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A contract accountant prepares my balance sheet for tax purposes. Business is cash flow positive.At any point, I know how much I have and can spend. However, I
by r_singh 3y ago
A contract accountant prepares my balance sheet for tax purposes.
Business is cash flow positive.At any point, I know how much I have and can spend. However, I don't have any system to update info on expenses and revenue regularly that would allow me to see any sort of pattern. My expenses were close to nil compared to revenue until this year. So I could get away with no effort on it.
Thanks for the tips on the kind of questions I need to be able to answer. I agree that it is very important.
- iamflimflam1 3y agoProbably worth asking the accountant what software they recommend. Xero is very popular with small businesses and accountants. If you have a lot of transactions then a part time or full time bookkeeper can be a good investment. Most accounting software that I’m aware of don’t really do much in the way of predicting cash flow. A lot of CFOs for small businesses end up with fairly hokey spreadsheets that attempt to model things along with various scenarios (hiring plans, contract wins etc)
- multjoy 3y agoI use Xero, having switched from Quickbooks which was fucking opaque. Your accountant will also be able to use Xero which I suspect they will appreciate. You can also link it to bank accounts and credit cards, which makes reconciling very easy.