my book Smooth Business Sailing: 12 Tips to Sustain Your Cash Flow” yet? I created this book to help you take a strategic look at how your business is doing so you can determine the changes you need to make.

The first two Tips begin by drawing your attention to the strategic look at your cash flow: your cash reserves and your deposit policies. These two are a great place to start so that you can begin to retain more cash than you need so you have it when you (unexpectedly) need it.

Click here to get your copy.

Until then,
Cheryl Mucha

Schedule a Complimentary Consultation to discuss your needs.