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Blog

Come on Small Business owners! It’s time to get your house in order

Matt Collins CPA, CFP

February 5, 2019

Come on Small Business owners!  It’s time to get your house in order

Would you ever play a game of poker if you were the only player not allowed to look at your cards? No, never! Then why do a lot of business owners operate their business without being fully informed about the condition and performance of their business? The difference is poker is a game, your business is your livelihood there are a lot of people, customers, employees, and family members, relying on your success. Having a solid Back Office Support System (BOSS) is something you can control. So why increase the risk of failure or poor performance by not having a process in place that keeps you organized and fully informed about the condition of your business? Here is what you need to do: 

Build a system and a process

Train people and make them take ownership of the tasks required for the BOSS

Monitor the system, processes and the people on a regular & routine basis

Utilize the timely & accurate information provided by the BOSS. As an owner, you need to look at the cards that have been dealt to you.

How do you get started? Find a firm that has a devotion to implementing and monitoring BOSS.

BOSS Tips! Business owners today are very fortunate to have affordable technology available to them. Here are two applications for the BOSS:

·         MilesIQ automatic mileage log for your business vehicle. One of the biggest tax deductions is the business cost of operating a vehicle. The tax deduction is based on the business use % of the vehicle. MilesIQ automates the tracking of use and provides a log to support your tax deduction.

·         Paperless Document Storage – in today’s environment, paper-based record keeping is not cost effective. Go paperless! Use applications like Receipt Bank and QuickBooks Online to build a paperless record retention system that is less costly than paper-based recordkeeping. Plus a paperless based system adds value by automating the recording of transactions in the accounting system and attachment of the supporting source document.

How do I implement these applications? Find a firm that has a devotion to applications that support BOSS.

Collins & Ganley a firm devoted to BOSS

   

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