Will Your Year-End Process Be as Seamless as Nature’s Winter Transition?

The end of the year is right around the corner. The trees are almost bare and the air is getting that sharp, cold bite to it. Nature makes its transitions so effortless and easy. Will your year-end close process be just as seamless?

Many non-retail businesses experience a slow period in December. While it might feel tempting to kick back and relax, these last weeks of the year can be used to organize your finances, maximize financial statement income, minimize taxable income, budget and plan for the upcoming year. It is a great time to reassess your financial record keeping and determine if your business needs additional support to make the year end close a seamless transition into the new year.

Questions you should be asking yourself at this time:

  • Are my accounting records current in my accounting software?Sunlight breaks through the autumn leaves of the trees in the early days of winter
  • Are all my bank and credit card reconciliations current?
  • Have I paid all required sales tax to the appropriate jurisdictions?
  • Am I current in paying my quarterly estimates for the filing year?
  • Do I know how much I have in assets and liabilities?
  • Do I know how much income my business reported year-to-date?
  • Have I spoken with my accountant to determine what they expect or need from me?

If you have answered no to any of the above questions, you should strongly consider seeking professional assistance. At CFO Your Way, we work directly with business owners and their staff to ensure accounting records are accurately maintained, financial reporting is timely and useful in management decision making, and that they are well prepared to face tomorrow’s challenges. Our team of professionals are licensed CPAs in the state of New Jersey and are certified as QuickBooks ProAdvisors. We understand accounting and the challenges small and mid-size business encounter. That is why we are here to help guide you through any financial challenges you are currently facing in your business.

Take a moment to consider our services for an effortless transition into the year and Schedule a Complimentary Consultation to discuss your needs. 


“Cheryl is an excellent partner in our firm’s growth. She is an expert at her job and very trustworthy. We actually enjoy accomplishing the accounting and bookkeeping with Cheryl now because she makes it easy and has such a great personality and outlook.” 

~ Mark Mascia,
President & CFO,  Mascia Development, LLC

 

 

 

Multi-Site Bookkeeper

Employment:  Professional Part time or Full time position

Firm Mission:  We here at CFO Your Way love nothing more than collaborating with small 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
  • Trust worthy
  • Strong accounting background
  • Excellent work ethic
  • Strong communication skills
  • Experience working in a small team environment
  • Position and task ownership and initiative

Applicable skills, abilities, and knowledge:

  • Accounting knowledge – G/L, A/P, A/R, journal entries, financial reporting – Advanced level
  • QuickBooks – both desktop and online versions – Intermediate level
  • Excel – Intermediate level

Preferred skills, abilities, and knowledge:

  • Desire for stability and longevity with employer
  • Prior experience working for a CPA firm
  • Ability/Flexibility to do what it takes to get the job done

If you see yourself as part of our mission and exceed the skills, abilities and knowledge, please email your interest, including your resume, to cheryl@cfoyourway.com.

Don’t Be Taxed with Not Paying Taxes

Common to many business owners is the concern of paying too much in taxes at year’s end. Consequently, such business owners seek to minimize reportable income in an effort to avoid paying taxes to the federal and state governments. Minimizing your tax liabilities is certainly a commendable practice; however, one should not neglect to notice the benefits that come with showing reportable net income.  Some benefits are as follows:

  • Ability to secure financing to meet business demand.
  • Maximization on collection of Social Security benefits upon retirement.
  • Opens opportunities to take advantage of tax credits.
  • Avoidance of unwanted internal revenue audits.

By not reporting adequate income levels, it will be difficult to convince lenders that:

  • Your business is creditworthy and deserving of a favorable interest rate,
  • You are able to pay back your loans, or
  • Your business is growing and your capital needs are real.

Small business owners need to pay self-employment tax based on reported business income to help cover the cost of Medicare and Social Security obligations. By not paying into the system, the funds may be unavailable or insufficient when you come to retirement age.

Additionally, failure to report income could raise red flags with the IRS that warrant unwanted internal revenue audits of filed personal and business tax returns. Failure to report income could result in various civil and criminal penalties and may even lead to the IRS taking a stance that the business is a hobby rather than an actual business venture.

Reporting income isn’t a bad thing, but it does require you to plan ahead and be mindful of tax implications. An experienced CFO can help ensure that you understand the nuances of reporting your business income while being tax savvy in the process. If your business cannot afford a full-time CFO, consider hiring a part-time CFO such as CFO Your Way.

CFO Your Way is a virtual CFO that helps organizations execute on their business strategy. Our team can help guide you in maximizing financial statement net income to demonstrate financial strength while also guiding you in ways that minimize your tax liabilities. CFO Your Way works with several of northern New Jersey’s fastest-growing companies, giving them the opportunity to get the financial management expertise they require with the flexibility they desire.

