Written by Christine Galli, M.Ed.
Despite the good news we are hearing about the status of our nation’s economy, U.S. small business owners still feel the grip of a country recovering from a recession. Consumers are more cautious before rushing out to buy the products and services they so freely purchased just a few years ago. Many small business owners struggle to keep afloat and wear more and more hats to do so. The one hat vital to the future of a business is the hat of the Chief Financial Officer.
As CFO of your small business you need to look for ways you can quickly boost your bottom line. Here are some ideas:
- Inventory – Consider discounting if it’s not selling
- Look for opportunities to do volume purchases or ask vendors for better terms
- Examine energy costs by creating better habits of conserving resources
- Consider keeping a position unfilled if a staff member leaves and redistribute the work
- Cancel subscriptions and services that are not key to your business
- Reduce office supply costs by using a voucher system
- Consider hosting web meetings and cutting down on travel costs
- Considering using QuickBooks® Financial Software to produce Budget vs. Actual Reports
Regarding that last idea – if you do not have a proper tracking and reporting system, as CFO you really may want to consider using QuickBooks to house your accounting information.
QuickBooks software has features that focus on helping business owners save time on bookkeeping so they can focus on their business. One feature gives you the ability to customize a company dashboard (displayed right on the computer screen) so you can get an immediate view of the critical components of your company’s financial picture. Tracking information on an automated system as well as reviewing your financials to see the success of your cost cutting measures makes sense when boosting your bottom line.
Technology In A Box Learning Services, LLC offers basic accounting courses and QuickBooks training through classes held at New Horizons Computer Learning Centers throughout Michigan. Christine specializes in developing seminars and training materials for business owners, bookkeepers, franchises and accountants across the country.
To learn more, give us a call at: (877) 824-6229
