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September 6, 2019 by fiscaldoctor

Money Management Tools and Best Practices for Small Businesses

One of the most obvious benefits that comes with starting your own business or entrepreneurial endeavor is the ability to be your own boss. According to the Small Business Administration (SBA) around 627,000 new businesses open their doors each and every year. While this statistic certainly shows the entrepreneurial mindset that permeates the United States, the other side of the coin is that 595,000 businesses close each year, with about 50 percent of all new startups closing their doors after the first five years of operation.

While being your own boss and the running the show definitely brings some benefits, one of the biggest challenges for small businesses and startup brands is installing effective money management practices. Being disciplined enough to separate your personal finances from the money tied up in your small business can certainly be hard, though this is an essential element for long-term success. Below, we offer a complete analysis of the best money management tools and best practices for small businesses and startups.

What is Money Management?

Money management for small businesses and startups entails the practice and procedures utilized to handle business finances. These procedures can include making and adhering to a budget, creating short, mid, and long-term business goals, following and recording regular expenses and income, and managing other investments. Most of startups and small businesses that fail during the first 5 years often suffer from unsound money management that subsequently lead to periods of negative cash flow. In the first few of years of business establishment, negative cash flow can cause serious adversity, especially for businesses trying to stay on top of payments for a business loan.

Being late on payments, forgetting to collect on accounts receivable, and overspending budgets are just a few of the fiscal and monetary problems that generally tend to affect businesses that don’t install sound money management policies and procedures. Unfortunately, not all businesses have the financial stability to hire a professional accountant to help them deal with the economic aspect of running a business. According to one estimate, accountants usually charge anywhere from $150 to $400 per hour while simple bookkeeping services can easily be up to $50 an hour. These elevated expenses can obviously become a major expense affecting small businesses.

For business owners who, due to economic restraints, are in charge of their own accounting, there are fortunately several money management tools and principles that can be used to simplify and streamline transparent accounting practices.

Top 4 Principles of Money Management for the Small Business Owner

Keeping your business operations running smoothly requires discipline, control, and a bit of restraint. The following four principles to healthy money management can allow you to keep your finances under control.

Keep Close Track of Your Spending

One of the challenges that small business owners face is monitoring the outflow of expenses. When you simultaneously must act as CEO, HR manager, and customer relations supervisor, it can be easy to forget to record certain expenses. Many small business owners have multiple bank accounts for their business which makes it even harder to stay on top of the money you spend. Even the smallest of expenses add up, so it is important to create procedures that make it easy to follow your expenses.

Instead of trying to remember where all your money went at the end of the week or scribbling down expenses on the back of a napkin, learning how to use free, online accounting software, such as that offered by ZipBooks, can make it much easier to keep track of your spending. These easy to use programs allow you to record your transactions to stay on top of your spending habits.

Separate Business and Personal Funds

For startups who need a business loan from a bank, one of the first requirements that the lender will require is that the owner set up a separate bank account for the business. Even if your startup didn’t require a loan to get started, separating business and personal funds is essential for fiscal transparency. Bank statements associated with a separate business bank account are an easy way to track business profitability, double check expenses and income with your own bookkeeping, and monitor spending habits. Furthermore, when you make it a habit to separate your personal funds from your business spending, you will have a clearer idea of how successful the business is becoming.

Monitor Your Employees

Small businesses across the country employ almost 59 million people, making them one of the largest employers in the nation. Unfortunately, not every employee that you hire will share your commitment to helping the business grow and flourish. In fact, employee time fraud strategies such as “buddy punching” has been found to cost small businesses upwards of $373 million dollars each year. This simple payroll loophole can make or break a small business, especially in the economically vulnerable early years.

Businesses who want to avoid employee time fraud would do well to invest in employee time and attendance software that will more reliably and accurately reflect what you spend on your employees. Furthermore, employee scheduling software is another helpful tool that can help business owners discover trends in their employee scheduling, make sure that your business is always well staffed, while also avoiding over scheduling that can also lead to economic losses.

Agile Billing Procedures

Lastly, installing agile and efficient billing procedures can help to make sure that your business never suffers from cash flow problems. Many small businesses are often strapped for cash at certain times of the year, and waiting on payments from clients can lead to economic crises. In the worst case scenario, business owners may be forced into yet another loan in order to cover costs until overdue payments are finally processed and received. Agile billing procedures can help business owners avoid this common headache. Cloud-based billing systems such as FreshBooks can make streamline billing procedures and even increase customer satisfaction.

These four, simple principles of money management can help small businesses and startups avoid some of the most common accounting pitfalls that can negatively affect a company. With several, easy to use software tools, money management can essentially be digitalized to allow business owners to dedicate more time growing the business.

