Protecting your money is one of a business owners top priorities. Unfortunately many owners fall victim to financial loss which could have been prevented. Below are four primary things every business should understand and create processes and oversight to protect your money. Know Your Financials Accounting is the basis of good business decisions. For that […]
Protect Your Money with 4 Quick Bookkeeping Tips Read More »
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How to Create a Bonus Plan for Managers Read More »
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Understanding the 5 Types of Accounting to Grow Your Business Read More »
It a began in 1996; James R. Leichter, a well-respected Kansas City contractor decided he wanted to help other contractors with the same issues he encountered with best business practices and sharing advice with other contractors. After working in the HVAC field since 1985, James started his own successful HVAC company, Envirotech. In 1996, he
The Aptora Story – Full Article Read More »
Imagine giving a technician a significant raise and being 100% certain you will be able to afford it and that they are still highly profitable. Well, you can. This is part three of three in my series of posts talking about the importance of financial structure. If you haven’t seen my last post, please go
Financial Reporting Structure for a Contracting Business. Part 3 Read More »
This is part two of three in my series of posts talking about the importance of financial structure. Chart of Accounts Financial transactions are recorded with a set of codes called the chart of accounts. These codes are classified by assets, liabilities, equity, income, cost of goods, overhead, and more. The chart of accounts is
Financial Reporting Structure for a Contracting Business. Part 2 Read More »
Accounting is the basis of business decisions. While you may not be an accountant, or even like accounting, you are likely a decision-maker. You are asked to make numerous business decisions every week and your decisions need to be correct the vast majority of the time. Will we need to borrow money soon? How much
Financial Reporting Structure for a Contracting Business. Part 1 Read More »
I sometimes receive questions on why Total Office Manager does not allow for cash basis financial reports (like we do for sales tax reports). Cash basis accounting is not GAAP compliant and has NO PLACE in business management. A cash basis is how a person manages their personal checking account, not a business enterprise. In
Cash versus Accrual Accounting. The Difference Could Kill Your Business. Read More »
Introducing the Z-Score Bankruptcy Model This famous and widely used model (or ratio) represents the important work of New York University’s Professor Edward I. Altman. Originally, Altman studied 33 public corporations that filed for bankruptcy and 33 control firms selected at random. Using a very sophisticated statistical technique referred to as multiple discriminate analyses (MDA),
How to Accurately Predict Bankruptcy | Understanding the Z-Score Model Read More »
The bank reconciliation process provides assurance that a company’s accounting records and balance sheet reflect the proper amount of cash. Bank recs are also a vital step in reducing your risks against theft, fraud, and embezzlement. Terms associated with the “bank rec” include: 1. Outstanding checks. Checks that were written (and have been recorded on
The Importance of Bank Reconciliations Read More »
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