Top 5 Essentials for Closing Out Your Fiscal Year

It’s that time of the year again. Are you prepared to close out 2010? Do you have your financial records ready for your CPA or tax preparer? If your answer is a resounding NO, then keep reading.

You told yourself after last year’s year-end fiasco that you wouldn’t let that happen again, but the next thing you know, it’s December 31st. Then it’s March 15th and your CPA or tax professional is screaming for your financial records. You’re stressed and end up having to file for extensions, which results in penalties and interest. Take charge this year! Break the cycle and take control by using the following “5 Essentials for Closing Out Your Fiscal Year.”

1.) Make an appointment with your CPA or tax preparer, and meet with your in-house accounting staff. Your CPA or tax preparer should provide you with a list of items that they will need to start working on your taxes. The sooner you and your accounting team can get started, the easier your year-end closing process will be.

2.) Organize your financial records, preferably by month. Make sure you have back-up for all transactions. Your files should be organized with financial reports on top, followed by bank and other statements with reconciliation reports, and your transaction back-up (check stubs, receipts, deposit slips, etc) attached.

3.) Do an inventory of your equipment and other assets. If any items were added or removed, your CPA or tax professional will need to know so they can properly account for them.

4.) De-clutter. Toss any items marked for follow-up that are not significant to your accounting. They are most likely expired or no longer relevant. If you are not sure, place them in a separate file to be reviewed by your CPA or tax preparer.

5.) Review your current accounting system with your team and make adjustments to put in place for next year. The point of this is to avoid the stress for next year by planning now; you will eliminate the hassle and create a system that puts you in control of your business.

Not sure where to start? Management Consultants of America, can help. We specialize in systems development. We can take your drawers full of financial records and prepare them for year end. Call (866) 380-0745 now for your free consultation or visit us at www.bookkeepingonsteroids.com

 

LaVonne Shields

QuickBooks Expert and Consultant, LaVonne Shields has over 10 years of experience working in several industries (including banking, real estate, construction and non-profit). Her specialized training and consulting services help to provide peace of mind and relieve stress when it comes to bookkeeping and accounting all while improving the bottom line. She is the author of “Bookkeeping on Steroids,” and an instructor for the Inland Empire Women’s Business Center in San Bernardino.

 

Customer Service Gives Little Guys Edge over Big Companies

“Economic recovery will be powered by small businesses. Period," wrote Tina Loza, current president of the local chapter of the National Association of Women Business Owners (NAWBO), upon returning from the National Conference in Washington, D.C. She said, "The message during the conference was clear and coming at us from all sources, Nancy Pelosi, Valerie Jarrett, and Karen Mills. They all had one clear, unwavering message...." Small businesses are the answer.

But small business owners need to start believing it and acting like it!
 
Recently after conducting a workshop on the topic of Small Business Marketing, a young woman approached me about a business she wanted to start. I was encouraging her with statistics and information, when she let out a big sigh and said, " Yes, but who will want to do business with my little company, when they can go to the big established company in town?" With a mixture of surprise and mild scolding, I warmly asked, "Girlfriend, have you not heard anything I've said in the last two hours?" She muttered, "I know, I know."

I pondered her comments as I drove home that night. It's one thing for business owners to hear all the "shoulds" of marketing techniques - the importance of having a plan, conducting research, formulating a target audience, determining your niche and value, and serving your customers through knowing their expectations. But it's quite another to actually apply and live it.

Let me enlighten you with the grim statistics: 50 percent of small businesses fail within the first five years. That's not even counting the hundreds more that never even get off the ground. Several reasons contribute to their failure. Lack of planning is a major factor. And business owners don't fully grasp that they have a major competitive advantage: their small size. This becomes the basis for providing personalized customer service.

Small businesses do themselves and their businesses a disservice by not knowing enough about their customers and what those customers expect. A few years ago, Bain & Company conducted a study of 382 companies, revealing some interesting findings: 80 percent of the companies surveyed believed their customer service was already exceptional. And did their customers agree? In fact, only 8 percent of these same companies' customers rated their customer service experiences as "superior." It sounds like someone is out of touch --and it's not the customer.

Small businesses have the opportunity to learn from this study to leverage their competitive advantage. Here's how:

• Understand that everything you do as a business owner shows your commitment to customer service, from answering the phone to delivering the invoice.
• Learn what customers want; learn what they expect. Remember that a basic, human need is to feel important and respected. How can you deliver this for your customer --even in a small way? A handwritten Thank You card produces a big impact.
• Apply the "WIIFM" concept: know that your customers are asking "What's In It For Me if I continue to do business here?" Ask yourself, "Would I want to do business here?"
• Deliver consistency of product and service. Train your employees. Use yourself as the model.
• Create systems and standards so that excellent customer service becomes the norm. Customer loyalty is the reward.
• Document great customer service moments. Use these to inspire your staff.
• Embrace customer service. Adopt these practices and begin building a stronger reputation with your customers. Those who provide world-class customer service will stand out from the crowd.
• Be a part of jumpstarting the new economic recovery.

 

Carolyn Ortman is owner of CKO Marketing & Training Group and is a 17-year member and past president of the American Marketing Association - Inland Empire. She can be reached at 951-784-9174 or www.ckogroup.com. Carolyn also teaches Customer Service Management at UC Riverside Extension.