Filed Under: news

September 4, 2019 by fiscaldoctor

Home #Healthcare Survival Tips: Improve Strategic #Care Management, #Patient Engagement & Profitability

Home Healthcare Survival Tips: Improve Strategic Care Management, Patient Engagement and Bottomline Profitability

Your organization will no longer be in demand if you do nothing. Doing nothing has never been a real option and is even less realistic today. Health care organizations intending to survive will get real about:

  • Capitation on reimbursement on more healthcare events (procedures)
  • Transparency and comparison-shopping disclosure for what are actually very similar items sold within your region and nationally (for example, hip replacement)
  • Relentlessly moving towards increased effectiveness on quality of care and tighter cost control.

Where does your #CEO #Board of Directors and #CFO stand on helping your Survival of the Fittest?

How do you compare to #Health peers on #readmission #reimbursement #Medicare #Medical #caregiver #Medicaid risk and opportunities?

Why will critical care #hospitals and #Doctors see you help their sustainability focus?

#diabetes #dementia #nurse #insurance #Obamacare #privacy #data

https://www.expertclick.com/NewsRelease/Home-Care-Physician-Group-Hospitals-Health-Systems-Leaders,2019182133.aspx |

Consider using this overview to help meet compliance and governance targets on a sustainable profit framework within your organization’s board of directors and CEO designated risk profile. I’d love the opportunity to connect and learn how I can help you today! Imagine how much you can benefit.

Filed Under: News

August 6, 2019 by fiscaldoctor

Tomato Growers, Processors and Wholesalers, and Agriculture Leaders

Better Quality and yield, more effective and less fertilizer and insecticide, more profits

                                         

May 28, 2019 – Atlanta, Georgia – Sustainable Profitability Growth Consultant Helping Middle Market Companies Increase Sales and Profits With Less Risk expert Gary W. Patterson, FiscalDoctor®, announces access to improved tomato taste, increased tomato yield, more sustainable bottom-line profitability.

12-year tested patented microbial biostimulant improved taste and increased tomato yield while reducing fertilizer input by at least 50% in a series of trials you can receive. Improving your profits, quality and customer satisfaction.

Who should call:

  • Farm management companies
  • Grower associations
  • Nurseries
  • Tomato farmers
  • Citrus farmers
  • Lettuce farmers
  • Blueberry farmers
  • Coffee farmers, and
  • Organic farmers

More details follow:

  • OMRI Listed – Approved for use in organic production
  • Broad-spectrum, applicable to all crops, climates and soil conditions
  • Drought and frost resistance
  • Yield increases of 20 – 100%
  • Better tasting foods, higher nutritional contents
  • Water savings of 50% or more

Restores soil health and enhances the ability of plants to absorb nutrients that already exist in nature, thereby reducing the need for chemical inputs. Healthy soil naturally promotes root development and plant growth. Delivers its benefits by:

  • Improving soil structure, leading to soil enrichment and enhanced nutrient uptake ​
  • Increasing the availability of soil phosphates, potassium, and other minerals through solubilization and mobilization ​
  • Increasing soil moisture and water holding capacity, thereby reducing water usage ​
  • Mitigating the toxicity of chemical fertilizers ​
  • Helping plants use fertilizers more efficiently, thereby lowering their input requirements​
  • Neutralizing soil salinity through sequestration of sodium and magnesium ions and subsequent leaching by irrigation ​
  • Improving soil aeration to foster inhabitation by earthworms and other beneficial insects ​
  • Loosening clay soil, helping to retain moisture and nutrients

Imagine how much you can benefit. Contact me for a free 15-minute discussion of your particular situation at 678-319-4739 or https://fiscaldoctor.com/contact-us/ .

About Gary W. Patterson

Gary W. Patterson, president & CEO of FiscalDoctor®, works with leaders who want to uncover their blind spot before it finds them, so they can make better decisions. He can also help increase your profitability, providing access to 100 best-of-the-best experts who are often better and cheaper than incumbents. Gary can be reached at 678-319-4739 or [email protected]

©  ###

#fertilizer #insecticide #OMRI #restorative #agriculture #organic #farming #agribusiness #microbial #Lalitha #spectrum #water #broadspectrum #agronomist #lettuce #blueberries #apples #coffee #peach #grapes #crop #yield #soil #dirt #organicfarming #global #biostimulant

Filed Under: News

July 3, 2019 by fiscaldoctor

Most CFOs lack plan for projected Recession! What about you?

What can you learn from this surprising #WSJ article including suggestions from #Bain, #Duke, and #Costco?

Why are 51% of #CFOs surveyed lacking a detailed plan for the projected #economy #recession ? I presume you agree that it would be better to be in the 49% with a detailed plan and #strategies to safeguard #cashflow .

How do your #finances rate for #strength versus #weak ?

