Balanced Accounting

01/01/2020

Happy new year 🥳

04/10/2019

Be on the look out.

The IRS is changing how you adjust your paycheck withholdings, and it won’t be easy.

02/03/2017

Change isn't a bad thing and trying something new can open a door you never dreamed about. So Decide what you want, and if you're not getting there change it up and try something new. Just keep moving forward.

02/01/2017

What is a bank rec you ask? A bank rec is simply a way to take the balance that the bank is showing and reconcile that with anything outstanding. For example if you have everything in your checking account but actually have to write some checks then the balance the bank is showing will be overstated until that check clears. Unfortunately though if you're not reconciling you might spend that same money twice if you're not paying attention and that is where people get in trouble. Make sure you're looking at a real time balance that reflects all activity no matter the timing.

01/30/2017

Bank recs. Love them or hate them but ya gotta love knowing what's actually in the bank. Do you reconcile your accounts?

01/27/2017

This is my new goal. It seems daunting but I love the idea behind. Essentially let your work speak for you.

01/23/2017

Have you ever thought about your labor rate? When was the last time you looked at the components? Or Maybe you just threw a dart at the wall to see what would stick. Labor Rate is an important part of a business's overall financial success. Easy and Complex all at the same time.

01/20/2017

Ever look at something and think there's no way it can happen. Or something that seems over whelming. Well here's a nice neat way to break it down. Let yourself dream and grow with it, but make a plan so you have a path to start down. Even if you're ready to throw the towel in on your 2017 goals already. Take a step back and break things down and start over.

01/18/2017

Last week we talked about our overhead numbers. Did you like what you saw? Were you surprised by the expenses or the total? Now I'd challenge you to take those expenses and really step back and look at how you're using your money. Even if you're still in a profit position this can still be a valuable exercise because you want to maximize what you get for your dollar. Remember though there is no right or wrong answer because everyone defines a need (absolutely required must have) and a want (would be nice etc) differently. So take a good look and think about how you feel about last week's exercise. If you don't like it what can you do to change it? Maybe you don't need, want, or can change it because you are running lean. Then your only other option is to bring in more revenue. If that isn't a good answer guess what . . . . time to revisit and reevaluate how you define a need vs a want.

01/16/2017

Need vs Want. This! This right here is at the heart of all decisions that we make. It's also the heart of what can be attributed the problems that many have with their finances. We've created illusions of things that we "need" in order to function. The things that we "have to have". Now yes there is something to this depending on your situation, but when you step back and think about the absolute need those are as follows: Shelter, clothing, and food. That's it. Those are the bare needs. Now yes one can argue for example if you work in an office you need nicer cloths than if you're working in an auto body shop etc. When was the last time you stepped back and looked at how you define these. Take a look and see if you like how you've defined these both in your business and your personal life.

01/13/2017

"There's no use crying over spilled milk" I'm sure we've all heard that one before. Rather than spend the energy beating yourself up over last year. Look at it to find out what you can celebrate, pick a few (not too many) things no improve upon and attack 2017. Every week, every day, every hour, every breathe is an opportunity to start over and get going. So look ahead and make the future that you want.