Richmond, you have voted for the fifth year in a row, and the winners are in. After tons of votes, you have selected your favorites in 100+ categories, from The Best Brunch to The Best Furniture Store to The Best Auto Repair. The votes are in – Steiner Business Solutions was voted in the top 3 as Second Runner Up for Best Local Accounting Firm in Richmond! Our staff is thrilled to be voted in the top 3 from the RTD. We share this honor with all our clients, friends, family and business partners. We love all of you! We’re keeping our foot on the gas and making a difference in the small business community. #RTDTheBest
If you’re a business owner, then you’ve likely experienced a sleepless night or two (or let’s be honest, many more). It comes with the territory, even if you’re wildly successful. But when you’re losing sleep over unrelenting cash crunches (despite showing a profit on your P&L!), or whether to purchase a struggling competitor’s assets, or why your best selling product seems to be a drain on the bottom line, it might be time to hire a CFO. It’s a CFO’s job to be at the heart of your company’s financial systems, to help you understand the stories behind the numbers and provide you with key insights that are necessary to make the best, most strategic decisions. And that can go a long way towards giving you a good night’s sleep. There are any number of different circumstances that justify hiring a CFO depending on what’s keeping you awake at night, but let’s look at three common ways a CFO can be an invaluable resource to your company. #1 Understanding The True Cost Of Doing Business With Customers Not all customers are good customers, but many business owners make the mistake of accepting any and all new business that comes through the door. They think that more business always correlates to bigger profits. And that just isn’t true. Generally there are costs associated with onboarding new customers, and some customers can actually be a drain on profits. A CFO can help you evaluate existing models for profitability. If, for example, you’ve
Turns out that old expression is true: it is lonely at the top. As just about every CEO knows, it’s easy to feel siloed in what seems like an echo chamber, even after you’ve carefully considered feedback from talented managers, customers and staff. Because no matter how you cut it, the buck stops with you and ultimately, big decisions rest on your shoulders. Which is why CEO peer groups are an effective way to break out of the echo chamber and get feedback and advice from peers who understand your situation— because they’ve been there themselves. Who Can CEO Peer Groups Help? In general, CEO peer groups help business owners and managing partners capitalize on opportunities, kick-start growth, and accelerate the learning curve in a structured environment designed to foster the “cross-fertilization of ideas.” More specifically, they help: Time-Crunched CEOs and Business Owners Business owners and CEOs often say they’re so consumed with day to day challenges they don’t feel they’re spending enough time focusing on long term strategy. Peer groups give you the opportunity to use uninterrupted, focused time to brianstorm strategies that have the potential to increase revenue and solve big problems. Seeking New Perspectives on Challenges and Opportunities CEO peer groups can help you see new perspectives on a problem with the goal of finding alternative solutions. And often, frank feedback from other members not beholden to them can help adjust their own perspectives and managerial and organizational approaches. Seeking Support and Advice from Other CEOs
Most people make an annual appointment with their accountant on or before April 15th each year, and then don’t see them again until next tax season. Others never even bother engaging an accountant, preferring to use cheap or free accounting tools to save a few extra bucks in the short term. But the reality is, an accountant can and should provide you with so much more than a completed tax return. A good accountant can help you make informed business tax planning decisions as well as advise against decisions that could be detrimental (and maybe even irreversible). To determine how your accountant can best serve you, begin by asking a few questions. To help you get started, we’ve put together a short list of questions everyone should ask their accountant. #1 Do You Offer Tax Planning Services? Financial decisions made today can mean the difference between significant savings and a huge tax bill in April, so it’s important to know whether your accountant can advise you on these types of decisions. Using an accountant to plan ahead can often help reduce your tax liability. He/she will be current on all the latest tax laws governing everything from asset purchases to expense rules so you can take advantage of every deduction available. These are decisions that can ultimately affect your individual, family and organization’s finances, so it’s well worth asking if your accountant can provide you with guidance along the way. #2 Do You Offer Business Consulting Services? Some accountants or
If you own or work for a small business, chances are high that you’re using QuickBooks software. And with good reason. Intuit’s line of accounting products are user friendly, cost-effective and they allow small business owners to leverage countless features that deliver greater efficiency and powerful insights. But what many business owners don’t realize is that they’re probably not maximizing QuickBooks’ capabilities. This is most likely because they’re not aware of all the features available or what it takes to use those features and functions most effectively. The good news is that with the right training, business owners can take full advantage of this powerful, industry-leading accounting software. And even better news is that there are excellent local options to get you connected with the best QuickBooks training resources in Richmond, VA. But let’s start by taking a look at some of its most popular features and functions, and how, with the right training, you can make QuickBooks work for you. Controlling Cash Flow A huge number of small business owners report regularly losing sleep over cash flow concerns. That’s where QuickBooks can be a life (and sleep) saver. When properly configured and regularly updated, QuickBooks can provide business owners with up to the minute stats on metrics like sales, payables liabilities and bank balances, taking the guesswork out of earmarking sufficient funds to cover things like payroll or loan payments. QuickBooks also offers a budgeting feature which allows users to input data (and even copy prior year budgets) to create reports