When do you prefer to strategically review #Operations #Expense #SupplyChain #procurement and #technology ? After the fact with painful cuts of #employees #Automation using skilled but expensive #consultants or now?

Which #CEO #Board #CTO and executives use #ceosecrets of #riskmanagement and a spending #assessment now for the best #ROI ?

Lets talk 678-319-4739

https://www.wsj.com/articles/cfos-fear-a-recession-is-coming-preparation-will-help-them-stand-out-11557999000

Filed Under: News

June 5, 2019 by fiscaldoctor

Which of your business twigs might have a toxic 15-foot root?

Profit from my annual yard Spring cleaning cleanup, my personal version of a business recurring annual Greenfields review. That night around 2 am after my annual Yard cleaning process, the insight connection between this year’s cleanup uncovering my sprig had a formerly invisible massive root system woke me and asked: How could the green bramble sprig, smaller than pencil lead, in my picture below cover up an underlying root system thicker than my thumb over 15 feet long? That 15-foot carrier of future thorns, poison oak etc. grew because the last few years, I was too busy to address the real problem. I clipped the above ground sprig offshoot two years ago and skipped pruning brambles and poison oak last year, rather than investing the time and sweat to resolve the real issue. In addition to near term recurring thorns (think inconvenient problems), Georgia vines seem to attract poison oak or poison ivy (think medium term problems). Long-term left unchecked, Georgia sapper vines can circle a tree, siphon off soil nutrients and gradually cut deeper and deeper into the tree. Unless caught and removed, the year can come when you can lose a tree. Resolution is to do the hard work of pulling up the invisible root system, before offshoots strangle a bush or small tree. I was fortunate. Poison oak is not fun, particularly for my wife Kathy. When times are good and profits overflow is the time to address issues, you and I know exist, but are too busy to address now – just like I did personally for several years on my sprig clipping. Most growth-oriented companies I help have some version of a CAPEX list of value-add projects they would like to address — later. You may have been one of the fortunate ones where money was no issue IF the project could demonstrate value. Specialized external consultants can always supplement your people on one-time projects, when money exists. Freeing up substantial cash to finance one or two of your deferred projects, when prioritized and evaluated is easier than many leaders think. A number of groups will do a No Cost No Risk review for one or multiple spend categories for a percentage of the savings delivered, after delivering the savings. Most groups look at one or two issues not your entire spend category. Rather than feel bad, when not if the economy plateaus or turns down, why not invest time and focus to solve that cash shortfall preventing that IT, supply chain or training project which is best done now. Even better, this might better position you for a bluebird opportunity which always is available when downturns occur, for better prepared business. Some of you may like to ask about Georgia vines, sapper vines or poison oak and poison ivy, share a chuckle or discuss how these issues could impact you or your business. Call me at 678-319-4739 for a brief discussion of any of the above points. You can also contact me today at [email protected] to talk about your special situation or project that needs immediate attention. On that note, I look forward to serving you. Gary Gary Patterson FiscalDoctor, Inc. [email protected] (678) 319-4739

Filed Under: News

May 8, 2019 by fiscaldoctor

Where will answering one or more of these 5 questions benefit your business?

What are the differences your #CEO #CFO #Board #Director will say about how well your results are on #strategy and #StrategyExecution results versus key long-term #goals ? How do best #opportunities compare and which best fit our funding availability and risk profile? When will we have enough #cash and #Funding to exploit those #business opportunities? Who needs better operating or non-financial information such as #PROFIT , #reporting results for #income and #Sustainability initiatives? Where do top management feel better answers are needed on #Risk and #riskmanagement ? If you see the need for unlocking cash to address #risks like #Competition , #flexible and #Agile capabilities, #BigData and IT backlogged projects, #procurement and #SupplyChain underperformance or #healthcare expense level versus employee satisfaction on coverage adequacy, let’s talk. https://www.financialexecutives.org/FEI-Daily/April-2019/5-Commonly-Asked-Questions-from-CEOs-for-CFOs-–-an.aspx?utm_source=FEI+Daily&utm_campaign=3ac968369f-EMAIL_CAMPAIGN_2019_03_13_01_34_COPY_01&utm_medium=email&utm_term=0_2349ffa285-3ac968369f-85059077

Filed Under: News

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Gary W. Patterson, The Fiscal Doctor

812 Hallbrook Lane, Alpharetta, GA 30004
Contact No: 678-319-4739
Email: info (at) fiscaldoctor (dot) com

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Gary W. Patterson, The Fiscal Doctor

812 Hallbrook Lane, Alpharetta, GA 30004
Contact No: 678-319-4739
Email: info (at) fiscaldoctor (dot) com

Copyright © 2016 - All Rights Reserved - Website Design by Pixelion Art

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