Money Health? Give Your Checkbook a Checkup.

Money Health? Give Your Checkbook a Checkup.

Money problems can be avoided by monitoring a few key financial areas. The good news: you don’t have to be a wizard at financial statement analysis; you just have to be vigilant.

Here are 3  things ways to make sure that you’re in tip-top financial shape.

1. Increase your income

One of the best ways stay in fighting financial shape is to make more money. Obviously that’s easier said than done, but here are a few things you can do to keep increasing the bottom line:

  • spend your time on tasks that make you the most money
  • increase your rates
  • consider offering a new line of services
  • partner with a business in a related industry, and become an affiliate marketer of their services

Certainly there are other ways, but you’re sharp, so get creative! There are plenty of ways out there to make more money if you put your mind to it.

Whatever you do, the point is this: making more $$ will keep your pockets healthier.

2. Watch how much you spend

A significant number of business errors are the result of not knowing where the money is going. Money should be spent for things that simplify your business and make you more productive. The income statement—also called the profit and loss statement—will help you evaluate your spending habits.

Your income statement will give you the percentages of each expense category relative to revenue. By comparing this report over multiple periods, you’ll discover how your expenditures may have changed as percentages of revenue.

When business is going well, you’ll want to keep spending the same percentages of revenue for the expense categories that are variable. With fixed expenses, such as rent and telephone, what will hopefully be an increase in sales will cause the percentages of revenue for these categories to favorably decline.

3.Keep an eye on your cash on hand

Monitoring cash balances is a simple process. It just requires a regular glance at your company’s balance sheet. Bank accounts appear at the top of this report, and you should frequently compare account balances over time.

Determining whether you have enough cash on hand involves some quick math. Cash, plus the receivables you expect will become cash within a month, should exceed the near-term debts you owe—called “current liabilities” on the balance sheet. Current liabilities include credit card balances, payroll taxes, sales tax, and other upcoming amounts you expect to pay.

4. Let a professional take care of your books while you focus on your business

One of the best ways to stay healthy is to visit the doctor regularly. In the same way, the best way to keep your books healthy is to leave the number crunching to the professionals.

At Alvarez Tax & Bookkeeping Services, that’s just what we do best. No matter what your needs are. Contact us today and let us handle your books while you focus on running your business.

Have you ever wondered how your tax dollars are spent?

Have you ever wondered how your tax dollars are spent?

Ever wondered how your tax dollars are spent?

Most of us (US Tax payers) have no idea how much of our money is going to specific government departments, which leads us to the question: Where do my tax dollars go?

Here is a site that gathers information from public government records. Go to the site and just fill out your income and choose your state to see where your money is spent.

Here is the link: https://www.wheredomytaxesgo.co/

Get new business opportunities with some Trick or Treat Strategies

Get new business opportunities with some Trick or Treat Strategies

Small business owners in many communities offer downtown trick or treat events. Take advantage of this opportunity to build your business reputation. Involvement in local events goes a long way with both existing and prospective customers—indicating a vested interest in your community. Find creative ways to make your business stand out this trick-or-treat season. We hope the following suggestions will spark fun promotional ideas:

Offer a wide variety of treats for the kiddos. All kids are unique, so have a variety of goodies on hand. Mini chocolate bars, Smarties and gumballs are among fan favorites. If you do offer candy, have special-needs alternatives on hand. Hand out sugar-free candy for children with diabetes and nut-free treats for those with nut allergies. Plastic spider rings, rubber bouncy balls, and Halloween-themed novelty toys are wonderful alternatives to sugary favorites.

Keep it fun and age appropriate. Try to keep decorations acceptable for varied ages. Too scary, and the little ones might be too terrified to walk by your storefront.

Research community involvement opportunities. Check into a booth at the fall carnival to promote your business, or set up a photo op area for parents to snap pics of their children in costume.

Have a promotional item for each child. Order paper pirate hats and princess crowns printed with your company logo. Wearable items may provide added advertisement for days after Halloween!

Wishing everyone a safe and happy Halloween!

Reduce Your Small Business Stress with These Five Tips

Reduce Your Small Business Stress with These Five Tips

The life of a small business owner, especially in competitive markets like Orange County and Southern California, is stressful. You don’t just have to worry about keeping your boss happy and paying your bills, you are the boss and have to keep your employees motivated and pay them as well as your own expenses. Throw in plans for expansion and exceeding client expectations, and your plate is already overflowing.

Check out these 5 easy tips for reducing your stress so you can stay focused on running a successful business.

Get organized
Set aside time every day to identify your tasks. You can do this at any time but consider starting your day with this exercise. Not only will it help you focus on what needs to be done, but will help you plan your day, week, and month.

Prioritize
Most of your projects will have multiple tasks that need to be completed at different times, so identify what needs to be done urgently, what can wait until later, and what you can delegate to someone else — keep reading for more information on this critical tip. Once you prioritize your workload, you can get started and enjoy the satisfaction of checking things off your list.

Find a mentor
As a business leader, you spend a lot of time supporting and celebrating the success of your team, which is great for morale, but who’s your cheerleader? Finding a mentor who can offer you support and celebrate your successes as well as help you find your way through challenges can improve your motivation and give you positive reinforcement.

Take care of your health
It’s also critical that you take care of your physical and emotional health. For example, leave yourself time for lunch and make sure to eat nutritious meals, at least most of the time. You should also make time for 30 minutes of moderate exercise every day. It might sound like a lot, but a quick walk after dinner can help you maintain a healthy body weight and protect your cardiovascular health.

Delegate
And finally, learn to delegate. Whether it’s a task for a member of your team or outsourcing business administration responsibilities like payroll and accounting, find the person with the expertise to make your life easier.

The experts at Alvarez Tax Services, a leading business and tax firm located in Orange County Ca provide the support you need to run your business efficiently, so you can focus on what you do best. Contact Alvarez Tax Services today for the expert bookkeeping service your business needs.