Posts Taged payroll-modeling

The Importance of Strategic Planning in Business

Strategic Planning Graph

Graph Strategic Planning

There are so many businesses that are struggling today, according to the U.S. Department of Commerce, only 1 out of every 20 businesses becomes profitable and survives 10 years. There are many reasons for this statistic, but in this blog post I wanted to focus on just one of the reasons, the lack of a strategic plan. A strategic plan can be defined as the strategy and process a business will pursue in an effort to head in a specific direction.

There is a quote by Lewis Carroll that demonstrates the importance of having a specific direction, “If you don’t know where you are going, any road can take you there.” This is the way many entrepreneurs and business owners run their business, without a specific strategic plan for their company. As a result of not having a plan, they usually end up going through the motions of their daily operations until one day they are faced with an obstacle they did not foresee and is too great to overcome.

My goal is to help business owners realize the importance of setting a strategic plan for their company, followed by specific goals in order to push their company in the direction they desire. Through the use of key performance indicators (KPI) a business can measure their progress towards their goals. (I will write more about KPIs in a later blog post, so be sure to subscribe).

A strategic plan does not have to be complicated. You can start off with a simple plan that will lay out how the company will grow in the upcoming years. After you have a core plan in place, you can build on it by starting to include specifics pertaining to your product/service types, marketing strategy, etc. The important thing is to have a plan in place for you, your manager and employees to work toward so that everyone is on the same path. Once everyone in the organization is working on the same goals the business will continue to achieve new successes.

How to account for customer deposits using QuickBooks Online – QuickBooks Online Tutorial

This is a quick blog post describing how to account for customer deposits in QuickBooks. I have also made a YouTube video showing step by step instructions, followed by a example of accepting a customer deposit and later on invoicing that same customer.

Instructions for accepting a customer deposit

  1. Set up a new “Other Current Liabilities” account in your company file’s chart of accounts called “Customer Deposits.”
  2. Create a new product/service item in your item list called “Customer Deposit,” the income account associated with this item will be the Other current liability account we created in step 1.
  3. Accept a deposit from the customer or client using the Sales Receipt option under your customer center.
  4. Continue to filling out the sales receipt as usual and when choosing an item, choose the Customer Deposit item and input the amount of the deposit.

As always, if you have any questions or need any assistance please feel free to contact us at 954-358-9487 or fill the contact form below to have us contact you. I hope you have a wonderful day!

Microsoft Excel for Business – Payroll Modeling

Microsoft Excel is an extremely powerful tool that every business owner should have in his arsenal. Excel spreadsheets can be used in a number of different ways, some of which include;

  • Creating company budgets and cash flow forecasts
  • Keeping track of inventory
  • Basic business bookkeeping
  • Expense and Payroll Modeling

This list can go on almost indefinitely, but I will stop it right there for now. Looking over this with just a few examples of how you can use Excel in your business, it is easy to see how this software can be a great asset in formulating your business plan.

Please check out the video I made below showing how I used Microsoft Excel to create a payroll model for a specific business that pays the greater of an hourly rate or base commissions. I will be making more videos on other uses for Excel and business tips in general so please subscribe.

If you have any questions or comments please feel free to post them below or e-mail me at [email protected]. I hope you have a great day!