If you need a virtual CFO to ensure that your business enjoys the benefits of having this professional on your team—but not necessarily in your office—Schedule a Complimentary Consultation to discuss your needs. 

 

Are Your Finances Leaving You All Warm and Fuzzy?

Autumn is a time to give thanks for the bounties given throughout the year which has flown by. The cool brisk air reminds us winter is around the corner and we seek warmth with fall coffee flavors, hot apple cider, hot chocolate, or even the warmth of love that family and friends provide us. With all these means to give us the feeling of warmth, the question arises whether we can say the same about our business. Does the financial performance of your business give you the warmth and satisfaction you desire?

Maybe you have fallen behind on your bookkeeping. The time or resources are just not there to keep up with the mounding piles of bills, invoices, receipts and disbursements that are claiming your desk and drawer space.

Maybe you have someone to maintain the bookkeeping, but can never quite get a handle on where you stand at any given moment, whether from an income or cash flow perspective.

Maybe you, as the business owner, don’t have the time to keep a watchful lookout on your staff responsible for the accounting of your business. You simply just don’t have the time to spare getting into the weeds on reviewing day to day transactions.

Maybe you are realizing that demand for your business is growing and you simply can’t afford to add another full-time employee to help out with the growth.

Maybe you just need that extra push to motivate you to get organized and up to speed with your finances.

If any of these maybes describes you, then you should strongly consider hiring a part-time professional to assist you with your specific needs. Consider a virtual accountant or CFO who can provide you with professional guidance, knowledge, and support. Such professionals are a perfect solution to any of your financial struggles.

At CFO Your Way, our mission is to be the solution to your financial needs. Our professionals can provide you with the necessary knowledge and skills to enhance your business performance and relieve you of the financial stressors that are taking away from the warmth and satisfaction you and your business crave.

Schedule a Complimentary Consultation to discuss your needs.  It is our pleasure to serve you.

Are Bad Habits Leaving You Stuck in a Rut?

One of my employees was telling me about reading to their kids the book “The Berenstain Bears and the Bad Habit”. Mama Bear’s advice to Sister Bear as they walked down the old garden path struck me. Habits, while they may not be intentional, can have negative consequences. Mama Bear was so accustomed to pushing her wheel barrow the same way down the old garden path that she had created a rut so deep that Sister Bear had to help her get the wheel barrow unstuck. Often, I find business owners experience much the same as did Mother and Sister Bear.

To illustrate, a small business owner recently asked me to help him enter an accounting transaction into an accounting software I’m unaccustomed to, namely M.Y.O.B. Trying to use my accounting knowledge and experience, I did a little navigating through the software and came to realize that this person had no idea what was being reported on his balance sheet or profit & loss statement for that matter. While he knew how to access and generate certain reports involving customer invoices and payments, he had no idea how much the business made in profits. When I questioned him about his current business profits and the way he accounted for his business transactions, he simply responded, “I do it all at the end of the year when I prepare for my taxes; It’s the way I have always done it; I don’t know any different.”

More than once, I have run into clients who don’t pay attention to keeping up to date on entering business transactions and are shocked at the amount they owe in taxes come the filing deadlines. Their reactions are, “I knew about what I was making, but I didn’t realize I made that much!”.

As we head into the last month of the 3rd quarter, it is time for business owners to be looking ahead to the end of the year and strategizing ways to minimize their income tax liabilities. Are you guilty of keeping bad habits, especially in regards to accounting and financial reporting?

The above examples illustrate what Sister Bear had to learn – habits, especially bad habits, have consequences that can leave us stuck in a rut. Don’t get stuck in the rut of having to pay off your prior year tax liability when you could be putting away to minimize your current tax liability. Act now and get your books in order so you know where you stand.

Don’t have the time? Feeling overwhelmed? Not sure what exactly to do? Don’t panic, just contact us at CFO Your Way and we will be glad to help you heal your bad habit(s) and get you out of the rut.

At CFO Your Way, we understand what it takes to run a business and the time needed to account for all your business transactions, that is why we offer to assist in performing bookkeeping and internal, day-to-day accounting functions; train and support you and your staff on basic accounting and finance functions, accounting software functionality, financial reporting; provide controllership services so you better understand your financial position and identify ways to run your business more profitability and efficiently; and much more.

As a virtual CFO, we work with small businesses in Northern New Jersey to lend a hand in organizing small-business finances through 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).

Schedule a Complimentary Consultation to discuss your needs. 


“Cheryl is diligent and very proficient with a wide range of accounting and administrative skills. She has extensive experience working with both larger and smaller corporations, and readily adapts to change, which is common within today’s business climate. Cheryl has a caring personality and strong communications skills which facilitate her ability to develop and maintain effective relationships with her clients and partners.” 

~ Michael Lizzio,
Insurance Professional

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.