Jennifer is a dentist in private practice. She was anxious to look at improving profitability, and personal income; and was a bit stressed over some business expenses she had to make in the upcoming months. She had scheduled a meeting with a financial planner, and he had asked her to bring along some information that she couldn't put her fingers on.
As we spoke, it became clear that even though she had been in business for over 15 years, that she had never focused on her business finances. And although she came to my office prepared to roll up her sleeves and work, there was little we could do, because her record keeping was somewhat haphazard.
It took a month or so, but with the help of a good bookkeeping service, we got her up and running on Quickbooks pro.
Once this was done, it was easy to sit down and analyze what was happening. We looked at overhead, profitability, payroll, her patient roster, health insurance payments, receivables, payables and cash flow. Here's what we found:
1. She was spending lots of money on an advertising, but had little to show for it.
2. Her overhead expenses had increased substantially over the past year, but sales had gone down.
3. Way too many of her accounts were past due.
4. She was carrying too much inventory.
Knowledge is power. Armed with this information, it was easy to see what had to be done to get her business back on track.
Do you know what needs to be done to help your business?
Susan Martin
That's the problem many of the small business owners including professionals who are currently running their practice.
On the contrary, it means the demand for bookkeeping services is huge. That is why many experienced bookkeepers are considering to start a bookkeeping business.
If you would like to find out more about this business, you are welcomed to visit http://www.startingabookkeepingbusiness.com
Posted by: Gary | May 11, 2009 at 01:59 AM
This is a pertinent post. I truly appreciate your effort to inform us. Many thanks for sharing this. Glad I came across this site.
- Jaime
Posted by: Call Centers in the Philippines | January 28, 2010 at 01:36 AM