CONTRACT BUSINESS ADVISORY SERVICES
Jacinthe Koddo advises female-led businesses, who are making the world a better place, grow to seven figure revenues.
If you’re like most business owners, you’ve woken up in the middle of the night with money stress, worried about losing a key admin employee who’s getting bored with their job, or scrambled to gather your company’s financial info to meet with the bank or a potential investor.
These problems are completely avoidable with regular, cyclical review of your business reports and good, efficient systems. Bookkeeping systems to be exact.
There are seven common business-related problems that are costing businesses money on a daily basis:
- The wrong people are doing the work. You’re the CEO of a 15-employee business and are still the one issuing invoices, chasing down payments, and entering receipts into your accounting software. Sure, these things are valuable for your business. But your time is even more valuable and better spent doing the things you LOVE in your business.
- Payments get missed, people get angry. Vendors are knocking on your door, getting frustrated and you’re getting worried that they won’t want to work with you in the future.
- Payroll is always a panicked sprint. Your administrator is constantly having to hound your employees for their timesheets, making meeting that Tuesday 9am deadline for payroll a heart-rate-raising panic every single week.
- Money is wasted paying CRA penalties. A few years into business and you’re finally making money (you think) and the CRA does too. But you’re surprised every time you need to remit your corporate taxes and feel like you’re always scraping the money together.
- You don’t feel in control of your company’s money. You can’t get a real-time picture of your company’s financial situation because your bookkeeper is always three months behind. You want to be able to log-in to your accounting system at any given time and see how much cash you’ve got in the bank without worrying if you’re missing some bill in a pile on one of your employee’s desk somewhere.
- You’re constantly being interrupted. Email notifications, text messages, Instgram likes, clients calling, employees Slacking you, sales calls to return immediately, YouTube and inpromptu, drive-by desk meetings pull you away from important tasks, forcing you to constantly switch gears from maker’s brain to manager’s brain. You can’t get deep into focussed work EVER and constantly feel like you’re running from one meeting to the next. Switching between tasks causes a lag time in productivity, losing precious minutes that could be used more productively. After all, time = money.
- You’re not reviewing your Operating Budget, Profit & Loss, Balance Sheet and Cash Flow reports on a regular basis. Sleepless nights are a regular occurence as your brain goes on overdrive trying to figure out if you have enough money for payroll next week, rent the week after that, and whether or not you can sign a lease for a larger space next year. You feel shame that you know these business reports exist, but aren’t sure how to interpret them. You constantly feel like money is leaking from your business but aren’t sure how to get on top of it. You know the better your cash flow, the less stress you have. The less stress you have, the more fun you can have! You’re just not sure how to get there.
How do we help fix these problems?
Jacinthe helps your business modernize its bookkeeping systems, while setting up your Operating Budget and Cash Flow. She helps you evaluate your sales, marketing, operations, and finances so you can grow a sustainable, seven figure business and sleep at night.
We use the clean, tidy numbers that come out of a well-oiled bookkeeping system to provide strategic business advice. We focus on systems for:
- File management
- Receipt processing
- Time tracking
- Customer Relationship Management (CRM)
- Receiving Payments
- Making Payments
- and more!
With our help, money stress in your business will be a thing of the past.
Let’s look at an example.
The company: Meeting Venue Rental Space
Revenue per year: $500,000
Employees: 3 full-time, 6 subcontractors
Doing business for: 3 years
Their situation: Lots of work coming in!
- 15 hours wasted per 10 clients that their sales person was spending to issue an Excel spreadsheet quote, Word template invoice, Word document agreement emailed, and Excel spreadsheet receipt.
- Their first year of business they got audited for GST and it’s set them up to be every year making the need for an accurate and up-to-date bookkeeping system imperative.
- Subcontractor payments were chronically delayed making the need for quick and easy e-payments a neccessity to keep everyone happy.
- Cloud Accounting Software
- E-payment Software
- Payroll Software
- Digital Signing Software
Let’s look at this in numbers:
- $24,000 per year spent on time-wasting processes
- 10 clients/week x 40 weeks of busy season x $40/hour
- $7,500 = one time implementation fee
- $950/year = software fees
- $1,920/year = contract bookkeeper fees
- They now save:
- $13,630 in year 1
- $21,130 in year 2 and onward
Want these kinds of savings in your business? Jacinthe can help!
Knowing where time’s being wasted, we’ll set up your business with the right systems and apps, and move your bookkeeping online (aka into The Cloud) so you have visibility into your business finances whenever you want it.
What we do:
Interview your employees to establish how your bookkeeping operates and find wasted time
Suggest the best apps to minimize wasted time
Train your employees to set-up and customize the app to your business
Provide best practices to your employees
Help you hire in-house or bring in a contractor to perform monthly bookkeeping duties
Provide ongoing coaching to ensure the apps are adopted and working well
What we don’t do:
Develop policy and procedure documents
Work onsite regularly
Monthly, ongoing bookkeeping
How do we work?
Stage One: Review – $1,500+GST
- We interview key employees involved in your bookkeeping workflow.
- You end up with a systems analysis report that shows you how much money is being wasted in your current workflows.
- We make technology recommendations to minimize wasted time.
- We review and make a plan for implementing these technologies.
Stage Two: Implementing – Starts at $3,500+GST
- We train your employees to set-up and customize the apps for your business.
- We provide best practices to make sure your employees are excited about the new apps and truly adopt them.
Stage Three: Continuity – Custom Quote
- We transition you to monthly bookkeeping, whether it’s helping you hire in-house or outsourcing.
- We determine what kind of ongoing monthly systems coaching your employees need to ensure the new systems stick.
- We determine what other planning your business could benefit from including financial planning, forecasting, capacity planning and more.
Are you ready to get your business’ revenue under control (and keep it that way)?
With a little help from Jacinthe, we can magically create order out of the chaos. Fill in the contract form below and we’ll be in touch to set-up a consultation.
Get in touch to request a consultation, or inquire about your specific business needs.
We’d look forward to hearing from you!