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Professional Accounting Solutions

I’m glad I attended a presentation by Shannon Beck of Professional Accounting Solutions. Here’s the scoop:

As I sat for the presentation I reminisced about how I had not really paid as much attention in accounting classes, and how much I now wished I had. As all business owners will tell you; accounting can make or break any business, and is a foundational element of success. I have learned this lesson by experience, but still have a lot to learn about accounting.

And that’s the point: I should be looking to professionals to manage my money for me. It is not only a convenience, but a smart way to grow your business and assure that you are collecting from all of what Shannon calls ’streams of income’.

Shannon Beck explained that many business owners successfully focus on ‘making it rain’ (sales) while forgetting to collect all the ‘rain water’ that coalesces into streams and pools down hill. I think he knows me well. Professional Accounting Solutions looks to these streams and pools as a significant portion of your revenue, and helps you wrangle it all in.

Shannon gave us ten ways to improve cashflow (a major concern for small business). Briefly, here they are:

1. Check credit ratings before doing business;
2. Strengthen your credit policies;
3. Monitor your customer’s credit health;
4. Get invoices out promptly;
5. Raise your prices;
6. Blame it on your accountant;
7. Automate payments;
8. Prioritize processes;
9. Incent quick paying customers;
10. Reduce overhead.

You should have questions on each of these items, and it would be a good idea to call Professional Accounting Solutions to get some answers.

Shannon also provided 10 accounting related reasons why businesses fail. Ready for them? (Warning: Some of these may terrify you)

1. Insufficient working capital;
2. Inexperience;
3. Extravagance;
4. Dishonesty;
5. Unrealistic planning;
6. Personality;
7. Credit policies;
8. Mixing personal and business finances;
9. Incomplete accounting;
10. Misunderstood accounting.

If you read this list and felt the hair stand up on the back of your neck at any point, give Shannon Beck at Professional Accounting Solutions a call and see what he can do to help.

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