Do you have dreams of your business being very successful and dominating its niche? Most of us do!
And I'm sure you already know the obvious paths to success, like having a great product, great customer service, great marketing, and a great internal team to make it all work. These things are common knowledge.
Shhhh... the secret to success is
NOT your P&L, it's your Balance Sheet!
Yes that is right. Your secret to domination and longevity is not first with your P&L... it is with your balance sheet.
Here's a little secret I've learned about most of the micro/small businesses I've consulted with over the years:
Many micro/small business owners do not place much value on monthly balance sheets.
They operate on cash. Meaning, if they have cash, they assume things are good. If they don't have cash, they scramble to get some.
Did you know that you can use this to your advantage, and it actually gives you a competitive edge?
Consider this: if you always examine your monthly balance sheet (and you know now that your direct competitor probably does not), you can make better decisions about the future than your direct competitor can.
I hope this makes you feel excited, because it is an obvious weak spot that you can exploit. And I have consulted with enough businesses across the nation to tell you that for most micro/small businesses, it is almost certainly true, even in your case.
Love that gold mine of information...
your Balance Sheet!
I'm sure that as a small business owner, you love to look at your P&L. I admit it is absolutely intoxicating to look at it when you've had a successful month or year! All those sales, and the huge bottom line... yea it's an amazing feeling.
But would it surprise you if I told you that your P&L is not as important as your balance sheet?
Not to say that the P&L is UNimportant.... no no no. It definitely IS important.
But the balance sheet tells you were you ARE. It tells you what your business is worth, how much it has, how much it owes. You can compute important ratios to help you measure your business' health. It is truly the definitive document in describing the health and financial composition of your business.
There is a GOLD MINE of information waiting for you in your balance sheet... start using it today to dominate your niche.
Because the balance sheet is so important, it must be managed correctly through accurate bank reconciliations. Let me show you how.
"Get More from QuickBooks
Quick & Accurate Bank Recs"
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Get this gold mine of information about bank reconciliations (often called "bank recs" in the accounting industry) for only $9.97.
Yes, that is right. I have put nearly everything I know about bank reconciliations into this eBook. And I've priced this 105 page treasure at only $9.97 because I want everybody who has QuickBooks to get it, and use it!
Quick & Accurate Bank Recs
Here's what you get
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1. The Opening Balance in QuickBooks is different than what my bank statement shows. What happened?
2. I set up a new bank account and tried to reconcile it. The Opening Balance is zero in QuickBooks. Why is this?
3. I want to reconcile my merchant account in QuickBooks. How do I do this?
4. I entered an entire year of transactions, but reconciling them is taking forever. Is there a better way?
5. I reconcile every month but my QuickBooks check register does not match my bank balance by A LOT. Why is this?
6. I am using QuickBooks Pro and need to see older reconciliation reports. How do I find them?
7. My bank reconciliation is showing uncleared checks from prior years. How can I delete them without changing the prior years' numbers?
8. I accidentally entered the wrong ending date for the reconciliation, and finished it. Now my reconciliation reports are wrong. Do I have to undo the rec and start over?
9. I have a couple of old sales tax payments that I already reconciled. The problem is that I entered them using the Write Checks window instead of the Pay Sales Tax window. I want to delete them and reenter them in the correct window but I know it will mess up my reconciliation next month. What should I do?
10. My QuickBooks check register is showing a debit (negative) balance. How do I fix this?
Can you answer these questions? You must be able to answer them to have some grasp of your balance sheet account balances. (I answer all of these questions at the end of the eBook, in the FAQ section.)
"But my CPA says everything looks OK."
I can almost guarantee that your CPA is not EXAMINING your day to day bookkeeping. He/she is running reports in order to do your taxes. Taxes and bookkeeping are two entirely different things.
This means that he/she doesn’t know if your balance sheet balances are accurate, or if your bank reconciliations are correct.
It is important to remember that you are probably not paying your CPA to examine your bookkeeping. You are probably paying your CPA to do your taxes. I'll say it again: taxes and bookkeeping are two entirely different things.
Stop losing money and opportunities. Get the answers you need right now.
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